The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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EnSilica PLC - Oxfordshire, England-based semiconductor designer - Signs contract worth €3.8 million with ‘a prominent European automotive and industrial semiconductor supplier’. It adds: ‘The contract encompasses a comprehensive suite of services, including engineering consultancy and the licensing of EnSilica’s intellectual property for incorporation into a new chip design. Specifically, the project includes the development of a chip incorporating Arm-based IP to be used for high-integrity automotive and industrial applications.’
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Mirriad Advertising PLC - London-based provider of in-content advertising technology - Enters a two-year agreement with an unnamed ‘leading US media and entertainment conglomerate, renowned for its diverse portfolio of movie studios and productions, television channels and streaming platforms.’ It says the agreement will enable the partner to employ its platform to identify virtual product placement opportunities and introduce in-content advertising into its content. Mirriad adds: ‘The new partner has 95 million direct-to-consumer video streaming subscribers alone, and a further 20+ networks in the US which average more than 100 million total viewers each week. It is also home to the majority of the top ten rated TV networks. New high value inventory can now be made available for campaign deployment to the many large ad spenders Mirriad is already working with.’
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TT Electronics PLC - electronic components maker - Sells three business units within the GMS and Power and Connectivity divisions to the Cicor Group for £20.8 million in total. ‘The divestment relates to business units in Hartlepool and Cardiff, UK and Dongguan, China which provide electronics manufacturing services and certain connectivity products, principally to industrial clients,’ the company says. Proceeds from disposal will go towards reducing existing debt. Expects operating margin enhancement of around 50-70 basis points. TT adds: ‘The divestment reflects the board’s continued efforts to improve the quality of earnings, strengthens the balance sheet and will allow the group to focus on growth opportunities in its core businesses and end markets to deliver value for all stakeholders.’
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Vertu Motors PLC - Gateshead, England-based car dealership chain - Says in five months to January 31, trades in line with expectations. Vertu’s financial year ended on February 29. ‘UK used vehicle values have stabilised in recent weeks following post-October wholesale pricing correction,’ it says. Adds that it ‘successfully increased used vehicle stock-turn and significantly reduced inventory levels to adjust to the changing market dynamics’. It expects annual adjusted pretax profit to be broadly in-line with current consensus. Over the five-month period, like-for-like revenue rose 7.8%.
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RegTech Open Project PLC - London-based technology business focused on automation and optimisation of regulatory compliance operations - Reports ‘encouraging start to the year 2024’. Notes confirmed bookings of £400,000. It adds: ‘Year-to-date operational resilience software renewals bookings show a 10% increase in like-for-like renewal revenues and in excess of 90% customer retention.’ RegTech notes in 2023, it retained ‘over 100% of subscription revenues from existing customers’. It adds: ‘With a focus on subscription (recurring revenue) business, RTOP achieved a 17% year-on-year increase in subscription billings. The mix of recurring and non-recurring revenues within the total revenues rose from 32% recurring revenues in the prior year to 58% in 2023, a positive move towards achieving the target of 80% by 2025.’ It also announced a strategy update as it eyes earnings growth in the five years ahead. RegTech is looking to ‘convert legacy product clients to subscription-based products’. It also sees ‘significant’ sales opportunities amid the EU’s Digital Operational Resiliency Act, where firms have a January 2025 deadline to meet obligations related to the measure. It is also looking to ‘monetise non-core assets’ and ‘launch an additional scalable business line in InsurTech aimed at corporate customers’.
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Mycelx Technologies Corp - Georgia, US-based clean water and air technology - Says all conditions of the sale of Saudi Arabia Business to Twarid Water Treatment LLC, part of Magellan SPV Water Holdings Ltd, have been satisfied. ‘Proceeds from the sale will strengthen the company’s balance sheet and provide the runway it needs to accelerate growth in its core markets while continuing its sales of Mycelx media products through the distributorship in Saudi Arabia,’ Mycelx says. The unit was sold for up to $7.1 million, with $3.1 million at closing and up to $4 million on an earn-out structure.
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Sylvania Platinum Ltd - platinum group metals producer and developer with assets in South Africa - Plans to buyback shares worth up to $3 million. ‘The purpose of the share buyback is to reduce the share capital of the company,’ Sylvania says.
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Duke Capital Ltd - Guernsey-based provider of royalty finance to companies in UK and Europe - Ups stake in United Glass Group to just under 74% from 30%, through a £2.9 million secondary share purchase from existing shareholders. Duke Capital says: ‘This investment aligns with Duke’s vision to deepen its engagement with its high-performing portfolio companies. By increasing its equity position, Duke reaffirms its confidence in UGG’s potential for sustained success and reinforces its commitment to the company’s growth trajectory.’ Duke Capital notes UGG is a ‘progressive and service-orientated’ group of architectural glass processing companies.
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Bradda Head Lithium Ltd - US-focused lithium exploration company - Reports mobilisation of equipment to the Basin project in Arizona, with an aim to ‘initiate resource expansion drilling’. It plans a six-hole core drilling programme of approximately 8,800 feet.
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Doric Nimrod Air Three Ltd - investment firm that acquires, lease and then sells aircraft - Receives notice from subsidiary DNA Alpha Ltd that Emirates is exercising the option to enable it to redeliver the Airbus A380-861 aircraft with the manufacturer’s serial number 136 in the minimum condition equivalent to ‘half-life’ together with a cash sum. In aviation finance, a half-life is when a craft is between two major maintenance events in its cycle. If the aircraft is returned to DNA Alpha, Emirates will pay a sum of $12.0 million to DNA Alpha, plus ‘normal’ monetary compensation.
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