Built Cybernet Share Price (BUC)

Built Cybernetics will be exhibiting at Mello 2026 on the 3rd June.

If you are not familiar with us at MELLO, we have created a two-day investor conference that will include top quality keynote speakers including Georgina Brittain (JP Morgan AM), Christopher Mills (Harwood Capital Management), Richard Staveley (Rockwood Strategic) and Lord John Lee (leading UK Private Investor).

The conference will feature panel sessions such as our popular Mello BASH (Buy, Avoid, Sell, Hold) with professional investors and analysts like Paul Scott. There will be over 50 exhibiting & presenting companies including Vanquis, TPFG, TheWorks, EagleEye, Kooth, Harbourvest, BP Marsh, Amcomri and many more.

Use code LSE25 for 25% off general sale tickets (making it just £96 for a two day or £59 for a one day ticket). tickets available via the mello events website (melloevents .com)

UK economy faces continued stagnation, slow productivity gains, a challenging environment for household disposable incomes and for businesses. The outlook is very poor. 2026-27 total construction output continues to be revised down.

BUC Cash Generation will be under ongoing stress in 2026 and 2027, due to the ongoing loss position.

• For BUC, the remedy for cash generation in the short term is calling on the Convertible Loan Notes to be increased to £2m @ 12% repayable end 2027. BUC will not have the cash to repay the Notes in 2027, so the higher probability is that the Convertible Loan Note Holders might only accept converting the Loan into Ordinary Shares at 1p a share, significantly decreasing the BUC shareholder value. 200m new shares would destroy the BUC share price, but the Note Holders will have BUC over a barrel.

• Selling Parts of the Business – but who would buy any of the assets for cash? A sale significantly decreases the BUC shareholder value.

• Cost Cutting will take time, due to the staff redundancy processes, and will not provide an immediate improvement.

Veretec is the only profitable part of BUC. The added risk to BUC is that the main fee earning Veretec Directors resign, and take their client base with them, and their £500k profit position, into a new company and share that profit between the main fee earners rather than the BUC shareholders. I am not sure why those Veretec Directors have not done so already?

Large Debt + Little Cash + Loss in 2026 + Uncertain Convertible Loan Note Holder outcome = Strong Sell for me.

BUC have £1.1m of debt raised through the issue of 12% Convertible Loan Notes repayable on 31 December 2027, with total borrowings at £1.5m.

How BUC repays £1.1m in 18-months time, considering they are not making any profit is a major risk.

BUC is propped up by these 12% Convertible Loan Notes and they need repaying.

BUC is stumbling along on a large debt that needs to be repaid shortly, has little cash, and is currently in 2026 still running on a loss. There is no means to repay the debt, so BUC are totally exposed to the whims of the Convertible Loan Notes Holders.

Interesting pivot point for this company. If they can continue to bolt on accretive acquisitions then there's a real chance they can become a decent player in the smart building space. The Eco side of the business is particularly interesting given the current energy situation. At some stage - sooner rather than later, we hope - there will be a significant deal which will be transformational. Don't miss the boat.

Final Results: BUC

1. Scraping through with next to a zero profit;

2. Hardly any spare cash - a weeks worth at best;

3. Any economic downturn will see losses accelerate quickly, as staffing costs will be hard to immediately cull.

Lots of lame commentary in the announcement, but not supported by profitability & lack of cash to provide a buffer to any potential downturn.

BUC just plodding along.......