TRADING UPDATES: Pulsar settles HMRC arrears; Image Scan contract win
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Savannah Resources PLC - European-focused lithium producer - Engages SP Angel Corporate Finance LLP, Canaccord Genuity Ltd, Alantra Equities SV SA and CaixaBank SA as joint global co-ordinators to undertake a proposed fundraise to raise a minimum of USD30 million at 5.5 pence per share. This will be way of conditional direct subscriptions by some of its largest shareholders and members of Savannah's senior management team and a placing to both new and existing institutional investors. A retail offer through Retail Book Ltd will also be launched shortly. Proceeds will advance the company towards final investment decision on the Barroso Lithium project, secure critical long lead items, deliver key milestones ahead of construction, maintain the project's timeline and provide appropriate contingency and schedule buffers to mitigate execution risk. The fundraise will also provide additional working capital.
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Cadence Minerals PLC - London-based mining services company - Due to the high level of demand received Cadence decides to close the WRAP retail offer early. A further announcement will be made on Thursday regarding the total proceeds.
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Smiths Group PLC - London-based engineering company - Confirms it will start the second trance of its £1.5 billion share buyback "shortly". The first £300 million tranche is currently being executed with the second to be worth up to £500 million. The new tranche is expected to be completed by March 31, 2027.
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Pulsar Group PLC - London-based software-as-a-service provider for the marketing and communications industries - Announces that, as expected, the group has paid the outstanding amounts owed to HMRC. The repayments were made from normal cash collections and, as a result, Pulsar has reached a satisfactory conclusion with HMRC. Says its underlying trading position is robust with a number of recent notable wins across all regions. "The key priorities during the final quarter of the financial year are to convert a strong global pipeline, deliver further operational efficiencies and to improve the group's underlying operating cash generation," it adds. Chief Executive Joanna Arnold says: "We deeply regret any concern that this unexpected situation may have caused to all stakeholders but are pleased that it has now been resolved. As previously stated, we continue to focus on delivering further significant operating efficiencies so as to strengthen the group's overall cash flows and its financial position."
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Image Scan Holdings PLC - Leicestershire, England-based provider of X-ray screening systems - Announces that recently acquired ClanTect Ltd has secured its first significant contract since joining Image Scan. The contract is for the supply of six ClanTect human presence detection systems for use in state border security operations in Eurasia. "This award represents an important early validation of the strategic rationale for the acquisition," Image Scan says. ClanTect broadens the group’s offering into an adjacent and complementary area of security detection, it says. "While 3DX-Ray's established portfolio supports X-ray inspection across security, defence and industrial applications, ClanTect is designed to detect people concealed within vehicles, trucks and trailers using highly sensitive vibration sensing and proprietary signal-processing technology," Image Scan explains. Chief Executive
Vincent Deery comments: "This is an important milestone for ClanTect and an encouraging early demonstration of the strategic benefit of bringing the business into the Image Scan." Adds: "The acquisition has broadened our security technology portfolio into a highly complementary area and gives the group access to additional opportunities across border security, prisons and critical infrastructure. At the same time, our core operations continue to provide the commercial, technical and support platform from which we can develop these opportunities in a disciplined way."
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PCI-PAL PLC - Suffolk, England-based provider of cloud-based secure payment solutions - Confirms its reseller partnership with London-based telecommunications firm BT Group PLC. In March, PCI-PAL said it had signed a new integrated reseller partnership with a leading telecommunications company with an extensive customer-base across carrier services, contact centre, and unified communications. The partnership with BT follows an extensive procurement process, culminating in the signing of the agreement in March. Since then, PCI Pal has undertaken an onboarding and enablement programme in preparation for the broader activation of the partnership. With the sales pipeline now beginning to build and the first customers acquired under the partnership, the company is now looking ahead to further activation activities and building momentum through FY27. Chief Executive James Barham says: "BT is an important new partner for PCI Pal, bringing significant and global customer reach and expertise across a number of our key target markets. The relationship also aligns well with our existing partner ecosystem, with BT having technology relationships with a number of our existing partners."
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Crimson Tide PLC - Kent, England-based field management software provider - At Tuesday's annual general meeting Chair Chris Fielding says the group has made a good start to the financial year ending April 30 2027 and trading is in line with market expectations for FY27. "Five new customers have been contracted since the start of the year, each of which is now live on the mpro5 platform. In addition, three existing customers have agreed 12-month contract extensions, demonstrating continued confidence in the platform and our customer success model," Fielding notes. Contracted monthly recurring revenue stands at £400,000 as of Tuesday. "Although forecast churn has moderated the rate of growth, new customer wins and expansion within the existing customer base have returned the group to a positive [monthly recurring revenue] trajectory," Fielding adds. Cash as at September 21 amounts £1.5 million versus £2.1 million at April 30. "This reflects the normal timing of cash receipts and expenditure across the group together with ongoing investment in product development and growth initiatives," Fielding explains.
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Eco Atlantic Oil & Gas Ltd - Atlantic margin-focused oil and gas explorer with offshore license interests in Guyana, Namibia and South Africa - Further to announcements in December and May, Eco completes its farm down of a 37.5% working interest in block 1 CBK offshore South Africa and transfer of Operatorship of the block to Navitas Petroleum LP. This follows receipt of the requisite regulatory approvals from the government of South Africa and the TSX Venture Exchange. Eco says this represents another key milestone in its strategic framework agreement with Navitas and follows an extensive review of the block's existing geological data by both Eco and Navitas. On completion, Eco now holds a 37.5% working interest in block 1 CBK with Navitas assuming operatorship. "Navitas is a highly experienced global operator and producer with an exceptional track record of developing offshore resources. Their expertise, tied with South Africa’s growing need to bring new domestic gas supplies online to meet in-country demand, provides strong foundations to progress the development of Block 1 CBK's sizeable resources," says Eco Chief Executive Gil Holzman.
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IntelliAM AI PLC - South Yorkshire, England-based provider of AI-driven software solutions for the manufacturing and engineering sectors - Announces a further order from one of the world's largest agricultural processing and commodities businesses taking the combined value of orders from this client to over £450,000 for the last 12 months. The order involves a trial of IntelliAM's machine learning and AI capability within the customer's EMEA operations and could provide a significant opportunity to scale both layer 1 and layer 2 of the IntelliAM platform across the customer's principal businesses in the region. Chief Executive Tom Clayton says: "IntelliAM is expanding its established commercial relationship with this global agricultural and commodities business and scaling its deployment with this latest project by extending the relationship into a potentially much broader machine learning and AI opportunity."
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SulNOx Group PLC - London-based green fuel technology developer - Signs a four-year supply agreement with Spring Marine Management SA, a Greek ship management company and long-standing customer of SulNOx. The agreement covers the supply of SulNOx Eco for use across at least 34 vessels and around 600,000 litres of product over the contract term - an increase of about 70,000 litres of SulNOx per annum from current levels reflecting planned fleet expansion and larger vessels consuming more fuel. In addition, Spring Marine will make a strategic investment of up to £1.1 million in SulNOx through the subscription for just under 2.8 million shares at 40 pence each. "Spring Marine's decision to invest in SulNOx alongside its supply commitment is a clear endorsement of the SulNOx Eco product and the growth prospects of the company," SulNOx says. The deal provides SulNOx with long-term contracted demand from an established customer and further validates the sustained benefits of SulNOx Eco in real-world maritime operations. SulNOx expects the agreement to generate significant incremental revenue. SulNOx CEO Ben Richardson says: "We are delighted to deepen our relationship with one of Greece's most respected ship managers as it continues to grow and develop its fleet."
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