TRADING UPDATES: Tan Delta signs contract; Earnz loss widens

Fri, 09th Aug 2024 17:15

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

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Tan Delta Systems PLC - Sheffield, England-based provider of oil-quality monitoring and maintenance systems for commercial and industrial equipment - Enters non-exclusive new product development agreement with a global engine original equipment manufacturer. The agreement, the development and commercialisation of a new real time sensor, is worth around GBP200,000. This is expected to be fully recognised in the current financial year ending December 31. Plans to have the product completed and ready for live trials by the end of the fourth quarter. Post this development phase, potential revenue in the subsequent five years could exceed GBP2.0 million.

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Oncimmune Holdings PLC - autoantibody profiling company - Announces a new contract win with an unnamed "top 10 global pharma company". The contract will be worth at least USD1.5 million, and follows a successful pilot. "This is one of the largest contracts Oncimmune has entered into in its ImmunoINSIGHTS business and demonstrates its ability to win significant repeat business from its key customers," it says. Says revenue will likely fall in the next financial year, and it now expects to achieve profitability next year.

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First Tin PLC - tin development projects in Germany and Australia - Says that the permitting process at its Taronga Tin Project in Australia has further progressed with lodgement of Taronga's scoping report on Monday. The scoping report outlines the key components of the Taronga project including the layout, infrastructure placement, personnel requirements, proposed transport routes etc. Company calls it a "key step".

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CMO Group PLC - Plymouth, England-based online-only retailer of building materials - Announces a trading update for the seven months ended July 31. Says poor weather in the first quarter had a detrimental effect on sales, with sales particularly soft in the tiles business. But notes an improving sales trend and positive momentum through the second quarter and July. Sales for the first half were GBP30.3 million, down from GBP36.9 million a year prior. Group sales fell 3.4% in July, but rose 9.6% in the Plumbing Superstore. "Whilst market conditions remain challenging, the group continues to be optimistic about maintaining the improving sales trend given developments in the market and the recent cut in interest rates."

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Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa - Confirms the granting of a contract to undertake the Shinganda Phase 3 drill programme to assess up to 10km strike length of a copper-gold mineral-bearing fault structures broadly defined by the company to date. The planned drilling programme will focus on delineating further shallow, open-pittable copper-gold mineralisation along a combined strike length of about 10km on the Shinganda main fault and splay structures. Drilling is scheduled to commence mid-August.

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Kinovo PLC - London-based property services provider - Announces that it has received a number of direct awards from new clients following its successful placing on the National Housing Maintenance Forum Framework for planned maintenance, net zero carbon and passive fire safety works. Says a total of seven individual direct awards have been signed to date. The overall call-off contract term for each direct award is for 5 years, with an initial aggregate contract value of up to GBP5.3 million. Effective July 1.

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Tern PLC - London-based investor focused on internet-of-things technology companies - Sells part of shareholding in Device Authority Ltd for GBP233,000 cash. As a result, Tern's holding in Device Authority reduces to 30% from just under 32%.

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Earnz PLC - cash shell - On Friday, raises GBP2.1 million via a placing of 27.4 million new shares at 7.5 pence. On Thursday, had announced plans to raise up to GBP4.0 million via placing at 7.5p each. Proceeds to fund the acquisitions of Cosgrove & Drew Ltd and South West Heating Services Ltd. Acquisitions represent a reverse takeover. Also Thursday, announces pretax loss in the half-year to June 30 widens to GBP907,711 from GBP671,833 a year prior. Reflects rise in administrative expenses to GBP909,853 from GBP644,576. No revenue declared, unchanged.

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By Jeremy Cutler, Alliance News reporter

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