3rd Jul 2024 12:09
(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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Topps Tiles PLC - Leicester-based tile retailer - Announces a trading update for the 39-week period ended June 29. Total group sales in the third quarter were 6.9% lower year-on-year, and in the 39-week period, sales were 6.2% lower than the prior year. Market conditions have remained challenging overall, with subdued demand in the domestic repair, maintenance & improvement sector, especially for bigger ticket projects, Topps says. It adds: "Positive macroeconomic data on inflation, real wage growth, improving consumer confidence and increased activity in the housing market provides some confidence in a cyclical recovery, and the group is well-positioned to benefit from this due to its growing market share, leading brands, specialist expertise and world-class service, underpinned by its strong balance sheet. However, with this recovery yet to feed through into our end markets, the group is progressing the self-help opportunities described in the interim results statement as part of its 'Mission 365' goal."
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ECR Minerals PLC - Australia-focused gold exploration company - Notes the latest results for additional testing for the critical mineral antimony from diamond core previously drilled at Bailieston, Central Victoria, Australia. "We've identified a highly promising opportunity at Bailieston that warrants further follow-up. The discovery of 32% Antimony over an intersection of 0.3m, coupled with multiple other highly anomalous results, marks a significant breakthrough and validates our decision to re- submit these samples for further analysis," says Chief Operating Officer Mike Whitlow. "The finding is truly remarkable, especially considering the current surge of interest and demand for the critical mineral." Adds that it remains fully funded for its planned operations in Queensland and Victoria in 2024.
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Physiomics PLC - Abingdon, Oxfordshire-based mathematical modelling and data science for new medicines - Completes GBP381,417 placing, through issue of 63.6 million shares priced at GBP0.006 each. Also announces plans to raise GBP25,000 through a retail offer. It says it will issue a further 4.2 million shares at the same price. Chief Executive Peter Sargent says: "I believe Physiomics has made significant changes over this last year which now positions the business for growth. FY2023/24 was a record year for the company for the highest ever total value of new contracts won. As we start our new financial year, that momentum is continuing with the highest level of revenue already contracted. This latest round of capital will provide us with the foundations to execute on that pipeline and allow for further revenue growth."
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Braemar PLC - London-based shipbroker and shipping investment advisor - Reports that it has "continued to trade well" and that financial 2025 performance to date is in line with expectations. Notes company compiled consensus of financial 2025 revenue of GBP152.7 million and underlying operating profit of GBP18.2 million. "The group remains focused on its stated growth strategy and the board looks to the year ahead and beyond with confidence," Braemar says.
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Fintel PLC - Huddersfield, England-based provider of technology and support services to UK retail financial services sector - Completes acquisition of Threesixty Services Ltd, a provider of compliance and business support services to over 900 independent financial adviser and wealth manager firms from abrdn PLC. Says it has paid GBP14.6 million. "With a shared commitment to promoting the value of professional financial advice, we believe this deal will further expand the choice of quality services in this vital sector. We are confident we can further enhance services for threesixty clients with joint investment in technology and will explore opportunities to make the benefits of our wider technology and data platform available over time," CEO Neil Stevens. "Our intention is to grow the strong brand and quality services of threesixty with the full support of the existing leadership, who will remain with the business to see it develop in the future."
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Reckitt Benckiser Group PLC - Slough, England-based consumer goods maker - Completes third and final tranche of its GBP1 billion share buyback programme, announced in October last year. Under the third tranche, between April 5 and July 2, the company has purchased 1.4 million shares at an average price of GBP43.89. Shares are now held in treasury.
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Insig AI PLC - London-based data science and machine learning - Announces the redemption dates of the company's existing convertible loan notes of GBP1.0 million and GBP500,000 issued to Richard Bernstein and David Kyte respectively, have been extended to 30 September 2025. Also agrees with Bernstein that the interest due of 8% per year on the CLN issued to him be reduced to 6.0% per year, effective July 1. The interest rate of 12.0% per annum on the CLN issued to Kyte remains unchanged.
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N4 Pharma PLC - Derbyshire, England-based pharmaceutical company focused on the development of Nuvec - Subsidiary Nanogenics Ltd has submitted an application to the US Food & Drug Administration to obtain orphan drug designation for its product ECP105, for the prevention of scarring following glaucoma surgery. Obtaining orphan drug status in the US is expected to bring "substantial cost and time savings on the development work and once approved, seven years of exclusivity." Decision is expected by the FDA three months from decision. Says Nanogenics has also filed a patent application in the UK for novel siRNA sequences that can be used as part of the ECP105 development work.
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Foresight Technology VCT PLC - London-based investor - Says it intends to launch a new offer for subscription later this year through the issue of new FWT Shares.
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Serica Energy PLC - London-based upstream oil & gas company with operations in the UK North Sea - Completes the first semi-annual redetermination under its reserve-based lending facility. The borrowing base has been increased from USD463 million up to the full amount of the committed facility of USD525 million. Chief Financial Officer Martin Copeland says: "We are grateful for the support of our bank group in completing our first redetermination under the new RBL. Serica's robust liquidity supports our ability to deliver on the two-pronged strategy of investing in our assets and executing on attractive M&A opportunities."
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Good Energy Group PLC - Chippenham, England-based renewable electricity supplier and energy services provider - Launches a new fixed tariff to help EV drivers charge vehicles both at home and on the go. The tariff offers a rate of just 7.4p per kWh for overnight charging during a five-hour window, it says. The tariff also comes with a free premium subscription to Zapmap, an app for EV drivers helping them to search, plan, and pay for public charging. CEO & Chair Nigel Pocklington says: "This new tariff, together with the excellent additional features from Zapmap, is designed to make it as cost-effective and straightforward as possible to drive an electric vehicle. We have gone the extra mile to provide customers with a competitive rate for truly renewable electricity, sourced from our community of over 2,500 generators, as well as a real added benefit to help with charging on the go in Zapmap Premium."
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By Sophie Rose, Alliance News senior reporter
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