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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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Ondo InsurTech PLC - London-based claims prevention technology firm - Issues trading update. Reports progress in the first-half continued into the second half of the year and was in line with management expectations. As a result, expects the out-turn for the year to March 31 to be in line with current market forecasts. Reports cash balance of GBP0.4 million as at March 31.
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Baron Oil PLC - London-based oil and gas exploration company - Provides update on operational activities and plans on the TL-SO-19-16 production sharing contract, offshore Democratic Republic of Timor-Leste. Says all operational work related to the site survey at the planned drilling location for the Chuditch-2 appraisal well has now been successfully completed. Some delays occurred during both the geophysical and geotechnical phases of the survey, principally caused by weather conditions and a few other operational issues, but the work has now been completed, and at a cost significantly below the approved budget. Detailed investigation of the location initially chosen for the Chuditch-2 well revealed an irregular seabed that would be unsuitable for placement of a jack-up drilling rig. As a result, a new more appropriate location has been chosen. In parallel to the site survey operations, drilling planning has continued at a good pace. Chief Executive Andy Butler says: "The successful completion of the Site Survey, leading to the selection of an improved drilling target location with optimal seabed conditions, is another key milestone towards drilling the Chuditch-2 appraisal well."
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Pathfinder Minerals PLC - AIM-listed cash shell seeking reverse takeover - Amends heads of terms for the acquisition of Rome Resources Ltd. Says will now pay GBP11.8 million instead of GBP15.9 million for Rome Resources to be settled by the issue of shares. As a result, for every one Rome Resources share held, Rome Resources shareholders are now anticipated to receive 19.54 shares in Pathfinder. Also agrees to extend the previously announced long-stop date of April 15 to June 21.
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System1 Group PLC - London-based marketing and brand consultancy - Issues trading update. Reports fourth quarter revenue of GBP8.7 million, up 30% from GBP6.7 million the year prior. Full-year revenue totals GBP30.0 million, up 28% from GBP23.4 million. Notes Platform revenue growth remained strong at 37% in the quarter and 42% for the year buoyed by the successful launch of TYA Pro+. Explains more than 50% Platform Revenue growth in the quarter came in the US. Platform revenue comprised 87% of group sales in the quarter and 82% for the year as a whole, rising from 74% the year before. New business performance was strong throughout the year, with over 250 new clients providing just over a quarter of total revenue. All geographic regions achieved substantial double-digit revenue growth for the year. Expects annual pretax profit of GBP2.8 million, up from GBP2.1 million the year prior, ahead of market expectations.
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Corcel PLC - London-based mining and resource development company - Says notified that Extractions Premium & Mining Ltd which currently holds around a 21% interest in Corcel, has entered into a put option agreement with Richard Jennings and has cancelled the call option agreement previously announced on February 29. Under the terms of this agreement, Jennings has the right from April 16 2024 until September 1 2024, to sell up to 99 million shares of the company to EXT, representing 4.9% of the ordinary shares currently in issue, at a price of GBP0.0075 per share.
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Eleco PLC - London-based specialist provider of software and related services to the built environment through its operating brands Elecosoft and Veeuze - Announces that its wholly owned subsidiary Elecosoft Ltd has acquired 100% of Vertical Digital, consisting of Vertical Digital SRL and Sons of Coding SRL for an initial EUR1.3 million. Explains deal will be financed from internal cash resources. Notes Vertical Digital has a proven track record, in providing agile and innovative software development, technical consulting and upskilling solutions across many European and multinational end-customers including Lufthansa Technik, PwC, VW Financial Services, Deloitte and Zoopla. Notes the deal provide for a cumulative potential deferred and contingent outflow of a maximum total of EUR250,000 payable in 2026, based on specific revenue and profitability performance targets.
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Regional REIT Ltd - commercial property investor - Announces that Lightyear, a Grade A office near Glasgow Airport, is now over 90% let with a contracted rental income of GBP1.3 million per annum and in-line with its estimated rental value. New tenants include Heathrow Airport Ltd and Rolls-Royce. Lightyear is a flagship building in the Glasgow Airport office park. It is the 13th largest asset in the company's portfolio, accounting for 1.8% of the total portfolio value at GBP12.3 million.
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By Jeremy Cutler, Alliance News reporter
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