BANGO PLC (Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Elixirr International PLC - London-based consultancy - Reports improved half-year results and also announces an acquisition. Revenue in first-half of 2023 rises 23% to a record GBP41.1 million from GBP33.4 million a year prior. Pretax profit increases 17% on-year to GBP9.9 million from GBP8.4 million. Chief Executive Officer Stephen Newton says: "We began this year with great momentum, and have continued our progress through the period, leveraging our previous acquisitions to maximise the firm's overall performance. Our ambition is to become the best digital, data, AI and strategy consultancy in the world, and the diversification we have built into Elixirr over time has proved effective in helping us achieve this. We continue to explore both organic and inorganic opportunities to support this ambition, whether that be through new capabilities, industries or geographies." The company also announces the buy of Responsum Inc, a developer of proprietary artificial intelligence software. The deal has a maximum USD6.4 million, with an initial USD2.0 million in cash, as well as USD3.4 million to be settled through issue of 505,196 Elixirr shares at GBP5.40 each. There are also possible earn-out payments of up to USD1.0 million in cash.
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Bango PLC - Cambridge, UK-based mobile commerce company - Revenue in half-year ended June 30 surges 88% to USD20.3 million from USD10.8 million, however, pretax loss widens to USD4.9 million from USD1.2 million. Bango books exceptional items hit of USD3.3 million, compare to none a year prior. These include restructuring costs of USD2.6 million and asset write-downs of USD553,000.
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Deltex Medical Group PLC - Chichester, England-based maker of blood circulation monitoring systems - Revenue in first half of 2023 falls 8.5% to GBP1.1 million from GBP1.2 million a year earlier. Pretax loss, however, narrows to GBP536,000 from GBP662,000. Total costs decline to GBP1.2 million from GBP1.5 million. Chair Nigel Keen says: "It has been a challenging first half, but the successful completion of the fundraise in August 2023 has strengthened the balance sheet and subsequently enabled the board and management to focus on driving the business forward by delivering growth with a streamlined cost base."
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Futura Medical PLC - Surrey, England-based pharmaceutical company - Reports revenue of GBP1.7 million in six months to June 30, having posted none a year prior. Pretax loss narrows to GBP2.0 million from GBP2.8 million. Chief Executive Officer James Barder says: "Futura has maintained the momentum achieved over the past three years by delivering its first significant recurring revenues. The company has achieved major milestones including the successful launches of Eroxon in the UK and Belgium and most recently online in Italy, France and Spain, received US FDA approval of MED3000 and signed the subsequent US commercialisation agreement with Haleon, one of the largest consumer healthcare companies in the world. We look forward with growing confidence to the remainder of 2023 and are now on the path towards sustained profitability by 2025."
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NB Global Monthly Income Fund Ltd - invests in traditional credit, such as bonds and loans, and in alternative credit, such as distressed credit and mezzanine debt - Total net assets on June 30 half-year end decrease to USD98.1 million from USD211.4 million at end of December. However, NAV per share increases to GBP0.80 from GBP0.79. NB had 221.7 million shares in issue at start of year, though this decreased to 98.5 million at end of June after 125.1 million were cancelled following tender offers. In November 2022, it announced plans to wind down the company as NAV was expected to drop below GBP150 million due to a cash exit in December. The plans were approved at a general meeting in late January.
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Brown Advisory US Smaller Cos PLC - investment trust focused on US small caps - Net asset value per share at June 30 year-end improve 9.8% to 1,431.9 pence from 1,303.9p 12 months earlier. NAV rise tops 7.5% gain delivered by sterling adjusted Russell 2000 Total Return Index over the same period. "It was encouraging to see the US smaller company sector generate a positive return again after a very disappointing performance in the previous year, even if it still lagged those of its larger peers, the S&P 500 and the tech-heavy Nasdaq," Brown Advisory US Smaller adds.
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Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric assets - NAV per share at June 30 half-year end declines 0.5% to 118.0 pence from 118.6p. Chair Hugh Little says: "DORE has remained resilient in the first half of this year, despite the continued market volatility. The company has now fully deployed all of its cash, with the acquisition of a Swedish electricity distribution system operator and an agreement to buy our first grid services asset further growing and diversifying the portfolio. We believe DORE is well positioned to continue providing its shareholders with attractive and sustainable long-term returns, taking advantage of the global transition to net zero. We look forward to providing further positive news in the second half of the year."
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Trident Royalties PLC - mining royalty company - Revenue in six months to June 30 rises 44% to USD4.5 million from USD3.1 million a year earlier. Swings to pretax profit of USD5.7 million from loss of USD800,000. Swing to profit helped by USD7.0 million profit on disposal of intangible asset, rising markedly from USD1.9 million in 2021. "Trident has continued to see material advancements at several key assets, with permitting decisions resulting in the commencement of construction at the Thacker Pass lithium project. Deal flow is now accelerating. The La Preciosa transaction completed during the period was then swiftly followed by two deals post-period. All three transactions have enhanced the diversity of our portfolio and are set to contribute to our growing cash flow," CEO Adam Davidson says.
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Petrel Resources PLC - hydrocarbon explorer with interests in Iraq and Ghana - Reports pretax loss of EUR164,000 in six months to June 30, widened from USD140,000 a year earlier. Loss is down to 17% rise in administrative expenses. Notes updated plan for Merjan oil field development submitted in Iraq, "with a view to finalising a licence agreement".
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Facilities by ADF PLC - Bridgend, Wales-based provider of production facilities for UK film and television - Reports strong growth in the first half of 2023. Revenue jumps 73% to GBP21.8 million from GBP12.6 million a year before, while pretax profit reaches GBP2.7 million from GBP1.3 million. Supports 46 high-profile productions including The Crown, Star Wars Andor and Sex Education. ADF cites increased demand for its services from global streaming brands like Netflix, Apple, Disney and Amazon. "Whilst the industrial action has caused a short-term impact, the board is confident that the underlying market drivers will continue to accelerate once the situation normalises and there will be significant levels of pent-up demand for film and HETV productions akin to that seen after the lifting of the lockdowns imposed during the Covid-19 pandemic," says CEO Marsden Proctor.
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Artisanal Spirits Co PLC - Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies - Revenue in half-year ended June 30 rises 2.9% on-year to GBP10.2 million from GBP9.9 million. Pretax loss widens to GBP3.5 million from GBP1.1 million. Selling and distribution expenses increase 86% to GBP3.4 million. "Like many other companies, we have felt the impact of the changing macroeconomic conditions and cost of living pressures during 2023, and we expect them to remain over the course of the next 12-18 months. Our globally diversified footprint, growing membership and pioneering model, combined with the demographics of our loyal and engaged customers make us better placed to continue to grow despite these wider market conditions. We therefore remain confident that we are on track to deliver growth in line with full year expectations, including inaugural positive Ebitda," the firm says.
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By Eric Cunha, Alliance News news editor
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