The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Brandshield Systems PLC - London-based cybersecurity solutions provider - Interim loss widens despite revenue jump as costs balloon. Pretax loss in the half-year to June 30 widens to $4.1 million from $1.8 million a year ago. Revenue grows 60% to $2.8 million from $1.8 million. Operating expenses surge to $5.5 million from $2.8 million. Trading for 2022 is in line with management expectations, Chief Executive Officer Yoav Keren says. ‘Growth in client numbers and associated annual recurring revenue remains incredibly encouraging and the board is resolute in its strategy of reinforcing this as the market opportunity continues to present itself. The company looks forward to updating the market in our full year results building on what is traditionally a very strong final quarter of the year and the foundations laid in our recently expanded sales and marketing efforts,’ he adds.
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Hemogenyx Pharmaceuticals PLC - London-based biotechnology company focused on blood diseases - Interim loss narrows as finance costs decrease. Pretax loss in the six months to June 30 narrows to £1.1 million from £3.6 million a year prior. Posts no revenue in either period. Finance costs narrow to £17 from £2.7 million. Administrative expenses flat at £1.1 million. Firm focuses on a comprehensive investigational new drug application for HEMO-CAR-T, Chair Marc Feldmann explains. HEMO-CAR-T is a therapy targeting acute myeloid leukaemia, a form of cancer of white blood cells.
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IDE Group Holdings PLC - Edinburgh-based network, cloud and IT managed services - Annual loss widens as costs outpace revenue growth amid one-off impairment charge. Pretax loss in 2021 widens to £3.0 million from £2.8 million in 2020. Revenue grows 25% to £14.5 million from £11.5 million. Finance costs widen by 38% to £2.5 million from £1.8 million. Administrative costs increase 16% to £6.8 million from £5.9 million. Notes one-off impairment charge of £1.8 million in 2021. Regarding the impairment charge, firm explains: ‘The directors performed an impairment review in respect of software licences, which had a carrying amount at the previous balance sheet date of £1.8 million. The impairment review was triggered both because the licences were not yet in use, and because of an indicator of impairment due to planned expansion which didn’t materialise, and the sale of the Connect business, which meant the licences had no addressable market.’
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Trafalgar Property Group PLC - Kent-based residential homes developer - Annual loss widens as revenue plummets. In the year that ended March 31, pretax loss widens to £486,336 from £329,194 a year prior. Revenue drops to £64,839 from £2.3 million. ‘Revenue represents the amounts receivable from the investment in residential property during the year and other income directly associated with property development. This will take the form of rental income and sales of investment property,’ Trafalgar explains. ‘The effects of the Covid-19 pandemic have affected our business since March 2020 as sales of completed units have been delayed with the planning process being negatively impacted. Like most businesses, we are aware of our need to conduct ourselves carefully to preserve the health of our staff and customers and to conserve our cash reserves,’ Chair James Dubois says.
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