TRADING UPDATES: Gore Street says AGM to vote on Saba proposals
The following is a round-up of trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Fadel Partners Inc - New York-based media rights and royalty management software developer - Estimates first half revenue of USD4.8 million, up from USD4.7 million a year ago. Annual recurring revenue reaches USD9.4 million at Jun 30, up 11% from USD8.4 million. Total operating expenses drop to USD4.1 million from USD4.8 million, down 15%. Adjusted earnings before interest, taxes, depreciation and amortisation loss narrows to USD1.1 million from USD2.4 million. Expects 2026 revenue, adjusted Ebitda loss, and cash in line with market consensus. Fadel expects to publish its results for the six months to June 30 no later than September 30. Comments: "The group has significantly expanded its sales pipeline, with active opportunities across both IPM Suite and Brand Vision, spanning enterprise and mid-market accounts. Marketing and outreach activity across Licensing and MarTech events in the US and Europe continued to generate qualified pipeline opportunities, with prospects showing strong interest in our AI initiatives."
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Gore Street Energy Storage Fund PLC - invests in utility-scale battery energy storage systems - Comments on July 30 requisition notice from Saba Capital Management LP. Says "it is not obliged to put the proposed resolutions, as drafted, forward." However, says it has "determined to accommodate their inclusion" at its September 16 general meeting. Saba's resolutions are as follows: one, "that the company shall not continue in existence as an investment company" and two, "that if Resolution 1 is passed, then within 3 months the directors of the company shall put forward proposals to the members of the company to the effect that the company be wound up, liquidated, reorganised or unitised." Gore Street comments: "The board continues to strongly believe that the strategy detailed on March 17 2026 with its clear key performance indicators remains in the best interests of delivering maximum value to shareholders. It is further noted that the board has already committed to providing a continuation vote should any of the KPIs not be met. A comprehensive explanation of the board's unanimous position recommending that shareholders vote against the requisitioned resolutions at this time will be communicated to all shareholders in due course."
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Gulf Marine Services PLC - London and Abu Dhabi-based operator of self-propelled self-elevating support vessels for offshore energy industry - Converts its USD37.4 million, January 2026 bridge loan used to acquire a new vessel into a long-term term loan. Notes that the conversion does not increase its overall indebtedness. Says it "simply reflects the transition of short-term acquisition financing into a facility structure more appropriate to the long-term ownership of the vessel." Additionally, secures an additional AED-equivalent USD7.5 million working capital facility "to support its growing operations." Chief Financial Officer Alex Aclimandos says: "The successful conversion of this facility onto a long-term basis reflects the continued support of our banking syndicate and provides the company with cost-effective financing appropriate to the useful life of the vessel. As for the working capital facility, while 40% of the increase can be drawn in cash, we expect its use to be limited to the issuance of bonds and other bank guarantees."
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Eden Research PLC - Oxfordshire, England-based developer of biopesticides and formulation technologies for the crop protection, animal health and consumer products industries - Receives regulatory authorisation for its Botrytis grey mould fungicide in two further territories: Slovakia, where the product is registered as Mevalone, and Egypt, as Trilogy. Chief Executive Officer Sean Smith says: "These two represent important commercial milestones. Slovakia expands our European footprint through Biocont's established grower network and where the transition away from conventional chemistry is well underway. Our partnership with Biocont simplifies the value chain and helps both partners deliver greater value to growers."
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Vulcan Two Group PLC - investment company focused on acquiring e-pharmacy businesses - Provide trading update for the six months to June 30. Says it "encouraged by the potential" of recently acquired CloudRx, Hyperdrug and Webmed, "and the progress made in integrating operations across the group." Adds: "The acquired businesses provide the group with exposure to a range of product categories, customer channels and revenue streams, creating a diversified platform from which to support future growth." Calls first-half sales growth "strong in the general healthcare sector, particularly in women's health and ADHD medications". This is supported by its integrated digital prescription platform, Vulcan says. Says as part of its initial integration process, it has rationalised "a small number of lower-margin, higher credit-risk customers in the period." Warns this is expected "to reduce overall revenues near term" but says gross margin is expected to improve. Vulcan continues to expect its new 22,000 square foot distribution facility in Leeds to be fully operational by year-end. Additionally, announces plans to launch a new web platform by the end of the third quarter. Cash balance is approximately £6.0 million as at June 30.
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Metir PLC - York, England-based company focused on water testing services - Provides trading update. Production of Microtox LX instruments continues to increase, "enabling supply from stock and trials with key new customers." Year-to-date, it issues 144 customer quotations, including 83 quotations for Microtox LX and FX instruments, with 19 Microtox LX systems sold year-to-date. Addtionally, customer quotations are issued for more than 20,500 QuickChek SRB kits representing potential sales revenues of £1.23 million. Chair and CEO Bob Moore comments: "We continue to be a forward-looking business, making strong progress across our key product development programmes as we build a portfolio of environmental monitoring technologies to widen our revenue base and grow recurring revenue potential. We are also now pursuing strong inroads to the UK market with new alliances with UK water industry suppliers. The signing of our MoU with MechLine-UK also provides an exciting opportunity to introduce the capabilities of the Microtox platform via a major operational supplier to a number of large UK water companies."
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Cap-XX Ltd - Sydney-based designer and manufacturer of super capacitors and energy management systems - Raises £100,000 from retail offer, selling 66.7 million new shares at 0.15 pence each. Total equity raise is £2.3 million gross, including its recent placing and subscription.
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