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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Wentworth Resources PLC - Tanzania-focused natural gas producer - Revenue for 2020 rises 1.9% to USD19.0 million from USD18.6 million in 2019, while pretax profit surges to USD2.2 million from USD987,000. Profit growth outstrips revenue increase as cost of sales falls 7.1% to GBP9.4 million. Says performance was "strong and resilient" against challenging backdrop. Declares dividend of 1.0 pence per share, bringing total dividend for year to 1.5p, up 27% on 2019. Adds that it has seen a record first quarter performance to date, with average production volumes for the first quarter of 2021 84.7 million standard cubic feet per day per day versus 63.6 million a year ago.
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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products - Total operating income for 2020 GBP2.3 million, nearly half the GBP4.4 million achieved in 2019. However, pretax loss broadly steady at GBP13.6 million from GBP13.5 million. Distribution Finance booked GBP2.1 million in exceptional costs in 2019 which did not repeat in 2020. Loan book growth was "constrained" during the year, ending 2020 at GBP113 million, down 46% on 2019 - though exceeded GBP193 million as at March 31, 2021. Says well-capitalised and has sufficient regulatory capital to enable growth in its loan book up to around GBP550 million, a milestone it hopes to achieve by 2022-end. "Whilst we are buoyed by the positive signs we are seeing across the markets in which we operate, it is undoubted that the economic environment remains uncertain. We expect to maintain a cautious approach to lending as dealers and manufacturers continue to work their way through the worst of this pandemic and the new administrative burden following Brexit," company says.
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Martin Currie Global Portfolio Trust PLC - aims to achieve long-term returns in excess of the total return from the MSCI All Country World index - Says net asset value per share total return for financial year ended January 31 was 20%, outpacing benchmark which returns 12%. "This level of return could be labelled 'strong' in any year, but in the circumstances it was exceptional," company says. NAV per share ends year at 358.2p, up from 301.9p at end of January 2020. Company says: "The board believes that the company is well placed to continue to deliver attractive investment returns and that this should enable us to grow the size of the company over time."
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Gunsynd PLC - UK-based investment firm - Invests GBP50,000 into Media Tech SPAC PLC, a special purpose acquisition company formed to make acquisitions in the media & technology space. Subscribes for 1.3 million shares at 4 pence each. Gunsynd's investment is a part of a of GBP1.6 million capital raising. "I have been particularly impressed with the high-profile board of directors that has been assembled at MTS, which aims to deliver an exciting acquisition for shareholders. With the depth of experience on offer, I feel confident on the MTS team's ability to execute and generate tangible value via a future acquisition(s)," says Gunsynd Director Peter Ruse.
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Fulcrum Utility Services Ltd - Sheffield-based multi-utility infrastructure and services provider - Secures two new contract awards at Fairham, Nottinghamshire. The two initial contracts, worth GBP5.9 million, are expected to be delivered over a period of two years and will supply the electricity, gas and water "spine" infrastructure and a primary substation at Fairham's major new 606-acre neighbourhood in Nottingham. Fairham is a joint venture between Derbyshire-based Clowes Developments and Homes England, the government's housing accelerator. "The group expects that there will be considerable opportunities to supply additional utility works on the development as part of a new utility infrastructure agreement entered into between Fulcrum and Fairham, in which Fulcrum has been specified as preferred utility partner for home builders constructing on this development," firm says.
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ADM Energy PLC - UK-based natural resources investing company - Enters into non-binding collaboration agreement with OES Energy Services Ltd, Nigeria's largest swamp rig services provider, and 4Mation Drilling Services Ltd, a solution provider in the energy sector. The three plan to explore opportunities to develop Barracuda Field in OML 141 and associated work-related activity in Nigeria. "It is the intention of the parties, together with the risk sharing consortium in respect of Barracuda Field, that a formal agreement will be entered into in advance of any work commencing. The CA may be terminated by mutual consent," ADM says.
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Galantas Gold Corp - Northern Ireland-focused gold producer - Receives strong demand for private placement, and this has resulted in a potential over-subscription. Placement's maximum increased to 26.7 million units from 22 million previously. Each unit comprises one common share and one warrant. The minimum gross proceeds expected to be raised remain as CAD5.1 million - equivalent to around USD4.1 million - with maximum proceeds of CAD8.0 million, previously CAD6.6 million. "The net funds raised will be mainly used for bringing the Galantas Gold Mine into full commercial production and for exploration to expand the high-grade gold resources. An increase in the maximum gross proceeds will permit the planned exploration program to be accelerated," company says.
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Panther Metals PLC - company focused on mineral exploration in Canada and Australia - Completes private placing for total of 1.7 million shares at price of 12 pence each "following an unsolicited approach from two high net worth investors", raising a total of GBP200,000. Price represents discount of 7.7% to closing price on Monday, the date on which the placing price was agreed. "This placing, with experienced investors, demonstrates confidence whilst the additional capital will help underpin the business and advance our plans in some key areas. I look forward to updating the market on those steps in the very near future," says Chief Executive Darren Hazelwood.
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Spectra Systems Corp - Rhode Island-based authentication technology provider - Executes agreement with its central bank customer, in addition to the sensor agreement announced in February, to include a new capability in those sensors to detect "exotic counterfeits". The new contract will result in an additional USD1.2 million of development funding to begin immediately. This contract increases the total development funding to USD8.7 million and could increase the sensor sales revenue by USD7.5 million to USD41.5 million, depending on the total order size. "This is a significant development which underpins the central bank's confidence in our technology capbilities and further bolsters the case for cash going forward," says Chief Executive Nabil Lawandy.
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President Energy PLC - oil and gas company focusing on Latin America - Says Well LB-1001 in the Las Bases field has now been placed on stream. Initial production results demonstrate a "better than expected" level of gas production with no associated water and good pressure. "So far the results of LB-1001 are both pleasing and encouraging and we are moving on to the next stage of managing the well with confidence," says Chair Peter Levine. Adds that gas prices in Argentina are showing marked signs of increase, and it has within the last month "effectively hedged part of its production to effect a baseline of steady income" with the company having the flexibility to sell the balance either at spot or at opportunistic rates should they arise.
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ADES International Holding PLC - MENA-focused drilling oil and gas wells company - Says takeover offer from Innovative Energy Holding Ltd now unconditional in all respects after acceptance condition satisfied. Cancellation of ADES shares in London expected to take effect on May 21.
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Argo Blockchain PLC - London-based cryptocurrency miner - Engages Navier Inc to co-develop its mining facility in Texas. Navier, a specialist in the design and construction of cryptocurrency mining facilities, will provide a range of consulting services related to the design and construction of the new Argo facility. Under the agreement, Argo will pay a monthly retainer and will issue Navier warrants. "We are delighted to have Navier on the team to help us develop our new mining facility in West Texas. Argo intends to build state-of-the-art mining infrastructure which will not only provide greater control over our operations but also meaningfully expands our mining capacity," says Argo Chief Executive Peter Wall.
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Air Partner PLC - aviation services provider based in West Sussex - Says private jets division has seen a "significant" year-on-year increase in JetCard deposits in both the UK and US in February and March. The US Private Jets business, which benefits from a large domestic market, sold 500% more new JetCards in the period year-on-year and recorded a 450% increase in deposits from new customers. In the UK, the number of JetCards sold and renewed in February and March increased by 15% year-on-year, with GBP750,000 worth of JetCard deposits secured from new customers. "Air Partner has seen demand recover faster for its JetCard product than ad-hoc flying. The JetCard programme allows clients to plan their travel for the year ahead by buying private jet flying 'hours' in advance," it says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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