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(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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SpaceandPeople PLC - AIM-listed retail, promotional and brand experience specialist - Says trading during the second half of 2020 remained "extremely challenging" as further lockdowns in the UK and Germany hurt its ability to operate during what is normally the more profitable period of the year. SpaceandPeople says pretax loss for 2020 is expected to be in the region of GBP2.5 million, a swung from a profit of GBP100,000 in 2019. Going forward, the company says it is optimistic that it will recover quickly following non-essential retail reopening, both in terms of its pre-existing portfolio of venues and the new venues added to the portfolio during the past six months.
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James Latham PLC - UK-based distributors of timber - Says revenue for the year ended March 31 has continued its strong recovery, after the first quarter was hurt by the first lockdown. Thus, full year revenue is expected to be broadly similar to the prior year's revenue. Gross margins have also continued to show improvement and are expected to be ahead of the figures reported in the first half of its current financial year. The company's balance sheet remains strong.
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Filta Group Holdings PLC - AIM-listed provider of fryer management - Expects to report adjusted earnings before interest, tax, depreciation and amortization of GBP1.0 million versus GBP3.2 million in 2019, from revenue which was one third lower than the GBP24.9 million achieved in 2019. Filta says it introduced efficiencies in the last quarter of 2019 and, through close attention to spending through 2020, has achieved a small improvement in gross margins and a GBP1.4 million reduction in overhead spending. "With markets expected to be fully open and back to pre-pandemic levels by next year, we look forward to further growth through 2022 and beyond," says Chief Executive Jason Sayers.
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Mears Group PLC - UK housing solutions provider - Says on a continuing basis, excluding revenue and profit from the Domiciliary Care and Terraquest businesses disposed of in the period, its second half revenue was GBP413 million, higher than GBP398 million in the first half of 2020. Second half pretax profit totalled GBP4.7 million, swinging form a loss of GBP8.2 million in the first half. Accordingly, the company expects to report 2020 continuing revenues of GBP811 million, lower than GBP884 million in 2019, and a full year pretax loss of GBP3.5 million versus GBP31.8 million profit a year ago. Going forward, Mears reports the resilient trading and liquidity performance during the first quarter of 2021 and says it is confident of a full recovery as lockdown restrictions are lifted.
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Tricorn Group PLC - UK-based manufacturer of pipes - Says it has secured an additional GBP500,000 of funding pursuant to the coronavirus business interruption loan scheme invoice finance top up facility. This facility, which is backed by a UK government guarantee, operates within and alongside the company's existing invoice discounting facility of GBP3.0 million with HSBC UK. The new facility is for a fixed term of three years and is to be repaid within three years of drawdown. Tricorn says its cash balances as at Monday were GBP700,000 million.
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Arena Events Group PLC - event solutions business - Agreed with its shareholder Lombard Odier Investment Management to extend the repayment date of the short term financing facility provided to the company to September 25. All amounts drawn under the finance facility will continue to bear interest at previously agreed rates for the relevant periods which will be compounded quarterly and rolled on the principal amount repayable on expiry.
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St James House PLC - UK-based IT service management company - Enters into a strategic financing & commercial agreement with Tintra Acquisitions Ltd, a special purpose vehicle, which will include options to acquire a significant shareholding in the company. Tintra has agreed to provide a GBP250,000 unsecured two-year loan facility to St James House, with an interest rate of 1% per annum above the Bank of England base rate. In addition, Tintra and St James House have identified strategies that will allow for a range of fintech services to be delivered through the systems and infrastructure that St James House has developed in recent years. Under the agreement, Tintra shall licence to St James House the use of the Tintra brand for a period of ten years, which St James House will have the right to renew in perpetuity at a cost of GBP1.00 per annum if Tintra retains a holding of greater than 5% in St James House.
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Curzon Energy PLC - oil & gas company - Extends its outstanding loan with Sun Seven Stars Investment Group to August 30. The loan consists of a principal amount of GBP260,000 and carries a 10% interest rate. Separately, the company says it continues to conduct mutual due diligence with Poseidon Enhanced Technologies in contemplation of a reverse takeover of Curzon by Poseidon Enhanced Technologies.
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RA International Group PLC - AIM-listed remote site services provider - Says it is appointed as a teaming partner on two contracts by Cherokee Nation Mechanical LLC. The contracts are for provision of construction related support services for the US Department of State in the Middle East and in East Asia. Both contracts are expected to commence later in 2021.
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Induction Healthcare Group PLC - AIM-listed virtual care platform - Says London-based NHS Foundation Trust has chosen Induction Switch to support its 8,000 clinicians and staff over a three-year contract. The company says this contract award reinforces the strong momentum in sales and annual recurring revenue run-rate seen across all of Induction's subscription-based software products in the second half of the financial year. The company says it expects to deliver strong revenue growth for the year ending March 31, its first full year of revenue generation. Further details will be provided in a trading update in early May.
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Barkby Group PLC - consumer & hospitality investment firm - Says investee Verso Biosense signed a product collaboration agreement with Homerton University Hospital. Under the agreement, Homerton will utilise Verso's uterine monitoring platform and will collaborate with Verso to help refine the technology and biosensing platform to meet the needs of fertility patients.
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Velocity Composites PLC - AIM-listed kitting solutions and material management services provider - Signs a three year contract extension with an existing undisclosed customer, with manufacturing facilities based in Burnley, UK. Velocity says the contract term is valid from March 1 until the end of February 2024 to supply a fully managed material and kitting service for engine nacelles on the A320neo, A330neo and C919 aircraft platforms, amongst others in the commercial and business jet markets. The total annual value of the contract to Velocity in 2021 is expected to be GBP3.7 million.
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Guild Esports PLC - London-headquartered esports business - Welcomes Subway as the company's official quick-service restaurant partner with the signing of a two-year multi-million-pound sponsorship deal covering 55 markets in the Europe, the Middle East & Africa region. Under the terms of the contract, Guild Esports will receive four equal instalments in cash over the 24-month period. The partnership commences on Wednesday. The deal provides Subway with marketing rights and exposure across Guild's team jersey as well as social and digital content featuring the company's pro-players and content creators.
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Open Orphan PLC - AIM-listed pharmaceutical services clinical research firm - Says its subsidiary hVIVO began the study at the Royal Free London NHS Foundation Trust earlier in March following Research Ethics Committee approval of the first Covid-19 characterisation study. Open Orphan says the first three volunteers have now successfully completed the quarantine phase of their study participation with no safety concerns presented and have been discharged from the unit. The study will now progress to the next group of volunteers. The first three volunteers will continue their study participation with follow up visits and monitoring for a period of up to one year. The virus characterisation study will inoculate up to 90 volunteers, between the ages of 18 and 30 years old, to enable identification of the most appropriate dose of the virus needed to cause Covid-19 infection in a safe and controlled environment.
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NextEnergy Solar Fund Ltd - solar power renewable energy investment company - Reaches its subsidy-free development target of 150 megawatt peak, through two newly approved subsidy-free development assets. Both assets are currently being prepared for construction and are expected to be energised in early 2022. The assets have an approximate investment value of GBP45 million and are located in Lincolnshire and Hampshire. Having achieved its target subsidy-free capacity, NextEnergy Solar Fund says it is looking to divest any residual development risk and has agreed to divest 16 development projects from its subsidy-free pipeline. The identified projects will be sold to a subsidiary of NextPower Development Ltd for GBP5.6 million.
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Caledonian Trust PLC - Edinburgh-based property investment company - Says it has agreed to extend Ardpatrick Estate sale date - which was expected to be completed on Wednesday - to April 23. The consideration of GBP2.7 million from two private individuals will be payable in cash to Caledonian Trust upon completion. The company intends to use the net proceeds from the disposal to provide funding for its existing property development programme, repay some existing debt and provide general working capital.
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Red Emperor Resources NL - Australia-based exploration company - Intends to acquire Great Northern Palladium Pty Ltd which owns 80%, and holds an option over the remaining 20%, of Panton Sill Pty Ltd, the holder of the Panton platinum group metals project in the Kimberley region of Western Australia. All equity consideration of AUD17.5 million - about GBP9.8 million - to be paid to Great Northern Palladium's shareholders. If completed, the acquisition will result in Red Emperor changing the nature of its activities from oil and gas exploration to mineral exploration and development. The company also said it will then seek shareholder approval for a change of company name to reflect its new direction.
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Wheaton Precious Metals Corp - Vancouver, Canada-based precious metals streaming company - Says its subsidiary Wheaton Precious Metals International Ltd entered into a definitive precious metal purchase agreement with Capstone Mining Corp in respect to the Santo Domingo project located in the Atacama Region, Chile. Upon closing, Wheaton International will purchase 100% of the payable gold production until 285,000 ounces have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine. Wheaton International will pay Capstone a total upfront cash consideration of USD290 million. In addition, Wheaton will make ongoing payments for gold ounces delivered equal to 18% of the spot gold price.
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Empyrean Energy PLC - oil & gas development company with interests in China, Indonesia and US - Says Borba 1-7 well at Sacramento Basin in California, US, is intended to be drilled to deeper prospective sands before reaching targeted total depth. The move follows the commencement of drilling at the end of February by Empyrean joint venture partners Sacgasco Energy and Xstate Resources. Empyrean says the Borba well has the chance to open up deeper channel sands as a new play type within the Sacramento Basin. Specifically, there are a number of prospects within the Dempsey AMI in which Empyrean has already earned its interest, that may become high priority targets should the Borba 1-7 well achieve success. "Any commercial success at Borba is highly likely to accelerate the significant momentum that is now seeing oil and gas companies return to exploration drilling following a quiet 2020," says Empyrean Chief Executive Tom Kelly.
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Utilico Emerging Markets Trust PLC - investment firm - Agrees with ICM Investment Management Ltd and ICM Ltd that, with effect from April 1, the performance fee will be discontinued and the investment management fee payable to the joint portfolio managers will be amended from 0.65% per annum of the company's net asset value to 1.0% of NAV up to and including GBP500 million, to 0.9% of NAV exceeding GBP500 million, 0.85% of NAV exceeding GBP750 million, and 0.75% of NAV exceeding GBP1.00 billion. The company says it is confident that the new structure will maintain a competitive ongoing charge and thereby help in attracting private wealth managers and retail investors.
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Yew Grove REIT PLC - the company which owns a portfolio of Irish commercial property assets - Reports an increase of EUR1.3 million in its portfolio valuation year-on-year as of March 1 to EUR143.2 million. "I am pleased that our active management of the portfolio continues to improve the company's rent and weighted average unexpired lease term, and is being reflected in the underlying valuation," says Chief Executive Jonathan Laredo.
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TT Electronics PLC - Woking, England-based manufacturer of electronic components - notes Thursday's rise in the share price and provides an update on evaluation trials in the UK of Virolens, a rapid Covid-19 screening device for which TT is the exclusive manufacturing partner. Says revenue to TT from the sale of Virolens following final Medicines & Healthcare Products Regulatory Authority registration would be dependent on iAbra's potential end customers in the UK converting expressions of interest into firm orders. A high proportion of the commercial interest in Virolens to date has been outside of the UK and any revenue resulting from this interest require further regulatory approvals in those territories. There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on TT.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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