EARNINGS AND TRADING: Videndum progress stalls; TheWorks up outlook
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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Caspian Sunrise PLC - Kazakhstan-focused oil and gas company - Releases results for 2025 and the first six months of 2026. Reports a pretax loss from continuing operations of USD11.9 million in 2025, swinging from a USD5.3 million profit in 2024, as revenue falls to USD12.9 million from USD31.5 million. Profit after tax declines to USD13.2 million from USD16.8 million, despite profit from discontinued operations rising to USD23.7 million from USD9.3 million, including a USD19.4 million gain on the disposal of the MJF and South Yelemes structures. Caspian expects the recently completed acquisitions of Block 8 and Tau-Cen and the conditional acquisition of Kazikhan, once completed, will also add "significantly" to shareholder value. In addition, it believes the group is "exceptionally well placed" through its strong local Kazakh presence to identify and buy further undervalued oil & gas assets and mineral and other assets on an opportunistic basis. "It is the group's policy to seek to fund growth at the asset level and through asset sales rather than through the equity market," it says. Caspian also reports interim results for six months ended June 30. Here, pretax loss widens to USD3.8 million from USD1.8 million, on revenue of USD100,000, down from USD3.3 million. Operating loss stretches to USD3.7 million from USD1.8 million. Says no oil was produced at any of the group's oilfields in the period, against 229,007 barrels the year prior. " The production from Block 8 has allowed a limited resumption of oil trading activities and as oil production increases from the group's three oilfields under development, revenue and profit from oil trading is expected, over time, to return to previous levels," it says.
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tinyBuild Inc - Bellevue, Washington-based video game developer and publisher - Provides an update on trading and raises its expectations for 2026 following the success of recent launches. It now expects 2026 revenue to be in the USD54 to USD56 million range and adjusted earnings before interest, tax, depreciation and amortisation at USD7 to USD8 million, ahead of expectations. "A series of record-setting launches, including ReStory, Probably Stolen and Graveyard Keeper 2, underpins the improved outlook," it says. The pipeline for 2026 and beyond is "strong", it says, and includes a number of "larger-budget, high-potential games" alongside continuous investment in the catalogue. Chief Executive Officer Alex Nichiporchik comments: "The pace of change in this industry is insane. We keep experimenting, listen to players and change course quickly. Our teams have the freedom to make decisions fast and put resources behind what’s working. We're seeing the payoff now."
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Videndum PLC - London-based provider of video content creation hardware and software - Provides an update on trading for the period July 1 to October 31, an outlook for the full year ending December 31, and strategic initiatives, being instituted by its recently appointed Chief Executive Officer Jan Tewes. Following a "promising" July, Videndum says trading in the subsequent three months of the year was weaker than anticipated, albeit broadly in line with the same period last year. "Against a backdrop of continuing geopolitical headwinds, notably the conflict in the Middle East, customer purchasing decisions have been delayed, particularly in relation to recently launched products, and certain customer projects expected to convert into revenue in the second half have been deferred into FY27. In addition, several new product launches have been moved back to later in the year, principally due to component supply constraints," it explains. As a result, Videndum now expects FY26 revenue and adjusted Ebitda to be broadly similar to 2025's £228.3 million and £9.0m, which were down from £280.7 million and £20.1 million in 2024. Since joining in August, CEO Tewes has been conducting a strategic assessment of the business which has identified further opportunities to improve operational efficiency and commercial execution. A new "self-help" programme focused on continuing to improve cash generation, reduce inventory and operating costs, as well as driving sustainable growth is expected to deliver annualised cost savings by 2028 of £10 million at a cost of £3 million. "Trading has fallen short of our expectations, and we recognise shareholders’ disappointment. Our immediate priorities are cash generation, cost reduction and improved sales conversion," the CEO says.
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TheWorks.co.uk PLC - Birmingham, England-based seller of books, stationery and toys - Announces a trading update for the 26 weeks ended November 1. Total sales from continuing operations increase 10% to £128.8 million from £117.0 million the year prior, with like for like sales growing by 9.8%, up from 4.0%. "This was driven by growth across each of the group's core categories, reflecting the growing year-round appeal of its screen-free proposition, and represented significant outperformance against the wider UK non-food retail market, which declined by 1.0%," the firm says. Product margin is in line with expectations of 62.7% and versus last year's 62.5%, reflecting a maintained disciplined focus on costs. The group ends the period with £3.5 million of net cash compared to net debt of £5.3 million a year ago, driven by increased levels of profit as well as improved stock management. "The board is encouraged by the strong trading momentum and market outperformance in the first half of the year, which positions the company well for the key Christmas trading period," it says. As a result, the firm now expects pre-IFRS 16 adjusted Ebitda for the current financial year to be ahead of market expectations and at least £17.0 million. This follows an upgrade by the company in September. Chief Executive Officer Gavin Peck, says: "We are delighted to report a strong H1 performance with like for like sales growth of 9.8%, driven by strong customer demand across all our key categories. We also delivered strong performances during the Back to School and Halloween trading periods."
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Regional REIT Ltd - London-based real estate investment trust focused on commercial property outside the M25 motorway - Announces a trading update for the three-month period ended September 30. Reports strategic disposals in the third quarter amount to £8.9 million at a net initial yield of 8.3%, with a further two sales completed post quarter end totalling £1.7 million. Year-to-date disposals amount to £32.2 million, averaging 11.0% below pre-sale book value. Explains that the programme of strategic asset disposals and the net movement in lettings together influenced the rent roll which drops to £47.2 million in the quarter from £48.4 million at June 30. "We remain focused on repositioning our portfolio and executing targeted disposals to reduce leverage, strengthen our balance sheet and reduce void costs," says Stephen Inglis, chief executive of Investment Adviser ESR Europe LSPIM. The firm expects to complete further disposals during the fourth quarter ahead of year-end, supporting the on-going portfolio repositioning and balance sheet strengthening.
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Caledonia Mining Corp PLC - operator of the Blanket gold mine in Zimbabwe - Pretax profit totals USD22.9 million in the three months ended September 30, versus USD28.9 million the year prior. Revenue increases by 11% to USD78.9 million from USD71.4 million on-year, driven primarily by a significantly higher average realised gold price of USD4,134 per ounce, against USD3,434/oz a year ago. Blanket Mine produces 17,030 ounces of gold in the quarter, down from 19,106 oz the year prior and it sells 18,713 oz against 20,355 oz. Consolidated gold sales for the group were 19,082 oz, compared to 20,792 oz in the comparative quarter a year ago. Revises 2026 Blanket production guidance to 69,000 to 72,500 oz from 72,000 to 76,500 oz. Approves an unchanged quarterly dividend of 14 US cents.
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PCI-PAL PLC - Suffolk, England-based provider of cloud-based secure payment solutions - Says new business sales in the first four months of financial 2027 are ahead of management expectations, as strong commercial momentum from the previous financial year continues. The company says growth is being driven by expanding relationships with existing partners, onboarding new partners, and increasing its enterprise customer base, while customer retention remains high. PCI-PAL reiterates its guidance for financial 2026. It expecs revenue of at least £24.6 million and adjusted earnings before interest, tax, depreciation and amortisation of at least £1.1 million. Exit annual recurring revenue at June 30 is expected to reach £24.8 million, up 29% year-on-year, or 31% at constant currency, while contracted annual recurring revenue is expected to rise 25% to £27.9 million, or 27% at constant currency. The company expects to publish its delayed full-year results in the week beginning November 23, when it will provide further details on current trading.
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