(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Renalytix AI PLC - Cardiff, Wales-based clinical diagnostics company - Wins 10-year governmentwide acquisition contract from US government to provide KidneyIntelX early-stage kidney disease bioprognostic testing services. The contract, offered through the General Services Administration, covers laboratory testing services that can be provided through more than 140 US government departments, agencies and affiliates, including the US Veterans Administration, Department of Defense military branches, and Indian Health Services. "The contract is effective as of April 15, 2021 and has a five-year term with a five-year extension option, and is structured as an Indefinite Delivery, Indefinite Quantity contract providing for an unlimited quantity of services over the contract term. Under the contract, KidneyIntelX pricing is set at USD950 per reportable result," company explains.
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Bank of Georgia Group PLC - London and Tbilisi-based lender - Notes claim from Roman Pipia seeking USD286.5 million as damages from BGEO Group Ltd, formerly BGEO Group PLC, a subsidiary of the bank, has been struck out and dismissed in its entirety by High Court of England. "The strike out represents the conclusion of all proceedings related to the foreclosure by JSC Bank of Georgia against the assets of Rustavi Azoti LLC. A linked dispute launched before the Georgian Courts by the East West United Bank SA, Agrochim SA and Sistema Holding Ltd against JSC Bank of Georgia, JSC BGEO Group, both subsidiaries of Bank of Georgia Group, and others, requesting damages of approximately USD93.6 million or restitution, was also finalised in favour of the defendants, with the Supreme Court of Georgia upholding the judgments of the two lower instance courts and dismissing the claimants' claims in full on December 29, 2020," banks adds. In 2011, Pipia entered a credit facility with JSC Bank of Georgia, a subsidiary of BGEO, and in September 2016 Rustavi's business and assets were sold at auction. Pipia has claimed that the auction was improperly constituted, parties connected with BGEO were involved and that Rustavi Azot's assets were sold at a significant undervalue.
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Henry Boot PLC - construction firm - Increases investment portfolio towards a target of GBP150 million, and looks to expand its GBP1.4 billion total development pipeline. HBD, company's property development business, has acquired Allied Business Centre, a 150,000 square foot industrial estate in Skelmersdale, Lancashire from West Pimbo Ltd for GBP4.8 million. The estate is located adjacent to Junction 5 of the M58 motorway and comprises 117,800 square foot of warehouse space plus serviced offices spanning over 30,000 square foot. HBD has also secured a prominent 2.6-acre city centre site in Birmingham's popular Jewellery Quarter with a view to delivering a GBP100 million GDV residential-led mixed use scheme.
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MGC Pharmaceuticals Ltd - medicinal cannabis firm - Acquires 100% of worldwide pharmaceutical clinical research company MediCaNL Inc for USD6.0 million in shares. MediCaNL offers clinical and preclinical trial services, as well as assistance with clinical trials in the form of research data from past studies of all Phase I to IV using a variety of treatment methods. Currently, MediCaNL has 11 clients and is working on 40 different projects and clinical trials. In 2020, MediCaNL generated revenues of almost USD1 million, with a profit margin of 25%. "The acquisition will enable MGC Pharma to speed up the process of bringing medicines and products to market by increasing our throughput capability, and making clinical trial performance and design an insourced activity. The acquisition will also deliver significant ongoing cost savings to the company, as MGC Pharma will be undertaking one Phase III and two-Phase II clinical trials on three different products in 2021, along with two Phase I clinical trials planned for H2 calendar 2021," company adds.
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Ince Group PLC - legal services company - Expects revenue for year ended March 31 to be GBP97 million, ahead of the GBP96.4 million seen the year before. Notes available cash facilities at end of period of GBP10.8 million, up from GBP5.3 million year before. Says Overseas offices continued their organic revenue growth trend. UK revenue recovered from the levels seen in April and May last year and subsequent like-for-like performance across the majority of sectors was broadly flat. As restrictions are eased, confidence and market activity levels are beginning to improve again. Chief Executive Adrian Biles says: "The outlook for the current year is positive as travel and other restrictions continue to ease. Remote working is long established at Ince and we expect it to continue to some degree going forward but we regard the return to the office on a more regular basis as an important feature of the business."
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Byotrol PLC - UK-based infection prevention and control company - Expects annual results for year to March 31, to be "substantially ahead" of the previous year and broadly in-line with market expectations. Revenue is expected to be in excess of GBP11 million and adjusted earnings before interest, tax, depreciation and amortisation over GBP1.7 million, up from GBP6.1 million and GBP300,000 million in financial 2020, respectively. "This strong result reflects the exceptional demand for our technologies across all markets due to the Covid-19 pandemic, but also a secular shift towards the heightened importance of infection prevention in all our markets, which we expect to continue into the new financial year and beyond," company adds.
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Armadale Capital PLC - investment company focused on natural resource projects in Africa - Progresses metallurgical bulk test work programme, with Phase One completed successfully. "Test work to date has confirmed the efficacy of the process flow sheet as per the company's definitive feasibility study for the treatment of graphite ore to produce high quality, high purity graphite concentrate," company says. Notes consistent graphite concentrate grades above 95% TGC were achieved with recoveries above 92%.
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Power Metal Resources PLC - metals exploration and development in Africa, US and Canada - Completes the earn-in to a 40% direct project interest in the Kalahari Key Mineral Exploration Pty Ltd's Molopo farms complex project for USD500,000. Chief Executive Paul Johnson says: "In a journey that began with our original agreement with Kalahari Key in May 2019, the MFC Project has moved forward dramatically."
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NFT Investments PLC - invests in non-fungible tokens - Makes maiden investment by acquiring a stake in AEON International, a technology developer for the luxury fashion industry. Invests USD1.0 million in AEON in an oversubscribed private round. "NFT joins an exclusive club of existing investors including a NYSE listed Chinese ecommerce giant which has a significant stake," company says. Executive Chair Jonathan Bixby adds: "AEON is a pioneer in fashion technology that is leading the way in demonstrating the concrete benefits that NFTs can bring the fashion industry. The market opportunity for NFTs in the industry is huge, beyond using NFTs to establish digital ownership and verify the transfer of luxury products, AEON is also advancing the frontier of digital-first fashion products using NFTs. We expect this to be a growing future market and are delighted to support AEON alongside a roster of high calibre investors."
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Getech Group PLC - Leeds-based geoscience and geospatial products firm - Agrees software licence renewals with existing customers with a combined value of about GBP375,000. These agreements include both annual and multi-year licences. In addition, and on top of company's baseline of monthly orderbook revenue, it has recently successfully negotiated new sales of data and has won new service projects with existing and new customers with a combined value of about GBP350,000. Work spans the petroleum and geothermal sectors. Together, the sales expected to deliver about GBP537,000 of revenue in financial 2021. "The successful completion of these negotiations and the strong existing order book give the board confidence that the company continues to trade in line with current market expectations for financial 2021," company adds.
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By Paul McGowan; paulmcgowan@alliancenews.com
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