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TRADING UPDATES: MTI Wireless Edge reports "solid start" to 2023

17th May 2023 17:25

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

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MTI Wireless Edge Ltd - Rosh-Ha'Ayin, Israel-based developer and producer of antennas - Reports a "solid start" to 2023 and notes a "strong" order pipeline which it says it providing it confidence for the full year. Posts a pretax profit of USD1.1 million in the three months ended March 31, up from USD974,000 the previous year. Says this reflects an improvement in gross margin and higher interest received from cash on deposit. Revenue increases to USD11.3 million in the quarter from USD11.2 million the year prior. Chief Executive Moni Borovitz says: "There is clear ongoing demand for our comprehensive communication and radio frequency solutions across all three divisions and we feel confident in the outlook for the year."

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Aurrigo International PLC - Coventry-based transport technology solutions provider - Swings to a pretax loss of GBP2.5 million in 2022 from a profit of GBP178,000 in 2021 as the company records a GBP1.0 million cost for admission to AIM in the third quarter of the year. Revenue ticks up to GBP5.30 million from GBP5.27 million the year prior. Notes growth particularly in its Autonomous & Aviation division, which sees revenue increase 42% year-on-year. In contrast, its Automotive division sees revenue decline by 2.3% year-on-year. Expects a recovery in its Automotive division throughout 2023. "We delivered a strong operational and financial performance for the year, in line with market expectations and are proud to be achieving what we set out at the time of the IPO; increasing our headcount, building our company profile and realising the growth potential of the autonomous aviation division," says Chief Executive David Keene.

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Jersey Electricity PLC - St Helier, Jersey-based power utility - Posts a pretax profit of GBP10.3 million in the six months ended March 31, up from GBP7.0 million the year prior. Notes that this included an "unexpected" receipt of GBP3.6 million which has been classified as 'rebate of past energy costs - non-recurring item' on the company's financial statements. Explains the rebate was from a French network operator in respect of payments made in 2022 which they were instructed to return as a part of a regulatory decision due to volatility in the energy markets in 2022. Revenue rises to GBP69.4 million from GBP65.0 million year-on-year. Electricity sales in the half fall to GBP355.7 million from GBP359.4 million. Looking forward, notes continued volatility in energy markets and says it will continue to monitor the unpredictability. Proposes an interim dividend of 8.00 pence per share, up from 7.60p the previous year.

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Newmark Security PLC - London-based designer and manufacturer of specialist products and services that ensure safe and secure workplaces - Confirms it has returned to profit and cash flow generation in the year ended April 30. Reports year-on-year revenue growth, driven by a strong performance in its People, Data Management and Physical Security divisions. Notes supply chain challenges have been successfully managed through building inventory to satisfy ongoing customer demand. Inventory levels expected to ease in financial 2024. Chair Maurice Dwek says: "We are pleased to report that the business has returned to full-year profitability. This is the result of the hard work that commenced in the previous financial year, which has seen us optimise our operations, put through necessary price increases to mitigate the inflationary environment and enhance our product offering to meet the needs of our customers. Overall, Newmark is a much stronger business with a platform to drive future growth. Looking ahead, the business has made a good start to FY24 with its new revenue pipeline. Whilst the board cautiously observes current macro events, it remains confident in Newmark's product and service offering."

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Aptitude Software Group PLC - London-based subscription management and finance digitalization company - Says that it has continued to achieve new business success in the first half of 2023, allowing it to remain confident its full-year performance will be in-line with its previous expectations. Notes progress within Subscription and Revenue Management has been impacted by higher levels of churn experienced in 2022 continuing into the early months of 2023. Says performance in the first half of 2023 has been underpinned by successful go-lives across the base of clients with Aptitude Insurance Calculation Engine following its compliance deadline in 2023. Company also announces that Mike Johns has been appointed as chief financial officer with immediate effect.

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By Heather Rydings, Alliance News senior economics reporter

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