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British Smaller Companies VCT 2 is an Investment Trust

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TRADING UPDATES: eve Sleep loss widens; Celtic earnings shoot up

Tue, 20th Sep 2022 18:39

(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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eve Sleep PLC - London-based sleep wellness brand - Pretax loss in first half of 2022 widens to GBP4.6 million from a loss of GBP2.3 million the year before, while revenue falls 16% to GBP11.6 million from GBP13.9 million. The mattress maker explains there has been "no let-up" in the challenging market backdrop in the period, which it says has had a negative impact on demand for big-ticket items and homewares.

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Celtic PLC - Glasgow football club - Revenue in year ended June 30 jumps 45% to GBP88.2 million from GBP60.8 million. Swings to pretax profit of GBP6.1 million from GBP11.5 million loss. Reports gain on sale of players of GBP29.0 million, up from GBP9.4 million. Player acquisitions amount to GBP38.4 million, up from GBP13.5 million. "The key driver of the revenue growth was the restoration of a more normalised trading environment as we emerged from Covid-19 and were able to operate at full stadium capacity for all but five matches at the beginning of the season, where crowd restrictions remained," Celtic explains. On the pitch, company sealed the SPFL cinch Premiership league title in the 2021/22 season. It qualified for the group stage of the UEFA Champions League, Europe's premier club competition, in the 2022/23 season.

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British Smaller Cos VCT PLC and British Smaller Companies VCT2 PLC - venture capital trusts managed by YFM Equity Partners - British Smaller says its net asset value per share at June 30, end of first quarter, improves to 86.8 pence from 85.7p at end of March. British Smaller Companies VCT2 says NAV per share at June 30, end of its first-half, falls to 60.3p after dividend payments, from 61.5p at end of December. "In recent updates, I have discussed how the company has enjoyed a strong performance, driven by the accelerating transition of many areas of the economy to have a greater focus on technology-led solutions, as a result of the Covid-19 pandemic. However, since the start of the year sentiment towards technology stocks has cooled, as inflationary concerns have driven up interest rates in the western world," Chair Peter Waller says.

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Elixirr International PLC - London-based consultancy - Revenue in six months ended June 30 rises 39% year-on-year to GBP33.4 million from GBP24.0 million. Pretax profit rises 31% to GBP8.4 million from GBP6.4 million. "So far on a macro-level, 2022 has not been without its challenges, but Elixirr's ability to adapt to changing market demands has continued to be evident in the first half of the year. We can see the results of our profile growing in the market and have reaped the benefits of our expanding capabilities as we continue to provide an extensive range of services to our clients, while retaining our bespoke and personalised approach - a key differentiator for us in our industry," Chief Executive Officer Stephen Newton says. "We have continued to pursue each element of our four-pillar growth strategy with rigour and have sustained the robust levels of growth the business has seen since listing in 2020 during the H1 22 period. Our ambition for Elixirr is only growing, and I'm looking forward to seeing what we can achieve in the remainder of the year and beyond."

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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 falls 14% to 1,303.87 pence from 1,516.34p a year earlier. Chair Stephen White says: "Market volatility driven by political and economic uncertainty has impacted the whole US small cap sector since early 2022, however, the board believes the established small-cap philosophy and rigorous investment process applied by Chris Berrier and his team is the right one in the longer term." During the period, the Russell 2000 Index declines 15%.

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HydrogenOne Capital Growth PLC - London-based hydrogen investment fund managed by HydrogenOne Capital LLP - Net asset value per share at June 30 half-year end rises 1.1% to 96.8 pence from 95.7p at end of December. Pays no dividend during period. "As the first London-listed fund dedicated to clean hydrogen, we are well positioned to capitalise on the opportunities being presented by the rapidly growing sector. The Investment Adviser has developed a significant pipeline of private clean hydrogen investments in excess of GBP500 million, including a near-term pipeline over GBP100 million," company says.

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First Tin PLC - London-based tin development company with projects in Germany and Australia - Pretax loss in six months to June 30 widens to GBP2.1 million from GBP422,147 a year prior. Initial public offering costs amount to GBP505,335. Share-based payments surge to GBP707,100 from GBP14,611. Company floated in April. "In my first interim results as CEO, I am pleased to be able to report on the strong progress made during the period despite several macro-economic challenges," Chief Executive Thomas Buenger says. "We are looking forward to receiving and sharing with the market, regular updates on our extensive drilling programmes both in Australia and Germany as we bring these two flagship assets into production rapidly and I look forward to updating our investors during the next six months."

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IQGeo Group PLC - Cambridge-based geospatial productivity and collaboration software company focused on the telecoms and utility industries - Revenue in six months ended June 30 rises 44% to GBP9.2 million from GBP6.4 million a year prior. Pretax loss narrows to GBP526,000 from GBP959,000. CEO Richard Petti says: "This performance and the platform that we have established gives us the confidence in achieving our expectations for this year. We remain very positive about the outlook for our target markets in the telecommunication and utility industries."

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EKF Diagnostics Holdings PLC - Cardiff-based diagnostics and central laboratory assay maker - Revenue in six months to June 30 falls 2.8% year-on-year to GBP37.5 million from GBP38.6 million. Pretax profit declines 64% to GBP4.1 million from GBP11.4 million. Revenue fell largely down to 51% top-line decline at Contract Manufacturing arm, amid less Covid revenue.

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Feedback PLC - London-based medical imaging software company - In the year that ended May 31, the medical software and system company reports its highest-ever reported revenue and full-year results "significantly" ahead of market expectations. Revenue more than doubles to GBP588,576 from GBP287,415 the previous year. Pretax loss, however, widens to GBP2.5 million from GBP2.1 million. This reflects investment in the development and rollout of Bleepa, company explains. Bleepa is a clinician-facing platform that displays patient results. In addition, company proposes share consolidation. Says ratio will be one new share for every 200 existing. "The directors believe that this capital structure impacts the company's share price as the high number of existing ordinary shares in issue combined with the relatively low price per share is thought to result in excess volatility, reduced liquidity and a widening in the market bid and ask share price spread in the company's shares," Feedback says.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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