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TRADING UPDATES: Gear4music lifts outlook; Public Policy beats consensus

ALN

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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Gear4music Holdings PLC - York, England-based online retailer of musical instruments and equipment - Gear4music expects profit ahead of consensus for the full-year amid a strong peak trading period. Revenue in the three months to December 31, its third quarter, rises 32% to £64.6 million from £49.0 million. It now expects annual earnings before interest, tax, depreciation, and amortisation ahead of market expectations. It predicts an Ebitda of no less than £17.7 million, rising from £10.0 million in the year that ended March 31, 2025. It puts consensus at £16.7 million. ‘While the macro-economic and consumer environment remains uncertain, the Group continues to deliver strong momentum and improving profitability, supported by a clear and disciplined strategy for sustainable growth,’ Executive Chair Andrew Wass says. ‘Given the continued strength of trading and the benefits of the revised capital expenditure profile, the board has upgraded its expectations for FY26, FY27 and FY28.’

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Public Policy Holding Co Inc - Washington, DC-based group of advisory firms specialising in government affairs and public relations - Public Policy hail a ‘strong performance’ in 2025, saying it will report revenue and adjusted earnings before interest, tax, depreciation, and amortisation ahead of consensus. Revenue is expected to have grown 25% to $186.5 million from $149.6 million. Adjusted Ebitda rises 18% to $45.5 million. For the final quarter alone, the adjusted Ebitda improves 28% to $12.5 million, while revenue rises 28% to $49.9 million.

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System1 Group PLC - London-based marketing firm - Total revenue in the third quarter ended December 31 fall 4% to £9.8 million from £10.2 million, while platform revenue alone is flat at £9.5 million. ‘Q3 saw a recovery in our revenue, particularly in UK & Europe, with many of our largest clients’ Adtesting spend normalising after a reduced H1, providing some momentum for Q4. We therefore remain confident in maintaining our guidance for the year,’ CEO James Gregory says. System1 expects annual revenue in line with the £37 million achieved in the prior financial year.

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Concurrent Technologies PLC - Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications - Announces ‘significant year-on-year growth’, which it puts down to record order intake. For 2025, it expects to report double-digit revenue and pretax profit growth from £40.3 million and pretax profit of £5.2 million in 2024. It expects a revenue and profit performance in line with market expectations, which it puts at £46.0 million and £6.2 million. Order intake shot up to a record £47 million in 2025, from £41 million, ‘driven by particularly strong demand from customers in Europe and Asia-Pacific, reflecting the continued strengthening of Concurrent’s reputation among leading global primes’. Looking ahead, it says: ‘The company has entered the new financial year with good momentum, underpinned by robust customer demand, record order intake and a growing pipeline of design wins expected to convert into production revenues. This progress is supported by a solid balance sheet, providing the financial flexibility to continue investing as the group delivers on its growth strategy in the year ahead, with strategic plans in place to manage component costs through the year as necessary.’

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Niox Group PLC - Oxford, England-based developer of medical devices for asthma diagnosis - Niox expects to report a ‘strong financial performance ahead of market expectations’ for 2025. Revenue rises 17% to £48.7 million from £41.8 million, with adjusted earnings before interest, tax, depreciation, and amortisation beating consensus and climbing 21% to £16.7 million from £13.8 million. Consensus stands at £15.9 million for adjusted Ebitda and £47.2 million for revenue. ‘2025 has been another year of strong progress for Niox, with continued growth in our installed base and recurring revenues across our key markets. We were particularly pleased to introduce our next-generation Niox PRO device on schedule and to complete our first sale in December, marking an important milestone in the evolution of our product portfolio. We enter 2026 with a strong balance sheet, close to £20 million in cash, good commercial momentum,’ Chief Executive Officer Jonathan Emms says.

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Midwich Group PLC - Norfolk-based audiovisual technology company - Expects to report 2025 revenue of around £1.3 billion, flat on-year, amid a ‘return to growth in the second half year’. ‘Gross margins held up well and are expected to be broadly similar to the prior year and adjusted profit before tax is expected to be in line with the board’s previous expectations of £30 million,’ Midwich says. Midwich achieved pretax profit of £22.3 million in 2024 and a gross margin of 17.8%. Continuing revenue weakened sightly on-year on a constant currency basis. Organic revenue was down 1.5%, it says, after a roughly 3% fall in the first half before around 0.5% growth in the second. ‘Whilst 2025 has been challenging for our industry, we have been proactive with our initiatives to drive improved future performance, including developing new vendor and customer relationships, building new revenue streams and pursuing operating and cost saving efficiencies. These initiatives include exploring opportunities around implementing AI solutions designed to improve the productivity of the business and drive future growth,’ Managing Director Stephen Fenby says, ‘Midwich remains well positioned for the year ahead and the group continues to deliver both organic and inorganic growth in the longer term. I would like to thank all of my colleagues across the group, together with our customers and vendor partners for their continued support.’

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Getech Group PLC - locator of subsurface resources - Expects to swing to adjusted earnings before interest, tax, depreciation, and amortisation of £500,000 for 2025, from a loss of £600,000 in 2024. It will be the first positive Ebitda since 2019. Revenue is expected to have risen 6% to £5.0 million from £4.7 million. ‘We have achieved the goals we set at the start of the year. We did this by resetting the Company cost base without restricting our ability to deliver projects and grow revenues, and by taking the business back to its roots by focusing on the markets we know best: oil & gas, mining and natural hydrogen,’ CEO Chris Jepps says. ‘The trading performance has been very satisfying. Our objective now is to build momentum by continuing to grow our revenue lines and in particular focusing on materially adding to ARR via our subscription products, both with new clients and by expanding existing contracts.’

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