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TRADING UPDATES: Van Elle and Hargreaves Services post profit rises

25th Jan 2023 14:43

(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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Hargreaves Services PLC - Durham, England-based land, property and infrastructure development - In the half year to November 30, pretax profit jumps 80% to GBP18.7 million from GBP10.4 million a year prior. Revenue jumps 53% to GBP116.5 million from GBP76.1 million. Net asset value per share grows 31% to 603 pence from 462p. Lifts dividend by 7.1% to 3.0 pence per share from 2.8p. Expects that financial year 2023 results will be in line with market expectations. Meanwhile, Finance Director John Samuel steps down from his role on July 31. He will be replaced by Stephen Craigen a day later. Craigen has been financial controller at company since 2017.

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Van Elle Holdings PLC - Nottinghamshire-based geotechnical engineering contractor - In the six months to October 31, pretax profit climbs 74% to GBP3.3 million from GBP1.9 million a year prior. Revenue increases to GBP80.8 million from GBP60.1 million. Declares an interim dividend of 0.4p per share versus none a year ago. Net debt as at October 31 widens to GBP2.5 million from GBP2.0 million a year prior. Adds that current trading is in line with management's expectations. Says it is confident in achieving market expectations for financial year 2023, which it says are an underlying pretax profit of GBP5.3 million with a range of GBP5.2 million to GBP5.4 million. In August, the company had reported an underlying profit of GBP1.9 million.

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IOG PLC - North Sea-focused gas and infrastructure operator - Reports 2022 revenue before sales deductions of GBP79.6 million, compared to nothing in 2021 as 2022 was IOG's first year as producer. Gas output from March to December 31 was 27.4 million standard cubic feet per day. Average realised gas price was 203.5p per therm, which includes short-term price fixes. For January 2023, IOG notes a 319p per therm price fix for 30,000 therms per day is in place. Company aims to release its 2022 results during March. IOG notes that the UK North Sea Transition Authority is expected to make the first 33rd round license awards in the second quarter of 2023.

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Scancell Holdings PLC- Nottingham, England-based cancer immunotherapies developer - In the six months to October 31, turns to pretax loss of GBP4.1 million from a profit of GBP2.5 million a year prior. Development expenses widen to GBP4.9 million from GBP4.0 million as administrative expenses widen to GBP2.4 million from GBP1.9 million. Reports finance expense of GBP910,000 relating to revaluation of derivative liability, swung from a gain of GBP2.4 million a year earlier. Does not yet generate revenue. Meanwhile, gives an update on a study on a vaccine trial. 14 patients were enrolled and dosed in expansion phase of the cancer-focused Modi-1 trial, with no safety issues to date. Expands SCIB1 phase 2 combination trial to include doublet therapy, meaning patients will receive two agents, namely skin-cancer focused ipilimumab and nivolumab, which is used to treat several cancers. Says expansion leads to significantly increased recruitment rate. Notes that recruitment for its Covidity clinical trial in South Africa is complete. Expects safety and immunogenicity data from Covidity in the first quarter of 2023.

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SuperSeed Capital Ltd - venture capital for early-stage business-to-business technology companies in UK - Says in the fourth quarter of 2022, Fund II portfolio monthly recurring revenue grows 21%. Adds that for 2022, Fund II portfolio monthly recurring revenue rises three-fold. Expects Fund portfolio company revenue to more than double in 2023. "Looking ahead, SuperSeed continues to lean into artificial intelligence as the main tech driver for change. We expect continued strong revenue growth in the portfolio," the company says. Meanwhile, SuperSeed expects that the fund will invest in 5 to 10 more service as a software companies in 2023.

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By Tom Budszus, Alliance News reporter

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