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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Ixico PLC - London-based precision analytics company delivering insights in neuroscience - Signs a contract with a new, unnamed client. Under the agreement, Ixico will provide its imaging services in a clinical trial of a novel therapeutic to treat progressive supranuclear palsy, a rare neurodegenerative disease. Says the contract value is about $1.7 million, over a four-year term. Chief Executive Giulio Cerroni says: ‘Rare diseases are a global health priority with about 95% of all rare diseases not yet having treatments. This new contract exemplifies the traction we are building beyond our strong market position in HD into other rare neuro disorders to expand our market opportunities and acquire new clients in the dynamic field of rare neurological diseases.’
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DX Group PLC - Slough, England-based provider of delivery solutions, including parcel freight, secure courier and logistics services - Says that it has traded in line with management’s expectations during the second half of the company’s financial year ended July 1. Revenue for the financial year is expected to be 10% ahead of the prior year at £470 million, up from £428 million. Says net cash at July 1 was up by 39% to £37.6 million from £27.0 million, which it says is slightly ahead of management’s target. Both DX Freight and DX Express contributed increased revenue and achieved margin gains, it adds. Looking ahead, DX says it remains ‘encouraged about growth prospects’, despite the current economic headwinds. Plans to publish its full-year results in early October.
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Judges Scientific PLC - London-based acquirer of scientific-instrument companies - Says that organic order intake in the first half of 2023 was up 14% year-on-year. Adds that it was up in all major regions, signalling improving prospects across markets, with the most notable being China/Hong Kong. North America was up 6.6%, the UK up 9.0%, the rest of Europe up 7.5% and the rest of the world up 3.5%. Says organic revenue in the first half was up 17% compared with the first half of 2022, illustrating some progress with supply chain issues. Noted that two ‘small acquisitions’ were completed during the first half, Henniker Scientific Ltd and Bossa Nova Vision LLC. ‘The strong order book, and the general resilience of Judges’ business give the board confidence that the current market expectations for the full year will be met,’ Judges says, looking ahead. Plans on announcing its interim results on September 20.
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Gulf Marine Services PLC - United Arab Emirates-based lift boat company - Says that financing charges will decline as paid in kind interest stops accruing as of the second quarter, as a result of net leverage dropping below 4:1. This means that moving forward, the cost of funds will decrease by 340 basis points. Executive Chair Mansour Al Alami says: ‘We are delighted to make this announcement that confirms that our continuous commitment to deleverage is successful in moving value from lenders to shareholders. Reaching this milestone will enable us to better face all other challenges while continuing our deleveraging journey.’
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Bloomsbury Publishing PLC - London-based publisher - Says trading has been in line with expectations following a good performance in the first four months of its financial year. Says it has maintained year-on-year sales growth of 9% in the four months ended June 30. ‘The board remains confident in Bloomsbury’s ability to continue to deliver long-term success, with significant financial resources available to invest in organic growth and further company acquisitions. Global diversification across channels and markets continues to serve us well and further underpins our positive outlook,’ it adds. The results for the six months ending August 31 will be announced on October 26.
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Marlowe PLC - London-based software & service provider for safety and regulatory compliance - Says a resolution was passed by shareholders to cancel the balance standing to the credit of the company’s share premium account. In doing so, the company will increase its distributable reserves by £384.9 million. Says it remains focussed on the continued execution of its growth strategy, and the capital reduction now removes a potential restriction on the company’s ability to either make dividend payments and other distributions or to purchase its own shares in the future.
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ACG Acquisition Co Ltd - Special purpose acquisition company looking to benefit from favourable price conditions for new economy metals and other mining materials - In June, ACG said it will be renamed to ACG Electric Metals Ltd as it invests in two Brazilian mines to supply metals to electric vehicle makers. ACG Acquisition said it purchased the Atlantic nickel sulphide mine and the Mineracao Vale Verde copper mine in Brazil for $1.0 billion from funds advised by Appian Capital Advisory LLP, as it looks to become a ‘new leader in green critical metals’. On Tuesday, it says it has postpone its equity offer amid asset purchase talks. ‘ACG is discussing potential improvements to the transaction structure,’ the company says. It noted that it has paused the book building process for the placing for a ‘short period of time’ and will reschedule the acquisition extraordinary general meeting to a later date in July. The scheduled date for the completion of the acquisition and settlement of the placing remains August 4.
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BioPharma Credit PLC - specialist life sciences debt investment trust - Notes filing by LumiraDx Ltd which discloses an amendment to the loan agreement entered into with BioPharma Credit, BPCR LP, and BioPharma Credit Investments V (Master) LP. On Monday, LumiraDx said it had amended its loan agreement, by extending the time it has to comply with certain minimum net sales and minimum liquidity covenants in the agreement until July 20.
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Litigation Capital Management Ltd - asset manager specialising in dispute financing solutions - Says it has reviewed its accounting policies and will now transition to fair value accounting. Says that this will put LCM in line with industry peers in both accounting policy and fair value framework. In doing so, it expects to announce its financial 2023 results under both the existing accounting policies as well as the newly adopted fair value accounting. ‘This will provide our investors with better transparency on the impact of the transition,’ it says. Adds that it has decided to pay a dividend of 2.25p to shareholders for financial 2023. CEO Patrick Moloney comments: ‘We are pleased with the performance of the business over the past 12 months, particularly as we begin to see the benefits of moving to a fund management business model. Our strong financial performance is the best in LCM’s history and reflected in the board’s decision to pay a dividend.’
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Investment Co PLC - Newton Abbot, London-based investment trust - Tenders 4.0 million shares, constituting around 83% of the existing share capital. In addition, it receives total commitments of approximately £3.6 million pursuant to its placing, offer for subscription and intermediaries offer. The issue price will be calculated on or around 1800 BST Tuesday.
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Andrada Mining Ltd - Technology metals mining company with a portfolio of mining and exploration assets in Namibia - Raises £7.7 million through the issue of 77 unsecured, convertible loan notes of £100,000 each to new and existing investors. Also confirm that it has also completed the construction phase of the bulk sampling plant and tantalum circuit. CEO Anthony Viljoen says: ‘The proceeds are to be used for ongoing capital expansion programmes related to the lithium and tantalum development. In addition, the funds will be used for working capital purposes as Andrada progresses its exploration programme, and commences a lithium feasibility study, to further consolidate its competitive lithium advantage within the Erongo region of Namibia.’
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Topps Tiles PLC - Leicestershire-based retailer - Notes shareholder disapproval at annual general meeting on January 18. At the time resolution 15 - short notice for meetings other than AGMs - did not pass, seven others passed with less than 80% of votes cast in favour. Says that since then the board has engaged with the relevant shareholder to understand and discuss their views with respect to these resolutions. ‘Whilst the board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the board considers all the resolutions proposed to be in the best interests of all shareholders,’ Topps adds.
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CPPGroup PLC - Leeds, England-based technology-driven assistance company - Expects revenue from continuing operations in the first half of 2023 to be about 22% ahead of the prior year, and, on a constant currency basis, to be ahead of the prior year by 26%. Earnings before interest, tax, depreciation and amortisation from continuing operations is expected to be broadly in line with the prior year at about £2.9 million, unchanged from £2.9 million in the first half of 2022. CEO Simon Pyper says: ‘From a trading perspective the group’s performance in the first half was encouraging. Additionally, growth, renewals, and new client wins in Blink provide strong evidence that our strategy and approach is appropriate, and more importantly, starting to deliver positive outcomes, though at a somewhat more measured pace than originally expected.’ Plans to publish its interim results for the first half of the year on September 19.
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