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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Plant Health Care PLC - North Carolina, US-based agricultural products firm - Says building on excellent start to year despite challenging macroeconomic conditions. Anticipates revenue for 2022 to be ‘materially ahead’ of market expectations. Will deliver revenue in excess of $11.3 million. Loss before interest, taxation, depreciation and amortisation and cash burn will still be in-line with market expectations due to increased investment in product promotion and in inventory. Chief Executive Officer Jeff Tweedy says ‘increased revenue growth this year makes us confident that we are on track to achieve revenue of $30 million by 2025 and achieve cash breakeven within our existing cash reserves.’
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Shield Therapeutics PLC - Newcastle, England-based commercial-stage pharmaceutical company - Says US Food & Drug Administration approves extension of expiration date for Accrufer to 48 months from 36 months. Accrufer addresses iron deficiency. CEO Greg Madison says ‘Over the past year, we have doubled the shelf-life or time to expiry for Accrufer from 24 to 48 months. Not only does this confirm the stable and robust nature of the capsule formulation of Accrufer, but also provides additional supply chain flexibility and simplifies global logistics as we continue to support our growing US business and our license partners across the globe.’
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Manx Financial Group PLC - Isle of Man-based financial services firm - Says wholly-owned subsidiary Conister Bank Ltd applies for UK Branch Deposit Taking licence. Branch application, if approved by Prudential Regulation Authority and the Financial Conduct Authority, will allow Conister to grow balance sheet, subject to the necessary regulatory capital, by up to an additional £500 million through a mixture of UK deposits and wholesale funding. Process is expected to take a year, with no guarantee of approval. CEO Douglas Grant says ‘obtaining a UK Branch deposit-taking licence will provide Conister with access to the UK deposit market, supplementing the traditional liquidity from our loyal Isle of Man depositors’.
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Gusbourne PLC - Ashford, England-based sparkling wine producer - Says 2022 harvest complete. Promises vintage of ‘great potential’ and which will be ‘amongst the best we have produced’. Conditions during year ‘near perfect’ resulting in ‘superb fruit quality’ and one of ‘biggest yields to date’. 2022 so far delivered record number of accolades for wines. Also recently announced plans to expand vineyard plantings and additional wine created from grapes grown across the Estate’s vineyards will support the longer-term growth plans of the company. CEO Charlie Holland says: ‘We harvested one of our biggest yields to date, which is crucially important, but it is the high quality of the fruit which particularly excites us.’
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Hardide PLC - Oxfordshire-based advanced surface coating technology developer - Receives full supplier approval from Leonardo Helicopters for Hardide-A coating to coat flying parts. Leonardo Spa is one of the biggest suppliers of defence and security equipment to UK Ministry of Defence. First production order has been received for processing. First parts to be coated are components used in gearbox transmission systems of particular class of helicopter and are part of an existing aircraft upgrade. CEO Philip Kirkham says: ‘We are delighted to have secured approval from Leonardo Helicopters to coat flying parts after more than seven years of extensive testing of the coating.’
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Velocys PLC - Oxford-based sustainable fuel technology company - Says proposed Bayou Fuels facility been ‘re-optimised for maximum decarbonisation’. Now has a negative carbon intensity of minus 375 grammes of CO2 equivalent per megajoules. Significant improvement in negative carbon intensity could produce future revenue for Bayou Fuels and ‘enhance the attractiveness’ for third party funding. Will allow project to get maximum benefit from 45Z tax credits under Inflation Reduction Act. Act prioritises tonnes of avoided carbon rather than gallons of sustainable fuel produced. CEO Henrik Wareborn says: ‘The use of biogenic feedstock, biomass power and CCS at our project in Mississippi equates to a yearly reduction of 1.8 million tonnes of carbon and means our technology is ideally positioned to benefit from the SAF tax credits of the IRA.’
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BSF Enterprise PLC - UK-based company seeking acquisition target within the innovation marketing and technology sector - Says 100% owned subsidiary 3D Bio-Tissues awarded €100,000 grant to build upon the current capabilities of its proprietary serum-free media, City-mix. City-mix is an animal-free cell growth agent for culturing skin, muscle and fat cells for use in cultivated meat and leather production. Grant awarded by EIT Food, food innovation organisation co-founded by the EU in partnership with Good Food Institute. Says announcement ‘another milestone’ ahead of 3D Bio-Tissues unveiling UK’s first 100% lab-grown fillet. CEO of 3D-Bio Tissues says: ‘We believe our technology has the potential to create a real impact on this market and improve the lives of millions of people around the world. This grant is a strong endorsement of our team and our work from a range of prestigious groups in our sector.’
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BATM Advanced Communications - Hod Hasharon, Israel-based networking and medical technology company - Associate company ADOR Diagnostics enters into cooperation agreement with BIOATER, French Microbiology Technology Research Institute, to develop molecular diagnostic tests for sexually transmitted infections. Group is expanding range of panels in the ADOR system, NATlab, for groups of diseases. Panel for detecting STIs will join the panels for detecting meningitis, respiratory diseases and, in development, tuberculosis. Will broaden the base of tests and increase the attractiveness of the solution in various markets. Through collaboration with Bioaster, BATM expects to be able to accelerate the development of an STI panel by leveraging Bioaster’s significant experience in research and development of molecular diagnostics.
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