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CORRECT: Love Hemp needs funds; GetBusy to hit revenue target

14th Dec 2022 14:57

(Corrects that the updates were issued on Wednesday, not Tuesday.)

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:


Love Hemp Group PLC - London-based CBD health and wellness consumer goods company - Reports strong sales performance in its financial first quarter that ended September 30, increasing by 42% to GBP1.1 million from GBP740,000 a year earlier. Says this is largely driven by increases in retail channel sales and product launch at Tesco, as announced in September. However, faces working capital difficulties after invoice discount lender Windfall Logistics stops providing cash flow due to Love Hemp's largest retail customer issuing unexpected invoices for past product promotions, including a GBP450,000 overdue loan. Says this has caused lower sales so far in the second quarter. Says directors plan to inject capital or refinance business. Agrees binding deal for five-year GBP1.5 million secured loan with strategic investors. Has 20% annual interest rate, payable in 2027. Says Graham Mullis resigns immediately as chair but will stay as non-executive director for a transition period. As well, Anthony Dyer resigns as interim chief financial officer but also will remain as non-executive director until a replacement is found.


GetBusy PLC - Cambridge, England-based professional and financial services productivity software provider - Expects 2022 revenue to be slightly ahead of market expectations. Says revenue to grow by at least 24% to GBP19.1 million from GBP15.5 million for 2021 revenue. Expects 2022 adjusted pretax loss to narrow by 25% to 25% compared to market expectations. "More than ever, GetBusy's products are delivering tangible value across a growing addressable market. We are helping professionals to be as productive, efficient, and secure as possible in the face of rising cost pressures and operational complexities," says Chief Executive Officer Daniel Rabie. Says it is firmly on track to double annual recurring revenue within five years, a target set in 2021. Says GBP2 million debt facility remains undrawn.


Amedeo Air Four Plus Ltd - Guernsey-based aircraft investment company - Says net asset value per share on September 30 up 30% to 117.23 pence from 90.34p on March 31. Swings to pretax profit in the six months that ended September 30 of GBP55.8 million from GBP2.9 million loss a year earlier. Maintains previously announced target half-year quarterly dividends of 1.50p each, up from none a year earlier. Says directors believe its current share price undervalues the company's portfolio. Says it will explore all avenues to unlock this value.


Fulcrum Utility Services Ltd - Cayman Islands-based utility services provider including multi-utility connections and renewable energy infrastructure - Net asset value per share on September 30 is 6.40p, down 44% from 11.50p on March 31 and down 58% from 15.40p a year earlier. Pretax loss in the six months that ended September 30 widens to GBP20.3 million from GBP14.2 million a year earlier. Revenue down 16% to GBP23.9 million from GBP28.6 million. Says medium-to-long-term market fundamentals is still strong. Cites its experience as giving cause for optimism that it is well-positioned to benefit from an expected UK transition to a low carbon economy and net-zero emissions.


Miton UK MicroCap Trust PLC - London-based investment trust focusing on the UK's smallest companies - Says net asset value per share on October 31 is 64.55p, down 29% from 91.05p on April 30. Says investment income in the six months that ended on October 31 halves to around GBP500,000 from around GBP1.0 million a year earlier. Says it remains unclear about its outlook, as the prospects of a global economic recovery and an identifiable peak in inflationary pressures remain unclear.


By Greg Rosenvinge, Alliance News reporter

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