EARNINGS AND TRADING: Petards sees operating profit as margin expands
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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Petards Group PLC - Guildford, England-based security, communication and surveillance systems developer - First half pretax loss narrows to £93,000 from £312,000 a year prior. Revenue declines to £7.7 million from £7.9 million. Adjusted earnings before interest, taxes, depreciation and amortisation climbs to £781,000 from £509,000 as gross margin improves to 52.2% from 48.7%. Swings to operating profit of £14,000 from a loss of £185,000 a year ago. Order book improves to £9.6 million from £9.2 million. "During the period, Petards' operations continued to be focused upon the development, supply and maintenance of technologies used in advanced security, communications, surveillance and ruggedised electronic applications," principally in rail, traffic, defence and communications, company says. Looking ahead, expects to continue to generate cash in the second half, and "a further reduction in net debt by the year end." Net debt totals £1.2 million at June 30, down from 1.3 million at December 31. Chair Raschid Abdullah says: "The upward trend in the group's trading performance has continued into 2026, particularly in Rail and Defence where order intake has seen improvements over that of recent years. This in turn has driven greater operational efficiencies in those areas and improvements in gross profit margin...The board remains confident that the group will perform well over the remainder of the year, and with the benefit of its current order book, it expects to deliver another significant improvement in its results over those achieved in 2025."
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Atlantic Lithium Ltd - Sydney-based lithium exploration company - Reports results for the year to June 30 2026. Pretax loss widens to AUD6.9 million, £3.7 million, from AUD6.5 million a year ago. Reports no revenue and declares to dividend, both unchanged from 2025. In May, Atlantic agreed to be acquired by Zhejiang Huayou Cobalt Co Ltd for USD210 million, or USD0.25486 per share. At the time, Atlantic called the offer an "attractive, certain, and accelerated realisation of value on a risk-adjusted basis versus other strategic alternatives." AL's largest shareholder, Assore International Holdings Ltd, which holds a 26.4% stake, backs the deal. This followed a "detailed evaluation of its strategic options."
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Tap Global Group PLC - London-based operator of cryptocurrency payment and settlements app - Says its shares have been approved for cross-trading on the OTCID Basic Market in the US, beginning today under the ticker TAPIF. "The admission provides North American investors with significantly easier access to Tap's shares through their existing brokerage accounts and broadens the company's reach within one of the world's most active investment markets. As the US represents the most important market for digital assets, the board believes the OTCID quotation will enhance awareness of Tap among a wider international investor audience at a time of growing institutional adoption, investor participation, retail investor enthusiasm and integration with traditional financial markets," Tap says.
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Kendrick Resources PLC - London-based, Scandinavia-focused mineral exploration and development company - Publishes further assay results for an additional 4 diamond drill holes completed on three sills at its Teufelskuppe carbonatite complex. Kendrick highlights hole TKDD006, which returns a grade of 3.05% light rare earth oxides by weight over 37.9 metres. Says mineralisation in the sills shows "excellent continuity with notable LREO grades occurring over significant package widths". TKDD007 returns 2.33% light rare earth oxides by weight over 31.58 metres. TKDD009 returns 2.51% light rare earth oxides by weight over 16.4 metres. Chair Colin Bird says: "Excellent results demonstrating continuity and a consistency in grade of LREOs further adds to the ongoing rapid development of the TK Project. With the recent announcement demonstrating the reliability of pXRF results as a preliminary indicator of potential, we remain confident that our programme at TK provides the best opportunity to build a mineral resource and establish a processing flow sheet at the earliest possible opportunity".
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Built Cybernetics PLC - London-based company, focused on smart buildings - Signs a binding agreement to sell half its interest in its German architecture investments, Aukett + Heese Frankfurt GmbH, for £250,000 in cash. The company currently owns 25% of the business, with the remainder held by Lutz Heese, a Munich-based architect and former director. AHF was established as a 50-50 joint venture between Built Cybernetics and Heese in 2001. Expects to recognise accounting profits of £78,000. Proceeds will be deployed in the "development of the group's smart buildings activities," Built says.
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Marula Mining PLC - London-based Africa-focused mining and development company - Enters into a binding exclusivity, option and transaction term sheet with Rio Ashanti Ltd, Pangani Minerals Ltd and Mythos Metals Ltd to acquire a 95% economic interest in a portfolio of nine prospecting licences in Tanzania, covering 170 square kilometres contiguous to the Kinusi Copper Mine. The agreement grants Marula an exclusive 45-day option period to complete due diligence and negotiate definitive transaction documentation. Marula has paid a non-refundable option fee of USD100,000. If the option is exercised and the transaction completed, the option fee will be credited against the USD800,000 payable upfront, leaving USD700,000 payable at completion. A further USD1.2 million will be payable in two equal instalments of USD600,000, due 12 months and 18 months after completion. At the vendors' election, the deferred consideration may be settled through the issue of 20.0 million new ordinary shares in Marula, subject to resumption of trading on Aquis and required shareholder and regulatory approvals. Following completion, the vendors will retain a 5% fully free-carried economic interest in the project, with no obligation to contribute exploration, development, operating or other expenditures. Marula may acquire the retained interest at any time for USD500,000 in cash. Marula says it needs to secure additional funding to meet the consideration payable at completion.
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Kefi Gold & Copper PLC - gold and copper exploration and development company in Ethiopia and Saudi Arabia - Updates on the "serious security incident" last Friday at its Tulu Kapi Gold Project in Ethiopia. The event caused "multiple fatalities involving security personnel and community members, including one company employee," Kefi said Monday. No further details were provided due to "the sensitive and ongoing nature of the situation". Today says: "all employees who were affected by the incident have been accounted for and there have been no further fatalities or injuries sustained". Says conversations with key stakeholders this week "have unanimously reiterated the strategic importance of the project at all levels of Ethiopian society and all parties' full support for both the project and the company's careful and considered approach to determining the appropriate conditions for the safe and orderly resumption of development activities." Kefi again states that it will not resume development activities until a full investigation has been completed and "appropriate measures have been established to provide a safe and secure operating environment". Additionally receives this week "renewed and increased indications of interest from Ethiopian institutions and high net worth family offices for Ethiopian redeemable preference shares at the subsidiary level." Adds: "This continued strong local financial support would be non-dilutive to Kefi shareholders and would provide further financial flexibility and additional mitigation of funding risk, should it be required."
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Ruffer Investment Co Ltd - Guernsey-registered investment trust managed by London-based Ruffer LLP - Agrees revised terms with the investment manager, Ruffer LLP. Effective January 1, the investment manager is entitled to an annual management fee of 1% of the lower of Ruffer's market capitalisation and its net assets, calculated on a monthly basis. This replaces the current annual management fee of 1% of net assets. "The revised structure creates greater alignment between the company and the investment manager, and reflects the board's continued focus on delivering value for shareholders," Ruffer says.
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Wellnex Life Ltd - Melbourne-based consumer healthcare products company - Completes sale of its 'Pain Away' business and assets to Mentholatum Australasia Pty Ltd, for up to AUD21.3 million in cash. The deal was announced on August 6. Mentholatum's parent firm is Japanese FMCG and pharmaceutical company Rohto Pharmaceutical Co Ltd. Consideration consists of AUD19.8 million payable upon completion, followed by an up to AUD1.5 million earn-out subject to threshold and target normalised earnings before interest, tax, depreciation and amortisation performance of the business in the year following completion. Wellnex intends to use the proceeds to retire all of its borrowings totalling around AUD10.2 million, with leftover funds going towards working capital and potentially other growth initiatives, as well as a potential capital return to shareholders. Expects the proceeds to leave it debt-free upon completion.
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Alternative Liquidity Fund Ltd - Guernsey-based investment company, which focuses on the realisation of side pockets and illiquid fund holdings - Receives a USD3.48 million distribution from Vision FCVS RJ Fund and sells its position in Vision Special Opportunities Eletrobras Fund in the secondary market. Has now realised all its portfolio assets. Remaining assets are expected to comprise only the cash retained to meet the costs and expenses of the proposed Guernsey members' voluntary liquidation, together with a contingency reserve. Does not currently expect to prepare interim financial statements for the six months to June 30 2026.
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