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UK TRADING UPDATE SUMMARY: Clipper Expects 20% Interim Revenue Climb

Thu, 12th Nov 2020 19:17

(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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Clipper Logistics PLC - Leeds-based logistics services provider - Expects revenue of a least GBP300 million in six months to October 31, up 20% from year prior, helped by growth of 30% in e-fulfilment logistics. "This good momentum and the existing pipeline of new business opportunities is expected to give the group continuing strong performance into the second half of the financial year," Clipper says.

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Anexo Group PLC - Liverpool-based legal services provider - Enters into agreement with DBAY Advisors Ltd, which will take 29% stake in company at 150 pence per share. Anexo has a market capitalisation of GBP170.5 million. DBAY to buy stake from Executive Chair & Founder Alan Sellers, Managing Director Samantha Moss and Direct Accident Management Ltd Sales Director Vanessa Slater. Trio will continue in the roles.

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Manolete Partners PLC - insolvency litigation financing firm - Successfully completes another one of its "larger" litigation cases. "Manolete has now completed on a further important case today realising GBP2.8 million net cash proceeds, in line with book value and at a money multiple of 23 times the total investment costs of GBP120,000," company says.

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Restore PLC - AIM-listed support services company - Says October activity levels improved as anticipated and company on track to reduce net debt to between GBP65 million and GBP69 million by year end. Says a restructuring will cut 250 jobs.

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Ideagen PLC - Nottinghamshire-based information management software for regulated industries - Says trading in six months to October 31 "comfortably" in line with internal expectations and also betters year prior. Expects revenue to rise 7% year-on-year to GBP29.2 million and adjusted earnings before interest, tax, depreciation and amortisation to jump 25%. "These results underpin the board's confidence in the group's prospects for the second half of the financial year," Ideagen says.

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Bango PLC - mobile commerce company based in Cambridge - Expands partnership with Microsoft Corp to allow sales of Xbox subscriptions on Bango platform. "With new Xbox Series X and Xbox Series S now available in time for the year end buying season, the Xbox Game Pass Ultimate subscription service and Xbox All Access program are expected to be in high demand," Bango says. "Microsoft will leverage the Bango platform to enable telco partners to bundle Xbox Game Pass Ultimate and Xbox All Access in their subscription packages."

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TT Electronics PLC - manufacturer of electronic components and provider of manufacturing services - Says revenue in four months to October 24 was 12% lower annually on organic basis but says trading performance has improved compared to second quarter when organic revenue decline was 17%. Completes acquisition of Torotel for USD43.4 million.

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AFC Energy PLC - developer of alkaline fuel cells - Terminates GBP4 million convertible loan financing pact with Thalion Global Group LLC after reviewing funding requirements. "I wish to thank Thalion Global Group for the confidence shown in the company's technology and business plan last year, giving us the financial stability, in uncertain economic times, to continue delivering on our strategy and securing first commercial orders alongside a very successful fund raise earlier this year," AFC Chief Executive Officer Adam Bond says.

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Bermele PLC - London-based special purpose acquisition company - Enters into GBP100,000 loan agreement with private investor. Loan has 12 year term and carries no interest and is repayable through the lower of 0.6 pence per Bermele share, or a 40% discount to shares issued through East Imperial Pte Ltd acquisition.

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Arrow Global Group PLC - buyer of debt from banks, credit card companies and telecommunications businesses - Says total income in nine months to September 30 tumbles to GBP85.0 million from GBP256.9 million a year earlier. Swings to pretax loss of GBP125.1 million from GBP42.4 million profit.

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Primorus Investments PLC - investment firm focused on natural resources sector - Says finishes third quarter debt free. During quarter, it sold remaining Greatland Gold PLC stake, generating GBP4.6 million in proceeds.

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Ocean Wilsons Holdings Ltd - Bermuda-based investment company operating a maritime services company in Brazil - Says revenue in third quarter ended September 30 was USD88.1 million, down 17% annually. Ebitda down 17% to USD37.8 million.

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Duke Royalty Ltd - UK and Europe royalty finance provider - Says third quarter cash revenue tipped to rise to GBP2.5 million from GBP2.4 million in second quarter and GBP2.0 million in first. Plans to reinstate payout with 0.5 pence per share dividend.

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Regional REIT Ltd - real estate investment trust focused on UK office and industrial property assets - Says exchanges 29 new leases since January, adding GBP1.4 million in extra annual rental income. September 30 occupancy levels inch down to 88.6% from 89.0% at end of June. Declares 1.50 pence per share third quarter payout.

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Fiske PLC - stockbroker and investor - Sells 1,000 shares, a 28% stake, in Euroclear Holding SA for GBP1.4 million. "The sale will provide cash to fund further growth opportunities and additionally strengthen the firm's balance sheet," Fiske adds.

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ICG-Longbow Senior Secured UK Property Debt Investments Ltd - Says received or expects to receive about 87% of interest payments due under its investments for quarter ended October 31, up from 82% quarter-on-quarter.

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MediaZest PLC - London-based audio visual services firm - Says many projects being delivered during second lockdown as it is less stringent than first but warns trading will still be hurt. "In light of this the board does not expect the impact of this second lockdown to be as negative as the first, although it will may have an adverse effect on trading. The group will also continue to use government support schemes as appropriate where work cannot continue, and cost reduction measures remain in place where possible to mitigate the impact of such restrictions," MediaZest says.

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Tern PLC - internet of things-focused investor with headquarters in London - Plans to raise GBP1.7 million through subscription of 22.7 million shares at 7.5 pence each.

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Remote Monitored Systems PLC - data collection and surveying firm based in London - Says receives notice of exercise of 21.2 million warrants over ordinary shares, for GBP106,000 in total. Remote adds that it has noted speculation about possible fundraise but says it does not "foresee any current need to raise further funds".

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Powerhouse Energy Group PLC - Bingley, West Yorkshire-based hydrogen production from waste plastic - Signs agreement with Hydrogen Utopia International Ltd to supply DMG technology. "The use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, will be subject to a formal agreement being reached between Powerhouse and HUI," Powerhouse says.

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Omega Diagnostics Group PLC - sells wide range of specialist products, primarily in the immunoassay, in-vitro diagnostics market - Says UK Department of Health & Social Care and UK Rapid Test Consortium happy with performance of AbC-19 rapid virus test. "Public Health England conducted its own evaluation at the DHSC's request, and the DHSC will continue to deploy the test for use in surveillance studies. Accordingly, Omega does not believe the antibody testing opportunity through the UK-RTC has diminished," Omega says.

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Sareum Holdings PLC - Cambridge-based specialist drug development company focused on cancer and autoimmune diseases - Reports amended terms of 2016 licensing pact with Sierra Oncology Inc and CRT Pioneer Fund LP for SRA737. Sierra and CRT decrease milestone payments to up to USD290.0 million, from USD319.5 million.

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PureTech Health PLC - biotherapeutics company - Says founded entity Sonde launches self-serve respiratory disease detector which works by assessing changes in voice.

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Capital Ltd - Africa-focused mining services firm - Wins contract to mobilise four drill rigs at Firefinch Ltd Morila gold line, Mali. "The contract with Firefinch further strengthens Capital's footprint in Southern Mali, complementing our existing long-term contracts with Hummingbird Resources PLC (Yanfolila) and Resolute Mining Ltd (Syama)," Capital says.

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AfriTin Mining Ltd - tin miner with asset in Namibia - Says phase one of Uis tin mine, Namibia ramp up continues, with October output at 48.2 tonnes, up 24% month-on-month. "The company remains on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of 2020," AfriTin says.

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Goldstone Resources Ltd - Africa-focused gold resource developer - Says results from drilling of south pit at Akrokeri-Homase gold project were "positive". Mineable resources increase to 86,900 ounces at depth, improving from 33,800 ounces.

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Ironveld PLC - Cardiff, Wales-based iron miner focused on South Africa - Says remains in talks with IIG in regards to future funding or equity conversion. Adds that since March, it has received USD650,000 from IIG, including USD100,000 this month.

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Rainbow Rare Earths Ltd - mining company focussed on production from, and expansion of, the high grade Gakara rare earth project in Burundi, East Africa - Says "delighted" by initial findings from technical review of Phalaborwa rare earths project, South Africa. "Importantly, the material contained in the gypsum stacks has already been cracked, suggesting lower opex and capex for the processing required to deliver a high value product," Chief Executive Officer George Bennett says.

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Horizonte Minerals PLC - Brazil-focused nickel development firm - Says loss in three months ended September 30 stretches to GBP2.2 million from GBP1.1 million a year earlier. Posts GBP716,018 foreign exchange loss, deepened from GBP17,657.

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Pathfinder Minerals PLC - Mozambique-focused natural resources explorer - To convert outstanding GBP77,000 convertible loan notes into 17.9 million new ordinary shares at 0.479 pence each. "The final accrued CLN interest balance of GBP5,422 is to be settled in cash," Pathfinder says.

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Victoria Oil & Gas PLC - natural gas producing utility operating in Cameroon - Gaz du Cameroun SA unit settles litigation with Cameroon Holdings Ltd and cancels royalty agreement. "Significant legal costs are also avoided and management can focus on value-adding activities," Victoria Oil says. Adds USD12.5 million settlement can be paid over many years, or sooner without penalty.

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Thor Mining PLC - exploration and development company - Extends Spring Hill acquisition deadline date with Trident Royalties PLC to November 30. "The company announces that while approval of the acquisition by Trident of the Spring Hill Royalty by Australia's Foreign Investment Review Board has not yet been received, it is expected shortly," Thor says.

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Lamprell PLC - United Arab Emirates-based oil rig construction business - Agrees to satisfy its USD26 million contribution for IMI joint-venture during first half of November, sooner than anticipated. "The decision follows a review of the group's near term cash flow and improved project working capital position on the two IMI jack up rigs. Our guidance on year-end net cash remains unchanged, at similar levels as at 30 June 2020," Lamprell says.

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Alien Metals Ltd - Australia and Mexico focused minerals explorer - Says results from soil sampling at ELA 47/4422, surrounding Elizabeth Hills silver project have been promsing. "These initial soil sample results are very encouraging and at such an early stage to the new tenement acquisition, add some new targets already into the list. The anomalous trends appear consistent with mapped and interpreted structures and contacts, which further cements their veracity as genuine new targets," Chief Executive Officer Bill Good says.

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Ncondezi Energy Ltd - operator of coal-fired power project in Mozambique - Says contractors instructed to progress accelerated development of 300 megawatt coal fired power project and coal mine. Also agrees early development works budget with strategic partner.

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Taseko Mines Ltd - Vancouver, Canada-headquartered mid-tier copper producer - Enters into del with Cantor Fitzgerald Canada Corp and syndicate of underwriters to sell 27.8 million Taseko shares at USD0.83 each, USD23.0 million in total. "Proceeds of the offering are anticipated to be used to fund ongoing operating, engineering and project costs in connection with the advancement of the company's Florence copper project and for general corporate purposes and working capital," Taseko says.

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Advance Energy PLC - upstream oil & gas company - Raises GBP300,000 in placing of 136.4 million shares at 0.22p each. "The company intends to utilise the net proceeds of the placing to provide funds for progressing new venture opportunities and for general working capital purposes," Advance Energy explains.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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