Annual Results for the period ended 30 November 2024

‍

THIS ANNOUNCEMENT CONTAINSINSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSEREGULATION NO 596/2014 ("MAR") WHICH IS PART OF ENGLISH LAW BY VIRTUEOF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENTVIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE INTHE PUBLIC DOMAIN

30 May 2025

Zenova Group PLC

("Zenova", the "Company" or the"Group")

Annual Results for the period ended 30 November2024

Zenova Group PLC (AIM: ZED), the innovative fire suppression and interdiction company, today announces its results for the year ended 30 November 2024. In addition, the Company gives notices of its annual general meeting ("AGM") and the publication of its annual report and accounts.

‍

Highlights for the year ended 30 November 2024

‍

Financial highlights

·        Revenue: Zenova generated gross sales of £112k or the year ended 30 November 2024,reflecting a decrease compared to the previous year (2023: £278k) driven by delays in order execution.

·        Loss After Tax: The Company reported a reduced loss after taxation of £1,238k, an improvement from 2023 (loss of £1,687k).

·        Loss per share reduced from (1.69p) in 2023 to(1.0p) in 2024.

‍

Product development, testing & certification highlights

Certification Achievements:

·        Zenova FX6L and FX9L extinguishers achieved EN3-7certification, confirming their suitability for fire Classes A, B, F, and electrical fires.

·        Additional certifications obtained include the UK Kitemark, Marine Equipment Directive (MED), and Marine Equipment Regulations(MER), positioning Zenova FX extinguishers as a leader in certified fire safety solutions.

Regulatory Compliance:

·        Independent lab testing confirmed that Zenova FX fluid and its components meet all current and forthcoming EU regulationsconcerning PFOA, PFOS, and PFAS.

Product Expansion:

·        Launch of the Zenova FX2L (2-litre extinguisher)and chrome versions of the FX6L and FX9L models.

·        Introduction of Zenova CS, a ceiling-mounted automatic fire extinguisher (October 2024), suitable for retrofitting in locations such as kitchens, hotel rooms, and server rooms.

‍

Product portfolio highlights

Zenova has now successfully launched its full suite of core products:

·        Zenova FP: fire-retardant coating

·        Zenova IP: insulating coating

·        Zenova IR: insulating render

·        Zenova FX500: 500ml aerosol fire extinguisher for all fire types

·        Zenova FX6L and FX9L: multi-purpose fire extinguishers (certified)

·        Zenova FX6L Chrome and FX9L Chrome, multi-purpose fire extinguishers

·        Zenova FX2L multi-purpose fire extinguishers

·        Zenova CS, ceiling-mounted automatic fire extinguisher

·        Zenova FX Fluid: certified universal fire-extinguishing agent

·        Zenova WB: eco-friendly, non-toxic wildfire barrier

‍

Sales highlights

·        Zenova's sales efforts remain focused on largeB2B accounts in construction, manufacturing, industrial sectors, and public institutions.

·        The Company uses direct sales, supported by sub-distributors and agents, with an emphasis on product demonstrations and trials to penetrate high-value client networks.

·        Major Contract: In April 2024, Zenova secured a£2.4 million order over two years with Gracewood/Drips and Sparks/Zensafe for Zenova FP, however, the execution of this order has been delayed.

·        International Demonstrations: Product demonstrations were held in Mallorca (March 2024), Albania (May 2024), Chile(November 2024), and Panama (May 2025) to support market expansion.

‍

Sales & Distribution highlights

·        Zenova expanded its global sales footprint through new distribution and sub-distribution agreements, many of which include annual minimum purchase commitments to retain exclusivity.

·        Zenova’s products are now distributed in: UK, Germany, Austria, Switzerland, Albania, Poland, Spain, Portugal, Romania, USA, Chile, Panama, and India.

‍

Manufacturing highlights

·        Zenova has established scalable, outsourced manufacturing capabilities across the UK, Europe, and North America, ensuring readiness to meet projected demand.

·        Post-Period Update:

o  In partnership with AED, Zenova launched a joint venture manufacturing facility in Albania to serve growing regional demand.

o  The facility is now fully operational ahead of schedule and is expected to generate over €2 million in revenue in its first full year.

‍

Board & Management highlights

·        Zenova restructured its Board and senior management to focus on sales execution and delivery, marking a strategic shift from development to commercial growth.

·        Fiona Rodford was appointed Non-Executive Chair in March 2024, succeeding Don Nicolson.

‍

Financing highlights

·        March 2024: Zenova raised £677,500 in gross proceeds via a subscription to support working capital.

·        Post-Period Event (Feb 2025):

o  Successfully raised an additional £250,000through a placing and subscription of 100,000,000 new ordinary shares at 0.25pence per share.

‍

Outlook

Zenova anticipates accelerating revenue growth driven by:

·        Positive macroeconomic tailwinds in the fire protection market

·        Expanding product certification advantages

·        Continued distributor network expansion

·        Zenova production JV delivering to regional markets

‍

Thomas Melchior, Chief Executive of Zenova Group PLC commented:  “2024 was undoubtedly a challenging year for Zenova, but it was also a period of necessary transformation. My team and I remained focused on repositioning the business for sustainable growth—innovating across our product range, restructuring operations, and reducing costs to better capitalise on our competitive advantages.

A standout example of this progress is the successful launch of our new production facility in Albania, which will significantly enhance our ability to meet confirmed demand for both our paints and extinguishers while accelerating brand recognition in a rapidly growing region.

We are also making steady progress converting long-standing sample interest into recurring orders across Germany, Spain, and the UK. While this process has taken longer than anticipated, the feedback from these prospective customers remains consistently positive, and we’re confident that these efforts will begin to bear fruit in 2025.

Additionally, we look forward to updating the market on strategic initiatives that we believe will position Zenova as a true disruptor in the fire extinguisher sector. With a strengthened foundation and a clearer path to execution, I am optimistic that 2025 will be a year of significant commercial breakthrough and revenue growth.”

‍

Notice of AGM and Annual Report Publication

·        Zenova Group PLC will hold its AGM at 10:30 AMBST on 8 July 2024 at its registered office: 172 Arlington Road, London NW1 7HL

·        The Annual Report and Accounts for the year ended30 November 2024, together with the Notice of AGM and Form of Proxy, are available on the Company’s website:
https://zenovagroup.com/reports-documents/

·        Physical copies will be posted to shareholders who have opted for printed materials.

‍

‍

Chair´s Statement

Dear Shareholders,

Zenova was founded with a mission to deliver innovative, sustainable solutions in fire safety and heat management. Since our IPO in 2021, we have developed, rigorously tested, certified, and successfully launched a comprehensive suite of fire safety and thermal management products.

Through continual innovation and refinement of our formulations and development processes, Zenova now offers industry-leading solutions to a wide range of fire protection and heat control challenges. Our portfolio includes fire-retardant paints, insulating paints and render, a proprietary fire-extinguishing fluid, and a diverse range of fire extinguishers.

Product Expansion and Certification Milestones

Over the past year, we have expanded our product offering and achieved several key certifications:

• The Zenova FX extinguisher range passed EN3-7 certification for the FX6L and FX9L models, validating performance across Classes A, B, F, and electrical fires.
• We secured additional approvals, including the UK Kitemark, Marine Equipment Directive (MED), and Marine Equipment Regulations (MER) certifications.
• Zenova FX fluid meets all current and upcoming EU regulations related to PFOA, PFOS, and PFAS.
• Our extinguisher range now includes the FX2L (2-litre unit) and chrome versions of the FX6L and FX9L models.
• We introduced the Zenova CS — a ceiling-mounted automatic extinguisher system, enabling fire protection in new environments.

‍

Strengthening Our Supply Chain and Global Reach

Zenova has significantly enhanced its supply chain capabilities with scalable, outsourced manufacturing now in place across the UK, Europe, and North America. In May 2025, we entered a joint venture in Albania to produce Zenova products for the growing regional markets in Southeast Europe.

Our global sales network has been further strengthened through the appointment of sub-distributors and partners, giving Zenova coverage across key international markets, including the USA, UK, Latin America (2024), and more recently, Germany, India (2024), and Romania (2024).Notable distribution partners such as Rawlins and Dulux are helping drive this expansion.

Our marketing strategy—built on targeted demonstrations in key markets including the USA, UK, Palma (2024), Albania(2024), and Latin America (Chile and Panama, 2025)—continues to build awareness and customer confidence in our offerings.

Performance and Outlook

In 2024, Zenova made significant operational strides. However, revenue growth was disappointing and fell short of our expectations, with the Company recording sales of £112k for the year ended 30November 2024. Revenues are delayed because of delays in executing received orders and longer than estimated customer procurement cycles.

Looking ahead, the Board anticipates strong revenue growth in 2025, supported by a solid international sales agent network and potential pipeline. With all major certifications in place and large-scale contracts now progressing, we believe Zenova is well-positioned for a break through year.

Strategic Focus and Financial Management

We remain committed to prudent financial management, including strict cost controls and monthly Board-level budget reviews to ensure sufficient working capital during this growth phase. As our R&D transitions into the next strategic phase, we anticipate a meaningful reduction in related expenditures.

Zenova also successfully raised £678k gross in March 2024 and an additional £250k in February 2025, both earmarked for working capital to support our expansion.

Following the departure of Don Nicolson, who served as Chairman since our IPO, I assumed the role of Non-Executive Chair in March 2024. I thank Don for his leadership and contribution to Zenova’s journey.

Looking Ahead

Our ambition is to establish Zenova as a trusted global provider of advanced fire safety and thermal management solutions across multiple industries and regions. The efficacy of our products is well-established through rigorous testing, certification, and real-world use by customers.

As always, the success of our business is rooted in the commitment of our people. I would like to thank our dedicated employees, valued customers, and supportive shareholders. With your continued support, we are confident in our path forward and excited about the opportunities ahead.

We look forward to updating you with further progress as we execute on our strategy for sustainable growth and long-term success.

Fiona Rodford

Chair

Zenova Group PLC

30May 2025

Strategic Report

Introduction

Zenova Group, through Zenova Ltd, is the holder of intellectual property that underpins a suite of fire safety and temperature management products and technology. The product range is applicable to industrial, commercial, and residential markets. The Group's products include fire retardant paints, insulating paints and render, fire extinguishing fluid and fire extinguishers. Through innovative development, and a refined formulation and development process, Zenova provides industry leading solutions across a range of fire protection and temperature management problems.

The founders of Zenova Group leveraged their extensive experience in the fire safety and insulation industry and began their research and development in 2017. A significant motivation for forming Zenova Group was the perceived stagnation in technological advancements within the fire safety sector. For over fifty years, the field had seen minimal innovation, leaving firefighters worldwide reliant on outdated technology that is resource-intensive and often produces harmful by-products.

Recognising a significant market gap, the founding team developed innovative fire deterrence methods, starting with fire extinguishing fluid and associated hardware systems. Encouraged by positive test results, the founders expanded their product development to include paints and renders. By using innovative formulations and refining the development process, the team produced industry-leading solutions for various fire protection and temperature management challenges.

Zenova Ltd was established on January 20,2020, to commercialise the intellectual property created by the founders. On July 22, 2021, Zenova Group Plc was admitted to AIM, raising £4.5 million before costs.

‍

Research and Development, Testing and Certification

Zenova Group is committed to continuously developing and improving its products in order to maintain its competitive advantage.

Zenova has a small research and development team, as well as industry leading partners engaged under consulting agreements. Their task is product development, testing and refining the formulas and processes used for to create the Zenova intellectual property. In addition to the development of products, Zenova’s R&D efforts also focus on rigorous and continuous testing, trials and certification.

·        BRE steel testing confirmedthe effectiveness of our Zenova FP, fire-retardant paint, thus expanding marketpotential for our Zenova FP intumescent coating.

·        Liverpool John MooresUniversity validated the efficiency of our Zenova IP thermal insulation paintand successfully demonstrated that just 1mm of Zenova IP can move a building’sEPC rating from E to D, reducing heat energy consumption by over 25% thus loweringfuel bills by improving the U-value by 35%. Liverpool John Moores Universityour thermal insulation paint, which can deflect, absorb and dissipate heat andreduce temperatures by up to 45% and therefore save thermal management energycosts. 

·        Certification test resultsfor the Zenova FX500 aerosol fire extinguisher by international testing houseCNBOP, an international testing house confirming Classes A, B, F and Electricalclassification to the BS 6165 fire standard.

·        Zenova's FX extinguisherrange passes EN3-7 testing and certification for the Zenova FX 6L & ZenovaFX 9L extinguishers by MPA Dresden Fire in Germany, confirming Class A, B, Fand Electrical classification to the latest EN3 standard.

·        The Zenova FX extinguisherrange further passed UK Kitemark, and MED (Marine Equipment Directive)certifications, both in 2024, establishing the Zenova extinguishers as premiercertified choice for comprehensive fire protection across any fire type.

·        The Zenova FX fluid and itscomponents were independently tested by external laboratories and that theZenova FX range of extinguishers conforms to all current regulations andplanned EU regulations regarding PFOA, PFOS and PFAS.

·        The Zenova FX extinguisher range was expanded with a Zenova FX2L, a 2-litre fire extinguisher as well as with Zenova FX6L & Zenova FX9L extinguishers in chrome.

·        In October 2024 Zenova further expanded its product range with the Zenova CS, a ceiling mounted unit automatic fire extinguisher range containing the Zenova FX fluid. This new product and be retrofitted into most ceilings and bring fire protection to new areas such as kitchens, hotel rooms and server rooms.

‍

Products & Solutions

Zenova has developed a range of products providing fire safety and heat management solutions for a wide range of sectors and environments.  

Zenova FP, fire protection paint

A water  based, fire protection paint (also known as a 'thermofoaming' or  'intumescent' paint), which can be used on any surface and colour matched to  any colour. When exposed to heat or flames, the paint expands and creates a  solid foam-like crust which will not burn and insulates the surface it is  painted on. This prevents surfaces from catching fire and stops fire  spreading.  It has been tested by global fire industry experts and complies  with UK building regulations and the latest UK and European fire safety  standards. 

Zenova IP, thermal insulation paint

A thermal  insulation paint embeds the most modern insulating technology in a  thermos-like ultra-thin layer. It saves energy by increasing the thermal  insulation level in commercial and residential buildings.  Zenova IP has  been independently tested and validated to deflect, absorb and dissipate  up to 75% of this heat, thereby reducing the inside temperature by up to  45%.  Suitable for both exterior and interior surfaces, on any type of  surface.

Zenova IR, thermal insulation render

Zenova IR is  a ready mixed insulation render that can be applied to internal and external  walls in commercial and residential buildings to provide immediate insulation  benefits and can be colour matched to any colour.

Zenova FX, fire extinguishers

A fire  extinguisher like no other. Zenova FX extinguishers are PFAS compliant,  effective and safe to use on all types of fires. Fully tested to European  EN3-7 as well as British standards, Kitemark, MED and MER, the Zenova FX  extinguishers are certified for class A, B and F as well as being safe for  use on electrical fires. Available in 2, 6 and 9 litre sizes.

Zenova FX500, aerosol fire extinguisher

The Zenova  FX500 is a high-performance handheld fire extinguisher that is tested by  independent experts and adheres to the highest industry standards. Safe  for use on any type of fire, the Zenova FX500 reduces the risk of reignition.  The Zenova FX 500 is quick, easy and safe to operated and has been fire  tested to BS6165 standard.

Zenova CS, automatic ceiling sprinklers 

The Zenova  CS provides ceiling-mounted fire protection for new builds and can be easily  retrofitted into any existing environment to address all types of fire  risks 

Zenova WB, wildfire barrier

A wildfire  barrier fluid (applied via spray wands or aerial drops), which provides a  virtual barrier where fire simply will not burn. Repeated tests by the  Wildfire Laboratory at Exeter University on a variety of extremely dry  wildfire fuels (grasses, hays, brush) confirms the incredible fire resistance  Zenova WB provides, while remaining viable after application for 30+ days in  dry conditions.

‍

Sales‍

Zenova sales strategy is currently concentrated on large business-to-business accounts in sectors such as construction, manufacturing, industrial and public sector bodies. Zenova targets sales to the end user, by appointing sub-distributors and sales agents on a national and international level.

Zenova focuses on product demonstrations andtrials with key clients to leverage the networks and accredited industryspecific consultants to penetrate large businesses, and public sector bodies.

Sales routes:

·        Key account sales

·        Direct sales

·        Sales agents

·        Sub distributors for paintsales and distribution

·        Fire management experts andadvisors

·        International subdistributors

Product demonstrations

A key sales tool for the Company is in-persondemonstration of the Zenova product range capabilities for potential clients,fire risk management experts and key purchasing decision makers.

·        The Fire Service College,Moreton-in-Marsh, UK (Nov 2023)

·        Palma, Mallorca (March 2024)

·        Albania, (May 2024)

·        Chile, (November 2024)

Customer trials

Zenova is following a strategy of customertrials with key customers. As a result of these the company currently hasinvoiced and supplied multiple trial orders to key segments which are expectedto lead to large follow up orders.  

Customer trials of Zenova FP coatings onsteel with Gracewood Construction Ltd through their sprayers Drips and SparksLtd and our sub-distributor Zensafe Ltd led to a two-year order for 200,000litres for Zenova FP coating.  The orderis worth £2.4million to the Company over 2 years, which will be payable againstmonthly deliveries to sites specified in the previous month in instalments,commencing immediately. Execution of this order has been delayed due toconstruction permit issues resulting into project implementation delays.

Key customers

Some of our key customers are Dulux, Rawlins Paints, Kensington and Chelsea local authorities, Pinewood Studios, the NHS, Enfield City Council, Together Housing, Southdown Housing Association and the Ukraine Military.

‍Sales and distribution network‍

Zenova expands global sales and delivery capabilities through appointment of sales and sub-distributors for major market access. Zenova has secured some cornerstone agreements within key sectors which are expected to develop into large, longer-term sales from these partnerships.

Zenova has entered into several international sub-distributor agreements in various territories globally. These contracts include an annual commitment to purchase a minimum quantity by value of Zenova products.

Zenova’s growing global sales and distribution footprint now covers all major markets including:

·        UK

·        Germany

·        Austria

·        Switzerland

·        Albania

·        Poland

·        Spain

·        Portugal

·        Romania

·        USA                        

·        Latin America

o    Chile

o    Panama

·        India

‍Manufacturing

Zenova has strengthened its supply chain and now has reliable, scalable, outsourced manufacturing partners for all Zenova products in the UK, Europe and in North America which are ready to increase production to meet Zenova’s growth projections.

Manufacturing is subcontracted to specialistmanufacturers in each category of product. Zenova sources and approves the manufacturing components and processesused by the manufacturers in advance of first production. Zenova maintainsresponsibility for ongoing manufacturing oversight and implementation ofmanufacturing strategy based on forecasted product supply and demand levels.The manufacturing process for all products and the time scale to producefinished goods is optimised. Zenova has entered manufacturing contracts withmanufacturers to produce the initial volumes of its paints, primers, render,firefighting fluid and fire extinguishers.

Zenova has partneredwith manufacturers in the following locations:

·        Zenova FP                             UK & Canada

·        Zenova IP                              UK & Canada

·        Zenova IR                              UK& Canada

·        Zenova FX500                      UK & USA

·        Zenova FX6L & FX9L            Poland

·        Zenova FX fluid                     Poland & Canada

·        Zenova WB                            Poland & Canada

All productionfacilities are designed to scale up rapidly to meet expected growth in demandfor Zenova products worldwide.

Postperiod updates

Zenova entered into a joint venture with AED to establish a manufacturing facility for Zenova products in Albania to address growing regional demand. This JV is expected to generate over €2m over the first full year of operations. This production facility is now fully operational and ahead of schedule.

Board and management‍

Zenova realigned the Board of Directors and senior management to focus on sales and increasing market penetration as the company entered the next stage of growth and focused on operational capacity to transition from R&D, testing and certification to sales growth and customer delivery.

·        Don Nicolson who chaired the Board of Directors since the company was admitted to AIM in 2021 stepped down as from the role of Non-Executive Chairman in March 2024.

·        Fiona Rodford assumed the role of Non-Executive Chair of the Company, following Don Nicolson’s resignation. Fiona’s primary focus is on accelerating business growth and leveraging expanding market expansion through sales and distribution arrangements. (March 2024).

FInancing‍

·        To fuel its expansion efforts, Zenova successfully raised gross proceeds of £677,500 via a placing and subscription of 33,875,000 new ordinary shares. The Fundraise was undertaken with several supportive existing shareholders and new institutions and high net worth investors. (March 2024),

·        The 2023 annual report wasdelayed due to the audit, and Zenova Group's shares were temporarily suspendedon 3 June before being restored to trading on AIM on 7 June.

·        With robust projected cashflows and recent funding initiatives, Zenova discontinued the director workingcapital loan of £350,000, as it is not been drawn down and was no longer deemednecessary. (May 2024).

Post period events

·        Zenova successfully raisedgross proceeds of £250,000 via a placing and subscription of 100,000,000 newordinary shares at a price of 0.25 pence per share The Fundraise was undertakenwith existing shareholders and new institutions and several new high net worthinvestors. As part of the Placing, warrants have been issued on a 1-for-1basis, allowing new investors to subscribe for additional shares at 0.5 penceper new ordinary share, with an exercise period of 18 months from the date ofadmission. Following the issuance of the 100,000,000 Placing Shares, the TVRwill increase by 100,000,000 shares, bringing the total number of voting rightsin the Company to 240,225,973. (February 2025)

·        Dr. Etrur Albani, Non-Executive Director of the Company agreed to participate in the Placing for4,000,000 Placing Shares at the Issue Price. (February 2025)

Corporate governance

·        Zenova appointed a new broker, Peterhouse Capital, and appointed Gravita as its new auditing firm.(April 2024).

·        Zenova appointed MMBA as new auditors. (May 2025).

·        Zenova published interim results for 6 months ending 31^st of May 2024. (August 2024).

·        Zenova changed registeredoffice address to 101 Kings Road, Brentwood, Essex CM14 4DR. (September 2024)

·        Zenova Group PLC called fora General Meeting to grant rights to subscribe for, or to convert any securityinto, shares in the Company up to an aggregate nominal amount of £200,000during the period commencing on the date of the passing of this resolution andexpiring at the conclusion of the next annual general meeting of the Company oron the close of business on the date that is fifteen (15) months after the dateon which this resolution is passed and to ratify and approve the issue andallotment of ordinary shares at nominal value of £50,000 as part of the Placingannounced by the Company on 21 February 2025. All resolutions were approved.atthe General Meeting. (March 2025).

Results

The consolidated results of Zenova Group Plc include the results of Zenova Limited and Zenova Distribution Ltd for the year ended 30 November 2024.

Key  Performance Indicators

‍£’000

Revenue

2024 68

2023 278

Operating  Loss

2024 1,441

2023 2,045

Loss after  taxation

2024 1.238

2023 1,687

Loss per  share

2024 (1.0p)

2023 (1.69p)

Governance and sustainability

Zenova adheres to and promotes a strong governance framework that is supported by integrity, professionalism, and full transparency.

Zenova is committed to providing solutions to protect the environment through the deployment of its products. It promotes a precautionary solution to the devastating effects of fire as well as the saving of costs in energy usage in both hot and cold climates.

Zenova aims to actively contribute to those communities in which it operates and where it provides its effective solutions. We look to engage with local communities and respect those social partnerships to cement long term relationships with those communities.

Zenova is engaged in a project over the coming months to ensure it is achieving the lowest carbon footprint possible. Zenova’s suite of products will allow us to share their environmental benefits with our customers and other organisations, allowing them in turn to lower their own carbon footprint.

The Future

We anticipate that the next twelve months will be focussed on sales order book growth and order execution with a close focus on working capital management.

Zenova is already seeing a significantincrease in qualified sales leads and quotations and expects conversion toorders will grow at an increasing pace as its sales and distribution channelsgear up.  

In the meantime, the Group has implemented strict cost controls to ensure it has the working capital to navigate this period of growth.

Finally, I would like to thank our dedicated employees, our Board colleagues for their support, our loyal and growing customer base for their trust in our products and our supportive shareholdersfor our continued success.

Thomas Melchior

Chief ExecutiveOfficer

Zenova GroupPLC

30 May 2025

‍

Zenova Group PLC Annual Report 2024