EARNINGS AND TRADING: Montanaro UK NAV rises; Future mulls B2B options
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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Agronomics Ltd - Isle of Man-based investor in cellular agriculture - Portfolio company Solar Foods receives a positive scientific opinion from the European Food Safety Authority for Solein, a protein ingredient produced from carbon dioxide and electricity through gas fermentation. EFSA has concluded that Solein is safe to consume under the proposed conditions of use. EC will now draft an implementing act for a vote by representatives of EU Member States. Solar Foods expects the remaining process to take approximately 7–9 months, revising its previous expectation of approval during 2026. Chair Jim Mellon says: "Producing protein from carbon dioxide and electricity offers a potential alternative to agricultural production and its exposure to land, weather and commodity markets. The positive EFSA opinion removes a key regulatory uncertainty for Solar Foods and advances its path to the European market, alongside its existing routes to market in Singapore and the United States." Solar Foods says it expects the opinion to advance offtake negotiations towards binding agreements. It estimates the 2030 addressable market for protein ingredients in Health, Performance and Functional Foods to be EUR7 billion in the EU and EUR11 billion in the US.
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Eden BioSolutions PLC - sustainable biopesticide and biocontrol technologies company - US Environmental Protection Agency grants unconditional registration under the Federal Insecticide, Fungicide, and Rodenticide Act for Mevalone Delta, an optimised biofungicide formulation based upon Eden's registered active ingredients and microencapsulation technology Sustaine. Says crops covered by the approved label have a combined US farm-gate value of USD33 billion in 2024. This includes grapes, USD6.2 billion; almonds, USD5.7 billion, leafy vegetables including lettuce, spinach and celery, USD5.5 billion; and strawberries, USD4.0 billion. "Growers of these crops face increasing pressure from retailers, export markets and regulators to reduce chemical residues, supporting demand for effective biological alternatives," Eden says. Estimates that the total addressable market for Mevalone Delta in the US to be in the region of USD144 million. It aims to achieve a market share of around 3% at the point of peak sales. Chief Executive Sean Smith says: "Mevalone Delta offers growers an effective, residue-friendly disease control tool with multiple modes of action, which fits well in resistance management programmes and can be used almost up to harvest. As state registrations are secured over the coming months, we look forward to working with Sipcam to bring Mevalone Delta to growers and to providing further updates on its commercial progress."
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Allergy Therapeutics PLC - Sussex, England-based biotechnology company - Revenue in the year to June 30 rises to £59.9 million from £55.0 million a year ago. Pretax loss narrows to £50.1 million from £39.2 million. Research and development costs increase to £19.1 million from £15.3 million. CEO Manuel Llobet calls 2026 "a year of important progeess". The year saw the approval and launch of Grassmuno as a short-course grass pollen immunotherapy in Germany. Looking ahead, expects "strong revenue growth" for the year to June 30 2027.
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Cascade Studio AI PLC - Developer of a AI-native production platform built for filmmakers, creators, agencies and brands - Says more than 10,000 people have signed up to its platform in less than five months since the launch of its open beta in June. The platform became fully live on October 9. Chief Innovation Officer Simon Windsor calls this "a landmark moment for Cascade." Adds: "It is particularly encouraging to have reached this milestone so early in our development and to see the community continuing to grow as more filmmakers and creators discover what Cascade can offer. Our ambition is to build the best-in-class filmmaking platform and make professional-grade production accessible to a much wider creative audience. The response so far gives us real confidence in what we're creating, and our focus now is on growing the Cascade community. We're excited to carry this momentum forward as we continue to develop and enhance the platform."
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Helium One Global Ltd - London-based helium explorer in Tanzania, also has a 50% working interest in the Galactica Project which is operated by Blue Star Helium Ltd - Pretax loss in year to June 30 narrows to USD3.4 million from USD5.5 million. Reports no revenue, unchanged. Administration expenses falls to USD3.3 million from USD4.1 million. Records impairments of USD129,484, down from USD1.5 million a year ago. Looking ahead, says it continues to advance commercial discussions on carbon-dioxide co-production and liquefaction, "with a focus on expanding gas processing capacity and supporting revenue growth through 2026 and into 2027". Chair Clive Carver says: "Helium One have transitioned from an exploration company into a company with production in the US and a world class development project in Tanzania where the team have proved up the potential of the project and which we are now looking to further progress through bringing in a suitable industry partner. Helium remains a commodity in demand and we are advancing our projects to be a key player in delivering this in the future. I would like to take this opportunity to thank all our stakeholders and shareholders for their continued support during the year and going forward in what we believe will be another important year for the company as we continue to deliver our strategy and build on what we have achieved in the last year."
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Beximco Pharmaceuticals PLC - Dhaka, Bangladesh-based producer of pharmaceutical ingredients - Names Chief Operating Officer Rabbur Reza as managing director, starting immediately. Reza replaces Iqbal Ahmed, who remains a non-executive director. Pretax profit in its first quarter to September 30 rises to BDT3.42 billion, or USD27.42 million, from BDT3.12 billion a year ago. Earnings per share increases to BDT5.72 billion from BDT5.30 billion. Net revenue improves to BDT14.66 billion from BDT13.79 billion. Reza comments: "We are pleased to share today's results which demonstrate the underlying strength and resilience of Beximco Pharma's business. Despite the ongoing macro-economic challenges, we have continued to deliver revenue and profitability growth into the new financial year, and we look forward to building on this progress for shareholders and patients as we continue to execute on our strategy and provide high-quality and affordable medicines to patients in Bangladesh and around the world."
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Montanaro UK Smaller Cos Investment Trust PLC - London-based investment trust - Reports net asset value total return at September 30 of 22.6%, higher than 19.3% for its benchmark. NAV per ordinary share rises to 119.06 pence from 99.90p at March 31. Declares second-quarter dividend of 1.79 pence. "It is not often that we report a return of almost 23% over a six-month period. Please do not expect this as the new norm. However, it does show how patience can be rewarded. Valuations remain attractive and the earnings growth outlook looks strong. The portfolio is in good shape and companies appear generally upbeat, giving us every reason to be confident about the future," company says. "The market is warming to SmallCap faster than it is warming to Quality. This gap is where we see the opportunity," it adds.
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Rockfire Resources PLC - Australia and Greece-focused gold, base metal and critical mineral explorer - Says initial ore sorting tests have resulted in a material increase in the average grade of zinc at its 100%-owned Molaoi zinc deposit in Greece. The feed grade is upgraded to 13.6% zinc from 5.85%, representing a 132.5% grade uplift after the first sort. Says this is considered the high-density ore, with a mass pull of 34.5%. After removal of the high-density ore, the second sort resulted in a medium-density ore with an average grade of 11.7% zinc, representing a 99.5% grade uplift from the original feed grade. The total mass pull at this stage is 46.8%. After removal of the medium-density ore, the third sort resulted in a lower-density ore with an average grade of 9.9% zinc, representing a 69.7% grade uplift from the original feed grade. The third sort achieves the highest mass pull of 57.7% and an overall combined recovery of 97.7% of the zinc in the initial sample. Additionally, says its mainden germanium resource estimate is nearing completion. CEO David Price says: "These initial ore sorting tests are very promising and demonstrate that the [Tomra Mining's X-Ray Transmission] method of sorting can distinguish between ore and waste...This has been a very successful and most worthwhile exercise to decide if ore sorting is suitable for the Molaoi ore. These tests have confirmed that an ore sorting stage should be considered for installation prior to feed being introduced to a ball mill. The processing flow sheet provided for the upcoming feasibility study will include the capital and operating costs required to include an ore sorting stage."
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Alt Resources PLC - mining royalty and streaming company - Enters into a sale and purchase agreement with Viking Hoard Pty Ltd in connection with its proposed acquisition of up to a 50% equity interest in its wholly owned subsidiary, Freedom Metals Pty Ltd, and a gold stream over up to 50% of gold production from the Freedom gold mine in North Queensland, Australia. The maximum consideration payable to Viking under the SPA is AUD2 million, or USD1.4 million, in cash and AUD1 million in new ordinary shares. Completion remains conditional upon admission of its shares to AIM and certain project milestone acheivements. Says the transaction is expected "to provide ALT Resources with significant exposure to the project through both a direct equity interest and a long-term gold streaming arrangement." Says it continues to progress its proposed admission.
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Future PLC - Bath, England-based owner of specialist online magazines and the price comparison website Go Compare - Notes recent media speculation and confirms it is exploring strategic options regarding its B2B division. Says it "continuously looks at ways of optimising its portfolio to drive shareholder value." Says it will update the market when appropriate.
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