EARNINGS AND TRADING: Intercede's profit miss; Shearwater loss narrows
The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Intercede Group PLC - Leicestershire, England-based cybersecurity software firm - Says it expects adjusted earnings before interest, tax, depreciation and amortisation to be around 15% and 18% below current market expectations for the financial year to the end of March. The current market consensus is for adjusted Ebitda of £4.6 million. Intercede says it expects to deliver annual recurring revenue growth, but sees full year revenue between 8% and 9% below current market expectations of £18.7 million. ‘This reflects procurement delays, particularly in the US, and customer purchasing deferrals attributable to heightened geopolitical uncertainty, including the ongoing Middle East conflict,’ the firm says. It notes that ‘these opportunities are delayed, not lost’. Intercede reaffirms its financial 2027 revenue target of £21 million, which its says reflects its ‘confidence that the FY26 revenue delays represent timing shifts rather than fundamental demand weakness’. ‘First, these are delays, not losses, as mentioned above. Our pipeline remains robust, customer engagements continue actively, and we are confident these opportunities will convert, especially should geopolitical conditions stabilise,’ says Chief Executive Officer Klaas van der Leest.
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Abingdon Health PLC - York, England-based maker of lateral flow diagnostic tests - Pretax loss narrows to £2.3 million in six months to December from £2.6 million the year prior as revenue climbs 37% to £4.2 million from £3.1 million. Losses reflect continued investment in the overhead base to support future growth and contract execution, company says. Full-year revenue guidance maintained in line with market expectations of £12.6 million. Abingdon expects second half positive adjusted earnings before interest, taxes, depreciation and amortisation after £1.7 million loss in the first. Full-year Ebitda should show a ‘significant improvement’ against the financial 2025 adjusted Ebitda loss of £2.6 million. The outlook for the first half of financial 2027 and beyond remains ‘positive.’ ‘We already have visibility over a reasonable portion of FY27 revenues which gives us great confidence for the future as we continue to pursue a significant number of new customers and contract opportunities,’ company adds.
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RUA Life Sciences PLC - holding company of multiple medical device businesses - Says activity levels since September have continued and the board is ‘encouraged by recent developments’. Chief Executive Bill Brown says: ‘RUA has reached a key inflexion point in its growth having achieved our initial targets of doubling the scale of the CDMO business, we now have the visibility for this rate of growth to continue.’
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Shearwater Group PLC - London-based cybersecurity advisory and managed security services group - Pretax loss narrows to £1.3 million in the six months to December from £1.6 million the year prior as revenue climbs 31% to £14.0 million from £10.7 million. Says results are in line with expectations and ‘we are on track to deliver full-year performance in line with market guidance, which would represent a second consecutive year of strong growth in both revenue and underlying profitability.’ Sales growth is underpinned by a 37% uplift in revenue from its Services business, which accounted for 92% of total revenue in the period. Looking ahead, highlights a ‘rich pipeline of opportunities’. Continues to work on a number of further ‘material’ opportunities across both divisions. As a result, expects both revenue and Ebitda to improve ‘materially’ in the financial second half, delivering full-year performance in line with market expectations.
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KCR Residential REIT PLC - Surrey, England-based real estate investment trust focused on rented residential property - Swings to pretax loss of £377,278 in the six months to December from £432,596 profit the year prior, despite 15% increase in revenue to £1.1 million from £950,103. The prior year benefits from £785,000 gain from revaluation of investment properties compared to nil this year. Higher sales reflects continued improved operational performance at Deanery Court together with incremental rental increases across the portfolio as a whole. Deanery Court achieves average occupancy of 86% for the half year - a strong improvement from 66% in the prior year. Ongoing inflationary pressure continues to make cost reductions within the business difficult to achieve, however costs continue to be tightly controlled, firm says. ‘Outcomes from cost saving measures implemented during the half year are expected to result in a reduction in administrative expenses and cost of sales in the second half of the year,’ it adds. Expects further improvements in operational performance over the next 12 months. Says fundamentals for UK residential property remain sound, notwithstanding the ongoing higher interest rate environment. Continues to look for acquisitions on a disciplined basis, however ‘tightness in debt markets, more restrictive terms and conditions and higher debt costs continue to make it challenging to support both the investment and capital raising that would be required to support a substantive transaction.’ Primary short-term focus is to ‘optimise the performance from the existing assets whilst controlling costs to achieve a cash neutral position.’
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Volvere PLC - Leamington Spa, England-based investor in undervalued or distressed businesses - Provides trading update for the financial year ended December. Expects net assets per share at end-December of £19.80 compared to £17.20 the year prior. Revenue increases to £52.70 million from £49.04 million, pretax profit from continuing operations is £6.8 million, up from £6.3 million. Group revenue is all related to Shire Foods. Says trading performance at Shire was ‘broadly satisfactory’, although started to ‘feel’ the impact in the second half of 2025 of increasing raw material and distribution costs. Cautions that a continuing high oil price is ‘likely to impact Shire’s supply chain and we are monitoring it closely.’ Continues to review potential investments and ‘would expect an increase in distressed businesses, particularly if cost inflation becomes evident and interest rates are accordingly held or increased. The group’s strong balance sheet means we are able to respond quickly to anything of interest should it arise.’
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JD Wetherspoon PLC - Watford, England-based pub chain - Calls for reform to business rates. Believes that pubs are over-taxed. Thinks that pubs and supermarkets should be treated equally for the purposes of VAT and that the business rates multiplier should be reduced to 28 pence from 43p. Says a reduction of the multiplier has the ‘massive advantage of being easy to understand, easy to implement, and thereby provides a bona fide cash benefit to pubs.’
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AEW UK REIT PLC - London-based real estate investment trust - Notes the announcement on Tuesday that National Car Parks Ltd has appointed joint administrators. The company owns one property, Tanner Row in York, where NCP is a tenant, representing 78% of the annual rent currently received from this property. AEW is in the process of obtaining additional information from the administrator. As at December 31, annual rental income due to the company from NCP totalled £733,057 and represented 3.7% of AEWU’s total contracted income. All amounts due from NCP for the December quarter have been paid however. As at December 31, Tanner Row, York was valued at £9.5 million, 4.5% of the company’s total portfolio value.
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Physiomics PLC - Oxford, England-based mathematical modelling company supporting the development of new therapeutics and personalised medicine solutions - Completes revised placing, raising £490,000 at £0.004 per share. In addition, launches £110,000 retail offer at the same price. Physiomics scrapped a previous placing at the lower price of £0.003 per share to reflect the level of investor demand received. Proceeds will be used for general working capital, to invest in Consulting Services, develop the company’s personalised dosing software and explore strategic options to accelerate growth of modelling and biometrics services and creation of new service-lines.
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