TRADING UPDATES: Novacyt plans job cuts; EnSilica's contract win
The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Buys G-Pack Manufacturing Ltd, a designer and seller of injection moulded components for the UK window and door hardware sector, for £1.0 million. This comprises £900,000 paid on completion and £100,000 held in escrow and released to the vendors 12 months following completion. An additional payment of £200,000 was made in respect of the excess working capital of G-Pack, which is expected to be covered by the cash inherited at completion. The deal will be funded from existing cash resources and is expected to make a positive contribution to earnings in the first full financial year following completion. For the financial year ended November, G-Pack generated revenue of £1.3 million, pretax profit of around £180,000 and had net assets of £300,000. Chief Executive Tom Carpenter says: ‘The acquisition of G-Pack represents another important step in delivering our Titon 2028 strategy. It adds a complementary product range to our Window and Door Hardware business, supported by an adjacent customer base. We expect to bring currently outsourced production into our Haverhill facility, improving margins and the utilisation of our existing injection moulding capability.’
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Checkit PLC - Cambridge, England-based workflow management software provider - Provides an update regarding the formal sale process announced in March. Checkit appoints EC M&A as joint financial adviser to manage discussions with interested parties as it progresses with the process. This reflects the board’s focus on maintaining an ‘efficient and internationally coordinated process as it evaluates strategic interest in the company.’ EC M&A is a US-headquartered M&A adviser specialising in industrial and life science technologies. Shareholders are advised to take no action at this time.
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Forgent PLC - London-based provider of syngas technology and engineering services for converting waste into sustainable energy and biofuels, and also has copper and gold assets - Announces that the Department of Mines, Petroleum and Exploration approves the programmes of work for the maiden drilling campaign at Peak Hills gold-copper project in Western Australia. Forgent says this represents a ‘major operational milestone’ as it transitions from project evaluation to active field exploration. It believes Peak Hills offers a ‘compelling opportunity to unlock value’ through the combination of shallow mineralisation targets, encouraging historic gold and copper results, and close proximity to existing regional processing infrastructure. The initial phase 1 programme has been designed to test multiple high-priority targets across the Karalundi, Junction and Curleys prospects using low-cost aircore drilling. It will focus on validating historic exploration results, extending known mineralisation and identifying additional mineralised zones across the broader project area. The approved PoW permits provide for drilling of up to 750 aircore holes across the project area. The initial campaign is expected to comprise 35 holes for 2,300 metres of drilling at an estimated cost of A$200,000. Chief Executive James Parsons says the receipt of these approvals allows ‘us to move from planning into execution, with drilling expected to commence this summer.’
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Redcentric PLC - Harrogate, North Yorkshire-based IT managed services provider - Revenue totals £132.1 million in the financial year ended March 31, down 2.2% from £135.1 million a year prior. Recurring revenue remains high at 88%, underpinning ‘excellent earnings visibility’ with gross profit margin around 61.0% versus 61.6% the year prior. Adjusted earnings before interest, tax, depreciation and amortisation for the MSP business for the full year total £17.5 million, ahead of market expectations of £17.2 million. ‘This performance reflects strong traction in the second half and continued effective cost discipline,’ Redcentic says. Chief Executive Officer Michelle Senecal de Fonseca says: ‘We are well positioned to accelerate growth and deliver sustainable value for shareholders in FY27 and beyond.’ In addition, it appoints Tim Sykes as chief financial officer & executive director with immediate effect. Sykes has more than 30 years of financial experience and previously served as CFO of Proactis Holdings PLC for 15 years before becoming its CEO and overseeing its take-private transaction. He succeeds Tony Ratcliffe, who joined on a fixed-term basis in August 2025 to support the sale of Redcentric’s data centre business. Ratcliffe will remain with the company for a period to ensure an orderly handover. Redcentric completed the sale of its data centre business for estimated consideration of £122.9 million in April.
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EnSilica PLC - Oxford, England-based computer chip maker - Announces a new seven-year $75 million manufacturing and supply contract to produce an Arm-based sensing chip for a German manufacturer of automotive components. EnSilica was awarded the contract after completing a competitive tender process. As the chip is already in production, no design or tape-out is required. EnSilica will now be responsible for the manufacturing and supply of the chip to the customer. Of the $75 million total, $4 million of revenue is expected in the financial year ending May 2027.
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Novacyt SA - biotechnology group focused on clinical diagnostics - Announces plans to streamline its operations and cost base, which may result in a reduction of up to 40% in the group’s headcount from 230 as at May 26. Should the restructuring proceed, the associated labour and non-labour savings are expected to reduce the annual cash burn by up to circa £4.0 million, once all restructuring initiatives are complete. A cash restructuring charge of up to £1.0 million is expected to be incurred.
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