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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Carclo PLC - West Yorkshire, England-based engineering solutions provider for the medical, optical and aerospace industries - Says constructive discussions are ongoing with a major original equipment manufacturer customer. Says it expected between £10 million and £15 million per year from cancelled contract. Says this is in response to Tuesday’s announcement that the OEM customer cancels a 10-year toolings contract with Carclo. Says the cancellation is because customer no longer intends to proceed into production phase of its project. Says it now anticipates profit for the second half of the financial year ending March 31, 2022 to be materially lower than previous expectations. Says the company’s lending bank remains supportive and both parties are discussing any necessary amendments to address the impact on Carclo’s banking covenants.
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Actual Experience PLC - Somerset, England-based analytics-as-a-service software company - Says revenue in the financial year that ended September 30 was £1.2 million, down 29% from £1.7 million a year earlier. Says falling revenue is due to legacy contracts not being renewed. Says it remains focused on expanding sales prospect pipeline, particularly from generating orders from more advanced opportunities. Says significant cost reductions were achieved through reduced headcount and other operational initiatives. Says these reductions were around a third of peak monthly spending earlier in the year. Says net cash at September 30 was £2.9 million, down 65% from £8.2 million a year earlier.
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Kingswood Holdings Ltd - London-based wealth and investment management group - Buys Barry Fleming & Partners Ltd. Says acquisition boosts global funds to £11.3 billion. Says the purchase matches company’s growth ambitions. Kingswood Holdings Chief Executive Officer says: ‘Our growth strategy is important and we are strongly committed to supporting more clients. We have a further three acquisitions under exclusive due diligence that we expect to close in the coming months, plus additional transactions that are currently under negotiation.’ Says acquisition is subject to regulatory approval.
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Real Estate Investors PLC - Midlands, England-focused real estate investment trust - Says disposals in 2022 to date are £20.1 million at an aggregate uplift of 11.4% compared to December 2021 book value. Expects further disposals in legal pipeline to be significantly in excess of year end 2021 book values. Says disposal proceeds to be used for paying down £17 million of debt to date during 2022. Says cash at bank on November 30 was £5.8 million. Says it completed a successful £2.2 million share buyback during the fourth quarter, in line with previously announced strategy in July. Declares third quarter dividend of 0.44 pence and will declare a final dividend in March 2022. Expects total dividend to meet minimum of 2.50p per share for 2022.
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