City round-up: McBride; Unikmind
Manchester-based cleaning products manufacturer, McBride, said pre-tax losses for the year to June 30, 2023, will be lower than expected, in a trading update today.
It said against the backdrop of high levels of inflation, the group has remained focused on executing its Compass volume, revenue and cost optimisation plans. New business wins, combined with favourable demand levels for private label products, have meant that output levels are more favourable than expected. Customer service levels have continued to improve significantly, in turn delivering better volumes and supporting opportunities for more strategic partnerships with key customers.
As a consequence, the board now expects full year adjusted operating profit and full year reported loss before tax to be between £5m and £10m ahead of current market expectations of £27.3m, and for net debt on June 30, 2023 to be £15m to £20m lower than current market expectations of £201.5m.
The Group will issue a year end trading statement on July 14, and preliminary results are currently scheduled to be announced on September 19.
Current market expectations see sales revenues for the year of £874m, and an adjusted operating profit of £3m
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Ido Erlichman
Unikmind, the majority shareholder in Isle of Man digital security and privacy software business Kape Technologies, said it has had sufficient acceptances from shareholders in its bid to buy the remaining stake in the AIM-listed company after increasing its offer to $3.60 per share.
It launched the takeover bid in February this year and said its stake in the company, headed by CEO Ido Erlichman, now stands at more than 76%.
Unikmind said it now intends to declare the increased and final offer to be unconditional.
It also announced that it will make an application to the London Stock Exchange for the cancellation of the admission to trading of Kape Shares on AIM.
As a result of the fact that such a shareholder resolution is able to be passed in writing, this will mean that the delisting is able to be achieved on an accelerated timeline.
