EARNINGS AND TRADING: Windar finds potential accounting irregularities
The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Lords Group Trading - London-headquartered building materials distributor - Says trading conditions across the its markets remain ‘challenging’ with ongoing macroeconomic uncertainty and geopolitical tensions continuing to weigh on market confidence and activity levels. Against this backdrop, revenue in the first five months of the year was £195.0 million versus £196.3 million the year prior, with the addition of four new branches since the beginning of last year, and the acquisition of CMO in June 2025 helping to offset the impact of subdued end markets. Merchanting experienced a slow start to the year with prolonged wet weather in January and early February affecting trading activity, while Plumbing & Heating did not benefit from the ‘exceptional’ levels of demand experienced in March 2025, when customers brought forward purchases ahead of industry-wide price increases. CMO continues to progress well with revenue at the end of May being 7% ahead of the prior year comparator. Expectations for the year remain unchanged. ‘When market conditions improve, we expect a disproportionate improvement in profitability, driven by operating leverage across both our branch network and digital platform,’ the firm adds.
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Windar Photonics PLC - London-based wind energy technology, including turbine performance optimisation - Says it has identified potential accounting irregularities relating to revenue recognised in its 2024 and 2025 financial years, totalling €2.8 million. The issues relate to two Chinese customers with questions over the bona fide nature of the sales as well as questions over the underlying documentation. ‘The board believe the issues to be wholly internal rather than any misconduct by said Chinese customers.’ Windar does not expect any impact on cash, but says there will be corresponding negative impacts on the income statement as well as impairments to its balance sheet. External professional forensic advisers are to be appointed ‘as soon as practicable’ to understand the irregularities and advise on any financial reporting system improvements required. As a result, 2025 results will be delayed resulting in the temporary suspension of trading in the company’s shares. As at May 31, Windar had gross cash available of €85,000. Based on current assumptions and assessments, Windar says it will have significant working capital constraints before the end of July and will therefore ‘need to issue equity or receive some other form of cash injection into the business within this timeframe’.
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Tiger Alpha PLC - London-based investor in ‘utility’ meme coins - Pretax loss widens to £1.7 million in 2025 from £390,579 the year prior. No revenue is reported in either year. Diluted losses per share are 0.40 pence compared to 0.73p. Calls 2025 a ‘pivotal’ year, marking its transition from Tiger Royalties and Investments PLC to Tiger Alpha PLC. Says the group was fully invested by the end of the reporting period. ‘Some investments were successful such as the Subnet acquisitions which were subsequently sold in early 2026 but some struggled in the more general downturn in the digital token sector in the Autumn and write downs were necessary,’ it adds. Net asset value per share at December 31 is 0.04p compared to minus 0.04p the year before.
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CML Microsystems PLC - Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors - Pretax loss narrows to £74,000 in the financial year ended March 31 from £766,000 the year prior. Revenue declines to £20.5 million from £22.9 million, with a significant improvement in trading performance during the second half. Declares an unchanged final dividend of 6.0p per share resulting in an unchanged full year payout of 11.0p per share. ‘FY26 delivered significant strategic and operational progress despite continued market headwinds. The second half saw a stronger financial performance, supported by improving customer inventory levels and growing order activity, while the signing of our long-term GNSS contract represents an important milestone for the business.’ company says. ‘We enter FY27 expecting a return to revenue growth and the board remains confident that the group is well placed to deliver on its growth ambitions,’ it adds.
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Frenkel Topping Group PLC - Manchester, England-based specialist financial and professional services firm - Pretax profit rises 24% to £5.2 million in 2025 from £4.2 million the year prior as revenue climbs 11% to £41.7 million from £37.4 million. Basic earnings per share is flat at 2.3 pence.
Funds under management at December 31 ate £1.80 billion, up on-year from £1.56 billion, while funds on a discretionary mandate of £1.22 billion are up from £1.03 billion. Frenkel highlights a sixteenth consecutive year of high client retention (99%) in investment management services. Declares dividend of 0.5 pence per share for 2025. Says trading remains in line with board expectations for the current year to date.
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Wynnstay Properties PLC - London-based property investment and development company, which owns and manages a portfolio of office, retail, warehouse and industrial properties - Net asset value per share at March 31 year-end is 1,212 pence, up 3.8% from 1,168p the year prior. Rental income rise 7.0% to £2.9 million from £2.7 million, net property income increases 7.5% to £2.0 million from £1.9 million. Paid and proposed dividends for 2026 are 28.5p per share, up 5.6% from 27.0p. Portfolio valuation increases by 2.9%, on a like-for-like basis, to £44.2 million, while total portfolio value grows to £47.0 million, including the five industrial units at Cambridge acquired in-year and the unit at Weston-super-Mare held for sale. ‘We have delivered very satisfactory performance from our property investments and operations over the past year, reflecting disciplined asset management, strong tenant demand and continued focus on portfolio quality. The year saw a high level of leasing activity, with good outcomes in terms of increased rental income, high tenant retention and virtually full occupancy,’ says Managing Director, Chris Betts.
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