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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Brand Architekts Group PLC - London-based beauty sector challenger brand business - Announces trading update for the 52 weeks to June 30. Expects full-year group sales to be in line with market expectations at around £17.0 million, down from £20.1 million a year prior. Continues to implement brand rationalisation program by exiting several underperforming and unprofitable brands. Also continues to focus on reducing its operating losses, which were in line with both the first half and market expectations, a significant improvement on the prior year. This reflects improved operational efficiencies, more effective use of targeted advertising and promotions, as well as a continued focus on cost control. Retains a healthy net cash position of around £7 million at the year-end. Full-year results will be released late October, company says.
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Croma Security Solutions Group PLC - Whiteley, England-based security services provider - Updates on trading for the twelve months to June 30. Expects full-year results in-line with market expectations. Continues to trade well, develop its security centre network, add new commercial clients and expand the security solutions the group provides. Strategy remains focused on driving the core business as well as acquiring traditional locksmith stores and transforming them into modern security centres with much greater profit potential. Highlights a strong balance sheet and notes a good pipeline of store acquisition opportunities to support this ambition.
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Cornish Metals Inc - exploration company which has projects in the UK and North America - Sells its royalty interests on the Mactung and Cantung tungsten projects located in Canada for $4.5 million to Elemental Altus Royalties Corp. Elemental to pay $3.0 million cash on completion, and $1.5 million cash 12 months later. The royalties have a book value of nil, company explains. Company says the sale demonstrates ‘our priority and focus on advancing the company’s wholly owned and fully permitted South Crofty tin project, in the UK, towards commencement of production in 2027.’
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Fonix Mobile PLC - London-based mobile payments and messaging services for media, telecommunications and other enterprise clients - Provides trading update for the year ended June 30. Says gross profit and earnings have continued to grow strongly and ended the year ahead of market expectations. Full-year gross profit grows 19% to £17.9 million from £15.1 million a year prior. Adjusted earnings before interest, tax, depreciation, and amortisation rises 18% to £13.7 million from £11.6 million. Continues to generate strong underlying cash flows and intends to pay an increased final dividend, in line with the dividend policy to pay out at least 75% of adjusted earnings per share. Continues to review options for the return of surplus cash to shareholders following the share buy-back in April 2024. Remains confident in Fonix’s growth potential for financial 2025 and beyond, supported by high levels of recurring revenue with a strong run-rate, an expanded commercial offering, and significant opportunities for further international expansion.
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Beeks Financial Cloud Group PLC - Glasgow-based cloud computing and connectivity provider - Provides an update on trading for the year ended June 30. Expects full-year results to be in line with consensus expectations, with Beeks having delivered significant double-digit growth on the prior year, driven by a strong performance across Private, Proximity and Exchange Cloud offerings. Forecasts revenue to be up 27% on the year prior, delivering underlying earnings before interest, tax, depreciation, and amortisation growth of over 27% and underlying pretax profit growth of around 67% year-on-year. For the financial year to June 2023, Beeks reported revenue of £22.4 million.
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URA Holdings PLC - Africa-focused mineral exploration company - Provides production and operational update for the Gravelotte emerald mine following the start of phased production at the end of April. Says early production targets achieved with an optimal emerald recovery rate in excess of 80% established. Notes the current average emerald grade of over 30 carats per tonne, exceeds the average JORC resource grade estimate. Further, reports an average current processing rate of between 60 and 70 tonnes per day, with further increases to be implemented in the coming months. The first trial emerald sale is on target for later in the second half of 2024.
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Chariot Ltd - London-based transitional energy company focused on Africa - Raises £5.0 million through a ‘significantly oversubscribed’ placing and subscription of just over 83 million shares at 6.5 pence each. Had hoped to raise £4.6 million. In addition, Chariot plans to raise £1.5 million via open offer. Open offer terms are 1 new share for every 46 held. Proceeds will strengthen the balance sheet, secure a material new venture opportunity with multi-billion barrel potential and progress onshore gas commercialisation plans in Morocco to build a gas to industry supply.
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Cadence Minerals PLC - investment and development company - Notes that ASX listed Evergreen Lithium Ltd, in which Cadence has an 8.7% stake announces progress from initial exploration activities at its highly prospective Bynoe project, in Australia’s Northern Territory. Initial aircore drilling in the north of the project intercepts pegmatitic intrusions in multiple locations. Logging of drill samples at the Lunchbox and Frogmouth prospects identify pegmatites close to surface, Cadence notes.
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Mindflair PLC - London-based investor in artificial intelligence technology - Notes announcement by Forcepoint of a new GenAI security solution. Explains Getvisibility, one of Mindflair’s investee companies, works closely with Forcepoint, powering part of this product. Says this is a very ‘exciting and material’ development for Getvisibility in terms of its partnership with Forcepoint, and is recognition of the sophistication of the technology that they have developed.
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Allergy Therapeutics PLC - Sussex, England-based biotechnology company which specialises in allergy vaccines - Provides trading update for year to June 30. Says financial turnaround progressing with expected revenue growth in the second half, marking the first period of half year growth since 2021. Expects second half revenue to be £21.6 million compared to £21.2 million a year prior. This gives full year revenue of £55.2 million, down from £59.6 million year-on-year. Expects that additional funding will be required from around late August onwards for trading, working capital, capital expenditure and continuing research and development programmes. Says shareholders are aware of the funding needs and remain supportive of the business.
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