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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Renew Holdings PLC - engineering services company - Agrees to buy Enfield, London-based water-focused engineering services business J Browne Group Holdings Ltd for GBP29.5 million in cash. "The acquisition represents an excellent strategic fit, adding material scale to Renew's water business and brings new water clients into the group," Renew says. Adds that trading for the first half of the year is expected to be ahead year-on-year and in line with manage expectations. The latest national lockdown has not had a material impact on tracking, it says, and the board remains confident in delivering consensus expectations for the full-year. "Net debt and cash generation are also in line with expectations. The group's order book continues to be underpinned by long-term framework positions, including new awards during the first half of the year, and is expected to be in-line with that reported at our AGM in January," Renew says.
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Idox PLC - Reading, England-based management software provider - Says first quarter of financial year ending in October 31 saw a continued robust performance, in line with board expectations. Notes growth in underlying revenue and earnings year-on-year, while net debt was materially reduced to GBP18 million at the end of January from GBP27.1 million a year ago. "We have performed well in the first quarter of the year. Expansion within our existing client base alongside new customer wins has translated to underlying revenue growth. As we further simplify the group, we expect to continue improving revenue visibility, earnings and cash generation," says Chief Executive David Meaden. Says it is confident in its prospects and confirms intention to pay the final dividend in respect of the 2020 financial year of 0.3 pence.
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PCF Group PLC - parent of specialist bank PCF Bank Ltd - Says new business originations in the first five months of the current financial year totalled GBP104 million, down on GBP127 million a year ago, though says this is in line with management expectations as firm continues to be cautious in its underwriting while the economic outlook remains uncertain. Lending portfolio up slightly to GBP440 million at end of February from GBP434 million at end of September. "We will continue to prioritise our customers and staff while maintaining a cautious approach to loan origination. While the outlook remains volatile and the exit route from the pandemic remains uncertain, it is essential that we focus on loan book performance and protecting the strong franchises we have in our markets," says Chief Executive Scott Maybury. Separately, PCF says it has obtained an extension for the publication of its results for the year ended September. PCF's deadline now June 30 from March 31 previously.
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Open Orphan PLC - pharmaceutical services provider - Says subsidiary hVIVO has entered into a contract with a biotechnology company to run a human viral challenge study for a respiratory syncytial virus prophylactic and treatment. The total contract value if GBP7.5 million and the study is due to start in the fourth quarter of this year, with the majority of revenue being recognised in 2021. "This is another substantial and significant contract win for hVIVO and Open Orphan. Through signing these deals, we continue to reinforce our position as the clear world leader in human challenge studies," says Executive Chair Cathal Friel.
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Chamberlin PLC - castings and engineering firm - Conditionally raises GBP3.5 million via placing of 40.8 million shares at 6 pence each and a subscription for 17.5 million shares at the same price by Non-Executive Director Trevor Brown. Primary purpose of fundraise is to fund working capital and meet group restructuring costs. "As a result of the placing and subscription, the board believe that they will be able to demonstrate to the company's auditor (and creditors, including HSBC) that the company is able to continue to trade on a going concern basis in order to be able to publish and file its annual audited accounts for the year end 31 March 2020, publish its interim results for the six months ended 30 September 2020 and apply for the suspension of trading of the company's ordinary shares on AIM to be lifted," Chamberlin says.
Adds that sales for the 11 months to February 28 were GBP20.6 million, down from GBP23.9 million a year ago, and group was loss-making over the period.
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SigmaRoc PLC - London-based construction materials group - Enters into agreement to assume control of LafargeHolcim's quarrying operations, which are co-located at SigmaRoc's Carrieres du Hainaut Belgian business. The agreement gives SigmaRoc full control over Carrieres du Hainaut's production assets, putting the company in a stronger position commercial and operationally to pursue its growth strategy in the Belgian aggregates market as a large-scale supplier. Under the terms of the agreement, SigmaRoc will, from April 1, take over all of LafargeHolcim's production installations located at Carrieres du Hainaut for nil consideration. The group has agreed to supply LafargeHolcim Belgium with a minimum of 1.5 million tonnes of aggregates per year until the end of 2024, under a take-or-pay agreement, for which SigmaRoc will charge a production margin.
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Lekoil Ltd - oil and gas exploration and production company with a focus on Nigeria and West Africa - Reports revenue for 2020 of USD31.5 million, down 25% on 2019 due to lower realised oil prices. Expects to report total comprehensive loss of USD16.2 million, widening from USD12.0 million loss for 2019. "With the improving macro-economic outlook, the company is beginning to benefit from the more favourable crude pricing environment," Lekoil says.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Committee for Medicinal Products for Human Use, an advisory committee of the European Medicine Agency, has issued a positive opinion to the European Commission recommending Efmody as treatment of adult and adolescent patients with the rare condition congenital adrenal hyperplasia. The formal approval of marketing authorisation from the European Commission is anticipated in June. Diurnal has already commenced market access activities in its target European territories, with the first commercial launch anticipated in the third quarter of 2021. IP Group PLC holds just under a 32% stake in Dirunal.
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Haydale Graphene Industries PLC - Ammanford, Wales-based nanomaterial producer - Awarded GBP1.1 million loan facility by Innovate UK Loans Ltd, a wholly owned subsidiary of UK Research & Innovation. "Haydale, with the support of Innovate UK, is implementing its plan to expand its capacity to manufacture functionalised nanomaterials, including graphene, to meet growing demand. Haydale will be investing in a HT1400 plasma reactor and ancillary equipment to provide a facility to be able to increase production volume by at least eight-fold once fully optimised," company says.
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Adams PLC - special situation investor headquartered in the Isle of Man - Raises GBP562,250 via placing of 8.7 million shares at price of 6.5p each. Additionally intends to provide shareholders with the opportunity to subscribe for up to 61.9 million shares at the same price, to raise up to a further GBP4.0 million on the basis of 0.75 of a new share for every one existing share held. The 6.5p price represents a discount of around 26% to Thursday's 8.75p closing price.
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Benchmark Holdings PLC - Sheffield, England-based aquaculture genetics and nutrition - Signs first customer agreements for the delivery of its novel water purification system, CleanTreat. "The agreements secure customer access to one of Benchmark's CleanTreat units which will be deployed in conjunction with the new sea lice treatment BMK08. The agreements remain subject to the regulatory process to obtain a marketing authorisation in Norway for BMK08," Benchmark says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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