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(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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Helical PLC - London-based property investor - Collects 82% of all rent contracted and payable on December quarter day, with another 11% to be collected though payment plans by the March quarter day. Of the balance, rent holidays have been granted to 3.5% with the other 4.1% subject to ongoing talks with tenants. The proportion of rent collection for the period is slightly lower than in December after the sale of three Manchester buildings in November as well as the impact of a tenant who has yet to pay rent following the expiry of a rent-free period in October. So far, 92% of June quarter rent has been collected, with rent concessions collected on 3.1% of what remains while discussions continue on the final 6.4%.
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Hurricane Energy PLC - Surrey-based oil and gas company - Posts average production in the last fourth months of 2020 of 12,500 barrels of oil per day, within guidance for 12,000 to 14,000 bopd. For 2020 as a whole, production totals 5.1 million barrels, an average of 13,900 bopd. Oil sales in 2020 amount to 5.1 million across 12 cargoes. Oil production for the Lancaster EPS averages 12,700 bopd in the fourth quarter, down from the third quarter on a decision to limit 205/21a-6 well production to around 12,000 bopd in November for the purposes of reservoir evaluation and management. Revenue in 2020 totals USD179 million, up from USD170.3 million in 2019. The realised annual weighted average oil price in 2020 was USD35 per barrel, a USD7 per barrel discount to Dated Brent including transportation costs. Holds USD106 million net free cash at 2020 end, up from USD87 million on November 30.
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Zinc Media Group PLC - London-based TV content producer - Expects revenue for the second half of 2020 to be higher than the first and its revenue diversification has continued with Zinc obtaining its first ever commission from Amazon Inc's Audible. Says pre-booked revenue for 2021 has now more than doubled to GBP9.3 million from GBP4.1 million in November, with GBP5.2 million of new 2021 business closed in the run-up to Christmas. It has seven returning series confirmed for 2021 and its first TV revenue booked for 2022. Distribution revenue in the fourth 2020 quarter was better than expected at the UK government permitted television production filming to continue in the third quarter, but its revenue still faces short-term risk should current Covid-19 restrictions be lengthened or tightened. As at January 12, cash stands at GBP5.9 million.
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Anglo Asian Mining PLC - copper & gold producer in Azerbaijan - Says higher metal prices in 2020 have driven record revenue for the year in excess of USD100 million, compared to USD92.1 million in 2019. 2020 gold bullion sales amount to 48,650 ounces at an average per ounce price of USD1,777, up from USD1,410 per ounce in 2019. Copper concentrate shipments to the customer total 11,839 dry metric tonnes with a USD17.7 million sales value in 2020, versus 10,281 tonnes with a USD16.7 million sales value in 2019. December 31 cash and cash equivalents USD38.8 million, up from USD21.1 million the year before.
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Attraqt Group PLC - online shopping technology provider based in London - Expects revenue and earnings before interest, tax, depreciation, and amortisation for 2020 to grow in line with market expectations. Recurring revenue bookings rise 90% in the second half compared to the first, both from new and existing customers. Attraqt credits "the significant growth in online retail, the addition of innovative artificial intelligence search capabilities which were acquired from Aleph Search in October 2020" for driving momentum, as well as a continued focused on execution. Signs 38 multi-year contract renewals in 2020 compared to 21 in 2019. "Despite the momentum seen in the second half, we remain cognisant of the pandemic's ongoing impact on the global economy and customer decision making."
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Frenkel Topping Group PLC - financial advisor and wealth manager based in Manchester - Reports 13% assets under management growth to GBP1.01 billion from GBP898 million with assets on discretionary fund manager mandate rising 21% to GBP527 million from GBP399 million. Expects 2020 trading to align with management expectations, reporting approximate revenue of GP10 million, up from GBO8.6 million in 2019 and adjusted Ebitda of GBP2.5 million, up from GBP2.0 million. Year-end cash GBP12.0 million. Following Wednesday's announcement that will not make a firm offer for NAHL Group PLC, Frenkel Topping says it is "working on other compelling [mergers and acquisitions] opportunities."
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Reports a 2020 production average of 65.4 million standard cubic feet per day gross, within its 60 million to 70 million standard cubic feet per day gross guidance range. In December alone, average production averages 82.93 million standard cubic feet per day gross, reaching 103 million a day on five days in the month and a 103.36 million record high on December 15. Sets 2021 guidance at between 65 million and 75 million standard cubic feet per day gross. Pays USD1.2 million interim dividend in October, up 20% from its maiden interim payout of GBP1.0 million in 2019. Says it was debt free at the end of 2020, with USD17.8 million of cash on hand. Will declare a final dividend for 2020 alongside its annual results in April.
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Instem PLC - Staffordshire-based IT solutions provider - Reports more than 11% revenue growth in 2020 from GBP25.7 million in 2019 "with continued strong cash generation and growth in profits." Recurring revenue shows strong growth, underpinned by an ongoing transition to software-as-a-service based contracts. Trades in line with board expectations despite Covid-19's wider market impact. December 31 net cash GBP26.7 million, reflecting operating cash generation as well as a GBP15.0 million July placing. "This enables the company to build on its strong organic performance by accelerating its acquisition strategy," says Instem. Instem is currently in active talks and "making good progress" on a number of acquisition targets, and is "well-placed to drive further value this year from this source".
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Griffin Mining Ltd - operator of the Caijiaying zinc-gold mine in China - Reports a small 0.9% drop in ore mined in 2020 to 854,566 tonnes from 862,029 tonnes in 2019 as its first half was impacted by suspension of operations at Caijiaying, imposed by the Chinese authorities, as well as travel restrictions and troule retuning personnel to the mine. By 2020 end, Griffin says, " Caijiaying was approaching pre-Covid levels of production." Ore processed falls more steeply to 822,058 tonnes from 930,613 tonnes in 2019. Prices were higher almost across the board, however, with the average zinc price received per tonne rising to USD1,638 in 2020 from USD1,471 in 2019. The average gold price received rose as well, to USD1,752 per ounce from USD1,318 per ounce, with the average silver price per ounce rising to USD16.6 from USD13.6. The only price to fall was lead, dropping to an average of USD1,334 received per tonne from USD1,575 per tonne.
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Science in Sport PLC - London-based sports nutrition company - Swings to an adjusted earnings before interest, tax, depreciation, and amortisation profit of GBP1.1 million in 2020 from a GBP300,000 loss in 2019. Online business grows 39% to GBP25.0 million with fourth quarter online performance up 65% year-on-year. Online sales make up 50% of 2020 revenue, up from 38% in 2019. Retail business "adversely affected" by Covid-19 pandemic but revenue in line with prior year at GP50.3 million versus GBP50.6 million. Gross margin for 2020 rises 5 percentage points to 49%. Balance sheet strong, with cash of GB10.5 million compared to GP5.4 million the year before including GBP4.2 million proceeds from April placing. Chief Executive Stephen Moon: "Whilst it is too early to reinstate market guidance, given the current Covid-19 lockdown, we are well funded and remain very optimistic about the long term growth prospects for the group."
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CyanConnode Holdings PLC - Cambridge, England-based narrowband radio frequency smart mesh networks firm - Reports revenue of GBP3.4 million for the nine months ended December 31, a sharp rise in just three months from the GBP1.5 million revenue figure for the six months ended September 2020. Net cash as at December 31 totals GBP1.0 million, flat from September. Receives approximately GBP2.9 million in cash from customers plus another GP400,000 to date in January 2021. Says it shipped 259,000 modules to customers in the nine months, accelerating from 92,000 in the six months to September. Executive Chair John Cronin says: "CyanConnode is now delivering higher volumes of modules than at any point during the company's history and we expect increased demand for deliveries during the remainder of this financial year. I look forward to releasing further updates in due course."
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Lamprell PLC - United Arab Emirates-based oil rig construction business - Expects to post a 31% revenue rise for 2020 to USD340 million from USD260.4 million in 2019, with net cash rising to USD112 million at December end from USD71.4 million on June 30. Bid pipeline increases to USD6 billion at the end of 2020 from USD5.5 billion on June 30. Says trading still in line with board expectations. Lamprell is to conduct a strategic reorganisation into three new business units. These are Renewables, Digital and Oil & Gas. renewables will consist of all existing projects providing wind turbine generator foundation fabrication services for offshore wins, with Renewables opportunities presently making up around 40% or USD2.5 billion of its bid pipeline. Digital will encompass technology and intellectual property development teams and "will continue to advance proprietary technologies for industrial application". Oil & Gas, meanwhile, will comprise all Lamprell's traditional rig fabrication and refurbishment activities, and other services.
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Capital Ltd- mining services firm - Revenue rises 18% in 2020 to USD135.0 million from 2019's figure of USD114.8 million, in line with guidance. For the fourth quarter, revenue rises 13% to USD34.6 million from USD30.7 million in the same quarter of 2019 but falls slightly from the third quarter's revenue figure of USD35.3 million. In the fourth quarter, non-drilling revenue makes up 16% of the total, up from 12% the year before in the third quarter, resulting from MSALABS, mining services and maintenance services. Capital's net cash balance at December end totals USD5.0 million, up from USD4.4 million the year before, consisting of USD35.7 million cash and drawn debt of USD30.7 million. Notes that strengthened 2020 gold price has persisted into 2021 first quarter, positive for Capital as around 90% of its revenue comes from this sector. "Trading conditions are extremely positive for Capital, with the gold price remaining robust, equity markets supportive and strong levels of tendering activity," says Capital.
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Conduit Holdings Ltd - reinsurance underwriting business - Reports main operating subsidiary Conduit Re's gross written premium at around USD160 million in line with the company's plan and "consisting of a targeted series of January attaching contracts" after the January 1 renewal season. Says pricing, as well as terms and conditions, are in line with management expectations and it has now established trading agreements " with 12 of the world's leading reinsurance broking firms". Enters 2021 with confidence after a "strong start", with market conditions continuing to improve across its targeted property, specialty and casualty lines. Reaffirms intention to pay a dividend of approximately 5% to 6% of equity capital, allocated between an interim and final distribution. Appoints Elaine Whelan as chief financial officer and director, replacing Mark Heintzman.
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By Anna Farley; annafarley@alliancenews.com
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