TRADING UPDATES: M&C Saatchi expects to deliver on annual profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on ...

Alliance News 30 June, 2022 | 4:31PM
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Catalyst Media Group PLC - London-based investment firm - Updates on litigation matter of Sports Information Services Holdings Ltd, in which it holds a 21% stake. SIS's subsidiary has settled matters amicably in the legal dispute with Racing Partnership Ltd. SIS pretax profit for year ended March 31 is between GBP6 million to GBP8 million, swung from a loss year-on-year of GBP7.8 million. "This range reflects certain accruals and provisions relating to costs and settlement of the abovementioned litigation such that no further charges to profit are anticipated. CMG further understands that, following the settlement, SIS continues to hold substantial cash reserves and remains in a strong financial position," CMG explains.

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MyHealthChecked PLC - Cardiff-based healthcare company - Ahead of Thursday's annual general meeting, the company says momentum from the recently-announced "record" year of revenue has continued into the new financial year. Says trading in the first half has been stronger than expected, and ahead of budget. Will update further in mid-July.

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Ashtead Technology Holdings PLC - Aberdeenshire-based subsea equipment rental firm - Reports "excellent" start to the year, with revenue for the first half expected to grow at least 25% year-on-year to at least GBP31 million. Earnings before interest, tax, depreciation and amortisation margin is expected to be higher than the previous year and in line with expectations. "The business is well placed to continue benefitting from current market conditions during the second half of 2022 as we also seek to continue our focus on operational excellence, and further capitalise on the fungibility of our industry-leading rental fleet to support both oil and gas and renewables markets," says Chief Executive Allan Price.

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M&C Saatchi PLC - London-based advertising agency - Trades in line with expectations for pretax profit of GBP31 million for 2022. "The business is well placed to continue benefitting from current market conditions during the second half of 2022 as we also seek to continue our focus on operational excellence, and further capitalise on the fungibility of our industry-leading rental fleet to support both oil and gas and renewables markets," M&C says. At the company's annual general meeting, 32% of shareholders voted against reappointing Gareth Davis and Lisa Gordon. "The board notes that a significant proportion of the votes cast against resolutions 5 and 6 were cast by AdvancedAdvT Ltd and Vin Murria, a director of ADV. ADV has made a hostile offer for the company," M&C says.

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ValiRx PLC - Nuneaton, England-based drug development company - Plans to raise GBP1.5 million through a discounted placing. The proceeds will be used for working capital to continue development of its assets and to strengthen the balance sheet with a view to potential acquisitions. ValiRx will place 15 million shares at 10.00p a share, a discount of 38% to 16.25p closing share price on Wednesday. Extends exclusivity period for TheoremRx Inc to complete their financing round and execute the sub-license for VAL201 for use in oncology situations.

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Kefi Gold & Copper PLC - Cyprus-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Says project finance syndicate Tulu Kapi Gold Mines Share Co signs funding umbrella agreement, setting out the role and contribution of each syndicate member. Prepares to develop the project. "Simultaneous with the triggering of full development at Tulu Kapi, we intend to re-commence exploration programs in Ethiopia and expand our exploration program in Saudi Arabia. In Ethiopia, the initial focus will be underneath the planned open pit where we already have established an initial resource for underground mining at an average grade of 5.7 grams per tonne gold," says Executive Chair Harry Anagnostaras-Adams.

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By Elizabeth Winter; elizabethwinter@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Catalyst Media Group PLC 88.00 GBX 5.39 -
M&C Saatchi PLC 159.20 GBX 1.02 -
KEFI Gold and Copper PLC 0.59 GBX 0.08 -
ValiRx PLC 12.25 GBX -4.67 -
MyHealthChecked PLC 1.75 GBX 0.00 -
Ashtead Technology Holdings PLC Ordinary Shares 222.50 GBX 0.00 -

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