Connecting Excellence Group Plc (AQSE:XCE) (USOTC:XCELF) reported a solid first-half trading performance, with net fee income rising sharply as higher-value executive placements supported revenue growth, while the company continued to build out its Bitcoin treasury following its recent IPO.
For the six months ended 31 December 2025, the group’s operational recruitment business, Spencer Riley, generated net fee income of £0.89 million, representing a 20.3% increase compared with £0.74 million in the same period a year earlier. The improvement was driven by a 12.7% increase in average fee per placement, reflecting a strategic shift toward higher-value mandates.
Trading momentum has continued into the new year, with the company delivering its strongest January on record, generating £0.25 million in net fee income since the period end.
IPO and market expansion
In December 2025, Connecting Excellence completed its initial public offering and began trading on the Access segment of the Aquis Stock Exchange Growth Market, raising £3.3 million in gross proceeds. The company further expanded its market presence in February 2026 when its shares started trading on the OTCQB market, a move aimed at improving liquidity and broadening its international investor base.
Bitcoin treasury strategy progresses
Since listing, the group has accelerated its Bitcoin treasury strategy, acquiring 33.15 BTC for £2.2 million using IPO proceeds alongside £64,000 generated from free cash flow. The company also launched its XCE BTC Bond in January, issuing the first tranche equivalent to 10 BTC.
Combined with 9.27 BTC held prior to the IPO, Connecting Excellence now holds a total of 52.42 BTC.
The company expects to publish interim results in the second half of March 2026.
Scott Ellam, Chief Executive Officer of Connecting Excellence Group, commented:
“We are pleased to report a strong first half, with net fee income increasing by 20.3% year-on-year, supported by a 12.7% rise in average fee per placement and our strategic focus on higher-value mandates. The record January performance since the Period end provides encouraging momentum entering the second half.
“Our successful IPO and admission to the Aquis Exchange marked an important milestone, strengthening our balance sheet and enabling further progress in our long-term Bitcoin treasury strategy. We remain firmly focused on delivering cashflow growth in our international executive recruitment business and enhancing our Bitcoin treasury strategy. We look forward to updating shareholders with our interim results next month.”
Company overview
Connecting Excellence Group is an international executive recruitment business operating through its flagship brand Spencer Riley, placing senior professionals across engineering, logistics, life sciences, automation, technology, professional services and B2B sectors worldwide.
Alongside recruitment operations, the company is pursuing a disciplined Bitcoin treasury strategy designed to support long-term growth, talent incentives and potential acquisition-led expansion using performance-based equity structures. The group is also developing a specialist Bitcoin-focused executive recruitment division targeting both crypto-native and traditional businesses seeking Bitcoin expertise.
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