EARNINGS AND TRADING: Vaultz Capital ousts CEO Benz, promotes Wood

Wed, 03rd Jun 2026 19:08

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

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Biotech Growth Trust PLC - London-based investor in biotechnology companies - Reports a net asset value of 1,414.6 pence per share as of March 31, up from 815.9p one year prior. Reports a plus 73.4% NAV per share total return for the year ended March 31, compared with a minus 24.4% return for financial 2025. Its benchmark, the Nasdaq Biotechnology Index, generates a total return of plus 35.0% for the same period, improved annually from minus 6.0%. "Performance over the year was driven by a combination of improving sector sentiment, effective portfolio positioning and a number of successful stock-specific outcomes," says Chair Roger Yates. Yates says the portfolio especially benefitted from "OrbiMed’s sustained emphasis on small and mid-capitalisation biotechnology companies," adding: "While this focus weighed on returns in the previous financial year, it was the principal reason for the company’s strong absolute and relative performance during the year." OrbiMed Capital LLC is Biotech Growth Trust's investment manager. Yates says the sector's outlook is "more constructive, albeit not without risk," as it enters "a period rich with catalysts, supported by a strong pipeline of clinical data, supportive regulatory decisions and promising product launches across a range of therapeutic areas." Notes, however, that uncertainties like pricing pressures and funding constraints for earlier-stage companies continue.

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Vaultz Capital PLC - London-based investment group - Terminates the employment of Chief Executive Officer Eric Benz, effective immediately. Promotes Non-Executive Chair Charles Wood to the role of executive chair, also with immediate effect.

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Frenkel Topping Group PLC - Manchester, England-based specialist financial and professional services firm - Irwell Financial Services Bidco Ltd, a vehicle managed by Harwood Private Equity Ltd, says it has satisfied the Financial Conduct Authority condition for its acquisition of Frenkel Topping, which the companies agreed on in September last year. Previously, in late March, Harwood and Irwell said they were still engaging with the FCA to ensure that Irlwell's capital structure meets meets the changes to capital adequacy requirements which became effective on April 1.

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Huddled Group PLC - Nottingham-based investor in e-commerce brands - Says revenue for 2025 increases 44% to GBP18.7 million from GBP12.9 million. Continuing pretax loss widens to GBP4.0 million from GBP3.7 million. Adjusted loss before interest, tax, depreciation and amortisation narrows to GBP2.6 million from GBP2.9 million. Loss from operations widens to GBP4.0 million from GBP3.9 million, with one-off costs rising to GBP755,000 from GBP487 million and amortisation increasing to GBP415,000 from GBP330,000. Executive Chair Martin Higginson says the company has "entered 2026 with a business that is operationally sound, commercially focused, and built to grow." Notes that Huddled's marketing channels "are ready to be reopened at scale" and its "supplier relationships have never been stronger."

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Huddled Group PLC also releases a trading update for the first half of 2026. Says first-quarter revenue decreases marginally on-year to GBP4.2 million from GBP4.4 million, citing its "deliberate strategic decision to moderate volume while structural issues were addressed: removing uneconomic low-value items, restructuring the range, moving to more bulk purchases, thus reducing the number of items per order, migrating fulfilment to THG Fulfil, and rebuilding per-item margin from the ground up." Says the product margin per item sold for its Peeko business, created through the merger of Discount Dragon and Boop Beauty, "more than doubled" in the first four months of the year to reach around GBP3.00 per item in May. "We know what this business is capable of," Chair Higginson comments. "We've fixed what was stopping us from doing that consistently. We have a great value proposition, next-day delivery, genuine customer loyalty, and the margins to justify scaling. The hard part is done. What comes next is the exciting part."

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Gooch & Housego PLC - Somerset, England-based photonic components & systems maker - Appoints Serena Lang as chair designate, and as an independent non-executive director. She joins the board with immediate effect, initially as a non-executive director. Gooch & Housego expects her to succeed Gary Bullard as non-executive chair, "following an orderly transition period." Lang is chair of Trifast PLC and a senior independent director at Henry Boot PLC, and was previously chair of Eleco PLC. "Her experience as a public company chair...makes her ideally suited to guide the board through the next phase of the group's development," Senior Independent Director Louise Evans comments.

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ITM Power PLC - Sheffield, England-based electrolysers manufacturer - Formalises a strategic partnership with Protium Green Solutions Ltd "to develop, invest in, and operate industrial-scale green hydrogen production plants across the UK". Says their immediate focus will be on advancing Scotland's Cromarty Project. They also have a "particular focus" on Protium's portfolio of Hydrogen Allocation Round projects. Says Protium, as Cromarty's primary developer, will lead power procurement, permitting, downstream infrastructure, and hydrogen distribution. Says the two are considering multiple avenues for collaboration, including through ITM's Hydropulse subsidiary. They also include "options for Protium to directly acquire ITM's market-leading electrolysis assets." "This parallel tracking allows both parties to undertake rigorous commercial due diligence to ensure optimal project delivery, technical alignment, and value for money," ITM says.

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By Emma Curzon, Alliance News reporter

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