The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Spectra Systems Corp - Providence, Rhode Island-based authentication technology provider - Reports revenue in 2023 edged up to $20.2 million from $19.6 million the year prior. Net income was $6.0 million, slightly lower than $6.1 million last time, with diluted earnings per share of 0.13 pence compared to 0.12p. Pays annual dividend of $0.116 per share, up from $0.115. Says cash position ‘remains strong’, with cash generation driven by sensor development milestones and prepayments, record sales of covert materials to a central bank, and strong optical materials sales. Believes ‘that the company is on track to achieve record earnings in 2024.’
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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Says pretax loss in the six months to September 30 halves to £31.6 million from £62.2 million the year prior. Basic and diluted loss per share totals 4.77 pence, compared to 5.72p. Says value of investments was £99.6 million as at September 30, down from £194.1 million the year before.
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Metals Exploration PLC - Philippines-focused gold producer - Makes last payment due to the lenders under the mezzanine debt facilities on Monday on the basis of the lower interest rate of 7%, as opposed to 15%, which the company believes should apply under such facilities. Says amount outstanding on the group’s senior facility as at Monday stands at $2,629. Metals Exploration says it has agreed the 7% rate with the majority mezzanine lender, MTL Luxembourg SA. But explains it has been unable to reach agreement as yet, with the minority 29% mezzanine debt lenders, Runruno Holdings Ltd and D & A Holdings Ltd. RHL Group advisers have stated their belief that the higher 15% rate is applicable, which potentially amounts to an additional $1.9 million owed. But Metals exploration disputes this. Discussions continue. Intends to apply future free cash generated from operations to fund ongoing growth opportunities based on MTL’s proven operating track record in the Philippines.
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Allergy Therapeutics PLC - Sussex, England-based biotechnology company - Extends cash runway until the first quarter of 2025 following talks with major shareholders SkyGem Acquisition Ltd and Southern Fox Investments Ltd. Lenders agree that a further £15 million from the existing £40 million amended loan facility, announced on December 27, may be drawn down from the second quarter of 2024. Further, will issue warrants to the lenders following each drawdown under the amended loan facility, entitling the holders to subscribe for new shares at a price of 4 pence each. The entitlement to warrants will be 25 warrants for each £1 drawn down under the amended loan facility with a maximum of 1.00 billion warrants. The warrants will be exercisable in whole or in part from July 1 until January 15, 2027. Further, reports pretax loss in the six months to December 31 widens to £14.9 million from £8.2 million the year prior. Diluted loss per share totals 0.58p compared to LPS of 1.29p. Revenue falls to £33.6 million from £39.9 million. Explains the decrease in revenue is due to previously reported manufacturing capacity that needed to be allocated to investigational medicinal product batches for use in clinical trials and the ongoing programme of continuous improvement across the supply chain and quality systems paving the way for increased capacity. Demand for the company’s products continues to be robust.
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Quartix Technologies PLC - Newtown, Wales-based vehicle tracking system provider - Issues trading statement ahead of Wednesday’s annual general meeting. Says trading for the first two months of 2024 has been consistent with meeting market expectations for the year. Notes new unit subscriptions for the first quarter of 2024 are expected to be around 10% higher annually. Growth in new subscriptions continues to be led by France and Continental Europe. Further, advises Chief Financial Officer Emily Rees resigns to pursue opportunities outside the company.
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Microsaic Systems PLC - Surrey-based developer of real-time mass spectrometers - Reports that having passed quality control specifications, shipments of existing MicroTox reagent stock have begun to meet the demand from clients that are operating Modern Water instruments currently in service. Says stock levels are sufficient to meet this demand until restarted production output from the York facility passes testing and quality control for shipping, as scheduled for April. Further, agrees terms with GX Group, based in Usk Wales, for the continued manufacturing and further development of continuous toxicity monitoring instruments previously sold by the Modern Water business. Acting Executive Chair Bob Moore says: ‘The combination of Modern Water and Microsaic technologies is underway as planned.’
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Kingfisher PLC - retailer which owns B&Q and Castorama - Instructs Goldman Sachs International to start the second tranche of the share buy back programme. This will start Wednesday and end no later than June 14. The maximum amount allocated to the tranche will be no greater than £50 million. Forms part of overall £300 million buy back.
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Solid State PLC - Redditch, England-based supplier & design-in manufacturer of computing, power, and communications products - Issues trading update to year ending March 31. Reports a record year with a strong trading performance towards the end of the year. Revenue and adjusted pretax profit are expected to be ahead of consensus expectations. This reflects the recognition of Systems revenue on deliveries in the current financial year. This had previously been expected to be recognised in the financial year to March 2025.
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Leeds Group PLC - West Yorkshire, England-based textile manufacturing company - Completes sale of Hemmers-Itex Textil Import Export GmbH. Explains the disposal is deemed to be a sale that divests the company of all, or substantially all of its trading businesses. Therefore, with effect from Tuesday, Leeds is regarded as an AIM Rule 15 cash shell.
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LPA Group PLC - Essex-based LED lighting and electro-mechanical systems maker - Issues trading statement at Wednesday’s annual general meeting. States first quarter trading has been as anticipated. ‘Sales levels were largely on target, good order books remain and we are seeing an increased level of activity particularly.’ Cautions the second quarter ‘will be affected by late cable shipments which are now coming around the Cape but this will be made up in our third quarter.’ LPA says ‘it is clear that the return to profitability will be in our FY25 as some of the growth and profit we were planning for FY24 will have been deferred a further year.’
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