The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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FireAngel Safety Technology Group - Coventry, England-based developer and supplier of home safety products - Says legal proceedings have been commenced against Fireangel Safety Technology Ltd, a wholly owned subsidiary, by Zenner International GmbH & Co KG and Minol Messtechnick W Lehmann GmbH & Co KG. This relates to the supply by the subsidiary of alleged defective units between 2011 and 2019. Notes the maximum value of the claim is €7.3 million plus interest and legal costs. FireAngel believes the claim is without merit and will robustly defend the proceedings.
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Adnams PLC - Southwold, Suffolk-based brewer - Names Jenny Hanlon as chief executive officer with effect from the conclusion of the annual general meeting to be held in June. Hanlon, is currently the company’s chief financial officer. She succeeds Andy Wood who will remain with the business until the end of the year in a consultancy capacity before retiring.
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Horizonte Minerals PLC - nickel company focused on operations in Brazil - Continues to hold talks to restructure the group’s debt in conjunction with seeking a fully funded solution and is actively engaging existing and new potential investors. Continues to provide information to senior lenders, and existing and new potential investors including the full financing amount. Expects to require extra funding around mid-April to implement such a full funding solution. Says, even should talks be fruitful, the outcome is unlikely lead to a positive outcome for existing shareholders, noteholders and creditors of the company. Further, warns if it becomes apparent that an interim and/or a fully funded solution is unlikely to be found, the company will have to look at all potential options which could include putting the group’s projects in care and maintenance, liquidation of assets, and or starting formal administration procedures in the UK.
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Cloudified Holdings Ltd - AIM-listed cash shell - Reports delayed results to March 2023. Posts zero revenue compared to £63,575 the year prior. Pretax loss widens to £1.2 million from £958,597, basic and diluted loss per share totals 23.0 pence compared to 37.0p. Notes company has yet to publish interim results to September 2023. Explains the company is seeking to acquire another company or business in exchange for the issue of shares in a single transaction which will only be able to go forward with shareholder approval. Intends to seek opportunities offering the potential to deliver value creation and returns to shareholders over the medium to long-term. Reviewing possible opportunities although at this stage there is no certainty that these opportunities will lead to a transaction. If no suitable acquisitions can be identified, the directors will consider appointing a liquidator and entering a members’ voluntary liquidation to return any remaining cash to shareholders.
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S-Ventures PLC - Surrey, England-based investor in natural, wellness and food tech brands - Revenue in the six months to December 31 rises to £9.6 million from £8.4 million. Pretax loss narrows to £1.5 million from £3.3 million, loss per share totals 1.14 pence compared to 1.98p. Says: ‘The environment remains fragile and uncertain but we move forward with a strengthened portfolio and a clear idea of the markets best suited to our product ranges.’ Plans to update with progress on the potential reversal into AIM quoted Riverfort Global Opportunities PLC, as appropriate. ‘We continue to consider alternative capital raising to optimise funding, should that prove necessary, to enable us to exploit market opportunities and for working capital purposes.’
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Roebuck Food Group PLC - Newry, Northern Ireland-based protein and product sourcing company - Revenue in the year to December 31 falls to £26.7 million from £31.4 million the year prior. Swings to pretax loss of £1.8 million from profit of £217,000. Diluted loss per share totals 5.8 pence compared to EPS of 0.5p. Net debt decreases to £1.0 million from £3.4 million. No dividend was paid. Roebuck believes it can build a business of significant size and scale over the next number of years in the best interest of all of the stakeholders of the company. Inevitably this will likely involve further issuance of equity, company says.
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