(Alliance News) - 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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Journeo PLC - Leicestershire-based transport system services provider - Secures two contract awards totalling GBP3.0 million to provide on-board CCTV and automatic passenger counting services. "Under both contracts, Journeo will provide full support during the design phase and first fitment of the systems. All systems will be securely connected to the Journeo cloud-based software application via the existing train-to-shore communications, generating additional monthly recurring SaaS licensing revenues," it adds. "It is anticipated that approximately GBP1.0 million of revenue will be generated by the end of December this year and while both contracts are included in management's expectations of performance for the current year these add to the company's strong order book and provide further future revenue visibility."

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Strip Tinning Holdings PLC - Birmingham-based supplier of automotive specialist connection systems - Says first half of 2024 has seen "moderation of market demand" from original equipment manufacturers. "Given the company's strategic focus on wining higher value new business within the growing EV market, this temporary slowdown is having a more pronounced impact," Strip Tinning says. It has also seen "adverse cost pressures". Says revenue in first-half down 15% to GBP4.8 million from GBP5.6 million a year prior. Gross profit, however, up 12% to GBP1.7 million from GBP1.5 million. It expects full-year results for both 2024 and 2025 to be behind market expectations. Now expects revenue for 2024 of GBP9.1 million and an adjusted loss before interest, tax, depreciation and amortisation of GBP1.9 million. Puts 2024 market expectations at GBP10.9 million for revenue and GBP400,000 adjusted Ebitda loss. For 2025, it puts revenue market expectations at GBP15.0 million for revenue and GBP700,000 adjusted Ebitda.

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ITM Power PLC - Sheffield, England-based designer and manufacturer of electrolyser systems for green hydrogen production - Signs capacity reservation deal with "large utility company". The customer secures future production capacity for Neptune II units. Neptune II is a plug & play electrolyser system. "The reservation covers four Neptune II units to be manufactured in the 2025/2026 calendar years for a project in the UK," ITM adds.

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Spectra Systems Corp - Rhode Island, US-based company developing systems to protect against fraudulent transactions - Wins contract worth USD37.9 million to manufacture sensors for an unnamed "existing central bank customer". Says second tranche of USD1.7 million is expected later in the year, which would bring sensor manufacturing revenues from the contract to USD39.6 million. Expects to receive bulk of the revenue from the first quarter of 2024 through to the final quarter of 2027. "This manufacturing contract margin is expected to result in profits over its term that are significantly higher than previously estimated," Spectra says.

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Northcoders Group PLC - Manchester-based software coding training provider - Saw "record demand" in first half of 2024 and predicts a 26% increase in revenue on-year to GBP4.4 million from GBP3.5 million. "This revenue growth has been driven by further brand expansion across the UK as well as continued robust underlying demand for Northcoders' technology training services," it adds. "The second half of FY-2024 has started well and the roll out of the central nCore learning platform and its associated efficiencies, as well as Northcoders' largest ever GBP10 million Department for Education contract, continue to drive profitability. Strategic decisions to optimise growth of both the Training Bootcamp and Corporate Solutions divisions are bearing fruit and continue to propel topline expansion."

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Transense Technologies PLC - Bicester, Oxfordshire-based developer of specialist sensor systems for vehicles - Expects to report revenue in year ended June 30 of GBP4.2 million, rising 18% from GBP3.5 million. Expects adjusted Ebitda to rise 21% to GBP1.7 million from GBP1.4 million. Says both outcomes are "slightly above market expectations".

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Windward Ltd - Tel Aviv, Israel-based maritime predictive intelligence company - Says revenue in first half of 2024 rises 37% to USD17.6 million from USD12.8 million a year prior. Says "trading slightly ahead of market expectations on revenue" for 2024 and is "confident" on achieving "Ebitda breakeven run rate in 2024". Expects to release interim results in late August.

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Iofina PLC - explorer and producer of iodine with operations in Kentucky and Oklahoma - Says performs as expected in first half of 2024, producing 276.1 metric tonnes of crystalline iodine in Oklahoma, a rise of 14% on-year. It notes the first half is the "traditionally" lower part of the year due to "less favourable weather conditions". It expects second-half output in range of 355 to 380 metric tonnes.

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Itaconix PLC - manufacturer of plant-based polymers - Says expectations for 2024 remain in line with outlook set out in April. Says revenue in first half of year totals USD2.8 million, down from USD4.0 million a year prior. Itaconix notes a "strategic decision to decline low-margin business". Says gross profit margin tops 38% compared to 28% a year prior. Itaconix says: "In addition to improving gross profit margins, the Company is diversifying its revenue base with new accounts and growth from existing accounts. Initial orders were received in the first six months for a new dish detergent application in Europe, a new sustainable leather account, and a new application in mineral processing." Reiterates USD6.0 million to USD6.5 million revenue expectations for 2024.

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PipeHawk PLC - Aldershot-based technology solutions provider, serving the highways, automotive, rail and aerospace sectors - Names RSM UK Restructuring Advisory LLP as administrators to QM Systems Ltd subsidiary. In March, the company said QM was experiencing a number of challenges including a reduction in the number of orders and fair value. For the year that ended June 30 2023, QM reported post-tax loss of approximately GBP970,000 with revenue at GBP4.2 million. Revenue from the QM business accounted for 65% of the groups entire revenue that year. Management announced earlier in July that steps would be taken to place QM into administration, although the company stressed this would not impact the wider group.

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Sequoia Economic Infrastructure Income Fund Ltd - investor in infrastructure debt with a portfolio of private debt and bond investments - Sequoia IDF Holdings SA subsidiary receives finance lender licence under Californian financing law. "This will enable the company to greatly increase the scope of its current pipeline of opportunities in California, and provides the company with a competitive advantage over non-licenced lenders," it says. "California is one of the largest and fastest-growing markets for infrastructure finance in the US and, were it a country, would rank as the world's fifth largest economy. Target sectors for the company in California include energy transition (including renewable energy), digitalisation and transport infrastructure."

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By Eric Cunha, Alliance News news editor

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