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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Migo Opportunities Trust PLC - invests in closed-end investment funds traded on the London Stock Exchange, aiming to outperform the three-month sterling overnight interbank average rate plus 2% over the long-term - Net asset value per share rises 16% to 398.4 pence at October 31 from 342.5p at April 30. Over the six months to October 31 the NAV per share total return rose by 16.3% whilst the share price total return was up by 16.4%. In comparison, the company‘s medium-term benchmark, sterling Sonia plus 2%, delivered a total return of 3.1%. ‘The board believes that the current outlook is good for our shareholders, as a more activist investment approach will give the portfolio managers leverage to obtain better results as sector discounts remain wide with significant corporate activity within the sector. Portfolio companies with wide discounts but solid fundamentals offer appealing opportunities in a sector that may receive renewed interest now that a fair outcome on cost disclosures has been achieved.’
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Sulnox Group PLC - London-based green fuel technology developer - Announces that it has secured a strategically important patent in Australia. The latest patent for emulsification covers a range of formulation versions. Sulnox believes the new patent will accelerate development of revenue opportunities in Australia. ‘Our Australia patent is critical intellectual property as we focus on this very sizeable market. Sulnox has identified several opportunities among large industrial players struggling to meet tough sustainability goals while working hard to reduce fuel costs. Supported by evidence of growing adoption in leading shipping businesses and other industrial settings, we are encouraged by the potential to deploy our zero-capex solutions at scale in the across the world’s largest island continent,’ Chief Executive Ben Richardson says.
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Aptamer Group PLC - York, England-based synthetic binders developer - Announces a first licensing agreement with Twist Bioscience, a leading synthetic biology and genomics company. Under the terms of the agreement, Aptamer has granted Twist Bioscience a non-exclusive license for use of a proprietary enzyme-modulating Optimer binder in both existing and future hot-start PCR, a highly precise version of the standard DNA copying process, and next-generation sequencing products. ‘This licensing agreement with Twist Bioscience represents a significant step forward in Aptamer’s strategy to build a licensing-led revenue model. It validates the commercial potential of our binders in the NGS market and provides a structure that combines upfront payments with ongoing royalties, demonstrating how our platform can deliver sustainable and recurring income streams,’ says Chief Executive Officer Arron Tolley.
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Fusion Antibodies PLC - Belfast-based contract researcher that provides discovery, design and optimisation services for therapeutic antibodies - Announces the official launch of the OptiMAL platform for the discovery of novel human antibodies. The platform incorporates the company’s library of antibody sequences and the Mammalian Display used to select individual antibodies from the library against a target of interest.
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Frontier Developments PLC - Cambridge, England-based video game developer and publisher - Chief Executive Jonny Watts informs the board that he plans to step down for personal reasons. Watts has been at Frontier for 27 years and became CEO in August 2022. He will be replaced by Jo Cooke as CEO. Cooke is currently chief marketing officer, having rejoined Frontier in August after a stint at the firm between 2014 to 2017. Cooke is expected to formally join the Board as CEO, effective January 1 2026. Watts will remain on the board until end May 2026 to support a smooth transition.
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Time Finance PLC - Expects to report pretax profit of £4.3 million in the six months to November, up 10% from £3.9 million the year prior with revenue up 3.3% to £18.8 million from £18.2 million. ‘The results reflect the consistently strong demand for the group’s multi-product funding offering throughout H1 2025/26 which continues to result in growth across all key financial metrics. This includes the lending book which has now seen eighteen consecutive quarters of growth, while, at the same time, strict lending discipline has delivered reducing levels of arrears and write-offs,’ company says. The gross lending book is up 12% to £235 million at November 30 from £209 million a year ago. Says continuing positive trading momentum, with record monthly volumes experienced in both Asset Finance and Invoice Finance during the first half further underpins expectation that financial performance for the full year will be at least in line with market guidance.
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Saga PLC - Kent, England-based provider of products and services for people over 50 - Announces that its 20-year motor and home insurance partnership with Ageas UK, wholly-owned subsidiary of Ageas SA has now gone live. The sale of new motor policies commenced on December 15, with Ageas taking on operational responsibility for price-comparison website distribution, pricing and underwriting, claims and customer service. Saga retains responsibility for brand and direct marketing and will earn commission for these services based on a fixed percentage of gross written premium generated over the term of the partnership. The customer ownership remains with Saga. Separately, in relation to the sale of Acromas Insurance Co Ltd, that was completed in July, Tuesday’s announcement triggers a further £2.5 million payment by Ageas to Saga, to be received this week. This represents the final payment under the AICL share purchase agreement and takes the total base consideration for the sale to £67.5 million. The final net proceeds have resulted in cash inflows £21.4 million higher than original guidance. Net proceeds were £56.9 million, £11.4 million higher than original guidance.
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