EARNINGS AND TRADING: Regional REIT, Onward Opportunities NAVs fall
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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Inspiration Healthcare Group PLC - Croydon, London-based medical technology company specialising in neonatal intensive care devices - Revenue falls to £22.0 million in the six months to June 30, from £24.0 million a year ago. Of this Airon revenue jumps 40% to £1.6 million from £1.1m. CEO Raffi Stepanian says: "We are very encouraged by the underlying performance delivered in the first half, which demonstrates the continued progress we are making in building a more sustainable and resilient growth platform. Strong growth in our core SLE portfolio, together with good performances from Airon and MedTech distribution, reflects continued demand for our products and the strength of our position in neonatal intensive care. We enter the second half of the year with confidence, a strong orderbook and pipeline of opportunities and expect to close the financial year slightly ahead of market expectations. Our priorities in this period are to convert that pipeline, deliver sustainable profitable growth and continue strengthening the Group's financial position. We believe the progress we are making provides a solid platform for further growth and the creation of long-term shareholder value."
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Trifast PLC - East Sussex, England-based maker of industrial fastenings - Provides trading update ahead of its annual general meeting today. Says trading remains in line with market expectations despite the "challenging macroeconomic backdrop". Says this is affecting its North America auto business in particular, given its exposure to higher-growth areas and geographies. "The group remains focused on execution of its strategic priorities, continued margin improvement and cash generation, while maintaining close control of costs. The board remains confident in the group's medium-term prospects and in the continued progress being made under its Recover, Rebuild, Resilience strategy," Trifast says. Expects to release results for the six months to September 30 in November.
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Gem Resources PLC - emerald miner in South Africa, Zambia and Australia - Hong Kong subsidiary GemR Corporation Ltd enters into a conditional share purchase agreement to acquire 100% of the issued share capital of CREC Material Co SAS for an all-share consideration of £750,000. CREC is the Colombian company through which the El Yarumo gold processing operation in Buenos Aires, Cauca is conducted. "The board believes the acquisition represents a highly attractive entry into the Colombian gold sector through an existing operating gold processing business. Based on management information provided to the Board of GEMR, El Yarumo is currently operating, processing gold-bearing material and generating revenue, and is operating profitably at an operational level. This information, including the nature and source of the reported revenue and the operation's profitability, has not been independently verified by GEMR and will remain subject to further verification prior to completion. El Yarumo provides an established processing facility, workforce and operating platform, together with significant scope to increase throughput, improve operating performance and expand the business through relatively modest additional capital investment," company says.
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Cloudbreak Discovery PLC - London-based natural resource project generator and royalty business - Begins a district-scale airborne Mobile Magnetotelluric geophysical survey at its Paterson Project in Western Australia. The 2,771 line-kilometre survey, of which 2,148 line-kilometres is supported by a AUD219,270 Western Australian government grant, is designed to provide regional-scale deep resistivity mapping beneath extensive cover and overburden. Cloudbreak says this will help identify geological and structural features potentially associated with concealed mineralisation. Managing director Tom Evans says: "The commencement of the MobileMT survey at Paterson is an important milestone for Cloudbreak and represents a significant district-scale geophysical programme across the Project."
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Regional REIT Ltd - London-based real estate investment trust focused on commercial property outside the M25 motorway - Reports results for the six months to June 30. Rental and property income falls to £34.3 million from £40.0m a year ago. First-half pretax loss narrows to £2.8 million from £7.9m. Cuts second-quarter dividend to 2.0 pence from 2.50p. NAV per share drops to 190.7p at Jun 30 from 207.2p a year prior. Chief Executive Stephen Inglis says: "The company has made further progress in executing its repositioning strategy in the first half of 2026. We have completed £21.5 million (before costs) of disposals, marginally below book value, demonstrating the intrinsic and attractive value of our assets, and reducing the net loan-to-value to 38.5% as at 30 June 2026. Despite ongoing challenging external conditions, Regional REIT delivered a resilient operational performance in the first half of 2026, securing 26 new market lettings providing £1.9m of rental income, marginally ahead of the £1.8m of breaks and expiries. Together with the property cost savings from the aforementioned disposals, the forecasted earnings enhancement is expected to be some £1m, which is in line with current market expectations."
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Manolete Partners PLC - Buckinghamshire, England-based insolvency litigation financing firm - Provides trading update ahead of its annual general meeting today. Says performance has been positive and in-line with the expectations for this year. Comments: "Realised revenues are ahead of the prior year, and the value of the Group's forward book has continued to increase, driven by growth in both the number and average value of new cases signed. The group intends to provide a more detailed update on trading for H1 in early October following the first half end, and will announce its half year results as usual in November."
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Onward Opportunities Ltd - invests in smaller UK companies - Reports results for six months to June 30. NAV per share falls to 123.50 pence at June 30 from 143.69p at December 31. Laurence Hulse, lead fund manager, says: "In each of 2023, 2025 and 2026 [March] has proven to be a torrid month for investors in UK smaller companies with a large wake that disproportionately affects unloved, small, illiquid investments such as those held by Onward Opportunities. It is fitting that in the year of the Fire Horse, we have had our worst month of investment performance in March, followed by our best ever in August as our portfolio successfully weathered another global crisis, and came back stronger. We have recently crossed the £50m threshold for the first time and it is expected that the company will grow further, delivering clear liquidity and cost benefits for all shareholders, allowing us to do more for less in our fourth year and beyond."
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Pebble Group PLC - Manchester, England-based company which provides products and services to the global promotional products industry - Pretax profit in the first half to June 30 falls to £1.2 million from £2.6 million a year ago. Revenue rises to £60.7 million from £58.6 million. First half adjusted Ebitda improves to £6.6 million from £6.2 million. Chief Executive Officer Chris Lee says: "We are beginning to see the benefits of our recent investment decisions. The group has delivered a strong first half performance with revenue growth across both of our businesses. At Facilisgroup, we have materially strengthened our recurring revenue profile through entry into multi-year contracts and Brand Addition has delivered profitable growth supporting significant shareholder returns. Backed by a robust balance sheet, we remain focused on executing our strategy and are confident in our ability to deliver shareholder value."
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Headlam Group PLC - Coleshill, England-based floor coverings distributor - As part of its strategic review, completes the sale and leaseback of its Bristol distribution centre property. The sale proceeds of £3.15 million (excluding VAT) represent a premium of 50% to the book value of £2.1 million and 13.7% to the last market valuation of £2.775 million. "The Bristol distribution centre remains a core part of Headlam's distribution network and therefore trading continues as usual following the sale. The Bristol Trade Counter will also remain operational. The group has entered into a leaseback until 31 December 2026. The net sale proceeds will be used to repay existing debt after deducting part of the proceeds to fund the upfront leaseback costs for one month during the restructuring period as Headlam seeks to establish a more sustainable platform for the future," the company says.
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