EARNINGS: Strip Tinning loss slims; JPMorgan US Smaller underperforms
The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Strip Tinning Holdings PLC - Birmingham, England-based provider of connection systems to the automotive sector - It says the first half was in line with board expectations, with its pretax loss narrowing to £1.3 million from £1.6 million and revenue climbing 18% to £5.4 million from £4.5 million. Its adjusted loss before interest, tax, depreciation and amortisation of £150,000 narrows from £280,000. "Based on the group's order book entering H2 2026 and trading since the period end, the board remains confident of meeting full-year market expectations. Customer orders received since 30 June 2026 support this confidence," it adds. It puts revenue expectations at £13.2 million and forecasts for adjusted Ebitda at £600,000. Revenue in 2025 amounted to £8.6 million and its adjusted Ebitda loss was £492,000.
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JPMorgan US Smaller Cos Investment Trust PLC - investor focused on smaller US stocks - It hails a "strong" total return, but warns "current trends of the market continue to present a significant headwind to performance" relative to its Russell 2000 Index benchmark. "While offering support and encouragement to the portfolio managers to remain true to the proven investment philosophy, we are directing the team, leveraging JP Morgan's extensive investment capabilities, to identify areas for development within the investment process, focusing particularly on enhanced risk analysis and portfolio construction," JPMorgan US Smaller says. Net asset value share at the June 30 half-year end rises 16% to 498.7 pence from 428.5p. It achieves a total return of 17.2%, but the Russell 2000 Index returns 24.1%. It expects to announce its dividend for 2026 in April.
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AVI Japan Opportunity Trust PLC - invests in small and mid-cap listed companies in Japan - Net asset value per share at June 30 half-year end totals 170.3 pence, from 172.3p a year prior, and 174.7p in December. Its total return over the six months is negative 2.2%, worsening from positive 11.7% a year prior and well shy of MSCI Japan Small-Cap Index sterling-adjusted return of 18.0%. AVI Japan maintains its dividend at 1.6 pence per share. "The board recognises that AJOT's investment performance over the first six months of 2026 was disappointing. However, our assessment remains positive over the medium to long term, reflecting the time required for corporate engagement to translate into fundamental change and shareholder returns. The board expects several of the initiatives being progressed by the investment manager will yield positive results over the coming months. The board remains confident in the company's long-term prospects and AVI's ability to create value through disciplined investment and constructive engagement," it says.
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Fadel Partners Inc - New York-based media rights and royalty management software developer - Pretax loss in six months to June 30 narrows to USD1.5 million from USD2.8 million a year prior, as revenue rises 4.1% to USD4.8 million from USD4.7 million. License and support revenue alone climbs 25% to USD3.1 million, "reflecting the contribution from new customer wins and expansions secured during the second half of 2025". Fadel expects an annual outcome in line with expectations for the whole of 2026.
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Baillie Gifford Shin Nippon PLC - invests in small Japanese companies - Net asset value per share at July 31 half-year end rises 22% to 179.1 pence, from 146.3p in January. Over the same stretch, the MSCI Japan Small Cap Index rises 13%, the investment trust notes. "It is pleasing to start by saying that, for the first time in a number of years, I can report that over the course of its latest reporting period, the company has achieved both a positive absolute return and also outperformed its comparative index," Chair Jamie Skinner says. "While periods of market and currency volatility are inevitable, the board remains confident that Japan's smaller companies continue to offer a rich source of entrepreneurial businesses capable of delivering exceptional long-term capital growth. Supported by a disciplined investment process and a portfolio focused on high-quality growth companies, we believe the company is well positioned to capture these opportunities for the benefit of shareholders."
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Mindflair PLC - investor in artificial intelligence technology - Pretax loss in six months to June 30 widens to £1.8 million from £365,000 a year prior. It reports total income of £103,000, up from a nominal £2,000 a year earlier. Mindflair reports a £1.6 million loss on investments held at fair value, swinging from a small £16,000 gain a year prior. "The Company continued to generate realisations from its portfolio with cash proceeds of EUR600,000 being generated from the partial realisation of its investment in CameraMatics as part of a new investor making a EUR49 million investment in the company. At the same time, the CameraMatics transaction allowed Mindflair to still retain an investment position in a very well-funded high growth company," Mindflair says.
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OptiBiotix Health PLC - York, England-based life science firm - Pretax loss in six months to June 30 widen to £1.6 million from £1.2 million a year prior, though revenue rises 22% to £679,000 from £557,000. OptiBiotix reports a £554,000 loss on the disposal of investments, swinging from a gain of £447,000 a year prior. "The company has made good progress in H1 2026 in reducing the costs of commercialising its first-generation products while maintaining sales growth, increasing margins, and making progress towards commercialising its second-generation products," Chief Executive Officer Stephen O'Hara says.
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