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TRADING UPDATES: System1 revenue jumps; Volex takes cyber hack charge

24th Oct 2023 20:21

(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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Pressure Technologies PLC - Sheffield, England-based engineering firm - Reaches agreement with Rockwood Strategic PLC and Peter Gyllenhammar AB, both major shareholders in the company, for the provision of a new loan facility of GBP1.5 million. Funds will be used to refinance the existing debt facilities and provide additional working capital headroom. Further, plans to sell PMC division and has appointed advisors to handle the disposal. The sale process is expected to run for around six months into the third quarter of the financial year ending September 30, 2024.

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Volex PLC - Basingstoke, England-based specialist integrated manufacturer of critical power and data transmission products - Updates on trading for the 26 weeks ended October 1 and the cyber security incident announced earlier this month. Continues to maintain strong financial momentum and is well positioned to achieve full-year results in line with market expectations. Revenue for the first half of the year was 4% higher than last year on an organic, constant currency basis, against a strong comparative period. Expects costs of USD2 million relating to the cyber attack but confirms all manufacturing sites are operational, and says it is now delivering full production output.

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JPEL Private Equity Ltd - Guernsey-based investment company - Announces its twelfth mandatory redemption to USD equity shareholders. The amount of the redemption will be USD6 million or 14.7% of net asset value at September 30. Payments of redemption proceeds are expected to be made on or around November 22.

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Onward Opportunities Ltd - UK smaller companies-focused investment firm - Says net asset value per share was 100.39 pence per share at September 30, an increase of 4.1% when compared to the year before.

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Cooks Coffee Company Ltd - New Zealand-based coffee chain - Reiterates that its larger Esquires business continues to perform in line with management's expectations and is making a positive contribution to the group. Stresses the Esquires business will not be effected by the Triple Two administration process. In September, Cooks Coffee appointed RSM UK Restructuring Advisory LLP as administrators to its Triple Two coffee franchise business, comprising Triple Two Holdings Limited and its subsidiaries.

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Mears Group PLC - Gloucester, England-based housing and social care provider - Notes company has been informed that capital reduction, previously announced, became effective on October 11. The company's issued share capital currently consists of around 103 million shares.

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System1 Group PLC - London-based marketing and brand consultancy - Issues trading update for the quarter ended September 30. Reports revenue of GBP7.1 million, up 35% from GBP5.3 million the year before. Predict Your (data) revenue grew by 57% on the comparable prior-year quarter to GBP5.0 million and Improve Your (data-led consultancy) revenue increased by 49% to GBP1.0 million, bringing total platform revenue up 55% to GBP6.0 million. Expects to report half-year pretax profit just below GBP1.0 million compared to zero the year prior. Chief Executive James Gregory says: "The sales momentum in the platform business continues, with platform revenue up 55% in Q2, 44% in H1 and all at an improved profit margin."

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WH Ireland Group PLC - London-based stock broker and wealth manager - Reports all resolutions were approved at today's annual general meeting. Resolution 4, a special resolution, was not passed. Resolutions 3 and 4, regarded the Directors' general power to allot relevant securities and were opposed by a sizeable amount of investors. Plans to engage with shareholders to improve alignment on the strategy, objectives and most importantly its delivery, as required under the Corporate Governance Code. Still considers the flexibility afforded by these authorities to be in the best interests of the company and its shareholders.

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Tribal Group PLC - Bristol-based educational software and services provider - The UK competition regulator, the Competition and Markets Authority has confirmed that it considers that a formal Phase 1 merger investigation in relation to the acquisition by Ellucian of Tribal is warranted. Accordingly, Tribal and Ellucian will produce and finalise a merger notice with the CMA, preliminary to a Phase 1 merger investigation. Following confirmation by the CMA that the merger notice meets the applicable requirements under the Enterprise Act 2002, the timing of commencement of the Phase 1 merger investigation period will be provided.

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Caracal Gold PLC - East Africa-focused gold producer - Announces that that there will be a delay in the publication of the company's annual report and accounts for the year ended June 30. As a result, trading in the company's shares on the Main Market of the London Stock Exchange will be suspended with effect from November 1. Suspension from trading will be lifted with the publication of the accounts.

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By Jeremy Cutler, Alliance News reporter

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