11th Nov 2025 15:05
(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Baker Steel Resources Trust Ltd - Guernsey-registered investor in mining companies - Books a net asset value of 113.0 pence per share at October 31, up 1.5% from 111.3p at the end of September. Attributes this mainly to the rise in share prices for investees Blue Moon Metals Inc and Tungsten West PLC, which occupy fourth and fifth place in the firm's top ten holdings, accounting for 8.5% and 8.4% respectively. Baker Steel notes Blue Moon's acquisition of Norwegian copper venture Nussir ASA during the year, alongside a memorandum of understanding to acquire the Springer mine in Nevada, US. Adds that Blue Moon will seek admission to the Nasdaq Stock Market in the first quarter of 2026. Separately, Baker Steel acknowledges that its largest investment, Cemos Group PLC, took longer than expected to launch a compact calcination unit, while refinancing its second largest holding, Futura Resources Ltd, has been delayed, with Baker Steel advancing a further USD1.05 million loan to Futura.
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Tap Global Group PLC - London-based operator of cryptocurrency payment and settlements app - Reports "a strong start" to financial 2026, with "record" revenue for the first quarter ended September 30 estimated at GBP991,000, up 40% from GBP706,194 a year earlier. Notes that this includes revenue from its core business-to-consumer retail offering, alongside its bitcoin-treasury-as-a-service platform for businesses. Tap launched BTaaS in October and Chief Executive Arsen Torosian says this segment "is beginning to contribute" to performance.
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Headlam Group PLC - Birmingham, England-based floor coverings distributor - Outlines consolidation plans as it seeks a return to profitability in 2027, after warning last week that full-year results may fall short of guidance. Says it will "refocus on independent retailers and contractors" and improve its stock turn. Intends to reduce its footprint and stock-keeping units, as well as selling surplus properties and consolidating purchases. Adds that it is targeting "materially lower inventory" as part of the plan.
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Team Internet Group PLC - London-based internet services company - Enters a "strategic review" process for a potential break-up or sale, one year after launching a review of its asset ownership. Says it is actively considering "the divestment or formation of strategic partnerships for substantially all parts of the business in separate transactions, each expected to highlight the distinct value of its market-leading platforms." Notes that talks on a possible disposal have progressed furthest for its Domains, Identity & Software division, with a tier-one financial advisor supporting the board, and says it "is confident that the DIS business alone could command a valuation materially exceeding the Company's current market capitalisation." Points to advertising policy changes in Alphabet Inc's Google Search platform and suggested this has delayed the ramp-up of its Related Search on Content business. Plans to classify the Search segment as an asset held for sale in future reporting. CEO Michael Riedl says changes at Google "have brought forward the need to pivot our strategy. We are now focusing the business more on our captive direct-to-advertiser and commerce media operations and on partnerships with alternative feed providers." For the full-year, Team Internet sees adjusted earnings before interest, tax, depreciation and amortisation between USD40 million and USD45 million, roughly halved from USD92 million in 2024, with the contribution from Search expected to fall to a range of USD8 million to USD10 million from USD57 million a year prior, "reflecting the structural transition." The firm aims "to return to double-digit earnings growth" in 2026 and stresses that it remains "cash generative". CEO Riedl remains confident in all business segments, "either within or outside the group."
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Daniel Thwaites PLC - Lancashire, England-based pub and hotel chain - Posts GBP8.3 million in pretax profit for the six months that ended September 30, up 9.2% from GBP7.6 million a year earlier. Turnover increases by 5.0% to GBP66.7 million from GBP63.5 million, with pubs performing well over the summer, but seeing early gains reverse later in the period, with beer sales volumes down roughly 1% on-year. Says sales rose by approximately 8% for inns and 7% for hotels. Proposes an interim dividend per share of 0.95p, up from 0.90p the previous year. Notes that it has phased its investment programme to the latter part of the year, as it awaits the UK government's autumn budget. Reaffirms that it is a "well positioned business with opportunities to invest" but can only do so against "a stable and trustworthy fiscal and political framework."
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By Holly Munks, Alliance News reporter
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