The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Dispensa Group PLC - London-based e-commerce and retail technology aggregator of sustainable brands - In the six months that ended August 31, pretax loss narrows to £1.2 million from £1.6 million. Revenue halves to £1.7 million from £3.5 million. But administrative expenses fall to £898,562 from £1.7 million, while listing costs fall to £484,520 from £1.6 million. Cost of sales also fall to £1.4 million from £1.8 million. Notes ‘exciting organic growth opportunities through product development and enhanced store openings for existing brand distribution’ with ‘pipeline of accretive acquisition opportunities’. Chair Niccolo Caderni says: ‘While revenue has fallen compared to the first six months of the year, this is mainly, as expected, due to the seasonality of the business. The arriving Christmas trading period has generally significantly higher revenues than the same summer trading period for our brands. Our revenue is however also lower following difficulties with the Amazon platform and Ecomoist brand which has under-performed and which is being addressed. Organic growth through brand development and distribution of products through store openings continues while our focus on acquisition of additional brand businesses is ongoing.’
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SkinBioTherapeutics PLC - Newcastle, England-based life science company focused on skin health - In the financial year that ended June 30, pretax loss marginally widens at £3.0 million from a year earlier. Revenue rises to £132,057 from £74,761. Administrative expenses ticks up to £3.1 million from £3.0 million.
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Chamberlin PLC - Walsall, West Midlands-based castings and engineering company - In the financial year that ended May 31, swings to pretax profit of £38,000 from a loss of £509,000 a year earlier. Revenue increases to £20.7 million from £16.8 million, while cost of sales rises to £17.9 million from £15.0 million. In financial 2024, expects to further increase revenue between 15% to 20%, while swinging to post-tax profit between £800,000 and £1.0 million from a loss of £100,000. Chair Keith Butler Wheelhouse says: ‘The group is well positioned to continue its journey to a full recovery and expects to return to a more sustainable level of profitability.’
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Amigo Holdings PLC - Bournemouth, England-based mid-cost credit provider - Chief Executive Officer Danny Malone will step down, as previously announced, confirming his final day as December 31. He will be replaced by Chief Financial Officer Kerry Penfold, who will take on CEO responsibilities alongside her existing role.
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Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Says it it has incorporated a subsidiary in Kazakhstan named Zenith Munay LLP, as it is now in the advanced stage of finalising terms for the potential acquisition of oil production and development assets. After three accords announced in September, agrees to formalise a pre-contractual framework with the seller for an opportunity comprising two oilfields with a near-term production potential of approximately 400 barrels of oil per day, located in the Atyrau region of Kazakhstan. This is after ‘comprehensive technical, legal, and financial due diligence’. Expects to soon be able to formalise a binding agreement to complete the potential acquisition, subject to local regulatory approvals, and will update the market accordingly. Chief Executive Officer Andrea Cattaneo says: ‘Zenith has made significant progress in its business development activities in the Republic of Kazakhstan, having evaluated a great number of potential opportunities. It is our intention to achieve circa 400 barrels of oil per day as a starting point prior to gradually scaling up production via field rehabilitation operations and the drilling of new wells made possible by acquiring an asset with a favourable geology and material reserves. We look forward with enthusiasm to our near-term progress and to delivering on our publicly announced strategy of being a profitable, revenue generating oil production and development business.’
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Ondo InsurTech PLC - London-based claims prevention technology firm - Raises £1.1 million via placing of 5.3 million shares at 20.5 pence each. The placing shares represent around 6.5% of existing shares. Expects shares to be admitted for trading in London on or around Wednesday next week. Following admission, it will have 86.4 million shares in issue. Chief Executive Officer Craig Foster says: ‘We are delighted with the support we have received from both new and existing investors, particularly given the prevailing stock market conditions. This capital raise follows our recent series of contractual wins and provides additional capital to help us pursue this growth.’
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Scancell Holdings PLC - Nottingham, England-based cancer immunotherapies developer - Proposes capital raise of an aggregate £8 million, comprising: a £6 million placing of shares priced at 11.0 pence each; a £80,000 subscription of shares by Non-Executive Chair Jean-Michel Cossery and Chief Executive Officer Lindy Durrant at the issue price; and an open offer to qualifying shareholders of up to £2.0 million at the issue price. The open offer will be made on the basis of one open offer share equalling 45 existing shares held by qualifying shareholders. Expects net proceeds to be used towards various products in clinical development. CEO Durrant says: ‘The proposed new funding will allow Scancell to continue progressing the clinical development of SCIB1/ iSCIB1+ towards phase 2/3 adapted registration study readiness in unresectable melanoma. This represents a potential $1.5 billion per annum market and we therefore expect it will generate significant interest from potential partners. Alongside this, Scancell will also complete additional cohorts with ModiFY to position Modi-1 for phase 2 study and have a strengthened cash position to partner / out-license our proprietary antibodies that have the potential to generate additional non-dilutive cash.’
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