The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Genedrive PLC - Manchester-based point of care pharmacogenetic testing company - Receives breakthrough device designation from the US Food & Drug Administration for the Genedrive MT-RNR1 ID Kit. The kit is a rapid point-of-care test to screen infants in an urgent care setting for a genetic variant that can cause life-long hearing loss when carriers of the variant are given certain antibiotics. Chief Executive Officer James Cheek says: ‘The US is an attractive market for this unique test given the potential to save hundreds of individuals from life-long deafness and reduce litigation costs relating to the unwanted side effects from antibiotic use on those carrying the gene variant, and given its size, birth rates, use of diagnostic testing and reimbursement structure. The FDA breakthrough device designation process will be invaluable in mitigating study design risks associated with bringing a novel test such as this to the US market where no predicate device exists with which to align study designs to.’
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Bango PLC - Cambridge, England-based digital payment solutions provider - Total revenue in six months to June 30 rises 19% to $24.1 million from $20.3 million a year prior. Expects adjusted earnings before interest, tax, depreciation and amortisation to top $4.0 million, from loss of $200,000 a year prior. ‘The first six months of 2024 have gone to plan. We have driven continued growth from our customer base and won new DVM customers. This growth, along with a strong sales pipeline, positions us for a successful year that meets market expectations. We remain on track to return to a positive net cash position in FY25,’ CEO Paul Larbey says.
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Capita PLC - London-based outsourcer - Says under new listing rules, the sale of its standalone software business Capita One to Orchard Information Systems Ltd no longer needs shareholder approval. A general meeting was planned for July 29. ‘Capita intends to permanently adjourn the general meeting without proceeding with a vote in respect of the resolution to approve the disposal,’ it adds. Capita announced the £200 million deal last week Tuesday.
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Verici Dx PLC - develops advanced clinical diagnostics for organ transplants - Revenue in first half of 2024 totals $3.3 million, compared to a nominal $19,000 a year prior. Pretax loss narrows to $1.3 million from $5.3 million. ‘This has been another busy period, with the focus of the business upon revenue generation from our three separate income streams together with the delivery of many significant commercial and operational milestones. I am delighted with the progress from the team and welcome the increased pace that the fundraise enabled,’ CEO Sara Barrington says. ‘The steps we took at the start of the year to bolster our balance sheet positioned us well to progress our strategic ambitions. The focus through the remainder of 2024 remains to advance multiple growth and value creation initiatives over the short, medium and longer term, whilst maintaining our strong financial discipline. ’
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Zenova Group PLC - London-based fire suppression and interdiction solutions company - Says FX range of 6 and 9 litre extinguishers now approved as marine equipment, according to Merchant Shipping Regulations set out by the British Standards Institution. Product range has been approved for use on onboard UK flagged ships and vessels. ‘This latest designation follows on quickly from other important certification awards for the group’s extinguisher range in both the UK and Europe, for high-performance specification duty on both land and sea,’ Zenova adds.
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Cavendish Financial PLC - London-based investment bank formed by the merger between finnCap Group PLC and Cenkos Securities PLC - Revenue in year ended March 31 rises 46% to £48.1 million from £32.9 million. Pretax loss narrows to £4.3 million from £6.3 million. ‘Since merging in September last year, our business has performed strongly with H2 revenue of £35 million, 80% higher than H1 on a combined basis. The business has continued to operate well through the first quarter of the new financial year, demonstrating the strength of our diversified offering and broad client base, in what remains a challenging market,’ co-CEOs Julian Morse and John Farrugia say. ‘We believe Cavendish’s strong performance reflects our wide-ranging technical and sector expertise which enables us to tailor optimal solutions for our clients. Through the merger we have created a platform which has been profitable in the second half and generated cash in a challenging market.’ Full-year dividend totals 0.25 pence per share, down from 1.15p.
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Thor Explorations Ltd - West Africa-focused mineral exploration company - Gold poured in second-quarter of 2024 totals 21,518 ounces, rising from 16,579 in second-quarter, but down from 21,742 a year prior. Maintains production guidance for 2024 at 95,000-100,000 ounces range.
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Blencowe Resources PLC - mineral exploration company developing Orom-Cross graphite project in Uganda - Receives fourth tranche of funds from US International Development Finance Corp of $500,000. Funds will ‘continue to support the ongoing Orom-Cross definitive feasibility study costs and brings the total grant funding received to $3.5 million’.
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Vast Resources PLC - miner in Romania, Tajikistan and Zimbabwe - Has raised £600,000 through a placing of 600.0 million shares priced at 0.1p each. ‘The net cash raised from the Placing will be used for costs associated with the implementation of the reorganisation plan at Baita Plai in order to lower production costs and bridging the short-term gap in operational expenses while the company awaits the first tranche of the structural refinancing to close, and to cover near-term corporate obligations, and working capital needs,’ Vast Resources says.
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Echo Energy PLC - Latin America-focused exploration company - Buys into Ana Lucia polymetallic concession in the Ancash region of central Peru, via 50%-owned Peruvian joint venture Boku Resources SAC. Echo says: ‘Boku has acquired the Ana Lucia project for an administrative fee of approximately $36,000, plus a net smelter return royalty of 1% payable from production. The NSR is effectively capped at $10,000 as Boku has an exclusive option to remove the NSR with a single payment of $10,000.’
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