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TRADING UPDATES: Harworth optimistic on 2027; Plexus extends agreement

23rd May 2023 16:12

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

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Epwin Group PLC - Solihull, England-based building products manufacturer - Says it continued to trade well and in line with own expectations, with revenue between January 1 and May 23 up 3% annually. Company expects to deliver underlying operating profit for the year in line with expectations. Notes impact of inflationary pressures on raw material costs such as polyvinyl chloride resin, which it says have eased in the last two years. Chair Andrew Eastgate says: "The medium and long-term drivers of the group's end markets remain positive, with a shortage of new and affordable housing, an ageing and poorly maintained housing stock and increasing concern about the quality of social housing all helping to bolster future demand."

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Harworth Group PLC - Regenerator of land and property for sustainable development and investment - Chief Executive Officer Lynda Shillaw gives outlook, saying: "Our sustained progress with acquisitions, planning and development across our landbank, as well as our strong financial position, means we are well positioned to continue to drive value for stakeholders and deliver sustainable places where people want to live and work." Company notes "significant progress" in 2023 regarding its strategy to achieve GBP1 billion EPRA net disposal value by 2027, up from GBP633.8 million at the end of 2022. Net debt as at April 30 narrowed 11% to GBP43.2 million from GBP48.4 million at December 31. Meanwhile, Harworth says it has directly developed 110,000 square feet of grade A space so far in 2023.

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IQ-AI Ltd - Jersey-based medical services firm - Says so far, over 200 more datasets have been received in collaboration with Phoenix Children's Hospital, which will be used for continued development of artificial intelligence imaging technologies targeted to aid pediatric patients. Chair Trevor Brown says: "Progress continues steadily across all activities as prospects continue to brighten. I am looking forward to updating shareholders as the year unfolds."

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Mobeus Income & Growth VCT PLC and Mobeus Income & Growth 4 VCT PLC - London-listed venture capital trusts - Release their quarterly reports for the three months to March 31. Mobeus Income & Growth VCT reports net asset value per share of 63.88p at March 31, down 0.2% from 64.01p at December 31. NAV per share for Mobeus Income & Growth 4 VCT in the same time falls 0.3% to 79.83p from 80.05p.

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Plexus Holdings PLC - West Sussex-based engineering services provider - Says SLB extends non-exclusive agreement with Plexus for another six years, effective from November. In November 2020, Plexus entered into a licensing agreement with Cameron International Ltd, a subsidiary of oilfield services provider SLB, formerly Schlumberger. Plexus explains: "The non-exclusive licence enabled SLB to use the company's POS-GRIP friction grip method of engineering and 'HG' metal to metal sealing system for the development of oil and gas surface production wellheads."

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UK Oil & Gas PLC - UK-focused oil and gas exploration and production company - Temporarily suspends testing operations at Pinarova-1 well in Turkey. The company explains: "The decision results from analysis of downhole pressure gauge data from testing operations, which indicates that the 4.5-inch perforating guns used have been unable to establish direct contact with the formation through the casing and cement."

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Xeros Technology Group PLC - Rotherham, England-based laundry technology developer - CEO Neil Austin says that since reporting its 2022 results in April, the company "continued to gain commercial traction, most recently signing a technology licensing and distribution agreement for our Garment Finishing technology with KRM, who will act as a global distributor for Yilmak Makine, one of the largest manufacturers of garment finishing machines in the world." Xeros expects to benefit from France's decision to mandate a deadline of January 1, 2025 for a microfibre capture requirement in all washing machines. The company says: "Given the global legislative agenda, Xeros' technologies are vital to achieving this and are increasingly doing so. We look forward to updating the shareholders on our progress in due course."

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By Tom Budszus, Alliance News reporter

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