EARNINGS AND TRADING: Deltic clears bid hurdle; Victoria loss widens
The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Burford Capital Ltd - London- and New York-based litigation finance provider - Says the ICC International Court of Arbitration tribunal has issued an award in favour of one of its counterparties worth over USD600 million. If the award were to be paid in full today, Burford says it stands to receive over AUD250 million, some USD174.5 million. "The issuance of the award does not represent cash proceeds received by Burford. The case remains subject to significant litigation and collection risks, including potential annulment, set-aside or other post-award proceedings, as well as enforcement, collection and collateral litigation in other jurisdictions. As with all arbitration and litigation, the outcome remains uncertain until final resolution, and there can be no assurance as to the timing or amount of any ultimate recovery. Depending on the outcome of such proceedings, Burford could recover substantially less than the amount," it adds. Burford says it has made the announcement as it expects a public statement from its counterparty. "Investors should not view this release as altering Burford's general approach to public disclosure of individual matters," Burford says.
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Taylor Maritime Ltd - Guernsey-registered dry bulk shipping investor - Reports a net profit of USD1.5 million in the quarter ended June 30 versus a net loss of USD11.3 million a year ago, and earnings per share of USD0.01 against LPS of USD0.03. Fleet net book value at June 30 is USD83.7 million, down from USD357.2 million a year ago. The firm is currently in managed wind-down, which it expects to occur by around June 2027. "Significant reductions in overheads have been effected across all business divisions, with focus on the orderly cessation of shipping operations whilst maintaining the safe operation of the remaining vessels in the fleet," it says.
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Deltic Energy PLC - London-based investment firm with an exploration and appraisal portfolio in the southern and central North Sea - Says the North Sea Transition Authority has provided its written consent to the proposed change of control at the company. This follows the agreed takeover of Deltic by Neo Next+ which was announced in May. The NSTA approval was required for the deal to proceed. A court hearing to approve the transaction is scheduled for August 13.
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Cirata PLC - Sheffield, England-based software-solutions provider - Calls three months to June a "quarter of substance". Reports closing annual contract value of USD5.3 million at June 30 compared to USD4.9 million the quarter prior. Billings drop to USD500,000 from USD2.3 million on-quarter, cash at period-end is USD2.6 million, down from USD4.7 million. Cirata says the sales pipeline continued to progress during the quarter, reflecting both the impact of marketing initiatives and increased activity levels from the recently onboarded sales team. The outlook remains unchanged, although stresses the company's enterprise sales cycle is "inherently lumpy". "We have built the foundations for a growth business," says Chief Executive Stephen Kelly.
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Ceiba Investments Ltd - investor in the Cuban commercial and tourism real estate sectors - Says the US Department of State has designated Ceiba as a "blocked person and a specially designated national" under Executive Order 14404. Ceiba says the order, made on Thursday, authorises sanctions on persons determined to meet specified criteria related to Cuba. "The board is currently considering the impact on Ceiba further and a further announcement will be released later on [Friday]."
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Victoria PLC - Worcester, England-based designer, manufacturer and distributor of flooring products - Reports a wider annual loss but says the "factors behind subdued demand are considered cyclical rather than structural". "We believe Victoria is well placed to benefit as conditions improve. Victoria is adapting and each 5% increase in volume is expected to contribute approximately £20 million to Victoria's operating profit," Executive Chair Geoff Wilding says. Victoria's pretax loss in the year to March 28 widens to £62.0 million from £11.5 million. Revenue falls 6.2% to £1.05 billion from £1.12 billion. Free cash outflows improve to £14.7 million from £36.2 million, net debt/Ebitda ratio climbs to 11.5 times from 7.9x. Victoria says a refinancing agreed earlier in July will provide the runway for operational recovery and, significantly reduce balance sheet liabilities. Says Q1 FY27 trading has been "encouraging, demonstrating growth in volumes and revenue." Currently expects to deliver at least £115 million Ebitda in FY2027, up from £92.3 million in FY26. "This guidance reflects top line growth from market share gains, expected temporary margin dilution due to higher input prices from the Iran conflict, and lower starting volumes delaying the full benefit of certain Ebitda improvement initiatives in FY2027," Victoria says.
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Home REIT PLC - London-based investor in the UK social housing sector - Intends to "vigorously defend" a claim made by Smith Square Partners LLP, regarding a purported unpaid contractual debt. Smith Square Partners was appointed by Home REIT in early 2023 to provide specific strategic advice with the agreement terminated in November 2023. Home REIT says Smith Square Partners this week issued proceedings regarding an unpaid debt of £1.6 million, plus interest and other costs. The claim alleges that Home REIT's announcement in November 2025, responding to press speculation concerning the company's portfolio sales process, triggered a tail fee payable within the 24-month period following termination of Smith Square Partners' appointment. In March, the firm announced it had exchanged on the disposal of 706 properties.
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Pacsco Ltd - investment and sustainable development in Southern Africa - Following the sale of its Mozambique agricultural assets, Pacsco says that receiving the Bank of Mozambique's acceptance of the notification of the assignment the debt funding previously provided by the company to local entities is the only remaining outstanding item before it will be formally classified as a cash shell. As a result, it is now "actively" seeking potential reverse takeover transactions with suitable targets. Targets will be considered that are active in any sector of the economy located in a jurisdiction with a well-established corporate governance regime and attractive to institutional investment. Pacsco is looking to acquire a business that has a strong management team ready to run an AIM-listed company and which is net cash flow generative with the potential for rapid growth.
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