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(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week and not separately reported by Alliance News:
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Kingswood Holdings Ltd - wealth manager - Cuts profit guidance. Kingswood's revenue in the half-year ended June 30 declines 22% to GBP80.4 million from GBP62.7 million and its pretax loss widens to GBP9.9 million from GBP1.7 million. Kingswood cuts its proforma operating profit guidance to GBP13.6 million from GBP14.7 million, due to lower than expected investment banking and capital markets activity.
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Poolbeg Pharma PLC - London-based infectious disease focused biopharmaceutical company - Says hearing with European Patent Office related to Immunomodulator I, one of its European patents, has been cancelled. "This favourably concludes this matter with the patent maintained as granted," Poolbeg adds.
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PHSC PLC - Kent-based health, safety, hygiene and environmental consultancy services provider - Says revenue for five-months ended August 31 falls to just shy of GBP1.4 million from GBP1.4 million a year prior. Earnings before interest, tax, depreciation, and amortisation down to GBP139,000, from GBP144,000. "This was caused by the lower revenues not being fully offset by reduced costs and the pay increases referred to above," PHSC says.
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Looking Glass Labs Ltd - specialises in metaverse, play-to-earn tokenisation and blockchain monetisation - Plans share consolidation. Every 75 shares to be consolidated into one share.
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Grand Vision Media Holdings PLC - out-of-home advertising and digital marketing company - Revenue in six months to June rises 21% to HKD2.3 million, around GBP237,829, from HKD1.9 million a year prior. Pretax loss narrows to HKD2.0 million from HKD2.3 million. Company says: "After the 3-year period shroud by Covid-19, the world enters a new post-pandemic era in 2023. However, the general market outlook continue to present many challenges due to tightening economic conditions in China and other global economies. We continue to diversify and look for new revenue streams and business models to augment our core marketing services. The new initiative of international brand management and expansion whereby we help brands expand to new geographies is progressing and we expect to generate revenue from this in the second half of the year. In particular, we will be working closely with our Korean and Thai customers to increase cross-border ecommerce."
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KR1 PLC - investor focused on the blockchain industry - Net asset value per share rises 67% year-on-year to 51.1 pence per share at its June 30 half-year end. NAV per share is 30% higher from December 31. "With some positive market momentum as well as major new investments that were announced since the year-end, the company's net assets have grown substantially to GBP90.7 million at the end of June, providing shareholders with capital growth, which remains our main long-term focus. The year-on-year decline in income from digital assets, driven by various factors, including stagnant prices over the relevant period, was expected, while still being of great benefit to the company."
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VVV Resources Ltd - investor focused on identifying opportunities in the precious metals and base metals sector - Pretax loss in half-year to June 30 narrows to GBP62,000 from GBP77,000 a year prior. Loss is solely down to administrative costs, which decline 19% to GBP62,000. Posts no revenue, unchanged from prior year.
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Octopus Titan VCT PLC - venture capital trust - Says will raise maximum of GBP125 million, with an over-allotment facility worth GBP75 million, in planned offer for subscription.
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One Heritage Group PLC - UK-based residential developer focused on the north of England - Completes sale of remaining 15 units at Lincoln House, Bolton, ahead of updated deadline of October 9. "The funds have been received in full, including an interest payment that the buyer had to pay," it says. In addition, One Heritage says Anthony Unsworth resigns as chief financial officer. One Heritage adds: "Anthony will continue in his role as CFO and executive director during his notice period during the next six months. The company has already begun speaking with its contacts in the headhunter world and has started the process of finding the right person for the next leg of the growth in the business."
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Cavendish Financial PLC - London-based stockbroker - Says trading in the City was "quiet during the summer", though Cavendish, established on September 8 via the merger of finnCap and Cenkos, has been busy since forming. Cavendish Financial adds: "Since merger completion the group has already announced a number of significant transactions which will close in the coming months including acting as sole adviser to Round Hill Royalty Fund Ltd on its offer from Concord Cadence Ltd, fundraisings for Haydale Graphene PLC and Shield Therapeutics plc and obtaining key regulatory clearances for the equity financing of Allergy Therapeutics by ZQ Capital and Southern Fox."
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By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
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