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TRADING UPDATES: Alumasc under CMA's eye amid "resilient" year

Thu, 26th Oct 2023 21:49

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


Alumasc Group PLC - Kettering, England-based supplier of building and engineering products - Says trading so far in the year ending June 30 2024 has remained resilient despite market headwinds, and performance in the first quarter has been in line with internal expectations. Demand "remains subdued in a number of construction sectors, particularly in new build residential," but Alumasc "has seen an increase in overseas sales" and says demand for new Housebuilding Products products has also stayed robust despite a slowdown in housebuilding activity. Says it continues to invest prudently in areas which enhance revenue growth and continues to carefully manage costs. Says it is mindful of the current demand headwinds but that full-year expectations are unchanged as it remains confident in the resilience of its business model.

Alumasc also notes announcement by the Competition & Markets authority that it is assessing Alumasc's anticipated acquisition of ARP Group Holdings Ltd and Rainwater Online Holdings Ltd. Alumasc says it continues to engage with the CMA and expects the process to conclude in December.


Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Says on Wednesday that its common shares commenced dealing on the OTCQB Venture Market cross-trading facility in the US. The OTCQB allows developing international companies to be publicly traded in the US. Zenith says trading on the OTCQB is a cost-effective solution which will provide enhanced investor benefits like easier trading access for US investors, and greater liquidity due to a broader geographic pool of potential investors.


Caracal Gold PLC - East Africa-focused gold producer - Completes phase one of expansion plan for the Kilimapesa Hill deposit. Predicts total output of 49,155 ounces in the 36 month period, with USD83.5 million in revenue at USD1,700 per ounce of gold. Also anticipates all-in sustaining costs of USD1,055 per ounce. Says phase two of the expansion will focus on a full remodelling of Kilimapesa including additional drilling; phase three will consist of a new mineral estimate, and phase four will see completion of the ten-year mine plan.


Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Says output from its Yanfolila Mine in Mali increased to 18,399 ounces of gold in the third quarter of 2023 from 16,827 ounces the prior year. The mine has produced a total of 69,546 ounces over the first nine months of this year. Hummingbird says it is on track to meet full-year target of between 80,000 and 90,000 ounces. Also says the Kouroussa Mine in Guinea, which produced 1,047 ounces in the quarter, is on track for full-year commercial production from 2024 onwards. Adjusted Ebitda for the quarter was around USD1.2 million, following last year's loss of USD8.9 million.


abrdn Diversified Income & Growth PLC - Edinburgh-based investor across asset classes - Announces completion of strategic review commenced on June 20. Review sought to address the material discount to net asset value at which its shares have traded and consider how best to deliver shareholder value. Company has determined that the best course of action is continue with its existing investment strategy. It intends to return cash to investors through a 1.65p per share special dividend and a GBP25 million to GBP30 million tender offer. It expects these distributions to return between GBP30 million and GBP35 million in total. Going forward, it will seek exposure to alternative asset classes mainly through private investments instead of listed funds.


Cornish Metals Inc- mineral exploration and development company - Opens new water treatment plant at the South Crofty tin project. Discharge of treated water from the South Crofty mine to the Red River will commence next week at a rate of up to 25,000 metres cubed per day. Company is about to commence dewatering of the mine, and expects this to take 18 months. Says dewatering the mine and treating the water will have a positive effect on water quality in the Red River, which currently receives untreated mine water as a legacy of past mining activities. Water discharged from the mine currently powers a hydro-turbine, and Cornish Metals is exploring other renewable heat opportunities to utilise the treated water's "steady" high temperature.


Van Elle Holdings PLC - Kirkby in Ashfield, England-based ground engineering contractor - Agrees to acquire entire issued share capital of UK-based piling specialist Rock & Alluvium Ltd, for total consideration of up to GBP3.8 million on a cash-free and debt-free basis. Van Elle says Rock's piling rig fleet complements its existing capital investment programme. Consideration comprises an initial GBP1.8 million payment followed by a deferred payment of GBP2.0 million payable 12 months from completion. Payments will be satisfied through its existing cash and banking facilities. Van Elle also says it has entered a five-year trading agreement with Galliford Try, which it expects to generate over GBP10 million in revenue per year.


By Emma Curzon, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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21 Jun 2024 12:56

IN BRIEF: Caracal Gold nets Kilimapesa investment from Cynergy Global

Caracal Gold PLC - East Africa-focused gold producer - Secures investment to fund the Kilimapesa expansion project from a strategic investor. Explains that a three phased investment will be made by Cynergy Global Ltd - a Mauritius-based investment group with regional presence in power generation, oil & gas exploration & development, aviation and commercial fishing - into Caracal and its subsidiaries. Phase 1 will see USD1 million payable in two tranches of USD500,000 in exchange for 25% of Caracal. Phase 2 will see a further USD5 million injection, USD2 million in equity and USD3 million in debt in exchange for an additional 10% of Caracal. In the event of Caracal undertaking a fundraise by way of share placement in the future, Phase 3 would see Cynergy granted the option to subscribe for up to 29.9% of Caracal's share capital.

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13 May 2024 20:18

IN BRIEF: Caracal Gold mining hit by bad weather and motor failure

Caracal Gold PLC - East Africa-focused gold producer - Provides update following restart of production at the plant at Kilimapesa for the quarter. Says open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 grammes per tonne gold with a strip ratio of ore to waste of 2.7 to 1 for the month of February; and 11,610 tonnes mined at average grade of 1.625 g/t gold with a strip ratio of ore to waste of 2.9 to 1 for the month of March. Availability of the milling plant in March was hit by a failure of the mill motor which took the milling plant off line from March 2 to March 9. Additional challenges with record high rainfall in the Masai Mara area severely impacted power availability during the month, company says. Chief Executive Robert McCrae says: "The mill motor failure and heavy rainfall were amongst some of the challenges faced in February and March and this has meant that our working capital position is extremely tight and this carried forward into April. The finance team are working to complete the audit and interim financials and are confident after recent feedback from PKF the audit is in final stages."

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26 Mar 2024 12:04

Caracal Gold raises GBP780,000 and notes audit "progress"

(Alliance News) - Caracal Gold PLC on Tuesday said that it has raised GBP780,000 via a subscription, through the issue of 260.0 million shares.

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7 Mar 2024 16:47

EARNINGS AND TRADING: Belvoir, Property Franchise merger now effective

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

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23 Jan 2024 10:55

Caracal Gold raises GBP140,000 to fund Kilimapesa gold mine

(Alliance News) - Caracal Gold PLC on Tuesday aid it has raised GBP140,000 through a subscription of shares.

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19 Jan 2024 18:01

IN BRIEF: Caracal Gold announces loan agreement with CSS Alpha Global

Caracal Gold PLC - East Africa-focused gold producer - Enters loan agreement for USD250,000 with CSS Alpha Global Pte Ltd with a 12-month term. Loan carries interest of 3% per month, and will be repaid in nine equal instalments after a three-month grace period. Chief Executive Officer Robbie McCrae has secured the loan with a personal guarantee for 50% of the principal amount. Lender's parent company will receive 13.0 million shares in Caracal as part of the transaction. Caracal will use funds for working capital at its Kilimapesa gold mine and for various corporate costs.

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14 Nov 2023 14:19

TRADING UPDATES: Billington on track to beat 2023 expectations

(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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24 Oct 2023 20:21

TRADING UPDATES: System1 revenue jumps; Volex takes cyber hack charge

(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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29 Sep 2023 15:47

UK shareholder meetings calendar - next 7 days

Monday 2 October 
no events scheduled 
Tuesday 3 October 
Equals Group PLCGM re capital reduction approval
Haydale Graphene Industries PLCGM re capital reorganisation
Wednesday 4 October 
Alien Metals LtdAGM
Black Sea Property PLCAGM PLCAGM
Thursday 5 October 
Afentra PLCGM re Azule acquisition
Capricorn Energy PLCGM re return on cash to shareholders
Henderson Smaller Cos Investment Trust PLCAGM
Novacyt SAAGM
Sportech PLCGM re cancellation and re-registration as PLC
Friday 6 October 
Caracal Gold PLCGM re capital raise
ECR Minerals PLCGM re approval of subscription
Pendragon PLCGM re UK Motor and PVM sale
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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4 Aug 2023 16:49

LONDON MARKET CLOSE: Stocks end in the green after difficult week

(Alliance News) - Stocks in London ended on a positive note on Friday, following a tumultuous couple of days following a US credit rating cut and another interest rate hike from the Bank of England.

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4 Aug 2023 14:14

Caracal Gold production significantly up from difficult first quarter

(Alliance News) - Caracal Gold PLC on Friday said production in the second quarter was significantly better than in the preceding months, and said activities at its Kenyan mine showed "steady" progress.

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13 Jul 2023 21:20

Caracal Gold completes fundraise, "confident" on project resources

(Alliance News) - Caracal Gold PLC on Thursday said it has completed a GBP351,000 share subscription, and appeared optimistic for its projects' future resources estimates.

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15 May 2023 17:26

TRADING UPDATES: FRP Advisory eyes revenue ahead of expectations

(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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26 Apr 2023 15:44

TRADING UPDATES: Skillcast swings to loss, RM Infrastructure NAV down

(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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