The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Bank of Cyprus Holdings PLC - Nicosia-based lender - Reports turnover of €755.2 million for 2021, down from €765.1 million in 2020. Despite this, swings to pretax profit of €36.1 million from loss of €166.9 million. Is helped by sharply reduced credit losses to cover credit risk on loans and advances to customers, booking expense of €40.3 million in 2021 versus charge of €275.1 million in 2020. ‘2021 saw a strong recovery in the Cypriot economy after a period of pandemic-related disruption, providing an improved backdrop against which the Bank performed well. During the year we continued to support the country’s return to growth, extending €1.8 bn of new loans, an increase of a third on the prior year and steadily recovering towards pre-pandemic levels,’ says Chief Executive Panicos Nicolaou. Looking ahead, now targets return on tangible equity in medium-term in excess of 10%, ‘providing the foundations for a return of dividend distributions, subject to performance and relevant approvals.’
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Sareum Holdings PLC - Cambridge, England-based drug developer for cancer and autoimmune diseases - Pretax loss for six months to December 31 widens to £1.0 million from £610,000 year-on-year, with no revenue generated in either period. Says it is looking to 2022 with optimism and expects to report on continued progress both with its proprietary programmes, in particular the advancement of SDC-1801 into clinical trials, and with partnered asset, SRA737, should Sierra advance its development. ‘The board and management also continue to employ rigorous capital allocation in the development of internal assets and the overall business, with a clear focus on generating value for shareholders,’ firm says.
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Sylvania Platinum Ltd - Bermuda-based platinum group metals producer - Revenue for six months to end of December falls to $69.1 million from $84.9 million, while pretax profit drops to $34.9 million from $57.4 million. Sylvania Dump Operations delivered 32,376 4E PGM ounces, down from 36,335 ounces a year ago. Notes lower than planned run of mine and current arising PGM feed grades at the Western operations affected production, as well as temporary suspension of operations at Lesedi extended through the first quarter and, subsequent to start-up, the plant incurred further downtime related to general water shortages at the Western operations during the second quarter. Declares windfall dividend of 2.25 pence, to be paid in April. ‘Based on the progress that we are making with the Lesedi MF2, which we plan to commission in March, as well as the provisional results from targeted sampling campaigns and investigations to evaluate potential alternative feed sources to mitigate current low ROM feed grades at Mooinooi, we are expecting a stronger production performance during HY2 FY2022,’ says Chief Executive Jaco Prinsloo.
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Graft Polymer (UK) PLC - Slovenia-based polymer modification and drug delivery systems - Expects an increase in commercial orders following successful trials. To meet demand, firm has moved to a two-shift operation at its Slovenia production facility to ensure order fulfilment. Full production capacity at the existing facilities is results in an output of 4,000 tonnes of product per year. ‘This is in line with the strategy of investing in additional equipment at its facility to increase the production capabilities as set out in the IPO prospectus. These investments will allow the Company to increase its current production output to 6,000 tonnes per annum,’ firm says. Adds that Slovenian Intellectual Property Office has awarded company four new patents.
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Cellular Goods PLC - London-based cannabinoid product company - After strategy review, says it will exclusively focus on wellness products across its three market verticals, being skincare, supplements and recovery. Says initial sales of inaugural products have been below internal forecasts due to ‘market challenges’. ‘The company has identified various factors that negatively impacted sales, including a policy decision by some of the world’s largest social media companies. Google, and Meta’s platforms Facebook and Instagram, prohibit advertising cannabis-derived products, which has prevented the company’s products from being promoted there,’ firm says. Has made changes to media mix for its upcoming marketing campaign. Says it has accelerated retail partnerships and has launched Look Better range on Amazon Marketplace.
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Immotion Group PLC - Manchester, England-based virtual reality entertainment company - Says second half revenue was around £6.6 million, more than double the £2.8 million in the first half of the year. Second half operating cash inflow was strong, with year-end cash on hand of £1.1 million, almost double the £600,000 at the half year. ‘Overall, we feel we have made good progress across the company and are looking forward with renewed confidence,’ says Chief Executive Martin Higginson. Adds that it has got contract extension and expansion of capacity at Shark Reef Aquarium, inside Mandalay Bay Resort & Casino, Las Vegas, currently the group’s largest installation. This will see the theatre capacity increase to 48 seats from its current 36 seats, and the contract will be extended by a further 12 months through to January 31, 2024. Says that in addition, capacity at another two of its strongest performing sites has been ‘significantly expanded’.
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Allied Minds PLC - Boston, Massachusetts-based intellectual property commercialisation company - Says portfolio company Federated Wireless has secured $58 million in Series D funding at a pre new-money valuation of $230 million. Allied Minds participates in fundraise, alongside an affiliate of Cerberus Capital Management LP and GIC, Singapore’s sovereign wealth fund. ‘We’re proud of the achievements made by Federated Wireless, which have been recognised by investors in this well-backed funding round,’ says Chair Harry Rein. Adds that Mark Pritchard, founder and former executive chair of Allied Minds and a 5.5% shareholder, has been appointed as a consultant to the board.
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BiVictriX Therapeutics PLC - Macclesfield, England-based drug development company specialising in cancer treatments - Files four new patent applications in the UK related to several novel cancer-specific antigen pairs or ‘fingerprints’ across a range of oncology indications. These applications focus on three novel cancer-specific antigen fingerprints that have been identified by the company and can support the development of a pipeline of highly selective cancer therapeutics utilising the company’s Bi-Cygni approach. ‘These filings are the next step in the company’s strategy to broaden its patent portfolio both in the UK and internationally,’ it says.
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Polar Capital Global Financials Trust PLC - London-based financial investor - Plans to raise additional funds through share issue as interest in company ‘remains high’ and appetite for shares ‘has not diminished’. To issue new shares at a placing price to be published on the day following the closing date of the placing. ‘The directors and Polar Capital LLP continue to believe that the company is well positioned to benefit from higher interest rates, rising inflation expectations and stronger economic growth given the significant exposure of the portfolio to banks in particular,’ firm says.
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