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Pin to quick picksDuke Capital Share News (DUKE)

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TRADING UPDATES: Ocean Outdoor Revenue To Drop, Calnex Beats Forecasts

Tue, 16th Feb 2021 11:29

(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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Ocean Outdoor Ltd - London-based digital advertising firm - Expects 2020 revenue of GBP86.0 million compared to GBP139.6 million in 2019. Expects loss before interest, taxes, depreciation and amortization of GBP400,000 versus earnings of GBP33.0 million year before. Notes reduced overheads by GBP4.7 million to GBP25.9 million. "2020 brought unprecedented challenges for the Out-of-Home sector as a result of the public lockdowns and social restrictions brought in by governments across all our territories," company says. Withholds guidance for 2021, but notes strong financial position. "The board believes that it is now strategically better placed to capitalise on advertising demands once restrictions are fully lifted and audiences return to Ocean's locations, and outdoor advertising spend begins to recover," company adds.

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Calnex Solutions PLC - provider of test and measurement solutions for the telecommunications sector - Says, continued strong performance in the second half, expects revenues for financial 2021, ending March 31, will be ahead of market expectations. Sees strong levels of customer spend, says demand from the first half of the financial year continued into the second half, with no deterioration in operational performance noted from any macro-economic factors. "In addition, as a result of lower travel and event costs due to Covid-19 restrictions, higher margins are expected to be achieved in financial 2021 than would have been anticipated, which will result in the company's profitability also being ahead of market expectations in financial 2021," company says. Expects to start financial 2022 with healthy order book.

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Duke Royalty Ltd - London-based provider of financing solutions to private companies whose owners want to retain equity control - Enters GBP6.2 million royalty financing agreement with Meteor HoldCo Ltd, which undertakes business as Fabrikat Ltd. Formed in 1985 and based in Sutton-in-Ashfield, UK, Fabrikat is a fabricator of steel products supplying the UK street lighting and guardrail markets. Duke notes initial cash yield of approximately 14% per annum via monthly payments, which commence immediately. Also says investment will facilitate a management buyout of two shareholders who have handed over the day to day running of the business to the current management team. As part of the recapitalisation, Duke will receive a 30% equity stake in the business

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Braveheart Investment Group PLC - AIM-listed investment company with six strategic investments - Notes recent share price rice. Shares more than doubled from Monday last week, now at 83.00p. Notes end of January update on progress to develop a Covid-19 test that Paraytec Ltd is working on in conjunction with the University of Sheffield. "In the update it was noted that the pipeline of clinical samples was now fully operational and additional staff had been recruited to process samples for performance assessment. The update also stated that the results from this phase of clinical testing were expected by the end of February and this remains the case," company says. Stresses until the results of the testing are known there can be no certainty that the tests will be successful.

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Block Energy PLC - oil and gas development and production in Georgia - After Georgian Oil & Gas Corp completing the tie-in of Bago LLC's gas pipeline into GOGC's main gas pipeline, says gas sales from its West Rustavi field in Georgia have commenced. Says: "West Rustavi wells WR-38Z and WR-16aZ have been on continuous production since January 28 and February 3, respectively and production rates are currently 790 boepd, comprising 423 bopd and 1.9 MMcf/d of gas, representing a substantial increase when compared to the rates achieved before the wells were shut-in during April 2020." Notes production across all of Block's portfolio is currently approximately 940 boepd, resulting in estimated future revenue for the Company of approximately USD920,000 per month at current oil and gas prices.

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TP Group PLC - Reading, England-based consulting, software and engineering services firm - Signs contract with a train leasing company to supply hydrogen fuel cell systems for passenger trains. "This contract is part of an initiative that aims to demonstrate the safe and economic operation of hydrogen powered trains for future public transport opportunities. It initially covers the supply of safety-critical hydrogen fuel cell systems that convert hydrogen into electricity to ultimately power the trains," company says. TP Group is acting as the prime contractor for the integrated hydrogen fuel system. The system will be deployed on a modified passenger train for a series of proving and demonstration activities.

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Gama Aviation PLC - Farnborough, Surrey-based aviation service provider - Says underlying performance, excluding share of losses from its associate China Aircraft Services Ltd, remained stable during the second half of 2020. The second half includes the residual benefits from government support programmes it notes. "Operational performance partially recovered in the second half of the year, after having experienced the significant impact of Covid-19 on the aviation sector and the business," company says. Notes continues to manage and closely monitor cash. At end of 2020, cash balances total USD16.1 million, with USD24.7 million of undrawn funds on USD50 million revolving credit facility.

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Kropz PLC - South Africa-focused plant nutrient feed minerals developer - Sells shareholding in First Gear Exploration Ltd, a 50% plus 1 share owned subsidiary of the company, to Consortium Minerals Ltd. As a result of the sale, Kropz will have no further interest in Aflao, the phosphate project located in Ghana. For the sale, Kropz nets USD5,000 cash and USD322,529 deferred cash consideration in respect of the shareholder loan from Kropz to First Gear Exploration.

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Sure Ventures PLC - investor in early stage software companies - Says makes EUR7 million commitment to Sure Valley Ventures Fund in fourth quarter, which represents an interest in Sure Valley of about 25.9%. The investment was made at EUR1.00 per share, which is slightly below current NAV of the Sure Valley Ventures ICAV of EUR1.0078.

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Botswana Diamonds PLC - diamond exploration company with licenses in Botswana and South Africa - Enters cooperation agreement to fund exploration of its prospecting licence assets in Botswana with Diamexstrat Botswana Pty Ltd, which has an alliance agreement with Sydney-listed Burgundy Diamond Mines Ltd. Botswana Diamond's prospecting assets comprise the recently acquired Sekaka Diamonds Exploration Pty Ltd prospecting licenses, as well as the licences held by BOD's subsidiary, Sunland Minerals Pty Ltd. The agreement stipulates, Diamexstrat can earn up to a 70% interest in Botswana Diamond's Sunland and Sekaka licences. BOD can earn up to 15% interest in Diamexstrat's licences on the first USD1.5 million spent on exploration. Also, for new licenses in Botswana, Diamexstrat can earn up to 70%.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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