TRADING UPDATES: Harland & Wolff expects to post 2023 revenue climb

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

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Harland & Wolff Group Holdings PLC - London-based operator of shipyards in Belfast and Scotland and developer of Islandmagee gas storage project - Says split in revenue between those for current year and those deferred causes "delay to the audit process", so results not published in time. Expects to publish results for 2023 next week. Harland & Wolff expects to report 2023 revenue of GBP86.9 million, up markedly from GBP27.8 million. Expects loss of GBP43.1 million, widening from GBP70.8 million. Believes it is on track to hit GBP200 million revenue milestone in 2024.

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Sondrel Holdings PLC - Reading, England-based semiconductor design services firm - Shares suspended on late 2023 results. This time last week, it warned it no longer expected to issue results in time. This is because its auditors require more time to complete their audit following the subscription to raise GBP5.6 million on June 14.

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FireAngel Safety Technology Group PLC - Coventry, England-based manufacturer of smoke detectors, carbon monoxide detectors and other home safety devices - Shares suspended "pending publication of the company's annual audited accounts", AIM says. The firm on Friday said it is targeting publishing results in early July. Delay is due to "resource availability within the audit team". It expects to report revenue decline of 29% for 2023 to GBP40.9 million from GBP57.5 million, and widened operating loss of GBP8.8 million from GBP7.7 million. Looking further afield, the firm's AIM listing is expected to be cancelled on July 17 due to acquisition by Intelligent Safety Electronics Pte Ltd.

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Microsaic Systems PLC - developer of real-time mass spectrometers, serving the chemical and biological markets - Shares suspended Monday on late results. Had warned in June it would not be ready to publish 2023 numbers by end of June deadline.

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Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Shares suspended with effect Monday. On Thursday, it said audited results for 2023 would be not published by the deadline. It said at the time: "The board does not expect the trading suspension to be lengthy." It expects to report 2023 revenue of USD36.7 million, shrinking from USD40.9 million in 2022, according to outlook given on Thursday.

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Beacon Energy PLC - oil and gas company with portfolio of onshore German assets - Does not publish 2023 results in time, as warned on Friday. This is partly due to "uncertain impact on assets impairment and going concern in the accounts". It targets issuing results during the first half of August. On Friday, it said the SCHB-2 well continues to intermittently produce a combination of oil, gas and water. "While a stabilised rate has yet to be achieved, management continue to believe that production from the SCHB-2 well is likely to stabilise in the 50 - 100 barrels of oil per day range," it said. Combined with existing output at SCHB-1 and Lauben, that rate of production at SCHB-2 would amount to EUR2.3 million to EUR3.7 million of annual revenue. Beacon also Friday said it undertook review of Rhein Petroleum cost base. "Cost reduction measures are anticipated to reduce Rhein Petroleum's annual cash operating costs from approximately EUR2.5 million currently to approximately EUR1.3 million. Such cost reduction measures are likely to take 3 - 6 months to realise," it explained. As part of broader cost cutting efforts, Larry Bottomley and Stephen Whyte leave board. Its board now comprises of Non-Executive Chair Mark Rollins, CEO Stewart MacDonald, Independent Non-Executive Director Ross Warner and Non-Executive Director Leo Koot.

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Active Energy Group PLC - London-based biomass renewable energy company - On Friday said preparation of 2023 financial statements on hold due to cash constraints and proposed members' voluntary liquidation. Last month, it said it mulled number of potential offers for the Coalswitch assets. However, it said cancellation of AIM listing and members' voluntary liquidation may be the firm's "most appropriate course of action". Subject to shareholders backing the proposal, its cancellation of its listing is expected to take place on July 23.

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ADM Energy PLC - natural resources investing company - Shares suspended as does not publish 2023 results in time. On Thursday, it said investments made in US "resulted in a delay in the expected timetable" and auditors need more time.

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Eurasia Mining PLC - mining and mineral exploration company - Company on Thursday said its auditor needs roughly "four more weeks" to complete 2023 results audit.

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TomCo Energy PLC - oil development firm operating in US using technology to unlock unconventional hydrocarbon resources - On Friday warned it would not publish results for six months to March 31 in time as it is "currently in the process of seeking to raise additional equity and/or debt capital". "The company currently has very limited cash resources but is carefully managing its trade creditors and deferring directors' salaries and all non-essential expenditure whilst it assesses potential funding options. Whilst the board remains confident in its ability to raise such additional funding, it cannot be guaranteed," it said.

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Marula Mining PLC - London-based mining company operating in Africa - Does not publish 2023 results in time so shares are suspended. It does, however, expect to "be in a position to publish its final results shortly". Last week Thursday, it said its primary listing will remain on Apex Segment of the Aquis Stock Exchange's AQSE Growth Market, with a current dual listing in South Africa and proposed dual listing in Kenya it is eyeing completing early in second half of 2024. On Friday, it reported delivery of manganese ore from the Larisoro mine in Kenya began.

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Seeen PLC - London-based social media and technology company - Says audit work nearing completion. Seeen expects to publish results on or before Friday.

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Live Co Group PLC - Surrey, England-based live events, entertainment & sports events company - As stated last week Tuesday, results for 2023 are not published in time so shares are suspended on Monday.

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MobilityOne Ltd - Kuala Lumpur-based e-commerce payment solutions provider - Shares suspended from Monday. On Thursday, it said 2023 results would not be finalised ahead of deadline. Auditors in UK and Malaysia require further time and results will be published by end of July, it explained.

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DCI Advisors Ltd - British Virgin Islands-based investor in the luxury residential resort sector - Results for 2023 not published in time, as it previously warned. Last month, it said auditor KPMG Cyprus had, as of June 4, not started the audit due to operational issues at KPMG Greece. On Friday, it said it struck a deal to sell its stake in Livka Bay in Croatia for EUR22 million. The fee is about 15% above the company's latest net asset value for Livka Bay of EUR19.2 million. "The proceeds of the Sale will be used to repay a bank loan of approximately EUR4 million plus accrued interest which is secured via a mortgage on the land together with certain other disposal costs and liabilities," DCI Advisors said.

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APQ Global Ltd - Guernsey-based emerging markets income company - Shares suspended. Last week Tuesday said it is "working diligently to support the completion of its audit". It expects results for 2023 to be published in middle of this month.

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NB Global Monthly Income Fund - invests in traditional credit, such as bonds and loans, and in alternative credit - Financial Conduct Authority suspends trading of firm's shares at "request of the company".

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Eight Capital Partners PLC - London-based fintech - Shares suspended as does not publish 2023 results in time. "The company anticipates that it will be in a position to publish its final results shortly, following which trading in its shares will be restored," Eight Capital adds.

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By Eric Cunha, Alliance News news editor

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