EARNINGS AND TRADING: CEPS benefits from sale; Victoria organic growth
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday, and not separately reported by Alliance News:
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CEPS PLC - buys majority stakes in "profitable and steadily growing entrepreneurial UK companies" - First half pretax profit rises to £10.9 million from £951,000 due to a £11.1 million gain from the sale of ICA Group. Revenue falls to £9.0 million from £16.8 million. In July, says it "sadly" placed Milano Pro-Sport into voluntary liquidation, as a higher national minimum wage "escalated costs in Milano in 2025 and drove it back into a loss-making position." Also says "the sourcing of lower quality but much cheaper products from China by other small distribution companies captured a growing share of the market." CEPS says it remains "keen to recommence the payment of dividends after a very long period of non-payment," but it currently favours buybacks. Comments: "The board has clear objectives as to how the CEPS Group will develop from this point and will be setting these out over the next few months. The board is confident that, over the next few years, these steps will create future increases in the value of the ordinary shares."
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Victoria PLC- Worcester, England-based designer, manufacturer, and distributor of flooring products - Says recent trading represents a return to revenue growth for the first time since 2022. Reports organic revenue growth of about 4% in the first 8 months of the year, or 6% excluding Rugs, where revenue is temporarily constrained by the relocation of production to Turkey. Says this is as expected and the repositioned equipment is in the final stages of commissioning. Additionally, updates on its proposed debt refinancing, which will be set to a shareholder vote at a general meeting on October 5. Says it has secured support from over 90% of note holders for the transaction, which Victoria says will reduce senior secured debt and preferred shares liabilities by at least £300 million "with the benefit accruing to ordinary equity holders and significantly deleveraging the company".
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Time To Act PLC - Stockton-On-Tees, England-based engineering technology for energy transition supply chain - Updates on the consolidation of the group into a new Thermal Processing division combining the activities of its Diffusion Alloys and Metal Treatment & Engineering subsidiaries. Says the division's short-cycle business is operating at an annual sales run-rate of £5 million to £6 million. "At around the middle of this range, the short-cycle business alone covers all core group cash overhead costs," Time to Act says. Adds: "To this end, recent short-cycle trading has been extremely gratifying. Despite the DA Project activity remaining subdued and contributing little revenue in the period, the core group recorded sales of £1.55 million during the three-month period of June/July/August and was meaningfully profitable on the above-defined cash basis. The Thermal Processing division's short-cycle activity thus de-risks materially the lower visibility of contract timing in the DA Project activity." Expects to book £1.1 million to £1.2 million of Thermal Processing orders in September. For 2028, targets Thermal Processing sales of £8.0 million and a 40% gross margin. After core group cash overhead targeted at £2.2 million, projects core cash pre-tax profit excluding GreenSpur development activity around £1.0 million, with "strictly controlled capital investment."
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Home REIT PLC - London-based investor in the UK social housing sector - Appoint liquidators over subsidiaries, Home Holdings 1 Ltd, Home Holdings 2 Ltd, Home Holdings 3 Ltd and Home Holdings 4 Ltd. Each are now in creditors' voluntary liquidation. Home REIT considers this "a necessary step to allow the company to advance and finalise the planning for any subsequent return of capital to shareholders."
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Fenikso Ltd - investor in Nigerian oil and gas assets - First half pretax profit narrows to USD10,000 from USD1.6 million a year ago. Reports no revenue, unchanged. Says its principal business of the company is to ensure full recovery of its loan to Lekoil Oil and Gas Investments Ltd.
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iForex Financial Trading Holdings Ltd - British Virgin Islands-based financial services provider - Now expects to report first half adjusted earnings before interest, taxes, depreciation and amortisation of USD1.4 million, compared to the USD2.4 million announced on July 27. Continues to expect to report first half results on September 24. Says the lowered adjusted Ebitda expectation "reflects a higher liability for amounts owed to clients...than previously recorded and the associated non-cash expense recognised." 2026 adjusted Ebitda guidance of USD500,000 to USD2.5 million is unchanged. Revenue and net cash outlook for the half is also unchanged. "While trading conditions remain challenging, the board has been encouraged by the group's performance since the update on 19 August 2026, with the August result slightly better than anticipated," iForex says.
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Empyrean Energy PLC - oil and gas development firm focused on the Duyung production sharing contract offshore Indonesia - Updates on progress at the Duyung production sharing contract and the Mako Gas Field in Indonesia. Conrad Asia Energy Ltd and its subsidiary West Natuna Exploration Ltd, operator of the Duyung PSC, say they are on track to complete construction and begin production in the fourth quarter of 2027. CEO Gaz Bisht says: "We are very pleased with the continued progress at Mako, with a number of important development milestones now achieved and the major project workstreams progressing in line with plan. The project remains on budget and on track for first gas in the fourth quarter of 2027. Mako is also strategically well positioned. The project will supply gas into Batam, which is emerging as an important regional data centre and industrial hub within the Singapore–Johor–Riau economic corridor. The rapid growth in power demand across the region is creating increasing demand for reliable gas-fired power generation and reinforces the importance of Mako’s future gas supply."
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Foresight VCT PLC - investor in UK small and medium-sized enterprises - Net asset value per share falls to 65.7 pence at June 30 from 71.6p at December 31. First half pretax loss widens to £8.0 million from 1.7 million. Loss per share widens to 2.3 pence from 0.6p. Chair Patricia Dimond says the half "was characterised by a mixed economic environment," with "cautious consumer spending and restrained investment activity." Continues: "Nevertheless, there have been encouraging signs of increased market and transaction activity compared with recent years, providing grounds for cautious optimism as the year progresses. The company's portfolio in aggregate had a reasonable performance against this challenging backdrop. Some investee companies are flourishing while others are still struggling with weak consumer demand and inflation. The manager continues to work closely with these companies to help them manage through difficulties and we remain encouraged by the potential for future realisations from a number of more mature portfolio investments." Chair Dimond adds: "the company's portfolio remains well diversified by sector, stage of development and geography. Its performance during recent periods of economic and market disruption has demonstrated the benefits of this diversified approach, and we believe it provides a strong foundation from which to navigate future uncertainty.
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Kropz PLC - Africa-focused phosphate producer and developer - Reports "significant progress" on the construction of the box cut at its proposed Hinda phosphate mine in the Republic of Congo. The box cut, developed in the mineral zone, is the initial excavation made in the opencast mine to expose the orebody deposit. Construction is expected to take two to three months. Chief Executive Louis Loubser says: "This first development step is an important milestone in Cominco's schedule to begin realising the large potential of the Hinda project's vast resource, delivering meaningful benefits to our stakeholders. The box cut objective is to obtain extensive technical data ahead of the next phase, Kropz says.
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Alina Holdings PLC - Warminster, England-based real estate investment trust - First half pretax loss widens to £407,000 from £264,000 as it reports a £145,000 loss from the disposal of investment properties. The completion of the sale of its Brislington property leaves Alina with one remaining asset in Hastings. Says "there is more value to be generated for shareholders by maintaining the public listing rather than by liquidating the company." As such, resolves to seek a 'growth' solution and "is actively engaged in exploring a number of opportunities."
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