The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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CloudCoCo Group PLC - London-based IT and communications for businesses and public sector - Notes that over 15,000 products have been added to the MoreCoco website. Meanwhile, partners with Abstract Tech, a Leeds-based consultancy focused on the delivery of large scale digital transformation projects. The partnership opens ‘up a range of potential new revenue opportunities,’ CloudCoco says. CloudCoco also signs a new partnership with Ingram Micro, a global business-to-business wholesale provider of technology product and supply chain management services, for the supply of Microsoft Azure and other cloud services. CloudCoco Chief Executive Officer Mark Halpin says: ‘There is a growing demand for agile providers of IT hardware and cloud solutions, and these recent steps taken leave us well positioned to deliver on our long-term goals.’
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Dolphin Capital Investors Ltd - The London-based investor in high-end resort developments in the eastern Mediterranean - Reiterates that option agreement under which Dolphin Capital Partners bought right to buy an additional 15% of the share capital ‘of the special purpose vehicle holding the Amanzoe resort that [Dolphin Capital Investors] sold in August 2018 was undisclosed and therefore unauthorised by the company’. Dolphin Capital Investors seeks to recover the value from the agreement from Dolphin Capital Partners, with no financial details clear. Regarding a claim by Dolphin Capital Partners last week Tuesday, the company considers this without merit and will file a counter claim.
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Fair Oaks Income Ltd - Guernsey-based closed-ended investor in collateralised loan obligations - Reports that net asset value total return per 2021 share was negative 0.9% in 2022, swung from 23% in 2021. Company declares dividend of 9.50 US cents per 2021 share for 2022, down 2.5% from 9.75 US cents for 2021.
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J Smart & Co (Contractors) PLC - Edinburgh, Scotland-based construction contractor - Pretax profit in the half-year to January 31 slumps to £260,000 from £6.3 million a year ago, citing no profit from investment sale of commercial property, compared to £6.1 million a year prior. Revenue drops to £2.1 million from £5.2 million. Maintains interim dividend at 0.96 pence per share. Looking ahead, company says: ‘There will be further private housing sales this year, albeit not as many as had been expected. As predicted, the current economic issues of interest rate rises, high inflation and the cost of living crisis, have had an impact on consumer confidence in the housing sector, which has resulted in a near standstill in reservations.’
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Microsaic Systems PLC - Surrey-based mass spectrometry equipment - Notes that DeepVerge PLC, a Dublin-based environmental and life science group, owes it £1.4 million, mostly relating to the supply of goods and services recognised as revenue for 2022. Microsaic says as of Monday, it has cash of around £800,000, down from £2.6 million at June 30 last year, and is due to receive research & development tax credits for 2021 and 2022 of around £500,000. On Monday, DeepVerge said it expected 2022 revenue to be around 45% to 50% of its previously expected figure of £17.2 million. In 2021, revenue had been £9.3 million. The update on Monday was following a review of major contracts by DeepVerge which said several revenue figures were incorrectly recognised ‘in excess of works completed.’
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