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TRADING UPDATES: Synectics announces contract win; LifeSafe revenue up

29th Nov 2023 14:25

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

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Xeros Technology Group PLC - Edinburgh, Scotland-based television, brand and audio production group - Expects full-year adjusted earnings before interest, tax, depreciation and amortisation to be in line with expectations of a GBP4.7 million loss. Also forecasts its year-on-year cash balance to be in line with market expectations of GBP1.6 million. Says its full-year revenue is dependent on a "specific" XOrb shipment delivery date to one of its licence partners. Market expectations for revenue are GBP800,000. "We are delighted that the business continues to perform as expected. We would also to thank our shareholders for their continuing and proactive support, in what is an important year in Xeros' transition to break-even," says Chief Executive Officer Neil Austin.

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Transense Technologies PLC - Bicester, Oxfordshire-based developer of specialist sensor systems for vehicles - Says in the first four months of the financial year ending June 30, revenue grew 13% year-on-year, but noted it was below its expectations. Meanwhile, pretax profit increased threefold.

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Synectics PLC - Sheffield, England-based security and surveillance systems firm - Secures GBP1.0 million contract with unnamed UK financial institution to deliver a multi-site deployment of its software platform, Synergy. Says contract will be completed in 2024. Under the deal Synectics will deliver an upgraded surveillance and security system in multiple locations across the financial institution's back-office estate in the UK, which includes data, cash, alarm receiving, and disaster recovery centres. Will also undertake upgrades to the financial institution's existing on-site hardware.

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Coral Products PLC - Manchester, England-based specialist in the design, manufacture and supply of plastic products - Says earnings for the six months to October 31 are expected to be in line with market expectations. Says Executive Chair Joseph Grimmond will step down from role on January 1, and will become non-executive chair. Also announces the appointment of Lance Burn as CEO, effective January 2.

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LifeSafe Holdings PLC - Essex, England-based fire safety technology developer - Says year-to-date revenue is approximately GBP5.4 million, 62% higher than a year ago. Says sales growth was hurt by

recent increases in digital advertising and logistics costs. Says it will not attain monthly Ebitda profitability in the final quarter of 2023 as previously hoped, and says Ebitda loss will be higher than expected. Underlying Ebitda loss for 2023 is predicted to be in the range of GBP1.3 million to GBP1.5 million. Looking ahead, expects 2023 revenue to be in the range of GBp5.7 million to GBP5.9 million. Chair Dominic Berger says: "While we are disappointed with the impact of the unexpected increased costs within our digital sales channel, the company continues to show strong sales growth this year, which is already 62 per cent ahead of 2022. This performance has come during a time where our focus was to establish our brand in the market and drive further top line growth in our digital channel, both of which we have delivered."

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Trinity Exploration & Production PLC - Leeds-based exploration and production company focused on Trinidad & Tobago - Says it safely perforated the two Lower Cruse 1 zones on Tuesday, ahead of the anticipated schedule of mid-December, at its Jaocbin oil discovery. Says testing of these two zones will now commence and the well's performance will be closely monitored.

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By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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