Helix Exploration plc AIM:HEX
- Incorporated
- United Kingdom
- Chief executive
- Wheeler "Bo" Moore Sears Jr
- Employees
- 4
- Reports in
- GBP
- Companies House
- 15160134
Read straight from the annual reports
25.8p at close on 8 Oct 2026 · 2 reported years, 2024–2025
| Line | FY202409/24 | FY202509/25 | FY2026unreported |
|---|---|---|---|
| Operating profit | |||
| Exceptional items | |||
| Net finance cost | |||
| Profit before tax | |||
| Tax charge | |||
| Profit for the year | |||
| Basic EPS | |||
| Diluted EPS |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
2 years, at a glance
C000613-AR-2025-ch
Helix Exploration is a company searching for and developing helium in Montana, USA. It had no sales in the year to 30 September 2025, as in the year before, and made a loss of £1.9m, down from £2.2m. The loss reflects running costs while the company drilled test wells and built a plant to process helium at its Rudyard project. It included a one-off charge of £207,624 for writing off land leases at another project, Ingomar, that expired and were not renewed. The company ended the year with £2.7m in cash, down from £5.0m, and no bank borrowings. It raised £9.5m from shareholders and spent £9.3m on wells and equipment, then raised another £2.2m in March 2026. Shortly after the year end, in February 2026, it began producing helium, and management said it aims to scale up production and generate cash, though no sales agreements had been signed when the report was published. The auditor's report was clean, with no doubt raised about its ability to keep trading, but the report warns more funding may be needed.
Commencement of helium production at Rudyard and securing offtake agreements
"Importantly, after period end, Helix has achieved a major milestone with the commencement of production at Rudyard... With production wells online delivering high-grade helium... We are in active dialogue with customers seeking reliable, secure supply"
page 6Global helium supply disruption ("Helium Shortage 5.0") raising prices and demand for North American domestic supply
Iran's closure of the Strait of Hormuz and QatarEnergy's Ras Laffan shutdown removed ~one-third of global helium supply; spot prices have doubled; Helix's domestic US position seen as a strategic advantage
page 6Cost-effective Xebec PSA processing plant delivered on time and on budget
"an efficient, flexible and ready-to-deploy helium extraction plant, delivered on time and on budget"; described as "one of the most efficient helium production platforms in North America"
page 6No established spot market for helium; prices confirmed only via direct offtake negotiation
"Currently there does not exist a widely traded market for Helium as there is for oil or gold and consequently prices are only confirmed via direct negotiations with offtakes"
page 17£208k charge: Impairment of exploration assets (expired, non-renewed Ingomar leases)
page 54"The Group raised £4.5 million in June 2025 through an institutional fundraise to bring the Group to production, and a further £2.2 million in March 2026 to allow for suitable working capital headroom whilst we negotiate offtake agreements."
page 4Unmodified/unqualified audit opinion: the financial statements give a true and fair view and are properly prepared under UK-adopted international accounting standards and the Companies Act 2006. Going concern basis was adopted and supported by Directors' 12-month cash flow forecasts; auditor (Kreston Reeves Audit LLP) performed sensitivity/stress testing on forecasts and reviewed post-year-end production commencement and offtake progress, concluding no material uncertainty exists. Two key audit matters identified: (1) valuation/impairment of intangible exploration assets (IFRS 6/IAS 36), with no concerns raised; (2) valuation of share-based payments/warrants (IFRS 2, Black-Scholes/Parisian barrier models), with no concerns raised. Group materiality £338,700 (2024: £182,000), based on 2% of gross assets
page 26- Political and country risk — US-based operations exposed to governmental/regulatory change, nationalisation, FX restrictions, royalty/tax increases, and wider geopolitical instability (e.g. Iran/Venezuela military action) affecting the global helium supply chainp.16
- Key personnel risk — small management team; loss of a key individual could materially affect the businessp.16
- Drilling operation risk — geological, geotechnical, environmental, mechanical and other hazards could disrupt, curtail, delay or cancel planned drilling activitiesp.16
- Commodity price fluctuation — no widely traded helium market; sustained price decreases would negatively affect cash flows, operating results, financial performance and asset valuationsp.17
Read from C000613-AR-2025-ch.
2 annual reports read, FY2024 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (2)
FY2026Next report expected 12 Mar 2027