The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - In 2023, pretax loss widens to €23.8 million from €10.4 million a year prior as revenue falls to €2.5 million from €8.0 million. Loss includes significant and non-recurring items of €23.5 million, which included investment impairments of €18.8 million in relation to a number of legacy projects in the business and unrecoverable debts to the company.
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StreaksAI PLC - London-based provider of artificial intelligence-based conversational technologies - In the financial year to February 29, pretax loss narrows to £1.6 million from £3.4 million a year prior. Revenue minimal, unchanged from a year ago. Basic and diluted loss per share is 0.42 pence compared with 1.24p.
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Thruvision Group PLC - Abingdon, England-based people-screening technology provider - In the financial year ended March 31, pretax loss widens to £2.9 million from £1.0 million a year prior. Revenue falls to £7.4 million from £12.4 million. Gross margin dips to 45.1% from 47.0%. Sales reduction reflects previously announced lack of further significant orders from US Customs and Border Protection in 2024. ‘Trading in the current financial year is in line with the board’s expectations and our sales pipeline points to a return to activity levels the group achieved in [financial 2023]. This, coupled with the tight control over our cost base, provides us with the confidence that we are heading towards sustainable profitability and positive cashflow generation,’ company says.
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Polarean Imaging PLC - medical imaging technology developer - In 2023, pretax loss narrows to $11.9 million from $13.9 million a year prior as revenue falls 14% to $890,933 from $1.0 million. Administrative expenses rise 18% to $3.3 million from $2.8 million. ‘Thus far in 2024, we have completed sales and received orders that could result in revenues of $2.5 million. We expect further sales and additional resulting revenue for the year, particularly with our ability to expand our commercial team as a result of a successful fundraise,’ company says.
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Science in Sport PLC - London-based performance nutrition product company - In 2023, pretax loss widens to £11.3 million from £10.6 million in 2002. Revenue falls 1.7% to £62.7 million from £63.8 million. Loss per share is 6.6 pence compared with 7.9p. Calls performance resilient under challenging circumstances. ‘The current financial year....is progressing well, with a restructure of the executive and leadership team, a significant operational cost review and rationalisation programme underway to deliver annualised aggregate cost savings in excess of £6 million compared to the run rate prior to the leadership changes.’ Expects first half 2024 revenue of £25.5 million, down 27% from £34.4 million a year prior. This reflects a shift in sales towards a royalty based model in certain export regions as well as a conscious step back from marginal revenue channels to prioritise profitable, cash generative growth. First half underlying earnings before interest, tax, depreciation and amortisation is seen of £2.0 million, up from £1.1 million a year ago. Underlying Ebitda performance is anticipated to continue to strengthen in the second half as operational and marketing cost savings annualise.
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Aukett Swanke Group PLC - architectural and interior design services provider - Expects a better second half after a booking a widened loss in the first half ended March 31. Revenue climbs to £9.5 million from £4.6 million. However, its pretax loss widens to £1.5 million from £545,000. Personnel related costs grow to £5.9 million from £3.8 million. It registers £2.5 million in cost of sales, compared to none a year prior. ‘While the first half results are disappointing, reflecting moderately slower trading in all areas, we expect a better performance in the second half, although expect to report a full year loss,’ Chief Executive Nick Clark says.
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Renalytix PLC - London-based diagnostics company - Submits hearing request to the Nasdaq Hearings Panel. Says the request has now stayed the suspension of the company’s securities pending the panel’s decision. At the hearing, the company intends to present a strategic plan to regain compliance with the applicable Nasdaq listing requirements. Last Friday, Renalytix received written notice from the Nasdaq Stock Market LLC notifying the company that it has been out of compliance with Nasdaq’s minimum closing bid price requirement, and the requirement to maintain a minimum market value of listed securities of $50 million.
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Devolver Digital Inc - Austin, Texas-based video game publisher - Says that current financial performance is in line with consensus expectations for full year 2024.
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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 - Says deadline by which an acquisition must be made extended to October 12 from June 30. Discussions with respect to several potential targets are ongoing at various stages and, in respect of one such opportunity, the company is in advanced discussions for the acquisition of a controlling stake in an operating mine in the EMEA region. This would require funding of around $250 to $300 million through a combination of pre-payment, debt and equity financing.
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Fandango Holdings PLC - London-based investment company focused on the industrial and services sectors - Reports proposed transaction announced June 22 continues to progress towards completion. As a result, delays the release of its audited year-end accounts.
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