8th May 2025 22:00
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Big Technologies PLC - remote people monitoring technology firm - names Ian Johnson as chief executive officer and Mike Johns as chief financial officer effective immediately. Daren Morris stands down as interim CEO and will leave the firm after a period of garden leave. "We thank Daren for his hard work at the group as chief financial officer and, more recently, as interim chief executive officer, where he has helped to stabilise the business and its people at what has been a difficult time. We wish him well in his future endeavours. I am very pleased to welcome Ian, as a highly experienced chief executive officer, in his new role and I look forward to working with him to deliver on the company's strategy and objectives. We are equally pleased that Mike will be joining the board in his role as chief financial officer and we are excited to see him continue the hard work he has been doing since joining the company," Chair Alexander Brennan says. In a trading update, the firm reports underlying revenue for the first-quarter ended March 31 climbs 11% on-year to GBP12.9 million. Big Technologies in April announced a series of executive changes, including the formal appointment of Alexander Brennan as chair. It had also named Johns as its next CFO last month. The moves followed the company's accusation that founder and former CEO Sara Murray failed to disclose interests in entities that collectively hold 17.3% of Big Technologies' shares. The firm alleges that Murray also improperly diverted significant funds from the group prior to 2019. Legal proceedings were launched in the High Court, including a request for a freezing order against Murray and associated entities.
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ITM Power PLC - designer and manufacturer of electrolyser systems for green hydrogen production - is picked by energy company Uniper SE for a 120 megawatt green hydrogen asset. "ITM will deploy six 20MW POSEIDON core electrolysis process modules into the project. POSEIDON offers unmatched efficiency, rapid response times, and an optimised footprint for large-scale projects," ITM adds.
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Van Elle Holdings PLC - Nottinghamshire, England-based ground engineering contractor - announces 5-year partnership with WS Specialist Logistics Ltd, which will see WS Specialist Logistics consolidate the group's heavy haulage operations. This will include the disposal of Van Elle's in-house HGV fleet and transfer of its transport management team and directly employed drivers, into a new division of WS Specialist Logistics dedicated to heavy plant haulage, which will manage and operate the entire fleet. The partnership will allow Van Elle to reallocate the current capital employed plus the further planned investment required in the HGV fleet over the medium term into growth initiatives driving greater returns for shareholders, Van Elle says. WS Specialist Logistics pays Van Elle GBP2.9 million in cash for the assets being transferred. As a result, Van Elle reduces its funding facility with ABN AMRO to GBP8 million from GBP11 million.
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Centrica PLC - Berkshire, England-based energy and services company which owns British Gas - enters agreement with Goldman Sachs International to conduct repurchases in respect of the first GBP250 million tranche of the GBP500 million extension to the firm's share buyback, announced in February. Buyback programme totals GBP2 billion. The latest tranche is expected to start on June 16 and complete no later than September 19.
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The Smarter Web Co PLC - Surrey, England-based provider of web design, web development and online marketing services - Raises GBP2.2 million via retail offer and accelerated bookbuild to institutional investors through Tennyson Securities and Peterhouse Capital Ltd at 16 pence per share. Andrew Webley, chief executive says: "We are pleased to have secured this funding at the market price giving a strong vote of confidence in our vision and progress since listing on the Aquis Stock Exchange."
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Insig AI PLC - London-based data science and machine learning firm - secures a new client win from a London-based asset manager with assets under management of more than GBP25 billion. The commercial agreement includes both a licence fee and an annual retainer. Chief Executive Richard Bernstein says: "This is a significant milestone for Insig AI - converting our latest R&D into scalable revenues, laying the groundwork for meaningful growth. This also provides visibility of the potential to translate into a significant new source of revenues for the current year and beyond."
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Valereum PLC - focused on tokenised digital markets as an exchange and marketplace operator - announces a placing by Clear Capital Markets raising GBP500,000 at 4p per share. Funds will provide additional working capital for Valereum to support the launch and scaling of its digital asset services, particularly its RWA Markets business.
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Beowulf Mining PLC - mineral resource developer - raises GBP2.2 million via placing, subscription and retail offer. Funds will finance the continued development of the Kallak Iron Ore Project and the Graphite Anode Materials Plant and in particular advancing the Kallak pre-feasibility study and environmental permit application. Further, proceeds will also be used to repay the SEK10 million bridge loan financing and for general corporate and working capital purposes. The capital raise provides the company with funding through to early 2026 and the board will continue to explore funding opportunities at both the asset and corporate levels.
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Arecor Therapeutics PLC - Cambridgeshire, England-based biopharmaceutical company - announces the sale of rights to certain non-Ogluo products from the portfolio of its Tetris Pharma subsidiary to Aspire Pharma Ltd. Arecor will receive a cash payment of GBP0.5 million from Aspire in return for both the UK distribution rights to the products and the transfer of existing inventory. There is no separate financial information available in relation to the rights of the non-Ogluo products being sold. The board intends to use the proceeds for working capital purposes. The deal is part of the orderly cessation of Tetris Pharma operations, announced in January.
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Silver Bullet Data Services Group PLC - London-based marketing services provider - reports revenue in the first quarter of 2025 is up 15% at GBP2.3 million from GBP2.1 million a year prior, demonstrating a strong start to the year in what is typically one of the slowest quarters in the calendar. Also announces significant contract award with a well-known global retail brand, worth a minimum of USD1.5 million over two years, to provide a full data management and integration programme. The group has also signed two new contracts with global brands in the beverage and FMCG sectors to implement new programmes using Silverbullet's 4D AI for digital advertising targeting. "Taken together, these new contract wins contribute to committed services revenues in FY 2025, representing approximately 74% of the full-year revenue target, demonstrating the company's strong progress and ability to attract and retain high-profile clients," the firm says.
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By Jeremy Cutler, Alliance News reporter
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