(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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TruFin PLC - London-based holding company of three growth-focused technology businesses operating in early payment provision, invoice finance, and mobile games publishing - In November, it said its subsidiary, Playstack Ltd, has entered letter of intent to sell intellectual property and assets of its augmented reality and gamification AdTech platform, Interact, to VCI Global Ltd. On Tuesday, says the disposal has been contracted with completion due to occur on March 28. The consideration payable by VCIG in relation to the disposal is USD300,000 in cash and USD1.7 million payable in Nasdaq-listed VCIG shares, which are subject to a lock-up period.
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Hardide PLC - Oxfordshire, England-based provider of advanced surface coating technology - Launches first product in a new range of ready coated and enhanced components with a copper nozzle used in High-Velocity Oxy Fuel thermal spray coating. Says the tungsten/tungsten carbide-based Hardide chemical vapour deposition coating is proven to extend the operational life of HVOF thermal spray copper nozzles by 5 to 40 times when spraying carbide or metallic-based powders. Interim CEO Steve Paul comments: "This is an extremely exciting new product development which offers significant performance, cost and environmental advantages to users of HVOF equipment. By Hardide coating the internal diameter of copper nozzles used in thermal spraying, our enhanced component offers superior wear resistance and reduced pickup. This significantly extends the working life of the part thus improving productivity and reducing the spraying cost. "
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Crossword Cybersecurity PLC - London-based cybersecurity solutions provider - Launched a new CyberAI Practice. Says the practice, which sits within Crossword Cybersecurity's Consulting business, consolidates Crossword's artificial intelligence expertise into a centre of excellence that will deliver AI-focused cybersecurity consulting services and products to help clients harness the power of AI in the organisation. James Henry, Consulting Innovation director, says: "The latest wave of AI technologies hit the security industry with such pace that many businesses have been struggling to keep up. At Crossword it is our mission to provide businesses with the knowledge and tools needed to securely embrace the benefits of Generative AI technologies, whilst also managing the associated risks."
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Wins USD2.1 million order from an existing US-based OEM customer, which is left unnamed. The order is for the supply of key detector components for incorporation into the customers' advanced security screening system for the detection of explosives. Delivery will commence in the current year and complete in the first half of financial 2025. CEO Arnab Basu says: "We are pleased to have received this latest order from a long-standing customer in the security screening market. It demonstrates the strength of our advanced imaging business where, after an initial design phase, we continue to receive orders for years to come."
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Cizzle Biotechnology Holdings PLC - London diagnostics developer company engaged in developing a blood test for the early detection of the different forms of lung cancer - Raises GBP620,000 through a placing of 31.1 million shares priced at 2 pence each. Says the proceeds will be used towards completing the company's first proposed commercial test to detect CIZ1B, further protect its Intellectual Property, progress its research with the University of York and for general corporate purposes. Executive Chair Allan Syms says: "We are pleased with the continued support from investors for the Placing. The net proceeds will enable the Company to enter into the manufacturing and scale up of key antibodies and reagents, that following performance testing in clinical trials are intended to become the core components of our first proposed commercial test for the CIZ1B biomarker."
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BATM Advanced Communications Ltd - Israel-based provider of technology for networking solutions and medical laboratory systems -Receives additional cyber security orders with a total value of USD2.3 million, with delivery to commence immediately. These orders are for the provision of the company's advanced hardware and software-based cyber solution, as well as for developing a next-generation encryption solution including the integration of quantum key distribution, to its "long-standing government defence department customer." CEO Moti Nagar says: "We are pleased that the strong momentum experienced last year in our cyber business has continued into 2024. We are also excited about the progress that we are making in integrating quantum key distribution into our platforms, which reflects the ability of our highly skilled and experienced team in addressing the technological demands of the next computing era."
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Titon Holdings PLC -- Updates markets on period from October 1 to March 26. The company's financial year ends September 30. Says sales in first quarter in the UK and Europe were lower year-on-year, primarily attributed to the downturn in the new build market. Notes that this trend has persisted into the second quarter with the decline being most pronounced in its lower margin divisions. "However, we successfully offset some of these market challenges by capturing increased market share in the mechanical ventilation segment, our highest margin product line, driven by innovative new product introductions and enhanced sales efforts from the largely renewed sales team. Additionally, through careful overhead management and by pursuing margin enhancing opportunities, management has reduced the impact to profits arising from these sales shortfalls against expectations," it adds. Looking ahead, the company anticipates a return to profitability in the second half of the financial year in core UK and European business.
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Wynnstay Group PLC - Powys, Wales-based agricultural supplies and specialist merchanting company - Ahead of annual general meeting, says trading conditions have remained challenging. "This has been driven by a combination of the persistent wet weather conditions and weak farmer confidence, which has been weighed down by the uncertainties over new governmental support schemes and weaker farmgate prices for certain outputs, including milk," Chair Steve Ellwood says. "The group has managed effectively these challenges as well as increased energy and labour costs. The group's working capital position has improved year-on-year, helped by commodity input price deflation." Looking ahead, the company leaves full year expectations unchanged, as it looks ahead to the spring months, which is its busiest period.
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Power Metal Resources PLC - London-based mineral exploration company - Signs a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining, an industrial and mining company in Saudi Arabia. RIWAQ is the sole beneficial owner and the sole registered holder of 15 tenements in the Balthaga Suite, approximately 400 kilometres east of Jeddah in the south of the Arabian Shield, covering a total area of 1487.11 kilometres squared. "Our intention is to form a long-term partnership with EVM, RIWAQ's majority owner to provide upstream opportunities for EVM's growing midstream processing operations. RIWAQ have a number of other licences currently under application, highlighting further growth opportunities beyond this initial agreement," says CEO Sean Wade.
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By Sophie Rose, Alliance News senior reporter
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