The following is a round-up of updates by London-listed companies, issued on Monday not separately reported by Alliance News:
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Lords Group Trading PLC - London-based distributor of building, plumbing, heating and DIY goods - Buys Chiltern Timber Supplies Ltd for up to £1.7 million on a cash free, debt free basis. The consideration payable is £1.2 million on signing and up to a further £475,000 deferred equally over 12, 24 and 36 months subject to delivering certain earnings targets. Chiltern Timber is an independent timber merchant operating from a modern single site in Hemel Hempstead, Hertfordshire. Says the acquisition is in line with its stated IPO strategy, due to its complementary geographic position to the company’s existing Merchanting branches, offering product range extension and is expected to result in earnings before interest, tax, depreciation and amortisation margin expansion for Lords. In 2022, Chiltern delivered £2.6 million of revenue and £250,000. ‘The acquisition is complementary to our existing Lords Builders Merchants business and will increase our customer base, broaden our product offering and enhance our UK geographic coverage,’ Chief Executive Officer Shanker Patel.
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SRT Marine Systems PLC - Bath, England-based maritime surveillance, analytics and management systems developer - Signs a distributor agreement with CWR Distribution in the US. CWR is a US distributor of marine electronics with around 3,000 dealer accounts across the country. Says the agreement is for the distribution of the full range of em-trak products to include the current portfolio of AIS transceivers and the upcoming new NEXUS VHF/AIS marine voice and data communication radio. ‘em-trak is the own brand of SRT under which the company markets and sells commercial and leisure navigation safety transceivers directly to distributors, dealers and end users,’ SRT says.
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Journeo PLC - Leicestershire, England-based transport system services provider - Receives a purchase order from First Bus to provide real-time on-vehicle hardware and in-shelter information display systems for shuttle services used to transfer passengers from the car parks at East Midlands airport to the terminal. First Bus have now commenced services at East Midlands Airport, providing a fleet of buses to service the two main car parks, it says. The initial purchase order of £160,000 allows Journeo to commence the project and plan for the installation and delivery phase of the project. Expects the total contract value to be £300,000 including software and support services over a five-year term. ‘Journeo will be providing software and systems to support and enhance the passenger experience using high resolution displays to inform passengers within the car parks and when travelling on the buses regarding their journey,’ it says.
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MGC Pharmaceuticals Ltd - Perth, Australia-based pharmaceutical company specialising in plant-inspired medicines - Receives permission from the Slovenian Ministry of Health to undergo scientific research development on the psychedelic compound psilocybin. The permission granted covers the development of analytical methods, research of physical-chemical properties of psilocybin and development of pharmaceutical forms that would be suitable for administration. ‘Psilocybin is a naturally occurring psychedelic compound found in a variety of fungi and mushrooms which shows great potential in many serious medical conditions,’ it says.
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Intercede Group PLC - Lutterworth, England-based cybersecurity software company - Confirms that it has renewed several support and maintenance contracts. The contracts are valued at about $6.0 million, which will be recognised from financial year 2024 onwards. The company’s financial year runs to March 31, 2024. Includes a large US federal government order totalling $3.4 million for annual subscription renewal on a longstanding existing project for the period from April 1, 2023, to 31 March, 2024; a three-year renewal totalling $1.6 million; and two new customer.
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Fiske PLC - stockbroker and investor - Buys a book of existing client relationships from Brian Thomlinson, ‘a long-standing, self-employed investment manager of the company.’ The assets under management in the client book are about £47 million and the revenue generated from the client book in the last twelve months was £320,000. Says Thomlinson was an employee of the company following the acquisition. The initial cash consideration is £160,000, which is payable immediately, and there will be a maximum deferred consideration of £160,000 which will be payable in three annual instalments.
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