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(Alliance News) - 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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Luceco PLC - London-based lighting manufacturer and distributor - Says that in the three months ended September 30, it traded in line with expectations. Revenue in the third quarter was 8.3% ahead of the prior year. Looking ahead, Luceco left its full-year guidance unchanged. Chief Executive Officer John Hornby says: "Whilst demand from energy saving professional projects continues its positive path; we are seeing some impact of reduced demand in certain of our end markets as the UK consumer continues to experience economic headwinds. Luceco's strong cash generation in the quarter was particularly encouraging, and with our low levels of net debt, the group is well placed to invest in growth and enhance earnings in line with strategic priorities."
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Futura Medical PLC - Guildford, Surrey-based pharmaceutical company - Further expands partnership with M8 Pharmaceuticals Inc. Says M8 has taken up its rights to extend its licensing agreement from Brazil and Mexico to market MED3000 in a further fourteen countries throughout the Central and South American region. Futura has received an undisclosed upfront milestone payment from M8 as part of the extended agreement. The extension builds on the agreement signed in August 2021. Apart from the geographic expansion, the commercial terms and initial duration of the agreement remain unchanged. CEO James Barder says: "This is another major step forward in the execution of Futura's strategy. M8 is an excellent partner with dedicated brand-building and marketing experience, as well as scale and strong pharmaceutical connections in South and Central America and we look forward to working closely with them across the Latin American region."
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Vianet Group PLC - Stockton-on-Tees, England-based provider of retail sales and volume monitoring systems - Intends to conduct on-market purchases under a share buyback programme. The programme, which will be funded from its existing cash resources, is intended to reduce the share capital of the company. The buyback will begin immediately and will close at the conclusion of the 2024 annual general meeting, or September 5.
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Scotgold Resources Ltd - Stirlingshire, Scotland-based gold and silver exploration company's- Says it is considering the appointment of administrators "over the coming days." In October, Scotgold said it was in "advanced" financing discussions with a strategic investor, but now says the discussions "have not resulted in an investment at this time." Its share were suspended in September, pending clarification of its financial position.
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Zambeef Products PLC - Lusaka-based cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - Says forward guidance on financial trading performance for the year ended September 30 is expected to be above market expectations, despite a challenging operating environment. Says revenue, gross profit and adjusted earnings before interest, tax, depreciation and amortisation are expected to be between 5-15% higher than market expectations. Reported pretax profit is expected to be about 30% higher than current market expectations. "The group continued to see increasing demand for its products, supported by a price moderation approach, resulting in volume growth across most product categories. Lower than expected selling prices and higher input costs (which couldn't fully be passed on to the consumer), including fuel and electricity, put pressure on gross margins which moderated in the second half," it says.
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F&C Investment Trust PLC - aims for long-term growth and income by investing in listed equities globally - Says that a third dividend for 2023 will be paid. Ups quarterly dividend to 3.40p from 3.20p a year earlier. Looking ahead, F&C plans to deliver another rise in our total dividend for this year, which will be the 53rd consecutive annual rise.
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By Sophie Rose, Alliance News senior reporter
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