16th Apr 2025 21:48
(Alliance News) - 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:
----------
Harmony Energy Income Trust PLC - London-based investment company that invests in battery energy storage systems in the UK - Accepts GBP209.9 million cash bid from Foresight Group LLP worth 92.4 pence per share. Foresight's bid trumps a 88p per share offer from Drax Group PLC which HEIT had previously accepted. Foresight Group, also based in London, is a sustainability-led investment manager of alternative assets, including renewable energy, with a focus on infrastructure and private equity. Talks between the two firms were revealed in March. Foresight has irrevocable undertakings and a non-binding letter of intent in respect of 55% of HEIT shares. The HEIT board unanimously recommends the deal and withdraws recommendation of the Drax deal. On balance, HEIT thinks Foresight deal delivers a superior outcome in terms of both price and deliverability for shareholders than the potential transaction with Drax. HEIT plans to adjourn meetings to approve the Drax bid.
----------
Belluscura PLC - London-based medical device developer - Further to statement earlier in April, anticipates that products sold in the US will be subject to a tariff production cost impact of up to 20%. Continues to evaluate additional long-term opportunities to reduce tariff and production costs, such as manufacturing and sourcing components from alternative jurisdictions. Further, says Simon Neicheril, chief financial officer, has resigned and will leave the board with effect from May 2 to take up a new role. In the interim, Chair Paul Tuson will take over board responsibility for finance. Tuson says: "Trading in the period since completing share placing in February has been satisfactory. The prospects for Q2 FY2025 are encouraging, despite the uncertainties surrounding the recent imposition of US tariffs."
----------
Life Science REIT - real estate investment trust focused on UK life sciences properties - IFRS pretax loss narrows to GBP14.0 million in the financial year ending December from GBP21.9 million a year prior. Gross property income rises to GBP16.3 million from GBP15.5 million. IFRS LPS is 4.0 pence compared with 6.2p. Dividend is halved to 1p from 2p. IFRS net asset value per share falls to 75.1p at December 31 from 81.1p a year ago. Says strategic review process will evaluate a range of options to maximise value for shareholders. These may include a potential sale or managed wind down of the company.
----------
Ixico PLC - London-based medical analytics company - Expects revenue to be GBP3.2 million in the six months to March 31, up 26% compared with GBP2.5 million a year prior. This puts the company in a strong position to deliver or exceed guidance. Expects loss before interest, tax, depreciation, and amortisation to be GBP0.7 million compared to GBP1.3 million loss a year ago.
----------
Predator Oil & Gas Holdings PLC - oil and gas firm with activities focussed on Morocco and Trinidad - pretax loss narrows to GBP2.1 million in the year ended December 31 from GBP4.2 million a year prior. This is primarily due to decreased drilling activity in Morocco. Continues to maintain adequate cash liquidity to fund all work programmes over the next 12 months due largely to accessing funds in the equity market when the opportunity was presented. But notes: "2025 is already proving to be a year of great challenges due to the turmoil created in the financial and equity markets by uncontrollable political events. This has led to reduced availability of finance; volatile commodity prices; weakened investor sentiment and caused a dash to liquidate assets for cash. Frustratingly this has led to a write-down across the oil and gas sector in general in the public market valuation of companies irrespective of the value of oil and gas resources in the ground."
----------
Brooks Macdonald Group PLC - London-based wealth manager - Total funds under management and and administration increase by 7% to GBP18.6 billion at December 31 from GBP17.4 billion a year prior. In the financial third quarter, notes net outflows of GBP129 million represent an improvement of GBP22 million compared with second quarter net outflows of GBP151 million. Says the "increasingly challenging macroeconomic backdrop reduced funds under management by GBP273 million. Investment performance over the long term remains strong." Despite the increased market volatility, currently anticipates full year performance will be in line with market expectations with a return to positive net flows later in the year.
----------
ProCook Group PLC - direct-to-consumer specialist kitchenware retailer - says fourth-quarter revenue totals GBP15.5 million, up 18% on-year, "reflecting a further improvement in the trend achieved over recent quarters". Like for like revenue increased 8.8% to GBP13.6 million. For the year to date, revenue is up 11% on-year at GBP69.5 million and LFL revenue rises 4.9% to GBP62.9 million. Ecommerce revenue for the fourth quarter increases 23% to GBP5.9 million, while Retail revenue increases 15% to GBP9.6 million. ProCook expects its full-year gross margin and underlying earnings before interest, tax, depreciation and amortisation to be in line with market forecasts, although underlying pretax profit is anticipated to reflect investment in new stores and "recent FX volatility". Says its net cash position is GBP1.0 million as of March 30, the end of the year, ahead of market expectations. Chief Executive Officer Lee Tappenden comments: "We have delivered a strong full year trading performance, with momentum building as we moved through the year." Looking ahead, he adds that ProCook is "confident in making good progress towards our medium term ambitions of 100 stores, GBP100m revenue and 10% operating profit margin".
----------
Aura Renewable Acquisitions PLC - London-based acquisition vehicle for businesses operating in the renewable energy sector - incurs pretax loss of GBP185,000 for the financial year ended December 31 compared with GBP153,000 a year prior. At December 31, has cash resources of GBP486,000 down from GBP661,000. Continues to maintain a pipeline of other potentially significant targets despite the economic and political uncertainty caused by supply chain issues, inflation, interest rate rises, and hostilities in Europe and further afield, which continued to restrict capital market activity during 2024. In addition, the board is actively considering widening the stated acquisition criteria beyond the global renewable energy sector supply chain in order to expand the range of potential acquisition targets. In particular, the board is looking at other industries which are also characterised by strong macro-economic fundamentals.
----------
Speedy Hire PLC - Merseyside, England-based tool and equipment hire company - says it expects full-year results in line with its expectations, with the company having "performed robustly...against a challenging market backdrop". Says hire revenue is up "marginally" on an annual basis for the year, but "slightly lower than expected" in the fourth quarter. The top line was "impacted by wider economic conditions and slower than anticipated growth in Trade & Retail". Company adds that there is growing traction in that revenue stream. Government support for major infrastructure projects "remains a significant opportunity", and Speedy Hire adds: "During the last quarter, we have secured several new, multi-year, contracts and we maintain a promising pipeline." Interest costs are slightly higher than previously expected but Speedy Hire is planning cost savings of GBP3.5 million per year including depot closures. Notes that it has refinanced its borrowings, replacing an existing GBP180 million asset-based lending facility with a GBP150 million revolving credit facility and a GBP75 million private placement term loan.
----------
Cirata PLC - Jersey-based software solutions provider - Says total bookings grew significantly to USD3.0 million in the quarter to March 31 from USD0.7 million a year prior, the strongest first quarter bookings quarter since 2019. This is driven by an enterprise-wide DI contract with a leading UK retailer. However, notes DI bookings in North America were disappointing relative to plan. Cash burn of USD1.4 million represents a significant improvement against the previous quarters, Cirata says. "With the significantly reduced cash burn and the best Q1 for over 5 years, the green shoots of all our hard work across the company are beginning to show," company adds.
----------
Mercia Asset Management PLC - alternative asset manager focused on regional UK small and medium enterprises - expects earnings before interest, tax, depreciation and amortisation for the financial year to March 31 "to be materially ahead of current market expectations." Says the benefits of Mercia's increasing scale are now beginning to feed their way into the group's overall financial performance. The direct investment portfolio continues to make good overall technical and commercial progress, despite a continuing challenging market backdrop for venture investing, reflecting the strong fundamentals of the portfolio, MAM says.
----------
Sosandar PLC - Cheshire, England-based online women's fashion brand - Says financial year to March 31 has been a year of strong strategic progress delivering growth in margin and pretax profit, a reduction in price promotional activity and the opening of its first own stores. March sales were in line with the prior year and this momentum has continued into April to date, Sosander says, with both own site sales and sales as a whole ahead of the prior year. But notes full-year pretax profit was softer than hoped, although a substantial positive swing compared with the year prior. This reflects slower sales in February. Overall, expects pretax profit of not less than GBP0.5 million compared with GBP).3 million loss a year before. Revenue of GBP37.2 million is down from GBP46.3 million, reflecting the continued transition away from price promotional activity. Gross margin improves to 62.5% from 57.6%.
----------
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Harmony EnergyDraxBelluscuraLife ScienceIxicoPredator OilBrooks MacdonaldProcook GrpAura Renew AcqSpeedy HireCirataMercia AssetSosandar