EARNINGS AND TRADING: TT Electronics revenue falls; Capai in profit

30th June 2025 21:57

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

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Belluscura PLC - London-based medical device developer - Says wholly-owned subsidiary, Belluscura LLC signs a short-term secured convertible loan note to raise up to USD1.5 million. Loan note arranged by Omaha Value Inc, a private US-based merchant banking and investment group. Omaha subscribes for an initial USD250,000. In addition, signs Heads of Terms with Omaha, whereby Omaha will procure subscribers for shares in Belluscura to raise a minimum of USD12.0 million via a subscription at a price of 1.125 pence per share. Belluscura intends also to offer shareholders the opportunity to participate in an open offer at the same issue price. While discussions regarding the fund raise continue there is no certainty that the fundraising will proceed. "If the fundraising does not proceed there is a material uncertainty regarding the company's ability to meet its short-term cash requirements," company says. Says sales in April are USD0.5 million unchanged year-on-year. "Demand for the X-PLOR remains robust, reflecting the growing need for portable oxygen solutions globally," it adds.

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Metals One PLC - London-based company that intends to acquire battery metal projects, including nickel, lithium, cobalt, and copper - Pretax loss narrows to GBP1.6 million in 2024 from GBP1.8 million a year prior. Revenue is nil, unchanged. "We have wasted no time in pursuing the acquisitions in Finland, Norway and the USA of copper projects, uranium projects, a gold project, and a platinum group elements project. These potential acquisitions align with Metals One's strategy to diversify and strengthen its asset portfolio, both in terms of geography and type of mineral, enabling us to broaden our mix of commodities to include more critical minerals essential to the energy transition, as well as precious metals underpinned by record high commodity prices," company says.

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Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Pretax loss narrows to EUR1.2 million in 2024 from EUR2.8 million a year prior. Prior year includes EUR1.3 million impairment of intangible assets. Company says: "2024 marked a pivotal year for Firering as we undertook a strategic reset to focus on the Limeco quicklime project in Zambia, a near-term production asset with highly attractive fundamentals. With demand for quicklime continuing to grow, particularly as a critical reagent in a range of industrial processes including copper production, which itself is set for significant expansion, we are pleased to have been able to increase our interest in this exciting project during the year and oversee a comprehensive programme of redevelopment and optimisation." Adds that "early momentum has been encouraging."

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TT Electronics PLC - Woking, England-based manufacturer of electronic components - Says revenue in the five months that ended May 31 is 5.5% lower on-year on an organic basis. This is driven by its "strong" performance in Europe, due largely to its Aerospace and Defence customers, being offset by headwinds in Asia and North America. The firm notes that recent US order deferrals in particular have impacted the Asia region, as a result of customer uncertainty around US tariffs. TT Electronics have decided to close its operations in Plano, Texas, following a detailed review, as the Plano site incurred an operating loss before recharges of GBP5.7 million in 2024. Looking ahead, the firm expects adjusted operating profit for 2025 to be in line a company-compiled consensus of GBP34.7 million. This would be down 6.5% from GBP37.1 million in 2024 and 26% lower than GBP47.1 million in 2023.

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Pri0r1ty Intelligence Group PLC - provider of professional growth services for small to medium enterprises - Pretax loss widens to GBP860,267 in the six months to March 31 from GBP151,301 a year prior. Bottom line hurt by increase in other expenses to GBP570,436 from GBP151,301 and listing expenses of GBP326,831 compared to zero. "We believe we remain on track to onboard at least 100 paying users to the Pri0r1ty platform by the end of the financial year but now we also anticipate additional revenue from consultancy services, the newly launched Capitano Ai product and of course Halfspace once this acquisition concludes," Chair Marcus Yeoman says.

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Wishbone Gold PLC - Gibraltar-registered miner with projects in Western Australia - Pretax loss from continuing operations widens to GBP1.5 million in 2024 from GBP1.3 million a year prior. Income is GBP116,510 versus nil. But administration expenses rise to GBP1.6 million from GBP1.3 million. Says roadmap for the coming year is "clear and compelling". "We feel there is a major disconnect at the moment between the rising world gold price and the Wishbone share price. Accordingly, we intend to invest surplus cash in a new bitcoin treasury operation which can later be extended. We believe that the support for bitcoin as a recognised asset by the United States government will continue to support and drive the bitcoin price and that this can potentially provide an enhanced return to shareholders.

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Capai PLC - Surrey, England-based firm focused on incubating and inventing artificial intelligence systems for media and medicine - Swings to pretax profit of GBP136,946 in the six months to March 31 from GBP198,326 profit a year prior. Prior year benefits from write-back of loans and debts worth GBP237,509 and increase in administrative expenses to GBP137,062 from GBP39,183. "The board is confident in the group's strategic direction and its ability to deliver meaningful long-term value for shareholders. The group is progressing its three-pillar strategy to Identify, Incubate and Invent high-impact AI ventures, supported by its partnership with R42 and the proven track record of its leadership team," Capai says.

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Eqtec PLC - London-based licensor of syngas technology for conversion of waste into sustainable energy and biofuels - Revenue and other operating income falls to EUR2.2 million in 2024 from EUR2.5 million a year prior. Operating loss before interest, and significant items is little changed at EUR3.6 million compared to EUR3.5 million a year ago. "2024 was another defining year for Eqtec. While many in the sector faltered, we held our ground and continued to deliver progress, despite constrained capital and persistent market challenges," company says. Continues to face and manage "material risks related to funding and cash flow." "These challenges are driven by global economic volatility and evolving policy frameworks affecting renewable energy funding. However, we have faced similar pressures before and emerged stronger-through focus, discipline, and the support of our partners and shareholders," company says.

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Fulcrum Metals PLC - Canada-focused exploration firm - Pretax loss narrows to GBP1.2 million in 2024 from GBP1.7 million a year prior. Prior year includes exceptional items of GBP646,708. Generates no revenue during the period, "focussed on exploring and developing assets that the board believes will generate revenue and value for the company and its shareholders in the future." "We move into the new financial year with strong momentum off the back of signing the exclusivity agreement with Extrakt, a clearer strategic focus, and a growing pipeline of opportunities," company says.

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By Jeremy Cutler, Alliance News reporter

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