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Share Price: 30.75
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TRADING UPDATES: t42 IoT Tracking Solutions and Zenova win contracts

Mon, 16th Jan 2023 12:50

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Closes new credit facility with Fairfax Financial Holdings Ltd, earlier than the original expectation of mid/late January. Says the credit facility is for up to GBP100 million, replacing its existing GBP55 million term and revolving facilities. It has a five-year term, expiring in January 2028, and an interest rate equal to Sterling Overnight Index Average plus 5.00% per year. As part of the deal, Duke will issue 41.6 million warrants to Fairfax with a five-year maturity and strike price of 45 pence, reflecting the "strategic nature of the deal."

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Zenova Group PLC - Essex-based fire safety and thermal insulation products provider - Receives an initial order via its sub-distributor in the US, Omnis LLC, from Big Battery LLC for immediate delivery. Says Big Battery is a lithium battery supplier, based in US-California. It has purchased 500 units of FX500 following a trial in which the mini extinguisher successfully extinguished a lithium battery fire. Expects the initial order to lead to further "more substantial" orders in the near future. "Following the production in the USA, it is very encouraging that a customer engaged in lithium battery supply has chosen the FX500 as the solution to lithium battery fires which have proved intractable to extinguish. This follows a successful trial in which the FX500 extinguished a lithium battery fire in the presence of Big Battery personnel," comments Chief Executive Tony Crawley.

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Mosman Oil & Gas Ltd - oil exploration, development, and production company with projects in the US and Australia - Says the pipeline connecting the recently drilled Cinnabar-1 well to the existing production facility in Texas has been completed. Mosman owns a 75% working interest in the well, as well as the 350-acre lease on the site. Mosman's subsidiary Mosman Operating LLC operates the site. The well has been producing since the end of December, with average oil production of 128 barrels of oil per day. Chair John Barr says: "I am pleased to report solid progress at Cinnabar. The work to increase overall production is progressing well and in the near term there is also potential upside from workovers of the two older production wells, which is why gas lifting at G-1 has been prioritised."

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AQRU PLC - London-based decentralised finance incubator - Identifies further opportunities to improve efficiency, following operational review announced November. Says its wholly owned subsidiary, Accru Finance Ltd, is raising the threshold for minimum account deposits on its AQRU app to USD250,000 from February 1. Says this will enable the company to focus on servicing customers that are less sensitive to market volatility than retail investors, particularly high net worth individuals and institutional investors. Expects there will be a significant reduction in the value of assets held on the AQRU app, but a minor reduction in revenue. Says it has identified an additional opportunity to further lower headcount and operational costs and strengthen its balance sheet by discontinuing Accru Finance's index strategies for cryptocurrencies. This will also take effect on or about February 1.

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t42 IoT Tracking Solutions PLC - Jersey-based real-time tracking, security, and monitoring solutions provider - Enters agreement with a new Israel-based customer for the sale of its Lokies tracking units. The agreement is for a two-year term. Adds an initial purchase order has been received from the customer for 1,500 Lokies units. Customer also is granted end-client supply exclusivity rights, subject to the customer achieving specified quarterly sales over a 2-year period, for 5,000 Lokies, including the units ordered to date. "Lokies is a unique smart keyless padlock with innovative IoT capabilities, incorporating advanced GPS and cellular technology together with new Bluetooth Low Energy connectivity and user management abilities. Lokies enables customers to identify and manage different users based on their access authorizations, making the cargo much more visible and secure," the company says.

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Spectral MD Holdings Ltd - London and Dallas, Texas-based predictive analytics for wound care - Says earnings before interest, tax, depreciation and amortisation losses and cash position for 2022 are expected to be materially ahead of current market expectations. Explains this has been primarily driven by lower costs per subject associated with the Diabetic Foot Ulcer clinical study. Notes that revenue from US Biomedical Advanced Research and Development Authority funding contract for the Burn indication, is also expected to be materially above market expectations.

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Gunsynd PLC - London-based investment firm - Invests GBP150,000 into Strategic Minerals Europe Ltd, the parent company of Aberdeen Minerals Ltd, as part of a GBP1.1 million private funding round. Says it subscribed to 2.0 million shares at 7.5 pence per share. Aberdeen Minerals is a UK company exploring for Nickel-Copper-Cobalt deposits in north east Scotland. Says it will use the funds for diamond drilling programme at the flagship Arthrath project, downhole geophysics and development of its land portfolio. Gunsynd will hold around 2.8% of the issued share capital of Aberdeen Minerals following this capital raising.

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ThomasLloyd Energy Impact Trust PLC - London-based renewable energy investment trust - Completes the acquisition of the remaining 57% economic interest in SolarArise India Projects Private Ltd, to take its total ownership to 100%. It bought a 43% stake in SolarArise in March. SolarArise owns seven solar power projects in India with a total capacity of 434 megawatts. ThomasLloyd funds USD38.5 million acquisition from existing cash resources.

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Avingtrans PLC - provides components and systems for the energy, medical and industrial sectors - Says trading in the six months to November 30 was in line with market expectations. Plans to publish its results for the period on February 22. Says that its business unit, Ormandy Group, which designs, manufactures and services off-site plant, heat exchangers and other heating, ventilation and air conditioning products, has bought the business and assets of Hevac Ltd and HeatExchangeSpares.com. Hevac is a heating ventilation and air conditioning solutions provider based in Elland, Yorkshire and the business and HeatExchangeSpares.com is a plates and gaskets supplier, based in Watford, UK. Expects to pay GBP825,0000 from its existing cash resources. "These businesses strengthen Ormandy's offering as a leading provider of offsite and heat exchange solutions to commercial and industrial customers in the UK and internationally. The Acquisitions will also enable us to take greater control over our supply chain and release untapped potential in the market, to further strengthen our position," says Chief Executive Steve McQuillan.

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By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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29 Dec 2023 12:45

London close: Stocks mixed after short New Year session

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29 Dec 2023 11:39

IN BRIEF: Duke Royalty expects higher quarterly recurring cash revenue

Duke Royalty Ltd - Guernsey-based provider of royalty finance to companies in UK and Europe - Expects recurring cash revenue of GBP6.3 million in its third quarter for the year ending March 31, which would be a 12% increase from GBP5.6 million a year before. It would also be a notch up from GBP6.2 million in its second quarter. "We are pleased to report that despite the ongoing macroeconomic uncertainties, we continue to deliver revenue growth, with [the third quarter of financial 2024] on course to maintain this upward trend, underpinning our stable dividend which at the current share price, represents an approximate 9% yield," says Chief Executive Officer Neil Johnson.

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29 Dec 2023 10:03

Duke Royalty posts strong quarter, makes follow-on investment

(Sharecast News) - Duke Royalty reported a strong set of third-quarter results on Friday, as well as a follow-on investment in its existing royalty partner, Creō-Tech Industrial Group.

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29 Dec 2023 07:59

London open: Gains modest but stocks rise to seven-month high

(Sharecast News) - UK stocks edged higher to a seven-month high on Friday morning, though gains were likely to be limited in a shortened trading session ahead of the New Year's break.

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29 Dec 2023 07:47

LONDON BRIEFING: FTSE 100 to edge higher, rounding off lacklustre year

(Alliance News) - Stocks in London are expected to edge higher on Friday, as investors reflect on an eventful year and look ahead to what's in store for 2024.

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29 Dec 2023 07:35

London pre-open: Small gains expected in shortened trading session

(Sharecast News) - London stocks were expected to rise slightly on Friday morning, though movements continue to be limited as volumes remain low in festive trading.

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23 Nov 2023 08:48

CORRECT: Duke Royalty half-year total income falls 34%; payout steady

(Correcting total income figures.)

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22 Nov 2023 14:15

EARNINGS AND TRADING: Victorian Plumbing profit up; Duke revenue dips

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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13 Sep 2023 14:39

IN BRIEF: Duke Royalty recurring cash revenue up 17% in first quarter

Duke Royalty Ltd - Guernsey-based provider of royalty finance to companies in UK and Europe - Recurring cash revenue is GBP6.0 million in the three months to June 30, Duke's financial first quarter, up 17% from GBP5.1 million a year before. Expects recurring cash revenue in the second quarter of financial 2024 of GBP6.2 million. Looking ahead, Duke says it remains confident that the consistent quarterly growth in recurring revenue will continue.

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13 Sep 2023 13:31

Duke Royalty reports strong start to new financial year

(Sharecast News) - Alternative capital specialist Duke Royalty reported a new record of £6m in recurring cash revenue for the first quarter on Wednesday, making for an increase of 17% over the first three months of the prior year, and a £0.3m increase on the previous quarter.

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31 Jul 2023 17:31

TRADING UPDATES: MGC Pharmaceuticals granted psilocybin import permit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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20 Jul 2023 20:06

TRADING UPDATES: Chapel Down sales pop; Serabi output rises

(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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4 Jul 2023 13:50

IN BRIEF: Duke Royalty annual total income rises but profit falls

Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Posts total income of GBP31.0 million for year ended on March 31, up from GBP28.8 million the year before. Pretax profit is down to GBP19.6 million from GBP20.4 million, as total operating costs rise to GBP4.3 million from GBP3.6 million the year before. Finance costs balloon to GBP5.6 million from GBP2.0 million. Recurring cash revenue increases by 46% to GBP21.9 million from GBP14.9 million. Looking ahead, expects to see higher deployment rate in financial 2024 than in financial 2023. Adds that it remains cautiously optimistic about the future.

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TRADING UPDATES: Mycelx wins deal; 88 Energy buys in Texas

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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3 Jul 2023 16:28

Duke Royalty puts another £1.9m into New Path

(Sharecast News) - Alternative capital specialist Duke Royalty announced a follow-on investment of £1.9m into its existing royalty partner New Path Fire and Security on Monday.

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