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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Oncimmune Holdings PLC - Nottingham, England-based immunodiagnostics developer - Reports results for the six months ended February. Revenue rises 6.3% to £1.19 million from £1.12 million. Pretax loss for continuing operations narrows to £1.1 million from £5.9 million, basic and diluted loss per share is 0.015 pence compared to 8.47p. ‘Whilst we are seeing continuing headwinds in the industry as a whole, with some of the large international pharma companies still undertaking restructurings and reassessing R&D programmes, I am confident that our differentiated service offering, which we continue to develop and expand, will become an important tool for our current and future customers,’ says Chief Executive Martin Gouldstone.

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IXICO PLC - neuroscience focused advanced analytics company - Reports results for the six months ended March 31. Pretax loss widens to £1.5 million from £884,000 a year prior on revenue down 28% to £2.5 million from £3.2 million. Cost of sales falls 12% to £1.5 million from £1.7 million, but total operating costs rise 12% to £2.9 million from £2.6 million. Says revenue performance has been challenging albeit consistent with the slow-down in capital markets funding of the biotech market. But, sees a turn in market conditions, and subsequent to the half-year end says new contracts have been signed and further contracts awarded. Remains confident of the market opportunity and its ‘Precision in Neuroscience’ strategy and expects to see this deliver increased value in the coming periods.

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GetBusy PLC - Cambridge, England-based document management and productivity software provider - Issues trading update ahead of Tuesday’s Annual General Meeting. Continues to make good operational progress towards its strategic goals. Says annualised recurring revenue at April 30 was around £20.8 million up 1.5% from £20.5 million at December 31. Reconfirms expectations for the year and remains ‘very encouraged’ about the long-term value creation and realisation prospects for the group. Says expectations for the year-ending December 31 are revenue of £22.9 million and adjusted earnings before interest, tax, depreciation and amortisation of £1.2 million.

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Fintel PLC - Huddersfield, England-based provider of technology and support services to UK retail financial services sector - Issues trading update ahead of Tuesday’s annual general meeting. Continues to execute against its strategy and says trading is in line with expectations. Highlights further strategic progress, completing four complementary acquisitions and investments since the start of the year. Remains well positioned to capitalise on organic growth opportunities with cash position of £10.6 million at at April 30. Fintel says it ‘remains confident that Fintel’s strategy will deliver sustainable long-term growth, underpinned by positive market dynamics and structural growth drivers including evolving regulation, [Financial Conduct Authority] Consumer Duty and demand for technology and data.’

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FD Technologies PLC - County Down, Northern Ireland-based group comprising several data-driven businesses, including technology and digital solutions providers KX, First Derivative, and MRP - Reports results for the year ended February 29. Pretax loss widens to £7.7 million from £0.4 million a year prior as revenue falls 2.2% to £248.9 million from £254.6 million. Diluted loss per share widens to 145.2 pence from 14.4p. Says performance was impacted by lower pipeline conversion rates and lengthened sales cycles, resulting from a combination of having fewer repeatable use cases in newer markets and macroeconomic headwinds. Notes an improvement in bookings in the fourth quarter at First Derivative but says the market remains cautious. Looking ahead to financial 2025, expects First Derivative revenue between £160 million to £170 million, at maintained Ebitda margins.

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Calnex Solutions PLC - Linlithgow, Scotland provider of test and measurement solutions for the global telecommunications sector - Reports results for the year to March 31. Swings to pretax loss of £384,000 from a pretax profit of £7.2 million a year prior. This comes as revenue falls 41% to £16.3 million from £27.4 million. Basic earnings per share is 0.05 pence compared with 6.75p. Explains performance was impacted by the wider economic environment and resulting deferral of investment in telecoms market. Proposes final dividend of 0.62p per share making the total payout unchanged at 0.93p from a year ago. Notes recently launched products are gaining traction, providing confidence in a return to growth in financial 2025. Challenges across the wider telecoms market are expected to remain for the year but the fundamental long-term need for telecoms testing solutions remains unchanged, company says.

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Topps Tiles PLC - Leicester-based tile retailer - Issues results for the 26 weeks ended March 30. Swings to pretax loss of £1.5 million from pretax profit of £1.7 million a year prior, as revenue falls by 5.8% to £122.8 million from £130.3 million. Dividend is left unchanged at 1.2 pence per share. Says drop in sales driven by lower footfall in Topps Tiles. Adds sales over the first seven weeks of the second half were 7.3% lower year-on-year with Topps Tiles like-for-like sales were 10% lower year-on-year. Macroeconomic lead indicators such as GDP, mortgage approvals and customer confidence are all improving, however trading results are yet to benefit from these upsides, company says. Chief Executive Rob Parker says: ‘Trading conditions in the first half have been challenging in a tile market which is down 20% on 2019. Against this backdrop, we are continuing to take market share, our online pure play businesses are growing strongly and the Group remains in a robust financial position.’ Further, launches new updated strategy - ‘Mission 365.’ New goal is to grow group sales to £365 million in the medium term, with 8% to 10% adjusted pretax profit margins. Addressable market expands to include hard wall and floor surface coverings and related products. Plans significantly upgraded digital offer and new, co-ordinated growth strategy. Proposes further expansion of online pure-play businesses Pro-Tiler and Tile Warehouse.

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Diaceutics PLC - Belfast-based provider of diagnostic commercialisation services to pharmaceutical and biotechnology companies - Reports results for the year to December 31. Swings to pretax loss of £2.4 million from £0.6 million profit a year prior although revenue rises to £23.7 million from £19.5 million. Order book stands at £26.5 million at December 31 up 57% from £16.9 million at the end of 2022. Chief Executive Ryan Keeling says: ‘2023 was another year of strong performance and growth for Diaceutics despite it being a challenging year for the wider pharma industry. This growth demonstrates the significant value our customers place on our differentiated offering, as reflected by the increasing number of precision medicines we are working with. The good momentum we enjoyed in 2023 has continued into 2024 to date and we see many opportunities for growth both with existing and potential new customers.’ Reports continued strong growth in the first quarter of 2024 with total contract value up 82% and revenue up 25% from a year prior. First quarter adjusted earnings before interest, tax, depreciation and amortisation and cash ‘in line with expectations’ and accelerated investment strategy to scale for growth continuing to plan.

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Corre Energy BV - Groningen, Netherlands-based renewable energy storage and green hydrogen company - Reports results for the year to December 31. Swings to pretax profit of €2.3 million from €34.3 million loss a year prior. Reflects finance income of £13.8 million compared to finance expenses of £19.6 million a year ago. Explains the process to secure strategic investment into the business is ongoing following external interest which is being managed by Rothschild & Co. ‘There is no certainty that any investments will be made in this respect nor on the size and structure of such an investment,’ company says. Further, says: ‘The company intends to engage with its shareholders further over the coming weeks in relation to potential further funding of short-term working capital requirements ahead of this strategic investment process and long-term fund raise being concluded, based on reasonable expectation by the Directors that sufficient short-term funding can be raised from shareholders.’

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TheWorks.co.uk PLC - Birmingham, England-based retailer - Issues trading update for the 53 weeks ended May 5. Reports revenue growth of 0.9% to £282.6 million in financial 2024 from £280.1 million a year prior and total like-for-like sales decline of 0.9%. Expects to report pre IFRS 16 adjusted earnings before interest, tax, depreciation and amortisation of around £6 million and deliver £8.5 million in financial 2025, in line with market forecasts. Medium term ambition is to return to pre IFRS 16 Ebitda margins of 5%, company says. ‘We are confident that the action taken to reduce costs and improve margins will offset the significant cost headwinds we face, including national living wage, higher freight costs and business rates,’ company says.

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