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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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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products and working capital to dealers and manufacturers - Originates record GBP690 million of new loans in 2021, up from GBP253 million in 2020, as loan book ends year at GBP113 million. Notes net interest margin tracks in line with expectations at about 6%. Expects pretax loss for 2021 to be "moderately" ahead of previous expectations at about GBP4 million, a "significant reduction" on the GBP13.6 million loss in 2020. Retail deposits at end of first full year as bank stand at GBP295 million. Is targeting profitability in 2022, despite ongoing global supply chain issues caused by the pandemic.
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Gulf Investment Fund PLC - invests in companies in Gulf Cooperation Council countries - Outperforms benchmark in final quarter of 2021. Net asset value grows 2.4% in fourth quarter versus S&P GCC Composite Index adding 1.2%. In 2021, GIF NAV rose 29.8%, while the S&P GCC Index was up 35.2%. The underperformance arose in first quarter because the fund was underweight Saudi Arabia when the USD1.3 trillion Shareek program to boost private investments fuelled a market rally. The fund outperformed in the following three quarters, it notes.
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AVI Global Trust PLC - Exeter, England-based investor in family-controlled holding companies, closed-end funds and asset-backed opportunities - Requisitions Third Point Investors Ltd, along with three other shareholders representing over 18% of Third Point's issued share capital, to convene an extraordinary general meeting to vote on a resolution to appoint Richard Boleat as a new independent director of Third Point. "What began as a dispute over discount control mechanisms has, through the actions of the [Third Point] board, exploded into a fully-fledged corporate governance crisis. In the words of one sell-side commentator, it is now 'a battle for the soul of investment trusts' governance'," company says. AVI says Boleat has reputation for adhering to and promoting sound corporate governance principles and notes he has no current or historic affiliations or relationships with any of the requisitioning group.
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PRS REIT PLC - real estate investment trust focusing on new-build family homes for the private rental market - Says final three months of 2021, the company's second quarter, saw 198 new rental homes added to its portfolio. This took the total number of completed homes added to the company's portfolio during the first half of the financial year to 505. The new additions took the total number of completed homes in its portfolio to 4,489 at December 31, up 42% year-on-year. Estimated rental value per annum ends December 31 at GBP43.5 million, up from GBP41.1 million at September-end and up from GBP29.4 million at same point year before. Declares interim quarterly dividend of 1.0 pence.
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Barkby Group PLC - Abingdon, England-headquartered company with businesses in real estate, consumer & hospitality and life sciences - Investee Verso Biosense Ltd says its Usense study, looking into wireless implant to aid female fertility treatment, is nearing completion with regulatory approval to follow. The technology is being trialled as part of an GBP850,000 NHS trial funded by the National Institute for Health Research. The study is expected to close at the end of February 2022. Verso's Head of Product Development Joseph Cefai says: "It is always exciting to work on a first-of-its-kind, breakthrough medical device. The Verso product, for the first time, provides a continuous, in-situ view into the physio chemistry of the human uterus, an organ that despite its importance to mankind, is still referred to as a 'black box'."
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Pretax loss in six months to October 31 narrows to GBP3.1 million from GBP3.4 million year before. Revenue improves to GBP4.7 million from GBP4.6 million and nets GBP1.3 million from forgiveness of PPP loans granted by the US government and grants received from the Coronavirus Job Retention Scheme provided by the UK government in response to Covid's economic impact on businesses. Chief Executive Arnab Basu says: "While our growth and margin during the period were impacted by challenges related to the supply chain for components, this is being recovered in the second half and we remain on track to deliver a significant increase in revenue for full year 2022, in line with market expectations, with visibility of over 90% of full year forecasts. This would represent our highest ever full year revenue with growth in both segments."
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SourceBio International PLC - Nottingham-based laboratory services provider - Confirms "considerable growth" in both revenues and adjusted earnings in 2021. Expects revenue of about GBP92.4 million, up 82% on GBP50.7 million from 2020, and expects adjusted earnings before interest, taxes, depreciation, and amortization up 70% at GBP33.3 million. Says Healthcare Diagnostics, Genomics and Stability Storage units all now back to pre-Covid levels of trading and all are "poised to accelerate their growth". Notes "solid" start to trading in the new year and is optimistic in relation to growth opportunities in its core divisions.
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OptiBiotix Health PLC - York, England-based life sciences company - Says wholly-owned subsidiary, ProBiotix Health Ltd publishes third human volunteer study on its cholesterol reducing probiotic, Lactobacilus plantarum ECGC13110402, branded as LPLDL. "The results showed that at six weeks, when volunteers taking placebo were compared to those taking LPLDL, there were statistically significant changes to clinically important cardiovascular risk," company adds. Notes study shows 34% reduction in total cholesterol.
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Biffa PLC - High Wycombe, England-based waste management company - Notes feedback from shareholders over char re-election vote at July annual general meeting reflected concerns over Chair Lever's commitments not meeting numerical overboarding guidelines and the board of the company not meeting the gender diversity requirements of shareholders and proxy advisers. As a result, he will step down from his non-executive director role at Blue Prism Group PLC and his chair position of Rockwood Realisation PLC. Company confirms its target of reaching the Hampton Alexander Review target of one-third female representation by its AGM in July 2022 - which is currently being met.
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Accrol Group Holdings PLC - Blackburn, England-based private label toilet roll producer - Pretax loss in six months to October 31 widens to GBP3.5 million from GBP503,000 year before but revenue grows to GBP73.7 million from GBP62.3 million. Administrative costs increase to GBP14.5 million from GBP10.2 million and distribution costs grows to GBP6.1 million from GBP4.3 million. Chief Executive Gareth Jenkins says: "This has been one of the most challenging periods in the industry that I have experienced in my 25-year career. Tissue pricing has reached unprecedented levels, driven by escalating energy costs - rising as much as 500% for certain suppliers - and global sea freight charges, combined with increased UK transport costs, resulting from HGV driver shortages." Expects to exit financial year "in a strong position both operationally and commercially."
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Ashtead Technology Holdings PLC - Aberdeenshire-based subsea equipment rental firm - Says performed strongly throughout 2021, benefitting from improving market conditions across both its offshore wind and oil & gas end markets. Expects 2021 revenue of about GBP55 million, up 30% on 2020, and ahead of company's previous guidance. "This outperformance was driven by both equipment rental and a higher than anticipated level of new equipment sales in the fourth quarter, driven by customer demand. Equipment rental has seen improved utilisation, and a recovery in pricing from the prior year impact of Covid-19," company says.
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Scholium Group PLC - London-based rare books, arts and collectibles - Finance Director and Company Secretary Peter Floyd to retire on April 17. Floyd spent nearly five years at firm. Will announce his successor in due course.
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Angus Energy PLC - oil & gas development company - Invites Sound Energy PLC to "execute" a non-disclosure agreement, along with other interested parties, following takeover offer from Morocco-focused Sound. This would give all suitors access to all information needed to perform "proper due diligence on an equal footing". Angus Energy has recently kicked off a formal sales process. Earlier in January, it revealed a strategic review as its market capitalisation did not truly reflect its value, the company said. It's "valuation mismatch" that other smaller energy companies also experience, Angus added. Sound Energy on Tuesday said it has made a GBP21.6 million proposal, its fourth tilt at acquiring Angus. Angus Chief Executive George Lucan affirmed: "We will proceed with our formal sales process, without preference to any party and with confidentiality afforded to those parties who wish to enjoy it, as previously advised to the market and in order to secure the maximum value for our shareholders."
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Wheaton Precious Metals Corp - Vancouver-based investor in precious metal mining through royalty and streaming deals - Wholly-owned subsidiary, Wheaton Precious Metals International Ltd, enters into a definitive precious metal purchase agreement with Alliance Metals International, a subsidiary of Adventus Mining Corp, for the Curipamba project in Ecuador. Curipamba is forecast to be a high-margin mine in the lowest half of the copper cost curve with a 10-year open-pit mine life and the potential to transition into an underground mine subsequent to the open pit. Attributable production is forecast to average 17,000 ounces of gold and 551,000 ounces of silver per year for the first five years of production. To pay upfront cash of USD175.5 million. Wheaton had USD372 million cash on hand at September 30.
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Chariot Ltd - Africa-focused transitional energy company - Completes gas drilling on the Anchois gas project within the Lixus licence, offshore Morocco. Company has 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines which holds remaining 25% interest. Chief Executive Adonis Pouroulis says: "In addition to having now two confirmed gas discovery wells, we have directly de-risked a material portfolio of prospects on the Lixus licence area. Our ambition is to bring the Anchois gas development online as quickly as possible, to fuel Morocco's economic growth, but also to deliver near-term cash flows to the Company. We will now look to conduct further analysis on our findings, to optimise our development plan for the field, with both wells earmarked to become potential production wells, as part of an accelerated field development plan for the benefit of all stakeholders."
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Advance Energy PLC - Isle of Man-based upstream oil and gas company - Pretax loss in six months to October 31 narrows to USD2.5 million from USD2.9 million year before. Administrative expenses reduces to USD2.4 million from USD2.8 million. Does not generate revenue in either period. "Company's strategy of identifying hidden value in discovered resources and realising that value through innovative technical approaches and commercial solutions to deliver robust cash flow and shareholder returns, remains appropriate and compelling," it says. Focus remains on Buffalo-10 well at the Buffalo field in Timor Leste.
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Caledonia Mining Corp PLC - gold miner in Zimbabwe - Notes record total gold production at Blanket Mine in Zimbabwe during 2021, totalling 67,476 ounces, exceeding its revised increased guidance and a 17% increase on 2020 annual production. Quarterly production in the final three months of 2021 grows 24% to 18,604 ounces of gold. Gold production at the mine for 2022 is expected to be between 73,000 to 80,000 ounces. Chief Executive Steve Curtis says: "Now that the Central Shaft is complete, the Company will also focus on other areas of its growth strategy, as we continue to evaluate investment opportunities, with a vision of becoming a multi asset gold producer."
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Rambler Metals & Mining PLC - Canada-focused copper and gold producer, explorer and developer - The Nugget Pond copper and gold milling facility achieved throughput of 66,651 dry metric tonnes at a feed grade of 1.75% copper in the fourth quarter of 2021, versus 60,381 tonnes at a feed grade of 1.43% copper in the third quarter. Nugget Pond produced 4,109 tonnes of concentrate containing 1,090 tonnes of saleable copper and 155 ounces of saleable gold, up from 2,939 tonnes containing 778 tonnes and 502 ounces of saleable copper and gold, respectively, in the previous quarter. Chief Executive Toby Bradbury says fourth quarter was "in all ways an improvement over each of the previous four quarters." He adds: "We expect there to be a significant uplift in copper and gold production in 2022 as the mine completes its development campaign and returns to normal operations."
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By Paul McGowan; paulmcgowan@alliancenews.com
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