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TRADING UPDATES: Titon warns on trading; Videndum revenue in-line

11th Jul 2024 19:23

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

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Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Notes continued subdued market demand in the housing market and construction delays, leading to slow conversion of orders into sales. As a result, trading in the UK and Europe in the year ending September 30 is expected to be below the company's prior expectations. Chief Executive Officer Tom Carpenter says: "It is well known that the UK and European new-build market has been depressed which has affected many of Titon's customers and industry peers. As a result, the company continues to face challenges with lower sales than last anticipated." Adds that Deputy Chair Tyson Anderson will step down from board immediately "as a result of a wider restructuring to reduce the cost base of the business".

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Videndum PLC - London-based hardware and software for broadcasters, film studios and other content creation - Says first-half revenue "broadly in line with its expectations" as it notes some recovery from strikes in cine and scripted television industry. However, it notes recovery from strikes taking longer than predicted. It adds: "The macroeconomic environment affecting the consumer and independent content creator segments remains challenging, and the group has maintained its focus on controlling costs, capex and working capital tightly. The Broadcast TV segment continues to perform well, and the group's second half performance will benefit from the Summer 2024 Olympic Games and the US presidential election. The board continues to expect a recovery in the second half of FY 2024 as the cine and scripted TV market gradually recovers. Although we are seeing signs of improvement, as previously highlighted, the pace and shape of the post-strike recovery remains uncertain."

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Totally PLC - Derby, England-based healthcare services provider - Announces three elective care contracts valued at about GBP8 million. Chief Executive Wendy Lawrence says: "We are delighted to confirm these contract extensions, many of which have been in review over the election period. There are now encouraging signs that the temporary election hiatus has lifted."

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Hydrogen Utopia International PLC - specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels - Notes Ohrid Organics Ltd announces it has secured a cannabis supply agreement with Canopy Growth Germany GmbH. Hydrogen Utopia International has previously exercised option to acquire 49% of Ohrid, and that process is ongoing. "I am delighted with Ohrid Organic's exceptional relationship. The partnership with Canopy Growth far exceeds my expectations. To have an association with possibly the best-known cannabis company in the world is spectacular. I strongly believe that medicinal cannabis could help millions of patients with cancer, epilepsy, depression, insomnia and many other ailments, all over the world," HUI CEO Aleksandra Binkowska says.

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Cobra Resources PLC - focused on Boland rare earths project in South Australia - Says diagnostic tests being done as part of in situ recovery testing at rare earth asset "have produced positive preliminary metallurgical results". "These initial recoveries are very pleasing. Managing impurities and acid consumption are significant factors of rare earth processing costs and these results provide a pathway for cost-effective recovery - particularly when coupled with ISR mining," CEO Rupert Verco says.

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Cornish Metals Inc - exploration company which has projects in the UK and North America - Begins second phase of shaft refurbishment work at South Crofty tin project in Cornwall, UK. Chief Operating Officer Owen Mihalop says: "Installation of the Phase 2 work platform is an important milestone for the refurbishment and dewatering programme at South Crofty. Work continues to progress in-line with our adopted work plan and schedule that allows for NCK shaft refurbishment to continue in parallel with mine dewatering."

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Savannah Resources PLC - lithium producer with asset in northern Portugal - Says results from phase one drilling "confirm resource expansion potential" at Barroso lithium project in Portugal. "Once the remaining phase 1 assays have been received, analysed and any further significant assays reported, planning for phase 2 of the programme can then be completed," it adds.

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Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - Reports assay results from reverse circulation drilling at Northern Zone, located 25 kilometres east of Kalgoorlie asset in Western Australia. Says results show "gold mineralisation both to the north and south of the maiden diamond drill hole traverse".

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Kropz PLC - South Africa-focused phosphate producer and developer - Elandsfontein achieves output of 88,319 tonnes of phosphate concentrate in second-quarter, and sales of 71,948 tonnes. "This brings production to 162,308 and sales to 152,685 tonnes for H1 2024," it adds. Kropz says it is in talks with potential lenders for additional working capital and a replacement loan for the BNP loan facility, which has USD3.8 million outstanding. It now expects this to be concluded in second half of 2024. Kropz adds: "Due to the refinancing discussions continuing into Q3 2024, the company requires additional capital to meet its repayment schedule with BNP and for additional operational expenditure." As a result, it agrees with ARC to have further loan of ZAR140 million, around USD8 million. Loan is unsecured and interest is payable at rate of South African prime overdraft interest rate plus 6%.

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Faron Pharmaceuticals Ltd - Turku, Finland-based clinical-stage biopharmaceutical company - Reports "positive" feedback from US Food & Drug Administration. Faron had formal meeting with US watchdog to discuss registrational clinical development plan for bexmarilimab to treat myelodysplastic syndrome, a form of cancer. Faron notes the FDA advises it to conduct a different type of probe. "This FDA guidance is part of Project Frontrunner, an initiative intended to bring promising new cancer treatments as early as possible to a broader patient population," it says. "The phase III suggested by the FDA targets a significantly larger patient population with potential for faster approval earlier than anticipated, speeding up and increasing our sales forecast for bexmarilimab."

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Macau Property Opportunities Fund Ltd - Macau-focused property investment company - Portfolio valuation at March 31 half-year end down 2.7% to USD173.6 million, from where it stood at end of 2023. Adjusted net asset value per share declines 7.8% over same period to USD1.22. It adds: "Although 2024 remains challenging, Macau's tourism and gaming sectors are performing strongly, and investor sentiment is increasingly positive. We believe sentiment and pricing in the residential property market will gradually start to reflect these trends following the recent property market policy easing. The company remains committed to continuing its divestment programme to meet its debt repayment schedule and return capital to shareholders."

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Springfield Properties PLC - Elgin, Scotland-based housebuilder - Revenue for year ended May 31 expected to have fallen to GBP266 million, from GBP332.1 million, "reflecting challenging conditions experienced within the housing market". It expects pretax profit to be slightly ahead of market expectations due to good profits being made from land sales. Says on track to meet market expectations for new year, "with revenue remaining stable year-on-year".

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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