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EARNINGS AND TRADING: Solid State and MTI Wireless win deals

7th May 2024 13:47

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

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MTI Wireless Edge Ltd - communication and radio frequency technology firm - Wins three orders totalling around USD3 million. Says most will be supplied in current financial year. "Two of the orders were received by PSK, part of the group's MTI Summit division, from two Israeli customers for the provision of services and installation of systems, with the other order being received by the group's antenna division for military antennas from an Israeli system house," MTI adds.

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Solid State PLC - Redditch, England-based supplier & design-in manufacturer of computing, power, and communications products - Wins USD5.1 million order from US customer. Orders "combines hardware and software applications in a value-added industrial application". Solid State adds: "The customer solution, creates smart vending machines by enabling smart billing and intelligent inventory control and management through the combination of an industrial router and cloud based services. The success of this contract demonstrates the group strategy of broadening its complementary technology set and internationalising the group." Delivery of deal is expected to begin in second-quarter of 2024 and be completed by middle of 2025.

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Ebiquity PLC - London-based media and marketing consultancy - Revenue in 2023 rises 6.8% to GBP80.2 million from GBP75.1 million. Pretax loss narrows to GBP2.6 million from GBP7.3 million. Chief Executive Officer Nick Waters says: "We delivered a solid performance in 2023, expanding relationships with clients, progressing our business transformation programme and continuing to build scale in the US, the world's largest advertising market." Says outlook for advertising industry "appears slightly more positive for 2024". The CEO adds: "2024 will be an important year for our transformation, as we continue to enhance our use of technology, change our operating model and improve our ways of working. This will help further improve our client service, ensure greater efficiency and increase our medium and long term profitability."

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Genflow Biosciences PLC - London-based biotechnology company focused on age-related diseases - Pretax loss in 2023 widens to GBP1.6 million from GBP1.3 million. Administration expenses largely flat at GBP1.8 million. Genflow posts "other operating income" of GBP169,854, down from GBP487,293 on-year.

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Eden Research PLC - focused on sustainable biopesticides for use in crop protection and animal health - Revenue in 2023 totals GBP3.2 million, a rise of 75% from GBP1.8 million. Pretax loss widens to GBP6.9 million from GBP2.6 million. Eden adds: "As we look to continue our positive momentum from 2023, Eden expects to see a healthy increase in existing product sales throughout 2024, driven by new regulatory approvals and label extensions in key geographies and supported by our key partnerships with industry-leading partners."

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Mincon Group PLC - Shannon, Ireland-based rock drilling tool manufacturer - Says "subdued" trading conditions seen at end of 2023 continue in 2024. "During Q1 2024, we saw some contraction in construction activity in North America and Europe and a slight contraction in our mining & geothermal/waterwell revenue which have had an adverse impact on group margins," Mincon says. Promisingly, it adds that "order books have begun to recover". "This has given us optimism for our performance in Q2 2024 and the remainder of the year," it says. Mincon adds: "After a difficult start to the year, we are positive about the outlook for the remainder of 2024 and are confident that the changes made on foot of the business review allied with the positive impact of our new products will drive margins and growth in the longer term."

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GreenRoc Mining PLC - developer of critical mineral projects in Greenland - Preliminary feasibility study "confirms compelling case" for an anode plant to make graphite from concentrate produced at its Amitsoq mine in Greenland. The study suggests a pretax net present value, at 8% discount rate, of USD837 million. Study suggests total gross revenue of USD6.5 billion over 22-year period, with gross profit of USD2.7 billion. Chief Executive Officer Stefan Bernstein says: "This feasibility study firmly places GreenRoc as one of the few contenders to supply the European EV Battery industry with domestically produced active anode material." Alba Mineral Resources PLC, which owns just over 37% of GreenRoc, notes the announcement.

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Fulcrum Metals PLC - mineral explorer in Canada - Hails "positive initial results" from phase 1 sampling and testing programme at Teck-Hughes gold tailings project in Canada. CEO Ryan Mee says: "I am delighted that the results of the sampling and testing of the gold grades at Teck-Hughes have come in above expectations and at 16.9% higher than the historical reported average." Panther Metals PLC notes the announcement. It has just over a 15% stake in Fulcrum.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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