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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tinyBuild Inc - Washington, US-based indie games publisher - Says first half performance was below expectations due to lower contribution from platform deals and the underperformance of Red Cerberus and Versus Evil. This has resulted in a material reduction to financial year consensus revenue and ‘a more acute reduction’ in adjusted earnings before interest, tax, depreciation and amortisation in 2023 and 2024. Cash at the end of December 2023 is expected to be between $10 million and $20 million, below the previous expectations of at least $26.5 million. The board is ‘looking forward’ to the contribution of new larger budget games scheduled to launch in 2024 and 2025. Chief Executive Officer Alex Nichiporchik says: ‘As CEO and a major shareholder, I am disappointed with the H1 performance. What fills me with confidence is that we have an incredibly strong pipeline of new games under development with the potential to create multiple new long-lasting franchises.’
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Kooth PLC - London-based digital mental health platform - Says it remains on track to finalise its contract with the State of California shortly. On March 16, Kooth said it expected to finalise terms during the second half of this year. A further announcement will be made in due course. The contract is part of California Governor Gavin Newsom’s $4.7 billion investment in youth behavioural health.
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Let’s Explore Group PLC - Salford, England-based company which sells virtual and augmented reality consumer products - Confirms that cash reserves stand at around £7 million, excluding an interest-bearing loan note of $1.3 million due February 28, 2024. Adds that its Home Based Entertainment business has received two orders for the Vodiac headsets from QVC USA, and QVC UK, for their ’Christmas in July’ promotion. Also notes that, since disposing of its Location Based Entertainment business, that it has looked at several acquisition opportunities. Let’s Explore says it has now narrowed its focus and has entered preliminary due diligence on a possible target.
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NetScientific PLC - Ashford-based healthcare IP commercialisation firm - Says Stephen Smith has retired from the NetScientific board with effect from the closing of the AGM, which has now concluded. Anticipates that he will remain as an adviser to a number of the group’s life sciences portfolio companies. Further, Charles Spicer has taken over as chair with effect from the closing of the AGM. Jonathan Robinson has retired as interim chair and moves to the role of senior independent director.
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Tern PLC - Investment company specialising in supporting early-stage internet of things technology businesses - Says that as resolution three, seeking the re-appointment of Albert Sisto as a director of the company, was not passed, Sisto ceased to be a director at the conclusion of the AGM. Sisto remains an employee of the company. Due to this change, the board is considering the future management structure of the company. Further, as resolutions five and six were not passed, the directors do not currently have the authority to issue new ordinary shares for cash or generally.
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Caerus Mineral Resources PLC - copper miner in Cyprus - Says that its annual report and accounts are in the process of finalisation and, subject to a final review from the auditors, are expected to be published shortly. This is anticipated to be before July 14. The company expects to request restoration of its listing once both have been published. The Financial Conduct Authority’s re-admission process is then required before the listing is restored. Caerus also adds that it has decided to enter Morocco, via the acquisition of an 80% stake in a local Moroccan exploration company ‘for a modest sum’.
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HeiQ PLC - London-based materials innovation and hygiene technology company - Acknowledges the impact of macroeconomic pressures, which it says contributed to the delay in publishing its audited accounts for financial 2022. Adds that it appointed Deloitte in November as its new auditor, and says the company shares the ‘frustration’ of its shareholders about the situation it is in. Adds ‘we will provide full commentary on the 2022 financial results once the audit is completed’.
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Eden Research PLC - Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology - Notes ‘significant’ milestones in the last twelve months, namely entry into the US market, with federal approval for its two formulated products, three associated active ingredients and Sustaine encapsulation system. Says it expects the 2023 financial year to be equally as strong as 2022, as ‘we make the most of our new product approvals and label extensions’.
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