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(Alliance News) - 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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Belvoir Group PLC - Lincolnshire, England-based property franchise group - Says revenue rises 41% annually in six months to June 30 and up 53% from pre-virus levels. Management service fees from residential sales, its core franchise revenue stream, more than doubles as housing transactions in UK soar. Management service fees from lettings rise 13% year-on-year. In financial services arm, revenue rises 51% as unit "clearly benefitted from the demand for mortgages to fund house purchases". Belvoir adds: "Given the group's growth in the first half over both 2019 and 2020, its earnings enhancing investments to expand both the property and the financial services divisions, and the current market conditions reflecting a sustained underlying demand for homes and mortgages, the board is confident of achieving a strong trading performance for the full financial year."
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IOG PLC - gas production in UK southern North Sea - Announces spudding of Blythe development well in UK North Sea. "Following Elgood, Blythe is the second development well in IOG's Phase 1 project and is expected to take under three months to drill and complete, after which the rig will move on to Southwark," IOG says. Chief Executive Andrew Hockey labels it "another important step" for IOG.
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Pure Gold Mining Inc - operates mine in Red Lake, Ontario, Canada - Commercial production achieved at PureGold Mine, effective August 1. "Commercial production is a significant milestone and marks the beginning of a very exciting growth phase for the company," Chief Executive Darin Labrenz says.
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Rockhopper Exploration PLC - oil & gas company with interests in the North Falkland Basin and Greater Mediterranean regions - Updates on arbitration process at Ombrina Mare field. Says yet to receive outcome from work done by tribunal. Rockhopper is seeking damages from Italy. "Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty," Rockhopper adds.
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Flowtech Fluidpower PLC - supplier of technical fluid power products - Says interim revenue streams recover but not quite by enough to reach pre-virus levels. Says revenue in six months to June 30 rises 19% annually to GBP55.3 million from GBP46.5 million. This is down 7.2% from GBP59.6 million in first half of 2019. Flowtech explains: "We have implemented price increases across our businesses to reflect both uplifts levied by certain of our suppliers and higher carriage costs following Brexit. We have also invested in the plans underway to bring our Flowtech business to market under one brand; our e-business/digital agenda as well as a refreshed focus on improving the efficiency of our logistic centres and supply chain management operations."
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Henry Boot PLC - Sheffield, England-based construction and property development business - Says property development business HBD, alongside Barings, has acquired a 20-acre industrial development site in Rainham, London as part of joint-venture. Henry Boot holds 20% stake in JV, as Barings holds remaining 80%. "The circa GBP100 million GDV redevelopment project has outline planning for employment use, where the JV plans to develop out approximately 368,000 square feet. The site also benefits from excellent transport links via the A13, which provides access into central London and the M25," Henry Boot says. "HBD is due to begin work on site next year, with a target completion date of 2023."
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Brandshield Systems PLC - London-based cybersecurity - Completes contract with unnamed client in financial services sector. "The client is a multi-billion dollar valued investment and wealth management company operating globally," Brandshield adds. Company will provide suite of services including protection against phishing, fraud and impersonation.
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Cornerstone FS PLC - London-based payments provider - Establishes Asia-focused team based in London. "This is a growing market and these appointments also support Cornerstone's stated strategy of increasing its direct business by acquisition and team hires," Cornerstone says. New team joins from international payment services firm Vorto Trading Ltd. Cornerstone tips the hires to "deliver a substantial increase in the group's revenue and will be profit enhancing". "This also represents the first step since our IPO towards executing on our strategy to expand our business. This team has previously driven transactions through our platform on a partner basis and will now be doing so directly, thereby generating higher margins," CEO Julian Wheatland says.
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PCF Group PLC - parent of PCF Bank Ltd, serving individuals and small businesses - Updates on accounts for year ended September 30, 2020 and six months to March 31. Completing work and probes required to file results. "The PCF Group would like to thank all shareholders for their patience and support during this time, and will provide further updates in due course," PCF says. In June, PCF said audit issues related to intercompany transfers and balances as well as issues related to funding provided by PCF Bank to unit Azule Ltd. It asked for shares to be suspended back in May to allow a "further review" of its "financial controls and reporting processes".
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Seed Innovations Ltd - Guernsey-based investor in health, wellness and medical cannabis investor - Participates in latest funding round by Yooma Wellness Inc. Cannabis-focused wellness firm Yooma in July said it raised USD9.7 million in financing as it applies for admission to the UK's AQSE Growth Market. Seed on Tuesday says it invested GBP220,000.
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Immotion Group PLC - Manchester, England-based virtual reality entertainment company - Agrees to install new 16-seat theatre style installation at SEA LIFE Orlando, Florida. Seating to be installed "over the coming weeks" and contract is for initial three years. "SEA LIFE Orlando will be the group's third larger theatre-style installation, following the successful installations at Shark Reef Aquarium, Las Vegas, and Clearwater Marine Aquarium, Florida which are both trading strongly," Immotion says.
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Argo Blockchain PLC - London-based cryptocurrency mining - Mines 225 bitcoin or bitcoin equivalent in July, up from 167 in June. Year-to-date, has mined 1,108. Monthly revenue amounts to GBP5.6 million, up 28% from GBP4.4 million in June.
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Cambridge Cognition Holdings PLC - Cambridge, England-based digital neuroscience company - Says first half performance was "strong". Sales order rise 74% yearly to GBP8.6 million, revenue up 50% to GBP4.5 million and swings to adjusted earnings before interest, tax, depreciation and amortisation of GBP200,000, from GBP300,000 loss. "The outlook remains positive and the company remains on track to be profitable in 2021," Cambridge Cognition says.
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By Eric Cunha; ericcunha@alliancenews.com
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