EARNINGS AND TRADING: DSW takes Iran war hit; System1's record revenue
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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Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Provides an update on operational progress at its producing lime asset in Zambia, Limeco Resources Ltd. Kiln 2 performance continues to improve, company says, with discharge rates of over 60 tonnes per day being achieved. Work has commenced bringing Kilns 3 and 4 online, with commissioning expected in the third and fourth quarters of 2026, respectively. The hydrated lime circuit is expanded to four operating units, with a fifth under construction, limestone milling circuit installation is progressing, with commissioning targeted for the third quarterm and commercial engagement is increasing across mining, agricultural and industrial markets, company adds. Chair & Interim Chief Executive Youval Rasin says: ‘These developments position Limeco to increase production to meet the growing demand for our lime products.’
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Harena Rare Earths PLC - rare earths company focused on the Ampasindava ionic clay rare earth project in Madagascar - Enters exclusivity agreement regarding the potential acquisition of a 100% interest in Paradigm Critical Minerals Ltd, the owner of heavy rare earth and uranium exploration assets in San Bernardino County, California. Under the deal, Harena will conduct detailed technical, legal, and commercial due diligence on the assets, with a view to progressing toward a definitive transaction should the results meet its strategic and investment criteria. Harena says the assets are located within a ‘well-established and highly regarded’ mining district, known for its ‘favourable geology, established mining infrastructure, and supportive regulatory framework’. Executive Technical Director Allan Mulligan says the represent an ‘exciting opportunity’ for Harena to broaden its exposure to international critical minerals exploration. ‘There are so many under-explored and under-realised deposits that need to be properly assessed and evaluated, and few are better located than these permits,’ he adds.
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DSW Capital PLC - Warrington, England-based professional services provider via the Dow Schofield Watts and DR Solicitors brands - Says the outbreak of war with Iran has severely impacted M&A activity in the UK, with many deals the group expected to complete in March being ‘aborted or postponed until the long-term economic ramifications of the war are established’. DSW points out that March is traditionally an important month for M&A completions, ahead of the tax year end. Says while the group has achieved revenue growth of 11% at DR Solicitors in financial 2026 to date, March currently remains a ‘critical’ month for the business in terms of full year outturn. Following the ‘rapid and significant drop off in M&A activity’, DSW now expects income of £6.2 million, adjusted earnings before interest, tax, depreciation and amortisation of £1.6 million and adjusted pretax profit of £1.3 million for financial 2026. In the financial year to March 2025, DSW reported income of £5.0 million, adjusted Ebitda of £1.8 million and adjusted pretax profit of £1.4 million. Cash reserves remain ‘strong’, DSW says, with cash of £1.4 million at February 28 and net debt of £500,000. Chief Executive Shru Morris comments: ‘The group remains profitable and cash generative, despite the current geo-political and economic uncertainties, with a strong pipeline of diversification opportunities in its sights and will announce a full trading update post year end, in May 2026, in line with its usual timetable.’
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System1 Group PLC - London-based marketing firm - Expects to report record revenue for the second half of the financial year to the end of March 2026, with its performance for the full year in line with guidance. It says the ‘strong level of new business wins’ throughout the year provides a positive outlook for the 2027 financial year. System1 says its cost base restructuring, while incurring one-off costs in financial 2026, will provide ‘greater operational leverage.’ System1 says it remains comfortable with consensus revenue forecasts for financial 2027. It now expects adjusted earnings before interest, tax, depreciation and amortisation to be ‘materially ahead’ of current market forecasts in financial 2027, with a margin of at least 15% with the opportunity for further margin expansion as revenue scales. It will publish a trading update in late April before its full year results in July. ‘The step up in new business wins, together with the completion of our investment phase and the benefits of cost optimisation activities, are now driving clearer commercial momentum and revenue growth, including double-digit growth in Innovation sales, deepening our customer engagement and strategic relevance,’ says Chief Executive Officer James Gregory.
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Botswana Minerals PLC - copper and diamond explorer, previously known as Botswana Diamonds - Says its pretax loss narrows to £215,000 in the six months to the end of December from £225,000 a year earlier. The loss per share remains flat at 0.02p pence. The firm says it has consolidated its position as a ‘technology-enabled explorer in Botswana’ and retains its core diamond assets. It notes the award of eight high priority copper licences during the period. ‘The board has consistently stated that diamonds remain central to the company’s identity. However, in response to prolonged weakness in the natural diamond market and the structural rise of lab-grown diamonds, we have prioritised capital allocation towards copper and other critical minerals where demand fundamentals are robust,’ the company says. Looking ahead, Botswana Minerals says it has multiple pathways to value creation from ‘the combination of copper growth potential today and diamond upside tomorrow’. Points out discussions are ongoing with potential joint venture partners. Says cash preservation remains a ‘priority while partner funding is pursued for drilling programmes.’ Cash and cash equivalents at period end are £60,000 versus £55,000 a year earlier.
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Time Finance PLC - Says continued demand from UK businesses for the group’s multi-product funding offering has driven further growth in the gross lending book. This stood at a record high of more than £236 million at the end of February, 12% up on the prior year’s £210 million, the nineteenth consecutive quarter of loan book growth. At February 28, the Invoice Finance and ’Hard’ Asset Finance lending books stood at £78 million and £129 million, growth of 20% and 22% respectively on year.
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Thor Energy PLC - exploration company with prospective projects in Australia and the US - Pretax loss widens to £1.3 million in the six months to December from £533,000 a year prior. Declares nil revenue, unchanged year-on-year. Bottom line is hurt by £418,000 loss on disposal of subsidiaries versus nil the year before. Last August, the firm sold 75% of its remaining US subsidiaries Standard Minerals Inc and Cisco Minerals Inc, which held the group’s vanadium and uranium projects, resulting in a loss of control due to disposal of a majority stake.
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Tirupati Graphite PLC - London-based flake graphite producer, which has projects in Madagascar and Mozambique - Pretax loss widens to £3.4 million in the half-year to September 30 from £1.9 million the year prior. Revenue increases to £1.2 million from £904,000. But administrative costs near treble to £1.8 million from £652,000 and finance costs near double to £654,000 from £338,000. Higher admin costs include one off expenses and accruals for legal expenses connected with the new financing and bond issues, restructuring and potential litigation, as well as prior year audit overrun costs. Tirupati says publication of the interim financial statements brings the company’s reporting obligations into full compliance for the first time since July 2024. ‘This brings to a close the issues created by the need to re-build our accounting systems after the previous CEO withheld systems access following his termination as CEO in February 2025,’ it adds.
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