Source - 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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Seeen PLC - London-based social media services firm - Announces launch of artificial intelligence driven shoppable video prompts produuct, CreatorSuite 2.0. Says SVPs give its customers ‘a significant competitive advantage’ in advertising and video ecommerce. Chief Executive Officer Adrian Hargrave says: ‘In an economic environment where both advertising markets are softer and consumers are spending less, we provide for our existing customers and those opportunities in our sales pipeline - publishers, retailers, service providers and sports clubs - the compelling ability to stimulate consumer demand and monetise all levels of engagement from video viewers. With the release of CreatorSuite 2.0, our budget and execution priority is now focused on our sales team and customer success.’

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Jersey Electricity PLC - Jersey-based electricity importer, generator and distributor - Appoints Lynne Fulton as chief financial officer and executive director, effective immediately. Fulton was hired as finance director back in January. Prior to joining the company, she was United Utilities Group PLC’s financial controller.

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Molecular Energies PLC - Argentina and US-focused oil and gas production company with additional assets in Paraguay - Starts rig mobilisation at Tapir well in the Pirity concession, Paraguay. Says process is expected to take around 21 days, and expects spudding in late August or early September. Adds that the exploration licence for Pirity has been extended by one year to September 2024.

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IQE PLC - Wales-based compound semiconductor wafer product supplier - Says trading for the six months ended June 30 is in line with expectations. Expects revenue for the half year to be at least £52.0 million, which matches market consensus. Notes it continues to manage costs and has implemented a diversification strategy in order to navigate current macroeconomic conditions. It is set to publish its interim results on September 8.

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Norcros PLC - Wilmslow, England-based bathroom and kitchen product supplier - Says trading in the three months to July 2 has been ‘resilient’, with full-year expectations unchanged. Says revenue in the first quarter was up 2.1% on a constant currency basis from a year prior. On a like-for-like constant currency basis, revenue was 4.2% lower than the year before. Chief Executive Officer Thomas Willcocks says: ‘We have delivered a resilient first quarter performance against a continuing backdrop of uncertain market conditions, and the board’s expectations for the full year remain unchanged. We remain confident that our market leading brands, diverse channels and end markets, and excellent customer service proposition will continue to deliver market share gains for the year ending 31 March 2024.’

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Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology company - Says revenue for the six months to June 30 was £3.6 million, up 50% from £2.4 million a year prior. This was mainly driven by ‘continued robustness of demand’ in its Bioplastics division from new and existing customers in North America. Says trading in the second quarter of the year continued in line with its expectations, posting a revenue of £1.7 million, up 21% from £1.4 million during the same period last year. However, notes this is 11% lower than £1.9 million revenue in the first three months of 2023. Adds cash balance at June 30 was £930,000, 43% higher than £650,000 the year before. Looking ahead, says both its Bioplastics and RF Technologies divisions are performing well. Notes 2023 outlook remains unchanged and in line with market consensus.

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Motorpoint Group PLC - Derby, England-based automotive retailer - Says ‘difficult’ macroeconomic conditions continued into the first quarter of the company’s financial year ending March 31, 2024. Says it had a net cash position of £2.2 million at June 30, with further facility headroom of £35 million available, driven by its continued focus on working capital management and reduced capital spend. It adds that it took decisive action to lower the required breakeven volume of the company to a level which maintains cash generative trading.

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Ecora Resources PLC - Says portfolio contribution for the three months to June 30 was $14.7 million. Portfolio contribution for the first half of the year was $44.3 million, down 52% from $92.8 million.

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