EARNINGS AND TRADING: TheWorks sees earnings ahead of expectations

Thu, 21st May 2026 21:50

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Tapir Holdings Ltd - strategic investment holding company listed on the Bermuda Stock Exchange - Net income plummets to USD15.5 million in 2025 from USD116.3 million the year prior. Last year's figure is inflated by a USD118.0 million uplift in the value of investment in an associate. Total assets increase to USD261.3 million USD212.0 million, net asset value per share improves to USD1.06 from USD0.86. Earnings per share drop to USD0.06 from USD0.80. "Looking ahead, our strategy remains focused on identifying synergies across Africa. We will continue to evaluate further investments in Rendeavour and other development projects that align with our Investing Policy. The Board remains confident that our portfolio is well-positioned to capture the value created by Africa's demographic shift," company says.

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Helios Underwriting PLC - London-based investment vehicle that provides participation in Lloyd's of London insurance market - Pretax profit eases to GBP20.5 million in 2025 from GBP20.9 million the year prior with total income falling to GBP30.4 million from GBP36.0 million. Net asset value per share increases to 263 pence from 243p. Dividend and total return of capital is 20p per share versus 12p in 2024, with a further proposed 20p return due in 2026, comprising a 7p base dividend and 3p special dividend and 10p returned via share buybacks and/or tender offer. Chief Executive Louis Tucker says: "While market conditions remained robust, the period was marked by a moderation in the rating environment. As we enter this next phase of the cycle, we will continue to actively manage the portfolio to reflect changing market conditions."

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Ilika PLC - Romsey, England-based solid-state battery technology company - Expects to announce revenue of GBP1.1 million in the financial year to April, including GBP100,000 of commercial revenue from Stereax electrode sales, and an earnings before interest, tax, depreciation and amortisation loss excluding share-based payments of GBP6.2 million versus GBP5.2 million loss the year before. Cash and cash equivalents at the period end were GBP5.3 million versus GBP8.0 million a year ago.

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Haydale PLC - Carmarthenshire, Wales-based company focuses on graphene and other nanomaterials - Notes the announcement released by Sabien Technology Group PLC regarding a proposed commercial distribution relationship involving SaveMoneyCutCarbon, Haydale's embedded B2B go-to-market platform. Haydale says it is pleased to see further validation of the SMCC platform, its national deployment capability and broader commercial strategy. "Discussions between the parties remain ongoing and no definitive agreements have yet been entered into. Further announcements will be made in due course, should substantive commercial agreements be concluded."

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Vulcan Two Group PLC - investment company focused on acquiring e-pharmacy businesses - Pretax loss widens to GBP1.2 million in 2025 from GBP25,340 the year prior. Reflects higher administrative expenses. "We operate in a large, fragmented and fast-growing market with strong structural tailwinds, and with a scalable platform and a disciplined approach to further acquisitions, Vulcan Two is uniquely positioned to capitalise on the opportunity ahead," company says.

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Michelmersh Brick Holdings PLC - West Sussex, England-based bricks manufacturer - At its annual general meeting Chair Tony Morris says: "Since reporting our full-year 2025 results at the end of March, we are pleased that our order intake has continued to run ahead of our manufacturing capacity for the period to date. This momentum is maintaining our balanced forward order book." The commercial challenge remains "predicting the timing of brick and pre-fabricated product despatches due to low consumer confidence and the associated uncertainty in construction project commencement dates," he adds. "Despite the prevailing trading conditions, while we currently expect the company to deliver performance in line with full-year expectations, we are watchful of the continuing political instability within the UK and overseas."

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TheWorks.co.uk PLC - Birmingham, England-based seller of books, stationery and toys - Issues trading update for 52 weeks to May 3. Revenue is around GBP260 million, a 3.2% increase against the prior year's GBP252 million, with growth achieved across all four key product categories. Like for like sales increase 3.3% with "especially strong" LFL growth of 5.3% in the fourth quarter. Highlights a sustained increase in product margin of 240 basis points year on year, reflecting ongoing focus on supplier negotiations, tighter control of stock and promotional markdowns, and product mix improvements. Reflecting the revenue growth, improvements in product margin and cost reduction programme, pre-IFRS 16 adjusted Ebitda is expected to be GBP14.0 million, up 47% on-year from GBP9.5 million, ahead of current market expectations of GBP13.5 million. Ends the financial year with a net cash position of GBP3.6 million, above market expectations of GBP2.0 million. "We delivered very strong strategic and financial progress during FY26. This was driven by sales growth across all four of our key product categories reflecting the diverse and increasing year-round appeal of the group's product proposition," says Chief Executive Gavin Peck. "While we remain mindful of the challenging macroeconomic environment, the board is confident that The Works is well placed to achieve further strategic progress and profitable growth in FY27," he adds.

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Savannah Resources PLC - Portugal-focused lithium development company - Continues to advance the definitive feasibility study for the Barroso Lithium Project with completion expected in July. Also progresses work on the project's road and power infrastructure and the environmental licence compliance process where it expects to make its submission to the regulator during the fourth quarter of 2026. On financing and additional commercial relationships, good progress continues to be made on both fronts with the project's strategic significance and its robust economics combined with the buoyant lithium market attracting a strong pool of potential lenders and additional commercial partners. Looking further ahead, Savannah remains focused on preparing for construction in 2027 and maintaining the target of first production in 2028, subject to securing the necessary financing, commercial partnerships, licences and construction delivery.

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By Jeremy Cutler, Alliance News reporter

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