EARNINGS AND TRADING: Distribution Finance profit rises, backs outlook
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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Mycelx Technologies Corp - Georgia, US-based clean water and air technology firm - Reports first half results. Revenue rises to USD2.1 million from USD1.7 million a year prior. Earnings before interest, taxes, depreciation and amortisation loss narrows to USD1.2 million from USD1.8 million. Pretax loss narrows to USD1.4 million from USD1.9 million. Says it enters the second half with "increased commercial momentum and improved revenue visibility driven by elevated oil demand and large oilfield expansion projects." Following period end, delivers its Regen system for the Permian Basin produced water treatment project. Recognises USD3.9 million of revenue in August. "This important project provides a strong commercial reference for Mycelx's technology in one of the world’s largest produced water markets. Alongside this project revenue, the company is seeing an increasing contribution from equipment leases and recurring media sales as its installed base expands," adds. Expects to meet 2026 revenue expectations of USD11.0 million, with roughly 80% of that either booked, contracted or expected through recurring lease and media sales. Is awaiting a single-source contract from a Middle East producer that is expected to be received in time for year-end delivery. Believes "it is well positioned to convert these opportunities into project wins."
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System1 Group PLC - London-based advertising and communications agency - Revenue for the five months to August totals £15.9 million, compared to £14.3 million a year ago. Sees growth across multiple regions, with Europe up 56%, US up 16% and UK up 7%. Says it expects to report 2027 interim results in early December. "Remains comfortable with consensus revenue and adjusted profit forecasts for 2027. Chief Executive James Gregory says: "We are encouraged by the strong start to [financial 2027]. We are seeing excellent progress from our US and Innovation priorities, while increased engagement with existing customers and new client wins are supporting growth across the business. This gives us a strong platform from which to continue executing our strategy as we focus on delivering further progress in the second half of the year."
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VH Global Energy Infrastructure PLC - London-based investor in energy infrastructure working to realise its portfolio, formerly known as VH Global Sustainable Energy Opportunities PLC - First half pretax loss narrows to USD2.1 million from USD2.4 million. Net asset value per share falls to 98.84 pence at June 30 from 102.28p at December 31. NAV total return is negative 0.4%. Chair Bernard Bulkin says: "Following the sale of the US midstream assets and six Brazilian solar assets, the investment manager is actively focused on realising the remaining assets in the portfolio in a timely manner and with a view to maximising value for the company's shareholders. The board retains its confidence in Victory Hill to continue to actively manage the remaining assets in the portfolio with a focus on preserving and enhancing value and ensuring each asset is optimally positioned ahead of sale. On behalf of the board, I would like to thank shareholders for their continued support, and I look forward to updating the market on progress in due course."
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Distribution Finance Capital Holdings PLC - Manchester, England-based provider of financing solutions for dealers and manufacturers in the UK - First half pretax profit totals £13.4 million, up 49% from £9.0 million a year ago. Revenue totals £55.0 million, up 26% from £43.7 million. CEO Carl D'Ammassa says: "I am delighted with the progress we have made in the first half of 2026. These results show the strength of our business as we build a larger and more diversified lending franchise. Our growth story continues with strong and sustainable levels of returns. Our recently launched asset finance proposition, DFRNT, is gaining significant traction, structured finance is growing well, and the investments we have made in our platforms and customer journeys allow us to serve customers more quickly and effectively. Whilst the macro-economic and geo-political environment presents uncertainty, we feel well placed to navigate these over the longer term. We have all the ingredients in place to support our ambitions, with real excitement across the business about the significant opportunity ahead as we look to deliver on our 2028 and 2030 financial targets."
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Sunda Energy PLC - Southeast Asia-focused gas resource company - First half total asset value £11.3 million, up from £9.3 million a year ago. Pretax loss widens to £2.0 million from £1.1 million. Chair Gerry Aherne says: "The first half of 2026 was a truly transformational period for Sunda. The conditional acquisition of a cash flow generative production business in New Zealand with exploration and development upside takes the Group to a different level and positions the Company to realise significant value for shareholders from this new business and, we believe, from our existing assets. I look forward to successful completion of the Acquisition and an exciting period to the end of 2026 and into 2027." Says in anticipation of completion, Sunda and Matahio NZ are stepping up preparations for drilling the Oru-2 exploration well, which is now expected to spud in early 2027.
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Roundhouse AI Ltd - Singapore-based technology company specialising in artificial intelligence agent deployment infrastructure - Updates on application for its shares to begin trading on AIM. Says following admission, it plans to move into a "go-to-market" stage, focused on cornerstone partnerships, AI agent adoption, and distribution. This is targeted for completion by the end of 2026. On September 11 it will launch version one of its public analytics dashboard at roundhouseai.io.
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Defence Holdings PLC - London-based defence technology group - Provides trading update. Says delivery of its first UK Ministry of Defence contract "continues to advance", with the programme remaining on track for completion in October 2026. Regarding a second contract says "discussions have advanced materially". Continues to expect the contract to be secured in the near term. Additionally, says discovery sessions with customers and end users have identified "additional and distinct problem sets where Defence Holdings can apply its sovereign software capabilities." This has led to the scoping and development of what will become Defence Holdings's fourth and fifth sovereign software products. "Both are now in active development, further extending the Product pillar of the Defence Holdings Operating Model, with further details on both products to be announced before the end of September 2026," it says. Lastly, regarding its Meridian Accelerator Programme, says its focus is now on the continued development of the Meridian ecosystem to broaden "the range of strategic partners capable of supporting cohort members whilst creating additional pathways to customers, technical collaboration and strategic investment." CEO Andrew Roughan says: "After five months as chief executive officer, I am delighted with the progress we have made against the Operating Model we set out for Defence Holdings, focused on building valuable defence technology ecosystems, developing and commercialising sovereign intellectual property, and creating multiple routes to participate in the value generated across them. We are now seeing that model translate into tangible activity. Meridian is building an ecosystem around emerging UK defence technologies, while OM Defence Systems and our cornerstone position in the Defence Fund are creating opportunities to establish equity exposure to high-potential businesses.
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Gresham House Income & Growth 2 VCT PLC - venture capital trust - NAV per share falls to 48.50 pence on June 30 from 49.76p on March 31. Total net assets rise to £179.5 million from £160.8 million in March. Declares second interim dividend of 2.00 pence.
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Galantas Gold Corp - mining and exploration company, focused on producing gold and copper from its assets in Northern Ireland and Chile - Begins drilling at its Andacollo Gold project near La Serena, Chile. This initial drill program of 15,000 metres is designed to test possible extensions of higher grade gold zones within the Andacollo Gold mineral resource, newly identified areas of higher grade gold mineralisation, and copper mineralisation. "An additional component of the program is infill drilling to increase confidence in the current resource model and support mine planning," Galantas says. CEO Mario Stifano says: "We are very excited to begin drilling at Andacollo Gold. The exploration team has defined multiple targets for higher grade gold mineralisation within the current resource pit shell that could potentially increase the overall gold grade of the Andacollo Gold mineral resource. The team has also identified new targets that could potentially add substantial tonnage of near-surface, higher grade gold mineralisation. The program will also test for possible extensions of Teck's adjacent Carmen de Andacollo porphyry copper deposit on our property with the objective of delineating a possible copper resource at Andacollo Gold."
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