EARNINGS AND TRADING: SulNOx revenue up 45%; ProCook 'strong trading'
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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SulNOx Group PLC - London-based green fuel technology developer - Revenue in its financial second quarter to September 30 jumps 19% to £984,200 from £824,800 a quarter prior and 45% from £679,300 a year ago. Six-month revenue totals £1.8 million, up 48% from £1.2 million. Second quarter product sales volume climbs 58% on-year, with six-month volume up 65%. In September, Sulnox signed a four-year supply agreement with ship manager and longstanding customer Spring Marine Management SA and an associated £1.1 million investment commitment from Spring Maine. Chief Executive Officer Ben Richardson says: "Another record quarter reflects customers moving beyond evaluation to repeat orders and longer-term commitments. Our four-year agreements with [earnings per share] and Spring Marine provide a stronger foundation for growth, backed by increased inventory to fulfil those commitments. The direction of travel also favours Sulnox: evolving fuel mixes and the regulatory focus on emissions are reinforcing the need for efficient, reliable combustion across conventional fuels and biofuel blends. Our priority is to translate these conditions into wider adoption and recurring revenue across marine and land-based markets."
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Jarvis Securities PLC - Kent, England-based provider of stock broking services - Subsidiary Jarvis Investment Management Ltd is placed into special administration. This follows the July announcement of the sale of JIML's retail execution-only brokerage business for up to £11 million to Interactive Investor Services Ltd. "At this time, the directors do not intend to undertake a relevant transaction. Whilst they continue to keep their strategic options for company under review, the directors currently intend to seek a cancellation of the company's admission to trading on AIM," Jarvis says.
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TPXimpact Holdings PLC - London-based technology-enabled services company - Expects 2026 adjusted earnings before interest, taxes, depreciation and amortisation of at least £14 million, up from its prior view of not less than £12 million. Sees annual revenue of at least £105 million. TPXimpact expects to report adjusted Ebitda in the six months to September 30 of at least £7.5 million, up from £3.2 million before. Expects first half revenue of at least £57.0 million, up from £36.2 million a year ago. The group will publish its first half results on November 10. Chief Executive Officer Bjorn Conway says: "I am delighted by the continued progress demonstrated by the group in the period. We are seeing the benefits of a streamlined business and improved client account management showing through in our first six months of trading, following the completion of our three-year transformation plan. Our passionate TPXimpact team retains its focus on delighting clients through exceptional delivery and building long-term, mutually valuable relationships. Our client's trust in TPXimpact is reflected in our growth in the first half and underpins our confidence for the future. The group enters the second half of the financial year with positive momentum, a strengthened balance sheet and improving operational leverage. We are well positioned to deliver sustainable growth and improving profitability over the medium term."
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Southern Energy Corp - natural gas and light oil assets company with operations in Mississippi - Announces completion and initial flow-test results from the Terrible Creek 21-2 #2 Cotton Valley vertical well at the Williamsburg Field. The well encounters a Cotton Valley C gross interval thickness of around 110 feet, exceeding expectations. Also, perforates 71 feet of net pay in the Cotton Valley C interval and conducts a 72-hour flow test on the well. Notes this was without the need for a fracture stimulation. At the end of the flow test period, the well was flowing at a stabilised rate of 2.3 million cubic feet per day of natural gas plus 50 barrels of condensate per day. Says it is constructing the necessary wellsite facilities and anticipates bringing the well on production by mid-November 2026.
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ProCook Group PLC - The Gloucester-based pots and pans seller - Says it has seen "strong trading" despite hot summer weather. Revenue in the second quarter ended October 11 rises 13% on-year to £24.1 million. E-commerce revenue was up 18% and retail revenue alone climbed 11%, ProCook adds. It is the 12th successive quarter of growth. For the whole of the half-year, revenue was up 16% to a record £39.7 million. "Whilst mindful of the unpredictable macro backdrop, we are well positioned for the important peak trading period. Combined with a return to stronger trading performance as the weather normalised in the second half of Q2, we are confident in delivering a strong full-year performance, in line with market expectations," ProCook says.
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Fusion Antibodies PLC - Belfast-based contract researcher that provides discovery, design and optimisation services for therapeutic antibodies to the healthcare market - Reports "difficult market conditions" have hurt trading. Says it is managing its cash resources in light of the "lower than anticipated trading", enacting cost cutting measures including a recruitment freeze. Unaudited revenues for the six months to September 30 sink to 457,000 from £838,000 a year ago. Gross margin in the period is 10%, down from 30%. Cash at period end totals £135,000, down from £251,000 a year ago. Notes £100,000 of grant funding is due to be received in the next few weeks. "Despite these trading challenges, we have continued to make encouraging scientific and technological progress, particularly with our DR5 therapeutic antibody programme and OptiMAL platform, while further strengthening our intellectual property portfolio," says Chair Simon Douglas.
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BSF Enterprise PLC - London-based biotechnology investment group - Announces a strategic corporate reorganisation to "streamline...operations, clarify commercial channels and support shareholder value through a disciplined hub-and-spoke operational model." Says rather than deploying capital into capital-intensive downstream food production, "BSF's realigned strategy focuses on supplying high-value consumable media additives to the wider industry." Additionally, says milieu.bio will operate as its commercial storefront for proprietary macromolecular crowding cell-culture media additives, "specifically CityMix and CytoBoost, addressing external biopharma, cell therapy, and cellular agriculture markets." Milieu.bio will operate as an independent operating subsidiary Further, 3DBT will operate as the group's core research engine, patent holder, and manufacturing facility under the restructured framework. CEO Che Connon says: "Today's corporate reorganisation represents an important step in executing our hub-and-spoke operational strategy. By consolidating our core intellectual property, scientific platforms, and manufacturing inside 3D Bio-Tissues, we are building a focused technological engine that supports our broader subsidiary portfolio. Renaming and refocusing CMT into milieu.bio establishes a dedicated commercial partner for cell-culture media supplements, providing clear market positioning: BSF is delivering the practical, high-value consumables that enable biomanufacturing sectors to scale efficiently. Establishing milieu.bio as a standalone operating company gives us a dedicated vehicle to grow commercial sales of these products."
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