Revenue growth and higher costs
The results, released October 30 for the year ended June 30, 2026, showed revenue rising from £20.7 million a year earlier. BLK attributed the growth to new customers acquired organically, increased use of its platform and stronger demand for fulfillment and logistics services.
Gross profit reached £3.0 million, an increase of 111% from £1.4 million, while marketplace fee income climbed 74% to £1.9 million from £1.1 million. Gross margin widened from 6.9% to 8.4%. Adjusted EBITDA rose 129%, reaching £2.3 million compared with £1.0 million.
The expansion followed another year of rapid revenue growth. According to Enry's Island S.p.A.'s announcement about BLK's listing, revenue in fiscal 2025 was 276% above the £5.5 million recorded in fiscal 2024.
Operating profit nevertheless fell to £212,000 from £743,000. The latest year included £2.2 million in technology development and mobilization expenses, with no corresponding expense in the previous year.
The figures come from draft consolidated financial statements. They could change before publication of the audited accounts, as the statutory audit and final board approval remain outstanding.
Nimbus settlement and year-end finances
BLK's £954,000 after-tax loss compared with a £186,000 profit a year earlier. The company said the loss reflected a £1.2 million non-cash commitment fee associated with its £50 million Nimbus Capital equity line facility; the comparable fee in fiscal 2025 was £334,000.
BLK and Nimbus agreed to end the facility in April 2026 during restructuring ahead of the company's market admission. BLK recognized the remaining commitment fee and settled its obligations by issuing shares. It had drawn no capital under the facility, and no further payments are due. The company said ending the agreement simplified its capital structure before the listing.
At June 30, cash totaled £960,000, compared with £383,000 a year earlier. Operations generated £360,000 in cash, reversing a £20,000 outflow in fiscal 2025. Net assets increased to £2.0 million from £1.0 million.
Marketplace activity and shipping operations
Shipping and technology executives Gabriele Dadò and Aleksandra Dadò founded BLK in 2018. The company has its headquarters in Glasgow and additional offices in Dubai and Mumbai.
Euronext describes the business as having two main divisions. BLK Technologies runs its peer-to-peer commodity marketplace, while BLK Shipping handles physical fulfillment. The shipping division commercially manages and oversees operations for vessels chartered for customers. It also combines customer orders into larger vessels to optimize cargo loads and routes.
The platform ended the year with 941 registered buyers, 410 registered sellers and 50 registered shippers, increases of 13.2%, 5.1% and 92.3%, respectively. Transaction value rose 10.7% to US$206.6 million. BLK cautioned that buyers and sellers with registered accounts have not necessarily completed trades or remained commercially active.
The estimated value of commodities listed for sale reached US$29.6 billion, up 153.4% from US$11.7 billion. That estimate uses supplier listings or soft corporate offers, indicated quantities and prevailing average commodity prices. It is not a measure of guaranteed, contracted or committed supply, and the listed goods are not inventory that BLK owns, controls or finances.
Direct listing in Dublin
Following the financial year-end, BLK began trading on Euronext Access Dublin on July 31, 2026, under the ticker BLKX. The company raised no new capital through the direct listing.
According to Euronext, the admission price of €2.92 per share implied a listing-day market capitalization of €48.7 million, based on the 16,666,375 ordinary shares comprising BLK's equity at admission.
BLK became the second company to join Euronext Access Dublin, after Roscommon-based environmental software company Senus listed in December 2025. The Irish Times reported that Euronext Access markets use two daily auctions, one at midday and another at the session's end, rather than continuous trading.
BLK is also a portfolio company of Enry's Island S.p.A., a venture builder listed on the Vienna Stock Exchange. Enry's Island said it selected BLK from thousands of applicants for a yearlong incubation and acceleration program that supported the company through its stock market listing.
Growth targets and trade risks
Chief Executive Gabriele Dadò said trading after June 30 had matched the board's expectations and the BLK 2030 plan. That plan sets a medium-term objective of compound annual revenue growth above 40%, subject to market conditions and execution risk. BLK also aims to generate about 40% of revenue from its marketplace platform by 2030. These are the directors' current intentions, not assured outcomes, and may not be achieved on schedule or at all.
Geopolitical conditions remain a risk for the business, which facilitates commodity shipments in the Gulf, including through the Strait of Hormuz. BLK said maritime traffic through the strait remains exposed to changing geopolitical conditions. It also cited the effects on wider seaborne trade of routes shifting away from the Red Sea and Suez Canal, higher trade barriers and tariffs, sanctions and volatile freight rates.
For fiscal 2027, BLK plans to attract more marketplace participants and increase transaction activity, invest further in its technology architecture and develop marketplace, software, subscription and data-based products. Its priorities also include expanding its international commercial network and improving governance, financial reporting and investor communication as a public company.
