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TRADING UPDATES: CloudCoco outlook upbeat; Mirriad hails agreement

7th Nov 2023 14:24

(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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CloudCoCo Group PLC - London-based IT and communications for businesses and public sector - In the financial year that ended September 30, eyes earnings before interest, tax, depreciation and amortisation of at least GBP1.9 million, up 19% from GBP1.6 million a year prior. Revenue is set to climb 7.4% to GBP26.0 million from GBP24.2 million. Further, notes 110% jump in MoreCoCo ecommerce sales to GBP4.2 million after growth initiatives. Looking ahead, company says it "continues to appraise opportunities to accelerate growth through acquisition. The directors are currently in discussion with several parties regarding potential options to refinance or repay its loan notes, which currently sit at GBP5.5 million, ahead of the October 2024 repayment date." Chief Executive Officer Mark Halpin says: "Pipelines are growing at a healthy rate as a result and we’re confident in our ability to gain further traction in FY24."

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Intelligent Ultrasound Group PLC - Cardiff, Wales-based artificial intelligence ultrasound software firm - Signs research agreement with University of Dundee to start first phase of proof-of-concept work to develop AI-based tools for screening patients with liver disease. Intelligent Ultrasound can utilise a comprehensive archive comprising over one million ultrasound images from around 50,000 patients. Chief Operating Officer Nicholas Sleep says: "We are very pleased to be working with Professor John Dillon at the University of Dundee on this exciting project. John is a world-renowned hepatologist, having played a major role in introducing Hepatitis C screening in Scotland. His team's clinical experience, combined with the richness of the Dundee dataset, create a strong pairing with Intelligent Ultrasound's expertise in creating healthcare AI solutions. This is a key longer-term step for us as we look to build our fourth AI ultrasound platform and we have high hopes for this proof-of-concept work."

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Mirriad Advertising PLC - London-based provider of in-content advertising technology - Hails new deal with "top ten" entertainment network in US. Mirriad's new partner which it says is in the top ten by advertising revenue operates in over 125 countries worldwide. Mirriad aims to work and integrate with the partner with a goal to activating new in-content opportunities. No financial details are disclosed. Expects the programme-based implementation of its format to be executed in the fourth quarter of 2023. Mirriad CEO Stephan Beringer says: "This agreement adds further momentum to our 'Mirriad-inside' strategy to establish in-content advertising as a standard format across the entire media and advertising ecosystem. It is the result of our strong focus on the 10 leading entertainment companies in the US and the acceleration of our partnership discussions and negotiations, building upon our platform that now seamlessly integrates with these companies' linear and programmatic sales infrastructures and propositions."

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MTI Wireless Edge Ltd - Rosh-Ha'Ayin, Israel-based communication and radio frequency technology company - Says distribution & professional consulting services division receives several orders for service and maintenance of surveillance platforms from the Israeli Ministry of Defence. They are worth about USD1 million in total and expected to be supplied over the next 14 months. CEO Moni Borovitz says: "This contract reflects the increase in military-related spending by the Israeli government and we anticipate that we will receive additional defense-related orders for our radio frequency and antenna solutions in due course."

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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Enters into collaboration agreement with a new unnamed partner to develop cadmium zinc telluride-based detectors for photon counting computed tomography applications in the medical imaging sector. Emphasises that the new "blue-chip" partner is technology solutions provider to over 100,000 customers globally for several applications, including healthcare. CEO Arnab Basu says: "At Kromek, we have a strong track record of teaming up with leading global technology partners to advance new imaging solutions. Our cadmium zinc telluride-based products are the enabling technology in ultra high-resolution systems. These systems provide clinicians with greater image quality that leads to earlier diagnosis, better patient outcomes and ultimately saves lives."

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By Tom Budszus, Alliance News reporter

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