EARNINGS: Earnz acquires Gem Environmental as half-year loss widens
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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Earnz PLC - Cheltenham, England-based energy services company focused on global decarbonisation - Pretax loss widens to £2.0 million in the six months ended June 30 from £372,000 the year prior, although revenue rises to £8.4 million from £4.7 million. Administrative expenses more than double to £3.9 million from £1.5 million, and cost of sales increase to £6.3 million from £3.4 million. Sees continued momentum into the full year with high revenue visibility from long-term projects and contracts. Although adds consolidation of businesses will result in lower revenue but improved Ebitda. "Following the resolution of political uncertainty, we have seen an increase in orders that had previously been delayed and remain confident of serving these 'late' orders to reflect the profitable outcome for the year," company says. Earnz also announces a placing to raise £4.1 million and a retail offer to raise up to £1.0 million, both at 4 pence per share. In addition, Earnz will issue a convertible loan note of up to £700,000 to Gresham House Asset Management Ltd and has agreed a £5.0 million revolving credit facility with lender, HSBC Holdings PLC. The financing will help support the up to £23.6 million acquisition of certain assets of GEM Environmental Building Services Ltd. Initial consideration of up to £10 million will be satisfied by: £4 million in cash; £2 million by the issue of the loan notes; and £4 million by the issue of shares at the placing price. Deferred consideration up to £13.6 million will be satisfied, 80% in cash and 20% either in cash or via the issue of shares. Based in central London, Gem has been a leading building maintenance contractor since 1999, working with local authorities, social landlords, schools and commercial buildings. Earnz expects the proposed acquisition will significantly contribute to Ebitda and cash generation improvement. On completion, pro-forma revenues of the enlarged group are expected to be in excess of £50 million of which at least £20 million will be attributable to Gem.
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Talisman Metals PLC - Morocco-focused copper exploration and development company - Pretax loss is flat at EUR1.2 million in the six months ended June 30 from the year prior. Administration expenses rise to EUR856,000 from EUR632,000 but other losses fall to EUR335,000 from EUR531,000. Talisman says at June 30 it had cash and cash equivalents amounting to EUR1.4 million and management continues to carefully manage financial resources. It has no long-term debt nor any contingent future payments relating to its assets and projects, the firm adds. "Results have not recognised any goodwill on the acquisition of our Moroccan projects as a non-current asset and all subsequent exploration expenditure has been expensed to the Income Statement. However, as we advance our Moroccan projects, the accounting treatment of this activity will be kept under review and may change."
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Mendell Helium PLC - helium producer in the US state of Kansas - Pretax loss widens to £1.3 000 million in the financial year ended March 31 from £902,000 the year prior, with nil revenue, unchanged on-year. Administrative expenses jump to £1.1 million from £419,000. Says the year provided the platform for the next phase of our development of a helium production operation in Kansas. "Rost 1-26 and Rost 2-26 will be the hub of these plans. With recorded helium concentrations of 5.1% and 11.5% respectively, we have the potential for very significant production," says Chief Executive Nick Tulloch. The CEO says the joint venture with Ritchie Exploration "could not have got off to a better start" with strong production from Schneweis Ventures 13A. "This is a well that has considerable promise and, with access to a pipeline, production is not constrained by surface purification," he adds. In addition, Tulloch says the firm is finalising plans for new wells in Fort Dodge.
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Verici Dx PLC - Cardiff, Wales-based developer of advanced clinical diagnostics for organ transplants - Pretax loss widens to USD4.0 million in the six months ended June 30 from USD3.1 million the year prior, as revenue drops to USD1.8 million from USD1.9 million. Administrative expenses tick up to USD4.8 million from USD4.2 million. Tutivia testing volumes continue to increase quarter-on-quarter at a steady growth rate with Q3 2026 on track for a 53% increase in orders year on year. "H1 2026 has been a positive and progressive period for Verici. We continue to increase the number of centres ordering Tutivia and pleasingly three of the recent centres have already moved to high recurring ordering," says CEO Sara Barrington. In addition, Verici Dx says it intends to undertake a proposed equity fundraising with institutional and other investors. Proceeds will support growth plans.
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URU Metals Ltd - developer of the Zeb nickel project in South Africa - Net loss widens to USD1.3 million in the financial year ended March 31 from USD832,000 the year prior. Reflects increase in administrative expenses, exploration expenditure and impairment of intangible assets. "Our priorities for the year ahead are clear: to start drilling safely, to report results as they are received, and to build towards a maiden mineral resource while testing the project's higher-grade potential."
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Dillistone Group PLC - Basingstoke, England-based software supplier for the international recruitment industry - Pretax loss widens to £463,000 in the six months ended June 30 from £48,000 the year prior, with revenue down to £1.9 million from £2.2 million. Diluted losses per share are 1.24p vs 0.10p a year ago. Lower sales reflects the FileFinder product being discontinued by January 2027. Dillistone says the traditional recruitment software market remains "tough", but the end of life of FileFinder will have a "significant and positive impact on our figures from January 2027 onwards." Last week, Dillistone said it is proposing to broaden the group's strategy to enable it to acquire companies outside the software sector that are particularly well suited to a decentralised serial-acquisition model.
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Solvonis Therapeutics PLC - London-based biopharmaceutical company focused on central nervous system disorders - Pretax loss narrows to £1.4 million in the six months ended June 30 from £1.6 million the year prior. No revenue is disclosed, unchanged on-year. Cash and cash equivalents at period end were £659,000 versus £1.7 million a year ago. "The first half of 2026 saw Solvonis advance its clinical and discovery programmes, strengthen its intellectual property portfolio and sharpen its strategy for delivering shareholder value," company says. Looking ahead, says priorities "remain clear: advance SVN-001 towards its Phase 3 outcome, progress SVN-002 towards US clinical development and build the value of our proprietary programmes through targeted investment. Disciplined capital allocation remains central to our approach."
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