The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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TMT Investments PLC - venture capital investor in high-growth technology companies - Reports net asset value per share of $6.62 in the year ending December 31, rising 3.3% from $6.41 the year prior. Total NAV rose to $208.1 million from $201.7 million. Explains improvement was mainly as a result of the upward revaluation of Backblaze and Collectly during the period. ‘With no financial debt and cash and cash equivalent reserves of $11.0 million,’ TMT is ‘well positioned to ride out the current market volatility and to continue making investments and realising full and partial disposals when the right opportunities present themselves.’
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Ten Lifestyle Group PLC - London-based lifestyle and travel services company - Issues trading update for six months to February 29. Expects to report half year net revenue of around £30.9 million, unchanged from last year, or up 4% at constant currency. Says active members continue to grow, up 13% to 356,000 from 316,000 last year. Explains the group secured and launched some significant contracts during the period that are expected to generate revenue in the second half of the year. Adjusted earnings before interest, tax, depreciation and amortisation is expected to be around £5.3 million, up from £5.0 million last year. At the end of the first half, says cash and cash equivalents were £8.0 million, compared to £8.2 million at the previous year-end.
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First Class Metals PLC - Ontario, Canada-focused exploration company - Signs sixty day exclusivity agreement with Emerald Geological Services Ltd in respect of an earn-in to the McInnes Lake Property in Ontario. Chief Executive Marc Sale comments: ‘This is an exciting development for FCM greenfield exploration opportunities on a property which potentially contains the same structure that is present at Red Lake. The lack of previous systematic or comprehensive exploration in a favourable geological setting presents realistic expectation for a significant discovery.’ Pays C$5,000, around £2,897, for the exclusivity period.
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ValiRx PLC - Nuneaton, England-based life sciences company focused on early-stage cancer therapeutics - Starts search for a chief executive officer to lead the next stage of growth. Expects the process may take a number of months, during which period Suzy Dilly will remain as CEO. As part of the re-structuring process, Dilly and the board will consider potential alternative roles. In addition, Adrian de Courcey joins the board as non-executive director.
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Atlantic Lithium Ltd - lithium development company, currently focused on developing the Ewoyaa project on the Ghanaian coast - Announces further broad and high-grade assay results from resource drilling completed at the Ewoyaa lithium project in Ghana. Notes multiple high-grade and broad extensional drill intersections reported at the new Dog-Leg target. Describes results at Dog-Leg as ‘significant’. Points out drilling has intersected shallow dipping, near surface mineralised pegmatite bodies with true thicknesses up to 35m outside of the mineral resource estimate, proving potential for significant resource growth. Plans to advance the drilling programme to be undertaken in 2024. A mineral resource estimate upgrade, for both lithium and feldspar, to incorporate all 2023 and 2024 drilling, is targeted for the second half of 2024.
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Evgen Pharma PLC - clinical stage drug development company developing sulforaphane-based medicines - Agrees to buy Chronos Therapeutics Ltd for initial £899,481, or 1.44 pence per share. Explains price could rise to £3.4 million subject to the achievement of certain milestones. Chronos features a neuropsychiatry portfolio including two assets developed to late pre-clinical stage. Further, raises £0.85 million via placing and subscription at 1p each. In addition, announces retail offer to raise up to £1 million. Proceeds of the fund raise will be used for working capital and to maintain the enlarged group’s patent portfolio. Plans name change to TheraCryf PLC.
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Impellam Group PLC - Luton, England-based specialist recruitment solutions provider - Says High Court sanctions scheme by which bid from HeadFirst Global BV will be facilitated. Expects scheme to become effective on Thursday, when shares will also be suspended.
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Custodian Property Income Reit PLC - real estate investment trust - Shareholders back resolution allowing company to allot shares or grant rights to subscribe for or convert any security into shares in the company in connection with the recommended merger with abrdn Property Income Trust Ltd. Chair David MacLellan says: ‘The board is pleased with the outcome of the vote, which demonstrated a very strong support from the CREI shareholders and further derisks the execution of the recommended merger.’ Encourages API shareholders to vote in favour of the scheme.
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