The following is a round-up of updates by London-listed companies, issued on this week and not separately reported by Alliance News:
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CMO Group PLC - online building materials retailer based in Plymouth, England - Says since September 30 interim results, has achieved sales growth of 15% yearly to £29 million. ‘Encouragingly, the group continues to build market share, further disrupting the traditional building products market,’ CMO adds. In addition, company reports it has identified an isolated issue in ongoing and periodic stock reconciliations. ‘This resulted in miscalculation of the stock valuations at Total Tiles at the half year and, consequently, an overestimation of achievable margins in this business during the second half,’ CMO adds. Says revisions to stock valuations to result in £700,000 reduction to 2022 earnings before interest, tax, depreciation and amortisation. CMO adds: ‘Swift action was taken upon identifying this issue and an improvement plan has been implemented to rectify the issues caused, which is expected to improve margins going forward. The changes include a correction to the cost and retail prices of Total Tiles products, a new purchasing team, and appropriate changes to our operations to ensure that this is an isolated occurrence, and the situation cannot recur.’
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Good Energy Group PLC - Chippenham, England-based renewable energy supplier - Says trading to end of October in line with expectations in 2022. ‘Conditions through the early winter have been generally mild and windy, which has reduced domestic gas consumption and softened short term market prices,’ Good Energy adds. ‘Risk management actions taken to manage the volatility experienced in the wholesale energy markets throughout 2022 have been successful to date. If these prevailing market conditions continue for the remainder of the year, Good Energy is confident in delivering in line with the board’s expectations for the full year.’ In addition, firm acquires Igloo Works Ltd for initial £1.8 million, expanding in heat pump installation sector. Good Energy adds: ‘The acquisition represents a significant milestone in delivering on Good Energy’s strategy to accelerate its capability in decentralised energy services, complementing its established energy supply business. It also supports Good Energy’s ambition to help one million customers cut carbon by 2025, creating a new service in the crucial clean, green heating space.’ For the year ended Mach 31, Igloo achieved sales of £1.0 million and a net loss of £1.2 million.
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Hawkwing PLC - cash shell - Appoints Graham Paul Bushby, Nicholas John Edwards and Matthew Robert Haw, of RSM UK Restructuring Advisory LLP, as Joint Administrators to Shade Ltd and Northcore Ltd. ‘These appointments have been made to take steps to protect the company’s secured interests and thus its ability to recover IFG (SPP)’s indebtedness to the company,’ Hawkwing adds. Company explains that IFG currently owes £13.7 million to company, together with interest, costs and exit premiums.
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Tintra PLC - Windsor, Berkshire-based firm building banking and infrastructure technology systems - Receives non-binding commitments that are now in negotiations to finalise terms as part of fundraising plans, after Tintra presented to high net worth individuals. ‘It is the board’s intention to raise circa $25 million during the current round, with the first tranche of at least US$10m expected to be closed during the first two weeks of December 2022,’ Tintra says.
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Leeds Group PLC - Wetherby, England-based textile manufacturing company - Says first six months of financial year encouraging as firm seeks to return to profit.
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Chamberlin PLC - West Midlands-based castings and engineering company - Says trading in line with expectations in first half of financial year. However, company says profit held back by slower recovery at Chamberlin & Hill Castings. ‘We have continued to take the necessary corrective actions in H1 2023 at CHC to improve its performance through cost savings and margin enhancement initiatives, with this business now entering H2 2023 at a broadly break-even position on a monthly basis,’ Chamberlin adds. Company says initiatives mean it is confident CHC can deliver ‘strong, profitable performance in H2 2023’, helping company hit market expectations for year ending May 31.
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Ondine Biomedical Inc - Vancouver, Canada-based life sciences company focused on photodisinfection-based therapies - Gets funding of $735,000 for development of meat photodisinfection prototype. ‘Photodisinfection kills all types of pathogens - viruses, bacteria, and fungi - without creating resistance,’ Ondine explains, adding that UN estimates 30% of food is lost due to degradation. Funding awarded by Agriculture & Agri-Food Canada.
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