THE MINES ADVISORY GROUP

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The trustees consider MAG to be operating on a going concern basis due to the number, value and financial viability of contracts secured through to September 2026 in addition to prudent assumptions on the anticipated level of business throughout this period. MAG has adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the date of approval of these financial statements), cash headroom has been analysed and is appropriate to current and forecast business levels. During early 2025 the US Government issued Stop Work orders and future grant funding was frozen, subsequently unfrozen and work then continued, with a small number of contract terminations. Scenario analyses were performed which modelled a best-case, mid-case and worst-case scenario, based on continued US funding at current levels, zero US funding from July 2025 and zero US & UK Government funding when UK contracts end in April 2026. Minimum unrestricted cash headroom of £5.0m was forecast based on the worst case scenario in May 2026. The Trustees consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.”

Group structure

1. THE MINES ADVISORY GROUP · parent
   1. MAG America · US
   2. MAG Belgium · Belgium
   3. MAG Poland · Poland

Significant events

• “During early 2025 the US Government Issued Stop Work orders and future grant funding was frozen, subsequently unfrozen and work then continued, with a small number of contract terminations. The US Government review of funding is ongoing, but since the Stop Work orders were unfrozen, we have received continuation funding or extensions for a number of programmes.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

0

last 24 months

Officers appointed

4

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +8.9%

  £90,149,000 → £98,136,000

• Cash

  +29.2%

  £22,832,000 → £29,489,000

• Net assets

  -3.6%

  £6,380,000 → £6,149,000

• Employees

  +3.7%

  5,589 → 5,794

• Operating profit

  +148.8%

  -£484,000 → £236,000

• Profit before tax

  +148.8%

  -£484,000 → £236,000

• Wages

  +3.8%

  £53,522,000 → £55,582,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers