Source - Alliance News

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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Midwich Group PLC - Norfolk, England-based company, which distributes specialist audiovisual technology to the trade market - Issues trading update ahead of Tuesday’s annual general meeting. Says challenging market conditions seen last year have continued into 2024, especially in the UK & Ireland, where business has seen a mid-single digit decline in organic revenue year to date, despite achieving record market share with many key vendors. States organic revenue for the first four months of the financial year is in line with the prior year, which is below the earlier expectations. Believes it is prudent to assume trading conditions in certain markets, such as the UK & Ireland, will likely remain challenging for the rest of 2024. Now expects adjusted full-year operating profit to be broadly in line with that achieved in 2023. Plans to announce trading update for the six months to June 30 on July 18.

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Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Places drill contract for the first phase of stratigraphic drilling on the Kalahari Copper Belt Karakubis project. Says first phase is for 5,000 metre diamond core drilling. The programme comprises 10 to 15 holes and is expected to commence in June. Expects drilling to last four months.

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Aptitude Software Group PLC - London-based subscription management and finance digitalisation company - Issues trading update ahead of Tuesday’s annual general meeting. Remains confident that the group’s performance for 2024 will be in line with expectations. Says ongoing organisational change is delivering positive progress across all functions, while Fynapse pipeline continues to grow with key opportunities, including new prospects and the migration of existing clients, progressing well. Highlights new business success across compliance suite and subscription management solutions. Continues to carefully manage its cost base.

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Various Eateries PLC - London-based operator of UK restaurants under Coppa Club, Tavolino and Noci brands - Announces an update on trading for the 26 weeks ending March. Says sales grew just over 10% to £22.7 million from £20.6 million a year prior, driven largely by new site openings. Group like-for-like sales were marginally down, against a backdrop of a wet winter and with the company maintaining its strategy of absorbing most price increases. While this strategy puts temporary pressure on margins, management believes prioritising customer satisfaction over short-term profit will position the group well for substantial growth once market conditions improve. Encouragingly, notes the deceleration of food and utilities cost increases reported at the full year has continued.

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Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Enters agreement to grant exclusivity to Absolute Resources LLP, a Kazakh registered company, in connection with the proposed conditional sale of the MJF and South Yelemes structures at the BNG contract area for $83 million. The exclusivity period extends to August 8. Caspian believes the funds released from the sale of the MJF and South Yelemes structures could be better utilised elsewhere to enhance longer term shareholder value.

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Luceco PLC - London-based lighting manufacturer and distributor - Provides update for the three months ended March. Says the group performed strongly in the quarter. Revenue rose 6.2% on-year to £51 million, and 4.5% on a like-for-like basis. Adds adjusted operating profit rose 30% year-on-year, benefitting from the end of de-stocking pressures. Adjusted operating margin improves year-on-year. Encouraged by outlook and performing comfortably in line with market expectations, Luceco says. Chief Executive John Hornby says: ‘Key industry metrics are starting to suggest more favourable conditions, and this provides optimism for the second half of the year. The group is continuing to identify new organic and M&A opportunities for investment, leveraging our market position and aided by our strong cash flow and balance sheet.’

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OPG Power Ventures PLC - Isle of Man-based developer and operator of power plants in India - Issues trading update for the year ending March. Says total generation was 2.32 billion units, up 55% from 1.5 billion a year prior. This reflects higher demand for electricity in India and the company’s ability to secure short term profitable contracts. OPG continues to focus on such contracts in the current financial year. Expects to report full-year revenue and earnings before interest, tax, depreciation and amortisation of not less than £160 million and £16 million respectively, exceeding market expectations.

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Prospex Energy PLC - Europe-focused gas and power project investor - In the year to December posts pretax loss of £1.6 million, swinging from pretax profit of £8.4 million the year prior. Last year’s figure benefitted from £9.4 million gain on revaluation of investments compared to £469,709 loss this time. Revaluation follows the re-adjustment of commodity prices to more normal levels. Operating income totals £36,936 versus nil before. Administrative expenses rise to £1.1 million from £975,725. Prospex says it is ‘debt free, cash generative and well positioned for growth’.

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Newmark Security PLC - London-based designer and manufacturer of specialist products and services that ensure safe and secure workplaces - Updates on trading for the year ending April. Expects full-year revenue of not less than £22 million, up from £20.3 million a year prior. Calls revenue growth ‘robust.’ Says growth was achieved in both the People & Data Management and Physical Security divisions. Improved profitability and cash flow generation leads to higher year end cash position of £1.1 million from £600,000 million a year prior.

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Pennant International Group PLC - Cheltenham, England-based provider of training technologies and product support for various industries including defence and aerospace - Says trading in the year to date has been in line with the board’s expectations. It notes, however, that it has incurred ‘exceptional, non-recurring’ costs of around £300,000 in relation to aborted corporate activity. Also announces that its Chair Philip Cotton has decided to step down now, rather than retiring at the next annual general meeting as previously announced. This allows Chair Designate Ian Dighe to assume the position with immediate effect. Dighe comments: ‘The board would like to thank Phil Cotton for his five years of service and we wish him all the best for the future. The process to find a new independent non-executive director with skills that complement the existing board is commencing.’

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Revolution Bars Group - Manchester-based bar group, which operates the brands Revolution and Revolucion de Cuba - Says it has not received any proposals relating to the acquisition of the company. Confirms receipt of interest in certain parts of the business. However, says none of the proposals presented would result in a financial return to shareholders. Continues with formal sales process alongside other strategic options. The latter includes a fund raise.

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Gateley Holdings PLC - Birmingham, England-based provider of legal and other professional services - Issues trading for the year ended April. Says revenue grew by 5.7% and is expected to be not less than £172.0 million compared to £162.7 million a year prior. Expects underlying pretax profit to be not less than £22.8 million, lower than last year’s £25.1 million. This reflects the decision this year, unlike last, to make a provision of £4.5 million for employee bonuses. Says Chair designate David Wilton steps down with effect Tuesday. Nigel Payne agrees to, continue as chair until a successor is appointed.

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