EARNINGS: Arecor fundraise as loss widens; Northcoders' B2B progress
The following is a round-up of earnings for London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Provexis PLC - Reading, England-based producer of heart-health functional food ingredient Fruitflow - Pretax loss widens to £506,598 in the financial year ended March 31 from £449,637 the year prior, on revenue flat at £1.3 million. Losses per share are unchanged at 0.02 pence. Revenue includes a record £900,000 in the second half of the year, reflecting strongly increased demand from existing and new customers for Fruitflow. Reports continued strong demand for Fruitflow since the financial year-end, and expects to report total sales for the six months ended September 30 in excess of £1.1 million versus £364,000 the year prior. In light of anticipated demand the company is now planning with its outsourced supply chain partners to undertake a number of additional production runs of Fruitflow in the next twelve months.
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Windar Photonics PLC - London-based wind power optimisation technology - Pretax loss widens to EUR2.9 million in the six months ended June 30 from EUR915,915 the year prior, on revenue down to EUR428,780 from EUR2.7 million. Losses per share are 3.0 euro cents versus 0.8c. Lower sales reflect longer than expected lead times to convert pipeline opportunities and two major contracts not progressing as previously expected. Calls first six months of 2026 "challenging", but points to a "clear plan to rebuild the business and return it to sustainable growth." Trading in the period was "disappointing", compounded by the discovery of accounting irregularities relating to revenue recognised in FY24 and FY25, it says. "The situation has now been addressed," company stresses. "With a strong new business pipeline, a strengthened board and finance function, and the balance sheet supported by the recent fundraise, the group is focused on converting its pipeline into orders and delivering the plan to reset and then scale the business," it adds.
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KR1 PLC - digital asset investment company, which is focused on proof-of-stake blockchain networks - Operating loss widens to £17.5 million in the six months ended June 30 from £14.1 million the year prior, on income down to £600,918 from £2.9 million. Takes £31.0 million loss on disposal of intangible assets held at fair value versus just £333,901 a year ago. But benefits from £16.4 million gain in fair value of intangible assets at fair value through profit and loss versus £11.7 million loss the year before. Net asset value per share is 18.07 pence at June 30 versus 27.93p at the end of 2025. "We enter H2 2026 with real optimism. Investor attention is returning to digital assets, and our AI and crypto convergence positions leave us well placed ahead of a trend still in its early innings," company says.
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Ethtry PLC - London-based company building ethereum treasury for investments in "breakthrough technologies" - Pretax loss stretches to £1.2 million in the six months ended June 30 from £125,752 the year prior, on zero revenue, unchanged on-year. Takes a £846,932 hit on revaluation of intangibles versus nil the year before, while administrative expenses more than treble to £385,330 from £104,381. Looks to the remainder of 2026 with "real confidence". Notes it now has a "substantial digital asset treasury, a growing book of secured, income-producing investments, an active development pipeline in solar and data centres, and a transformational acquisition under contract." These position the company "unusually well for the convergence of energy, compute and digital assets that it expects to define the coming years," it thinks. Says it is engaged on a "number of further opportunities" that build on this platform and expects the momentum of the first half to continue.
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NAHL Group PLC - Kettering, England-based consumer marketing services provider focused on the legal services sector - Pretax profit grows to £2.3 million in the six months ended June 30 from £1.8 million the year prior, on revenue of £18.3 million, up from £17.5 million. Diluted EPS from continuing operations total 3.4p against 2.6p on-year. Revenue is primarily driven by growth in the Personal Injury business, with sales up 7%. Cash generated from operations increases 29% and operating cash conversion more than doubles, translating into free cash flow of £2.2 million, up 43% from £1.5 million. Post period-end, NAHL announced that it had settled a long-running contract dispute with a supplier. As a result, NAHL expects profit and cash generation for the current year to be materially higher than current market expectations. Anticipates that by the end of October, it will be in a net cash position for the first time since the IPO in 2014. Continues to actively explore strategic options to accelerate value for shareholders and is reviewing the group's capital allocation policy. Notes the sale of Searches UK is an important step in this process, expects the transaction to complete "imminently".
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Arecor Therapeutics PLC - Cambridgeshire, England-based biopharmaceutical company - Pretax loss widens to £3.1 million in the six months ended June 30 from a restated £2.1 million the year prior, on revenue of £194,000, down from £1.0 million. Investment in R&D was £1.9 million, up from £1.3 million, reflecting an increased R&D spend on insulin manufacturing. Sales, general & administrative costs fall to £1.5 million from £1.7 million reflecting cost control over certain corporate expenses. Ends the period with cash, cash equivalents and short-term investments of £3.2 million against £1.9 million a year ago. Existing cash resources fund the company through to April 2027, it says. Reflecting this, Arecor plans to raise £5.1 million via placing and retail offer at 68p per share. This will extend the cash runway to December 2027, and allow the firm to commit to "critical-path" insulin development activities. Arecor expects FY revenue to be around £300,000 with a loss after tax of £5.5 million. CEO Sarah Howell says strategic partnering negotiations with "multiple" insulin pump companies are now at term sheet stage. This brings "us a step closer to further developing a next generation Arecor Insulin-AID System for people living with both Type 1 and Type 2 diabetes," she says.
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Maintel Holdings PLC - London-based provider of communications services - Pretax loss widens to £1.7 million in the six months ended June 30 from £837,000 million the year prior, on revenue of £45.2 million, down 2.8% from £46.5 million. Diluted LPS is 9.7p versus 5.5p. Total revenue slightly recedes due to a small number of churned contracts, which offset a 12% growth in revenue from projects and the benefit from price increases, company explains. "The board remains encouraged by the group's progress, stronger sales bookings performance, continued pipeline growth and anticipated further cost savings expected to be delivered through the final phase of the Transformation Programme in the second half of the year," it says. While the timing of project delivery, challenging market conditions and working capital movements will continue to influence short-term performance, the firm remains "confident of achieving adjusted Ebitda market expectations for the 2026 financial year, albeit from a lower revenue base."
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Lords Group Trading PLC - London-headquartered building materials distributor - Swings to pretax loss of £6.9 million in the six months ended June 30 from £578,000 profit the year prior, on revenue flat at £232.1 million. Basic LPS amounts to 3.30p versus EPS of 0.14p. Group like-for-like revenue declines by 6.8%, reflecting continued weakness in construction, repair, maintenance, and improvement and plumbing and heating markets. Lords says focused improvement plans are in place across every operating business, with emphasis on market-share increase, margin discipline, working capital improvement, carefully controlled capital expenditure and net debt reduction. No dividend is declared versus 0.32p per share a year ago. "Market conditions are challenging and the timing of a market recovery remains uncertain," says CEO Shankar Patel. Nonetheless, Patel continues to expect the group performance for the full year to be in line with market expectations.
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Northcoders Group PLC - Manchester-based software coding training provider - Swings to pretax loss of £665,226 in the six months ended June 30 from £63,449 profit the year prior, on revenue of £1.4 million, down from £3.7 million. Diluted LPS are 8.27p versus EPS of 0.88p. Lower sales reflect the anticipated reduction in government-funded training revenues as the group continues its strategic transition towards a predominantly business-to-business corporate revenue model. Notes 76% of FY26 revenue recognised to date is currently contracted from B2B corporate customers, compared with FY24, when 87% of revenue came from government-funded training. "The first half reflects a significant period of change for Northcoders. While revenues are lower, we have undertaken a genuine reset of the business, materially reduced our fixed cost base and repositioned the group around a much clearer B2B corporate strategy," says CEO Chris Hill. Northcoders expects H2 revenue to be "materially" ahead of H1 and, based on current contracted revenues and the reduced cost base, expects the adjusted Ebitda loss in H2 to be materially reduced compared with H1, with the final quarter of FY26 expected to be Ebitda positive. Adjusted Ebitda loss is £514,737 in the first half of 2026 versus £405,187 profit the year prior.
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