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(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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United Oil & Gas PLC - London-based oil & gas company - Agrees to sell UK central North Sea licenses P2480 and P2519 to Quattro Energy Ltd for headline consideration of up to GBP3.2 million. United holds 100% equity interest in each. This deal, which is subject to completion of satisfactory due diligence, definitive documentation and UK Oil & Gas Authority approval, is expected to complete by the end of September. "The divestment of these Licences, following a strategic review of the company's portfolio, will see United exit activities in the North Sea region. The transaction proceeds will provide financial flexibility for the company to grow its low-cost production business in Egypt and the Greater Mediterranean area, complemented with selected high impact exploration opportunities in the Caribbean and Latin America," United says.
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Trifast PLC - Uckfield, England-based industrial fastenings firm - Says first quarter revenue rebounded strongly, being more than 50% higher year-on-year, driven by existing customers, new contract wins, and supported by a "very healthy" pipeline. "Given the strong momentum, as well as our effective management of supply chain headwinds, the board is confident in the group's outlook, with its full year FY2022 expectations unchanged," says Non-Executive Chair Jonathan Shearman at Wednesday AGM.
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Epwin Group PLC - Solihull, England-based building products manufacturer - Revenue for first half of 2021 up 69% year-on-year to GBP157.8 million and 13% ahead of 2019. Has it has been taking steps to mitigate raw material price rises. Outlook for year continues to be favourable as strong trading continues. "Assuming that the group does not experience material supply chain or Covid-19 related impacts in H2, the board now expects adjusted profit before tax for the full year to be materially ahead of its previous expectations," it says.
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GetBusy PLC - document management and productivity software - Reports total revenue of GBP7.5 million for first half of 2021, up 7% year-on-year. Recurring revenue up 9%. Pretax loss widens to GBP948,000 from GBP712,000 as operating costs grow 7.8% to GBP7.7 million. Firm says: "We continue to see a significant scaling opportunity for our document management business through SmartVault, on which we intend to capitalise. We expect continued strong growth in recurring subscription revenue in that business during H2 and, as we invest in the scale-up, we see an opportunity for the growth rate to potentially increase over the next few years. We look to the future with increasing confidence."
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VR Education Holdings PLC - Irish virtual reality technology company - Says half-year Engage revenue expects to be EUR1.3 million, up 84% year-on-year. Engage revenue comprises 72% of total half-year revenue, versus 33% a year ago. "Our performance in the first half of 2021 is testament to the significant progress the Group has made. ENGAGE has become a leader in the world of virtual communications shown through our growing customer base of blue-chip enterprise clients," says Chief Executive David Whelan.
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Quartix Technologies PLC - Cambridge-based vehicle tracking devices maker - Half-year revenue falls 5% to GBP12.5 million and pretax profit drops to GBP2.0 million from GBP4.3 million. Fleet revenue grew 7% to GBP11.6 million while insurance revenue fell 61% to GBP900,000. "We are pleased that, despite the impact of the Coronavirus Pandemic, we have achieved growth of 8% in our fleet subscription base and good financial results for the first half. New fleet installations were 31% ahead of the same period last year and, more significantly, 13% ahead of pre-pandemic record (2019) levels, with new installations in international markets exceeding those in the UK for the first time," says Chief Executive Andy Walters. Proposes interim dividend of 1.50p.
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Tracsis PLC - Leeds-based traffic data & transportation services firm - Wins multi-year significant contract in the UK for its RailHub software product suite. "This is one of the large rail opportunities that we highlighted in our Interim Results announcement that was in the final stages of contract award," it says. Contract will double RailHub's user base to over 30,000 individuals. As a result of this win, alongside ongoing growth in Rail Technology & Services and Data Analytics/GIS and a post Covid recovery in business activity levels in its Traffic Data and Events business units, firm now expects full-year earnings before interest, taxes, depreciation and amortisation to beat market expectations.
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Oakley Capital Investments Ltd - listed investment company providing investors access to the Oakley Funds - Net asset value per share 445 pence at end of June, with total NAV per share return including dividends 11% since end of 2020 and 36% since June 30, 2020. "During the period, the Oakley Funds sustained their pattern of solid performance and Ebitda growth. While the impact of the Covid pandemic continues, the portfolio has continued to benefit from an investment focus on technology-enabled businesses," it says.
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Anglo Pacific Group PLC - London-based natural resources royalty investor - Reports portfolio contribution for second quarter of 2021 of GBP9.4 million, up 38% on GBP6.8 million in first quarter. "The group's Q2 2021 portfolio contribution has benefitted from 5 deliveries from the stream, and when combined with the 3 deliveries thus far in July 2021, the group has realised total proceeds of USD4.0m," it says. Expects second half to be stronger amid cobalt price rally, the full effect of the Voisey's Bay stream being recognised in the group's portfolio, strength in copper and iron ore prices and a recovery in the coal market.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Product sales of Alkindi for year ended June 30 GBP2.4 million on a statutory reporting basis, down 2% year-on-year. On proforma basis, product sales up 7% at GBP2.5 million. Notes continued growth in core commercial markets - UK, Germany, Italy and Austria - with proforma sales increasing by 18% despite pandemic impact. Expects Alkindi sales to pick up as Covid-19 restrictions lift.
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Conduit Holdings Ltd - Bermuda-based insurance company - Reports "successful first six months of trading". Gross premiums written in first half of 2021 USD210.3 million and net premiums written USD188.5 million. Total net revenue USD48.5 million and total loss for period USD12.4 million. "I am proud of what we have achieved in our first six months as an operating business and we could not have asked for more from our growing team. We are delivering on the plan we set out in our IPO last year and continue on our mission to build Conduit into a leading modern pure play reinsurance franchise," says Executive Chair Neil Eckert. Declares interim dividend of USD0.18.
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Directa Plus PLC - London-based producer and supplier of graphene nanoplatelets - Wins additional tender from OMV Petrom to provide waste treatment services using the company's Grafysorber and supply related products. Four-year deal has total value of EUR3.2 million, with an invoice value of EUR800,000 per year, and is expected to start in August. Grafysorber is a graphene-based solution for treating water sludges and emulsions containing hydrocarbons.
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James Cropper PLC - paper products manufacturer based in Cumbria - Sales in first quarter up 50% on year ago as demand recovers to pre-virus levels. Says start to year "promising" and first quarter was profitable. Pulp prices rise in quarter but cost increase cushioned by company's pulp hedging arrangements. "Overall, the outlook for the group remains positive and in line with management expectations," firm says.
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Literacy Capital PLC - investment firm focused on supporting UK businesses - Has completed investment in OFJ Spring Topco Ltd, the holding company for Oxygen Freejumping. Oxygen Freejumping is an operator of trampoline and adventure parks in the UK, with four sites in England. "Literacy Capital has injected fresh capital and acquired a majority stake, with further financial terms remaining undisclosed," it says.
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Bidstack Group PLC - London-based in-game advertising platform - In new partnership with T-Bull SA, one of the largest mobile game developers in Poland, for its free-to-play title Racing Classics PRO: Drag Race & Real Speed. "This new title reinforces Bidstack's racing environment vertical where in-game ad placements help brands to build brand awareness whilst becoming an authentic part of the racing experience," it says.
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Bluejay Mining PLC - exploration and development company with projects in Greenland and Finland - Agrees to sell its Paltamo and Rautavaara Nickel-Zinc-Copper-Cobalt projects in Finland to Metals One PLC for GBP4 million in a mix of cash and shares. Of the consideration, GBP25,000 to be paid within five days of signing term sheet, GBP250,000 is payable in cash on completion of the transaction, and GBP3.7 million payable in shares at IPO price. Metals One plans to seek a listing on London's AIM this year. "While these assets are non-core within our portfolio, we believe that within Metals One, a dedicated battery metals group in which we will become a significant shareholder, they have the potential to create additional value for all parties," says Chief Executive Bo Moller Stensgaard.
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Angle PLC - Surrey-based liquid biopsy company - Agrees pharma services contract with another new customer for its recently established pharma services business. Angle chosen to develop immunofluorescence assays using its Parsortix system to detect two specific protein markers expressed by circulating tumour cells and implicated in DNA damage repair. First phase of work agreed covers initial assay development and validation contract, generating revenue of USD400,000 over 12-month period. "Assuming a successful outcome, the customer expects the assays to be utilised in a clinical trial with study sites in the United States and Europe, planned to commence in H2 2022. The clinical trial phase will incorporate longitudinal analysis of patient samples (for example before, during and after treatment with the investigational drug) and is expected to generate further significant revenues for ANGLE," it says.
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By Lucy Heming; lucyheming@alliancenews.com
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