Connecting Excellence Group Plc (AQSE:XCE) (USOTC:XCELF) said its executive recruitment business delivered strong first-half growth, supported by rising placement fees and continued investment in its Bitcoin treasury strategy following its public market debut.
During the six months to 31 December 2025, Spencer Riley — the group’s core operating division — reported net fee income of £0.89 million, up 20.3% year-on-year from £0.74 million. Growth was underpinned by a 12.7% increase in average fees per placement, highlighting demand for senior-level recruitment mandates across its international markets.
Momentum strengthened after the reporting period, with January producing the highest monthly performance in the company’s history at £0.25 million in net fee income.
Public listing strengthens capital base
The company completed its IPO in December 2025, joining the Aquis Stock Exchange Growth Market’s Access segment and raising £3.3 million. In February 2026, shares also began trading on the OTCQB market in the United States, supporting management’s strategy to expand investor access and trading liquidity.
Bitcoin treasury grows to more than 52 BTC
Proceeds from the IPO have partly funded expansion of the company’s Bitcoin treasury. Since listing, Connecting Excellence has acquired 33.15 BTC for approximately £2.2 million, supplemented by £64,000 from operational cash flow.
The launch of the XCE BTC Bond in January added a further 10 BTC through its initial tranche. Including pre-IPO holdings of 9.27 BTC, total Bitcoin reserves now stand at 52.42 BTC.
Interim financial results are scheduled for release later in 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.”
About Connecting Excellence Group Plc
Connecting Excellence Group operates globally in executive recruitment through Spencer Riley, focusing on high-growth sectors including engineering, automation, technology, logistics and life sciences.
Its Bitcoin treasury strategy is intended to complement the scalable recruitment platform by aligning incentives through equity-based compensation and enabling expansion through acquisitions with limited cash outlay. The company is also establishing a dedicated Bitcoin executive recruitment practice aimed at supporting global adoption and talent placement within the digital asset ecosystem.