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Summarised unaudited financial statements for the quarter ended 30 September 2026
UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
("Universal Partners" or "UPL" or "the Company")
SUMMARISED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 SEPTEMBER 2026
Quarter ended Quarter ended Year ended
30 September 2026 30 September 2025 30 June 2026
Net asset value per share ("NAV") GBP £ 0.979 £ 1.172 £ 1.158
Net asset value per share ("NAV") ZAR R 21.260 R 27.202 R 25.175
Loss for the quarter / year GBP (13 078 723) (330 553) (1 338 363)
Loss per share pence (17.925) (0.453) (1.835)
Headline loss per share pence (17.925) (0.453) (1.835)
Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary
listing on the Alternative Exchange ("AltX") of the JSE Limited ("JSE").
PRINCIPAL ACTIVITY
The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a focus on the
United Kingdom ("UK"). The Company’s investment mandate also allows up to 20% of total funds at the time an investment is
made to be invested outside the UK and Europe.
BUSINESS REVIEW
Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment Managers
("Argo"), to identify potential investments that meet its investment criteria.
The Company has made six investments since listing and successfully concluded one full and two partial exits.
An update on investments held at the reporting date is presented below.
Workwell Group ("WW")
www.workwellsolutions.com
WW is a leading provider of global employment, engagement, outsourcing and compliance solutions, helping businesses access
talent across the US, UK, Europe, Canada and Australia. Through its Employer of Record (EOR), Agent of Record (AOR) and
contractor management services, organisations can hire and manage contingent workers across multiple jurisdictions.
Trading momentum strengthened through the final quarter of WW's financial year to September 2026, and both revenue and
EBITDA grew on a like-for-like basis, a clear step up from historical growth rates. North America was again the standout region,
where Eastridge delivered strong revenue growth, supported by continued client growth and cross-selling opportunities. The cross-
border business recorded record new joiner volumes in both North America and the rest of the world. In Australia, Oncore has been
further integrated into group operations, and its EBITDA run rate is now ahead of the original acquisition case. International (non-
UK) operations now account for roughly two-thirds of group revenue.
In the UK umbrella payroll sector, regulatory reforms effective from 6 April 2026 continue to drive consolidation as customers
move towards compliant providers and reduce the number of approved suppliers. WW's long-standing focus on compliance has
positioned it well for this shift, delivering sustained revenue growth in UK EOR and increasing worker numbers to above 20,000.
WW's market position was further recognised when it was named a Leader in contingent EOR in Everest Group's 2026 PEAK
Matrix (https://workwellsolutions.com/workwell-named-contractor-of-record-leader/). Continued investment in technology and AI
is improving compliance and service delivery. A new offering that gives US enterprise customers access to WW's global EOR
capability is also being launched.
While no acquisitions were made during the year, management continues to evaluate opportunities to accelerate WW's growth.
The valuation of UPL's investment in WW remains unchanged from the prior reporting period.
PortmanDentex ("PD")
https://www.portmandentex.com
PD is one of Europe’s largest dental care platforms, with more than 400 practices across the UK, Ireland, Norway and Belgium.
UPL has held a minority shareholding in PD since its merger with Dentex in 2023.
Challenging trading conditions continued during the final quarter, particularly in PD’s core UK market. For the year ended
30 September 2026, revenue and EBITDA were below plan, reflecting weaker market conditions and reduced hours worked by
experienced clinicians.
Management priorities are to reduce leverage, re-engage senior clinicians, lower costs, and improve cash generation. This will be
accomplished by changes to practice incentives, reducing central costs and optimising the operating model. Certain former Dentex
executives have agreed to assist with these initiatives.
During the quarter, an annual independent valuation of PD was prepared. Considering this valuation and the current negative
performance of the business, UPL has written down the fair value of its investment in PD by £12.8 million. Turnaround progress is
being monitored closely, and the valuation will be reassessed at the end of the next quarter.
SC Lowy Partners ("SC Lowy")
www.sclowy.com
SC Lowy is a leading investment management group focused on credit investing and lending in Asia, Europe and the Middle East.
The business comprises an asset management division that specialises in private credit, together with Solution Bank in Italy and
Choeun Savings Bank in South Korea.
In November 2025, UPL agreed to dispose of its equity interest through a share repurchase undertaken by SC Lowy. The transaction,
valued at USD 13.68 million, converted UPL’s shareholding into a combination of cash proceeds and interest-bearing loan notes,
providing greater certainty over future cash flows while facilitating an orderly exit from the investment. Interest is payable on the
loan notes at 7% per annum, and UPL expects to receive total proceeds of more than USD 15 million, being the initial cost of the
investment. UPL also retains a pro-rata entitlement, subject to agreed thresholds and a cap, to any upside arising from the realisation
of certain assets within the group.
SC Lowy continues to trade well, with profitability for the eight months to August 2026 ahead of the full year 2025 and good
momentum in the second half. In asset management, SC Lowy has seen strong fundraising momentum, including a new partnership
with a leading sovereign wealth fund. Both banking subsidiaries remain profitable and well capitalised.
To date, UPL has received cash proceeds of USD 5.42 million under the agreement. These proceeds have been used to reduce the
term loan facility provided by RMB. A further minimum payment of USD 2.17 million is due by 31 August 2027, with the full
outstanding balance, including accrued interest, due by 31 August 2028.
Xcede Group ("Xcede")
www.xcede.com
Xcede is a global recruitment specialist operating in the UK, Europe and North America. It operates under two brands: Xcede and
EarthStream. Xcede provides recruitment services in the data, software, cloud infrastructure and cybersecurity markets, while
EarthStream is a global energy recruitment specialist.
Trading for the first nine months of the financial year to December 2026 remained ahead of expectations, with EBITDA significantly
ahead of the same period last year. The third quarter was the strongest of the year to date, although slightly behind a budget weighted
towards the second half, as lower contract income, particularly in EarthStream, offset continued strength in permanent recruitment.
September delivered the highest number of permanent placements of the year to date and a strong pipeline going into the final
quarter. Xcede UK remained the standout performer, offsetting softer performances in other parts of the group. Contractor numbers
and margins remain the key area of focus. Contractor numbers increased in October, and new higher-margin projects are expected
to support margins.
The strategic focus on contract recruitment, together with growing exposure to sectors such as data, cloud infrastructure and energy,
positions the business well to benefit as market conditions improve. The business has also deliberately reduced its exposure to
lower-skilled IT recruitment roles that are more susceptible to disruption from artificial intelligence, focusing instead on higher-
skilled, harder-to-automate niches.
The valuation of UPL’s investment in Xcede remains unchanged from the prior reporting period.
FINANCIAL REVIEW
For the quarter under review, the Company earned interest income of £451 on cash deposits.
The Company recognised a net fair value loss of £12,634,185 on investments measured at fair value through profit or loss. This was
primarily attributable to a £12.8 million fair value loss recognised on the Company's investment in PD, as discussed above. This
loss was partially offset by a fair value gain on the Company's investment in SC Lowy Loan Notes, arising from accrued interest
income and favourable foreign exchange movements on the US Dollar-denominated Loan Notes.
Management fees of £450,721 were expensed during the quarter in accordance with the investment management agreement between
the Company and Argo, while general and administrative expenses totalled £124,365. The Company also recognised a £206,559
reversal in the provision for performance fees linked to the fair value of its investments. Performance fees are recalculated quarterly
based on the fair value of the investments but become payable to Argo only upon the realisation of profits from the disposal of
investments. Accordingly, no performance fees are currently payable.
The Company incurred interest expense of £75,649 during the quarter on the term loan facility. Under the terms of the facility,
proceeds received from the disposal of investments are required to be applied towards the repayment of outstanding debt.
Accordingly, £1,625,000 received from the partial repayment of SC Lowy Loan Notes during the quarter was applied towards
paying down the facility.
SHORT-FORM ANNOUNCEMENT
This announcement is the responsibility of the directors and is only a summary of the information in the summarised unaudited
financial statements for the quarter ended 30 September 2026 ("results announcement") and accordingly does not contain full or
complete details. The results announcement was published on SENS on 11 November 2026, and can be found on the Company’s
website www.universalpartners.mu and can be accessed using the following JSE link
https://senspdf.jse.co.za/documents/2026/jse/isse/UPLE/Q127Result.pdf.
Any investment decisions by shareholders and/or investors should be based on the results announcement released on SENS and
published on the Company’s website.
Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o Intercontinental Trust
Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities
(Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary at
the registered office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. The Board of Universal Partners accepts full responsibility for the accuracy of the information in this communique.
In line with the Company’s strategy to maximise the value of the investments and return surplus cash flow from the sale of
investments in the future, dividends are not declared on a regular basis. Accordingly, no dividend has been declared for the quarter
under review.
The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this announcement.
By order of the Board
Mauritius – 10 November 2026
Company Secretary
Intercontinental Trust Limited
11 November 2026
For further information please contact:
SEM authorised representative
JSE sponsor and sponsor Company Secretary
Java Capital Perigeum Capital Intercontinental Trust Ltd
Tel: +27 (0)83 809 3445 Tel: +230 402 0890 Tel: +230 403 0800
Date: 11/11/2026 08:30:00
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