AIM:PWR · Industrials · Development, marketing and sale of automotive diagnostic equipment

Power Probe plc

Power Probe PLC develops, markets and sells diagnostic equipment (powered circuit probes, parasitic draw meters, cable tracers, testing kits, multimeters and related tools) for the automotive industry under the Power Probe brand and private-label brands, serving professional service technicians primarily in the US. The Group listed on AIM in December 2025, has one reportable operating segment, and manufactures mainly via a Taiwan-based partner with a growing US (Charlotte, NC) manufacturing and UK (Nuneaton) distribution footprint.

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Sources: Companies House (1)

FY2026Next report expected 5 May 2027
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Sixty seconds on the FY2025 report
Power Probe PLC makes electrical testing tools for car mechanics, mainly in the US, and listed its shares on the AIM stock market in December 2025. In 2025 its sales rose 25.7% to $39.4m, from $31.3m, but profit after tax fell to $3.1m from $5.8m. Sales grew because new products made up a much larger share of revenue, and because of growth in the US and in the UK and Europe. Profit fell for two reasons. The company kept less from each sale, partly because of lower-earning work making products sold under other firms' brands, which it is moving away from. Running costs also rose, mostly because of one-off costs of the share listing, plus legal costs and extra hiring. The company ended the year with $15.3m in cash and no borrowings. This was helped by $13.0m raised from new shares, and an $8.0m bank loan facility was unused. A $4.0m dividend was paid before the group was reorganised. Management said early 2026 trading was encouraging. The auditor raised no concerns, but the report warns of heavy reliance on a few large customers and one manufacturer in Taiwan.
From the reportevery line sits on the page it names
What drove revenue
New product launches
Products launched in the last three years (excluding private brands) contributed 34.8% of revenue in 2025 vs 15.5% in 2024; six new products launched in the year including PPDRAW, PPFUSE and DM300AUTO
page 5
And
US market growth
US revenue grew 25.4% to $37.5m, representing 95.4% of Group revenue
page 4
What moved the marginheadwind
Private brands product mix / lower margin legacy accounts
Gross margin fell 4.5pts to 40.0%, impacted by product mix and lower margin across the private brands business unit; Group strategically moving away from this legacy business
page 7
Andtailwind
Shift toward higher-margin private-brand mobile distributor accounts and new Power Probe products
Focus on developing new, higher margin revenue channels within private brands (c.15% of revenue in 2025) and continued new product introductions expected to be a source of higher margin revenue
page 5
One-offs in the year
$3.3m charge: IPO-related exceptional expenses
page 41
What management said
Trading in the first quarter of 2026 has been encouraging and in line with management expectations; four new products launched year-to-date and product secured in GM and Stellantis dealership programmes
page 6
The dividend
The Board has adopted a progressive dividend policy reflecting the long-term earnings and cashflow potential of the Group whilst maintaining an appropriate level of dividend cover; no dividend was paid by the Company during the period, though a $4,000,000 dividend was paid by the subsidiary prior to the group reconstruction on 26 February 2025
page 3
Going concern and the audit
Unqualified ('true and fair') audit opinion from Crowe U.K. LLP (senior statutory auditor Leo Malkin), dated 28 April 2026. Going concern basis confirmed appropriate with no material uncertainties identified. Two key audit matters: revenue recognition (cut-off and variable consideration) and inventory valuation, existence and obsolescence risk. Group materiality $269,000 (~6% of PBT); performance materiality $188,300; Parent Company materiality $90,000 (0.5% of total assets)
page 32
The risks it names first
Market sector risk — exposure to wider automotive sector conditions and pace of vehicle technology changep.10
Dependence on key customers (Snap On, Matco, Harbor Freight, Stanley Black & Decker, ISN)p.10
Dependence upon external suppliers and foreign operations — ~92% of core product portfolio produced by one principal manufacturing partner in Taiwanp.11
Supply chain issues, capacity constraints and related operational risks, including ~180-day manufacturing lead timesp.11
Read from C001026-AR-2025-ch.