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TRADING UPDATES: AVI Global sees strong results; Finsbury Food rebound

Wed, 26th May 2021 18:18

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

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AVI Global Trust PLC - invests in family-controlled holding companies, closed-end funds and asset backed opportunities - Reports interim net asset value per share at March 31, of 1,038.07 pence, jumping from 635.20p a year prior. Maintains first-half, ended March 31, dividend of 6p per share. "I am pleased to report that in the six months under review, AGT's NAV increased by 26.8%. This result made AGT one of the top performers in its peer group of global investment trusts. Some of the strongest contributions over the period came from companies - such as Aker, Jardine Strategic and Exor NV - that had been hardest hit by the Covid-19 pandemic, and subsequently rallied in November 2020, following the announcement of the Pfizer/BioNTech vaccine trial results," said Chair Susan noble. "While the economic picture is complex and challenging, our investment managers performed well in the six months under review and we believe that a focus on the type of investment opportunities which fit our investment mandate will continue to bring rewards over time," added Noble.

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Finsbury Food Group PLC - Cardiff-based cake maker and bread baker - Expects profit before tax for the year ending June 26 of GBP15.0 million, ahead of current market expectations, company adds. Expects to reintroduce final dividend. Says trading in the second half of the financial year has been strong. "The strong trading, in a period that has been impacted by Covid-19 throughout, has been driven by improving volume performance and the benefits of the Group's operating brilliance program which has resulted in improved line efficiency and lower waste throughout the Group's bakeries," says Finsbury Food.

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Crossword Cybersecurity PLC - Richmond, England-based cyber security and risk-focused technology commercialisation company - Announces a GBP2.8 million acquisition of Verifiable Credentials Ltd, the provider of Identiproof, an online wallet technology, with whom Crossword is already working. "VCL has unique knowledge and a fantastic product in the new era of W3C verifiable credentials - which can and should power Covid certificates as well as all manner of digital, secure and privacy-respecting credentials, certificates, tickets and proofs of ownership," says company.

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Gym Group PLC - gym operator - Says the entire estate is now open and trading. Says trading since re-opening has outperformed the Company's expectations, reflecting strong demand for the return to gyms; total membership has increased from 547,000 at the end of February 2021 to 729,000 by May 24, 2021 versus 794,000 in December 2019. All members are now paying, with the free freeze option having been removed upon re-opening. "Our members are delighted to be working out in the gym once more with visits per member and new joiner sign-up rates at record levels. With membership levels growing strongly, we are building our pipeline of new gyms to take advantage of what we see as a unique opportunity to extend affordable fitness to even more locations across the UK," says company.

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LSL Property Services PLC - Newcastle-upon-Tyne, England-based estate agency - Announces the sale of its holding of 49.6% in LMS, a provider of conveyancing panel management services, to a UK Private Equity firm, for a cash consideration of GBP12 million. "The sale simplifies the group structure, providing further capital for deployment into opportunities to accelerate the group's growth strategy, in particular Financial Services," says LSL.

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Lexington Gold Ltd - gold exploration and development company - Says initial assay results for three of the six diamond drill holes at its projects in South Carolina reveal intersections of significant gold mineralisation above 100 metres depth. "These results add to our understanding of the project's mineralisation and not only confirm the presence of broad zones of over 30m intersections of significant gold mineralisation but, importantly, all the zones are located close to surface and at surface," says company.

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President Energy PLC - energy company with assets focused primarily in South America - Says new gas well EV-1002 in Argentina successfully completed with excellent pressure and now on stream. Says production from both new wells, EV-1001 and EV-1002, is building.

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Zotefoams PLC - Croydon-based company which manufactures industrial plastics - Reports strong demand and order intake across most regions. Expects sales momentum to continue, supported by a strong order book. "In line with the Outlook Statement in our 2020 preliminary results announcement, the first four months of 2021 have seen strong demand and order intake across most regions and markets. This resulted in Group revenue for the period being approximately 60% ahead of the comparative period for the previous year (approximately 14% ahead of the comparative period for 2019)," says Zotefoams.

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SkinBioTherapeutics PLC - Manchester-based life science company focused on the microbiome - Announces subsidiary AxisBiotix Ltd has finalised the analysis of the data from its AxisBiotix-Ps food supplement consumer study. Participant feedback was highly positive and there were no safety concerns. "The results have exceeded our expectations, with improvements across all the key markers for irritable skin conditions like psoriasis - from skin itchiness to redness and the level of flaky patches. We have also received highly positive feedback from participants about improvements to their sense of wellbeing, such as being able to sleep better and pursuing activities they enjoyed before, such as painting, long walks and even wearing shorts, which they had given up because of their condition," says company.

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Caledonia Mining Corp PLC - Saint Helier, Jersey-based mining company - Upgrades reserve base at Blanket mine by 1% to 528,000 ounces. "Today's announcement marks an additional milestone in the long track record of growing mineral resources and successfully converting inferred mineral resources into M&I to keep extending the life of mine at Blanket since its inception in 1906. A 1% increase in the proven and probable mineral reserves and a 12% increase in M&I after mining depletion of 84,925 ounces is a continuation of securing the long-term future of Blanket," says company.

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Gateley Holdings PLC - Birmingham-based legal and professional services group - Says it saw continued to improve throughout the second half. Expects revenue for the year ended April 30 of no less than GBP120 million, up from GBP109.8 million a year prior. Expects pretax profit for year at GBP16.0 million, up from GBP14.8 million a year prior. Says it is "recommencing dividend payments to shareholders in line with its previous policy of distributing up to 70% of profit after tax". Declares interim dividend of 2.5p per share.

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Bango PLC - Cambridge, England-based e-commerce platform - Sees 28% of shareholders vote against the resolution to receive and adopt the company's annual accounts for the financial year ended December 31, 2020.

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Challenger Energy Group PLC - assets in Bahamas, Uruguay, Trinidad & Tobago and Suriname, previously Bahamas Petroleum Co PLC - Reports commencement of drilling of Saffron-2 appraisal well in Trinidad & Tobago. Says the well has two main objectives: to provide immediate production and cash flow; and t inform the most efficient way to develop the Saffron field.

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Egdon Resources PLC - UK-focused oil & gas exploration and production - Receives consent from North Lincolnshire Council for the storage of crude oil at its Wressle oil field development in North Lincolnshire. "This consent allows full use of the installed oil storage capacity at the site of approximately 2,000 barrels and will enable the full production to be realised following from the proppant squeeze, which is expected to increase overall production to 500 barrels of oil per day," says Egdon. Egdonh holds a 30% stake in the licences, while Europa Oil & Gas Holdings PLC holds 30% and Union Jack Oil PLC holds the remaining 40%. Both Europa Oil and Union Jack also noted the news at for Wressle oil field.

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Motif Bio PLC - AIM cash shell - Announces acquisition of BiVictriX Therapeutics Ltd for GBP5.5 million. BiVictriX is a UK-based antibody-drug conjugate discovery and development company which is focused on "leveraging clinical experience to develop a class of highly selective, next generation cancer therapeutics which exhibit superior potency, whilst reducing harmful side-effects". The transaction constitutes a reverse takeover. Proposes placing and subscription to raise GBP10.1 million via issue of 50.5 million new shares, at a price of 20 pence each. Announces the appointments of Iain Ross as non-executive chair, Tiffany Thorn as chief executive officer, Robert Hawkins and Ole Petter Veiby as independent non-executive directors. "Overcoming countless setbacks and challenges along the way, I am thrilled that we have put together a transaction that delivers value to our existing Shareholders, and has the potential to offer patients a safer, more effective way to treat their cancers," says Motif Chair Bruce Williams.

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Bluejay Mining PLC - exploration and development company with projects in Greenland and Finland - Updates on the ongoing VAT claims against HMRC. Says it continues to maintain its consistently held position that "Bluejay was conducting legitimate overseas activity with respect to VAT reclamation". Says given the success of Tower Resources PLC against the tribunal in a similar case, the company says: "With Bluejay's case similar to Tower's, the company now awaits to hear if HMRC will continue their appeal against Bluejay given this most recent loss in the Upper-Tier Tax Tribunal".

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Genel Energy PLC - London-based oil company - Receives USD19.8 million from Kurdistan government for March oil sales. Expects to receive remaining USD11.3 million shortly. This comes after the Kurdistan regional government, which pays for oil produced and exported, asked to reduce the pace at which it is paying arrears earlier in May. The regional government cited the impact of Covid-19 on Iraq and the improved global price of oil for the amended payment schedule, which will be applied from the March invoices.

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Metal Tiger PLC - Winchester, England-based natural resources investor - Notes its listing on the Official List of the Australian Securities Exchange on Thursday.

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By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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14 Feb 2024 12:40

Europa Oil & Gas confirms extension to Cloughton licence

(Sharecast News) - Europa Oil & Gas announced a significant extension to its PEDL 343 licence on Wednesday, housing the Cloughton gas discovery in the East Midlands.

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14 Feb 2024 11:55

Europa Oil & Gas gets extension to PEDL 343 gas licence from UK NSTA

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday announced an extension to its PEDL 343 licence in the East Midlands of England, which contains the Cloughton gas discovery.

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29 Jan 2024 10:27

IN BRIEF: Europa Oil hails phase extension for flagship Irish licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.

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15 Jan 2024 13:37

IN BRIEF: Europa Oil & Gas stock down as cashflow lower than expected

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Expects to report free cash flow of approximately GBP800,000 for 2023, lower than forecast of GBP4.2 million announced on Wednesday. Says lower than expected result was primarily due to delayed development at Wressle-1 well reducing revenue receipts for 2023, although it did result in "materially lower" capital expenditure. Says it has sufficient funds to cover expected capital and operational requirements for 2024. Company also reports that its cash position was GBP4.3 million at November 30, and that gross production at Wressle-1 is currently averaging 665 barrels of oil per day.

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2 Jan 2024 11:05

Union Jack and Europa Oil get resources upgrade for Wressle field

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Tuesday said an independent assessment has increased the oil reserves of their licences at the Wressle field onshore in Lincolnshire, England.

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19 Dec 2023 12:43

Europa Oil & Gas and Union Jack Oil toast flow rate at Wressle-1 well

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Tuesday said that production had increased at the UK onshore Wressle-1 well.

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29 Nov 2023 17:20

Union Jack, Europa O&G note Egdon update on Wressle future plans

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Wednesday both noted Egdon Resources UK Ltd's community update on the Wressle oilfield development in North Lincolnshire, including PEDL180 and PEDL182 assets.

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27 Nov 2023 20:02

TRADING UPDATES: Live Co to cut jobs; SDX Energy in strategy shift

(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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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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8 Nov 2023 13:29

IN BRIEF: Union Jack, Europa Oil note Wressle-1 back up and running

Union Jack Oil PLC - UK-focused onshore hydrocarbon production, development, and exploration company - Wressle-1 well has been brought back into production following installation of a downhole jet pump. "Since production resumed, flow-rates in excess of 950 barrels of oil per day have been recorded. The well is now on continuous 24-hour production and is still cleaning up. Export and sale of oil has recommenced," Union Jack says. The firm owns a 40% interest in the asset. Europa Oil & Gas Holdings PLC, with a 30% stake, also notes the development.

Read more
8 Nov 2023 11:14

AIM WINNERS & LOSERS: eEnergy surges after Luceco backing

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23 Oct 2023 13:33

IN BRIEF: Europa Oil & Gas swings to loss amid one-off costs

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - In the year ended July 31, reports a pretax loss of GBP884,000, compared to a profit of GBP1.4 million the year prior. Revenue rises to GBP6.7 million from GBP6.6 million year-on-year. Notes the stable revenue figure was despite a lower oil price and weaker pound during the period. Records a GBP1.7 million exploration write-off in the year, as well as significantly higher expenses. Administrative expenses jump to GBP1.9 million from GBP821,000, while finance expense climb to GBP717,000 from USD238,000.

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23 Oct 2023 09:12

Europa Oil maintains revenue despite lower crude prices

(Sharecast News) - Europa Oil & Gas said in its final results on Monday that, despite a lower oil price and a weaker pound, it maintained stable revenue at £6.7m for the 2023 financial year - a slight increase from last year's £6.6m.

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18 Oct 2023 14:22

Europa Oil & Gas, Union Jack Oil say Wressle work complete

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Wednesday announced

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4 Oct 2023 10:40

i3 Energy and Europa Oil & Gas target recently lapsed Tain acreage

(Alliance News) - i3 Energy PLC on Wednesday said it has been made aware that the licence for the Tain discovery in the North Sea has recently lapsed. The announcement was also noted by its partner Europa Oil & Gas Holdings PLC.

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