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TRADING UPDATES: FRP Advisory eyes revenue ahead of expectations

Mon, 15th May 2023 17:26

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


FRP Advisory Group PLC - London-based business advisory firm specialising in forensics, corporate finance, debt and restructuring - Says it continued to grow profitability across its five service pillars in the year ended April 30. Consequently, expects to report full-year revenue of GBP104 million. This would be an increase of 9.2% from GBP95.2 million the year prior. Adjusted underlying earnings before interest, tax, depreciation and amortization is seen at GBP27 million. This would be an increase of 5.1% from GBP25.7 million the previous year. Notes that both of these expectations are ahead of current market expectations, which sees revenue at GBP100.5 million and adjusted Ebitda at GBP25.8 million. Looking forward, Chief Executive Geoff Rowley says the medium-term outlook for the firm's markets remains "positive", adding the company has sufficient resource flexibility to respond to an increase in demand. FRP Advisory will release its results for the year ended April 30 on July 26.


Caracal Gold PLC - East Africa-focused gold producer - Says the first quarter of 2023 was a "trying time" for its stakeholders. Explains that due to a delay in funding, activities around expansion and its operations were limited during January and the first half of February. As a result, reports 12,045 mined tonnes in the first quarter of the year at its Kenyan operations, down sharply from 35,989 tonnes in the final quarter of 2022. Treated tonnes in the quarter dips to 19,104 tonnes from 19,613 tonnes. Smelted ounces of gold drops to 627 ounces from 835 ounces. Chief Exeucitve Robbie McCrae says: "The discovery and processing of the High Grade zone on the Kilimapesa Hill has assisted greatly in March and the gold price has also been kind to us during March - the production numbers for the quarter are down but when you consider the production only recommenced on March 5 we are well positioned for the second quarter period."


SolGold PLC - Ecuador, Australia, and Solomon Islands-focused copper and gold project developer - Says, thanks to its ongoing restructuring efforts, it expects its current cash balance to last beyond June 2024. At March 31, the company reports a cash balance of USD48.1 million, plus USD25.4 million shares held. Company is internally evaluating a phased approach to the development of the Cascabel project in northern Ecuador, with the intent to reduce upfront capital and shorten the development schedule. SolGold secured 100% ownership of the Cascabel project after successfully merging with Cornerstone Capital Resources Inc. This was completed in February.


NetScientific PLC - London-based investment company focused on life science, sustainability and technology companies - Notes that its portfolio company, PDS Biotechnology Corp, has released its results for the first quarter of 2023. PDS Biotechnology is a clinical-stage immunotherapy company developing a pipeline of targeted immunotherapies for cancer and infectious disease. The portfolio firm reports a net loss of USD9.7 million in the quarter, widening from a loss of USD8.5 million the year prior. Explains this was due to personnel, clinical studies, medical affairs, and manufacturing expenses. Total operating expenses increase to USD9.4 million from USD8.5 million.


Esken Ltd - Widnes, England-based infrastructure, aviation and energy company - Completes the sale of its wholly-owned subsidiary, Star Handling Ltd, to Skytanking UK Ltd for up to GBP4.8 million. Skytanking UK is a wholly-owned subsidiary of Prime Flight Aviation Services Inc. Star Handling carries out ground handling operations at London Stansted Airport and Manchester Airport. The buyer intends to operate the services at Stansted and Manchester under a new brand name. Esken's remaining ground handling operations post-disposal will maintain the in-house passenger handling services at London Southend Airport. Under the agreement, Esken receives GBP3.5 million in cash. A further GBP380,000 is payable following the agreement of completion accounts. An additional payment of GBP960,000 is deferred and will be payable subject to the business achieving forecast customer revenue targets in the 12-months following completion.


Premier African Minerals Ltd - West and Southern Africa-focused mineral project developer - Announces a placing to raise GBP1.8 million, before expenses, at an issue price of 0.93 pence per share. Funding is for the ongoing Zulu Lithium & Tantalum project pilot plant optimisation. Company also reports that the plant is now producing concentrate from both the spodumene and mica flotation circuits. Chief Executive George Roach says: "Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu. Mining operations continue to encourage with both grade and ore body definition meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene dominant pegmatites not included in the resource currently being mined."


Alpha Growth PLC - London-based advisory services provider - Enters into an agreement to acquire the outstanding 5% minority shareholding it did not already own in Northstar Group (Bermuda) Ltd for a total consideration of GBP330,102. Northstar is the company's Bermuda-based insurance holding company. In February 2021, Alpha's wholly-owned subsidiary, Alpha Group (Bermuda) Ltd, acquired 95% of Northstar, with the 5% minority stake being retained by Northstar's original founder, Daniel Gray. Following the agreement, Northstar is now wholly-owned by Alpha. The consideration has been settled by Alpha issuing 12.7 million shares at a price of 2.6 pence each. Chair Gobind Sahney says: "I am very pleased that we were able to complete the 100% ownership of Northstar and that we get the continued alignment of interest with Dan, who continues to be a valued advisor to the group in the growth of its life insurance business, now as a direct shareholder in Alpha."


By Heather Rydings, Alliance News senior economics 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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26 Oct 2023 21:49

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

(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:

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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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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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