TRADING UPDATES: Pod Point cuts outlook; CVS Group buys in Australia

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

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Pod Point Group Holdings PLC - electric vehicle charging infrastructure provider - Lowers guidance as a "detailed review of the group's operations" is being undertaken. "While this work is ongoing, it has become clear that the outcome for the financial year ending December 31 2023 will be materially different from the current guidance," Pod Point said, predicting lower revenue and chunkier adjusted earnings before interest, tax, depreciation and amortisation loss. It expects revenue of "at least GBP60 million", the guidance knocked from a range of GBP85 million to GBP90 million, and an adjusted Ebitda loss "no greater than GBP17 million". It had previously expected "losses in the mid-single digits millions". Earlier in July, founder Erik Fairbairn stepped down as chief executive, "to allow for new leadership as the company navigates the growing market for EVs in 2023 and beyond". Senior Independent Director Andy Palmer named interim CEO. Shares tumbled 31% on Thursday.

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CVS Group PLC - provider of veterinary services - Expects like-for-like sales growth of around 7.3% for year ended June 30, consistent with "organic revenue growth ambition of between 4% and 8%". Adjusted earnings before interest, tax, depreciation and amortisation margin expected to be within "our stated ambition of margins between 19% to 23%". Adjusted Ebitda "to be comfortably in line with market expectations". CVS makes acquisitions in Australia, adding four independent small animal first opinion veterinary practices to its books for a combined initial consideration of GBP16.8 million in cash. CVS adds: "These four acquisitions are the first of a number of planned Australian practice acquisitions which CVS expects to announce in the coming months. The group has identified a strong pipeline of opportunities and a number of non-binding indicative offers have been accepted for further practice acquisitions. The group's focus will be on acquisition opportunities in major urban conurbations, including Sydney, Melbourne, Brisbane, Perth, Canberra, Newcastle and Adelaide." Also buys further three veterinary practices in the UK for combined GBP20 million. CVS adds: "Including these acquisitions, the group completed 11 practice acquisitions (comprising 16 practice sites) in the financial year to 30 June 2023 for combined consideration of GBP55 million."

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Thor Energy PLC - uranium and vanadium explorer - Says uranium targets identified as reports "positive results" from surveys at Wedding Bell, Radium Mountain and Vanadium King, located in Uravan mineral belt in Colorado and Utah. "Several strong uranium anomalies delineated; these are along strike of historic workings, as well as over previously untested areas," the firm says. "Ground truthing is now underway over the uranium anomalies at all three project areas, with the anomalies to be ranked for potential drill testing."

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Empresaria Group PLC - specialist staffing company - First-half net fee income falls 9% year-on-year to GBP29.7 million. "Anticipated improvements to trading conditions have not been seen and we now do not expect these to significantly change in the second half of 2023," it warns. Consequently, expects full year adjusted pretax profit to be materially lower than market expectations.

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Adriatic Metals PLC - Precious and base metal exploration and development company focused on Bosnia & Herzegovina and Serbia - Reports improved mineral resource estimate for Rupice asset in Bosnia & Herzegovina. New estimate includes 93% rise in Indicated tonnes compared to the 2020 estimate. Chief Executive Paul Cronin says: "Rupice is an exceptionally high-grade, silver rich, polymetallic deposit and the recent exploration programme has materially increased the resources. The updated MRE reaffirms the world-class nature of the deposit, and the increase in tonnes and contained metal since the 2020 resource demonstrates the potential for significant growth in both reserves and life of mine, offering substantial development optionality to increase near term metal production."

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Mila Resources PLC - gold exploration firm - Enters into deal with Liontown Resources Ltd unit LBM (Aust) Pty. Grants Liontown option to explore for lithium on the Kathleen Valley licence area in Western Australia. Mila adds: "Under the proposed transaction, Liontown will fund all lithium exploration activities, mining costs and associated heritage surveys." Liontown has option to acquire up to 80% of lithium rights from Mila and Trans Pacific Energy Group Pty Ltd for AUD2.2 million, around GBP1.2 million. Mila adds: "By agreement with TPE and NGM, Mila currently has a 50% interest, in the lithium rights, representing 10% of the lithium rights following full exercise by Liontown of its option." Mila alters earn-in pact with TPE and New Generation Minerals. Will up Mila's participating interest in the licence to 80% from current 30% and increase ownership of lithium rights to 80% from 50%.

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DP Eurasia NV - master franchisee for Domino's Pizza in Turkey, Azerbaijan and Georgia - System sales in six months to June 30 rise 23%, helped by growth of 30% in Turkey and 36% in Georgia. Ups like-for-like growth outlook to "low teens" from "high single digit". Chief Executive Aslan Saranga says: "It has been a strong first half performance as we continue to successfully implement our targeted action plan to mitigate the ongoing macro challenges that management has deep experience in navigating. As a result, we are reporting excellent and sustained LfL growth, enabling us to upgrade full year guidance, and continued network expansion." DP Eurasia "continues to evaluate its presence in Russia", where it is mulling its options. A sales process is "increasingly challenging". Adds: "In the meantime, the group continues to limit investment in Russia and remains focused on optimising the existing store coverage."

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Oxford Cannabinoid Technologies Holdings PLC - developing cannabinoid medicines - Reports first-in-human dose of lead pharmaceutical drug compound, OCT461201, administered successfully during a phase 1 clinical trial. "The trial's principal objective is to demonstrate the safety and tolerability of OCT461201, whilst also providing pivotal information on its pharmacokinetic profile, to confirm its value as a potential drug," it says. Results are expected in the third-quarter. Also bolsters advisory team with addition of William Paul Farquhar-Smith, a "recognised expert in chemotherapy-induced peripheral neuropathy". Farquhar-Smith will be an external adviser.

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By Eric Cunha, Alliance News news editor

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