(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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Polymetal International PLC - Jersey-registered precious metals miner in Russia and Kazakhstan - Says Kutyn heap leach facility in Russia produces first 6,000 ounces of gold. "The construction was completed in 24 months after the board's project approval, six months ahead of the initial plan. Accelerated development was made possible by effective planning, tight project management, and creative approaches to supply chain issues," Polymetal says. Capital expenditure amounts to USD110 million, 38% above plan. "Capex overrun was mostly due to expanded scope (addition of refractory ore mining and ore haulage road), higher fuel prices and Covid-19 impact on logistics, labor costs," Polymetal says.
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SThree PLC - London-based staffing company - Says full-year profit performance is expected to be ahead of consensus following "excellent" third quarter growth, driven by successes across all its key regions. In the three months to August 31, net fees total GBP111.8 million, up 19% from GBP91.0 million the previous year. Adds its contractor order book at August 31 is up 24% against the previous year. As a result, it expects pretax profit for the year to November 30 to be 7% ahead of company compiled market consensus of GBP71.2 million.
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FIH Group PLC - essential services provider in UK and Falkland Islands - Says performance since start of new financial year at Momart and the Portsmouth Harbour Ferry Co is ahead of last year and "broadly in line with expectations". Previous financial year ended on March 31. "Trading continues to recover across all areas of Momart and despite the absence of pandemic-related government support, profits were ahead of the same period last year. The Exhibitions order book remains broadly in line with March 2022 and demand for the second half of the current year is strong. Activity in Gallery services continues to increase and recent success from the Art Basel fair bodes well for Frieze London in October," it says. Says Falkland Islands Co makes slower than expected start to financial year, however.
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Appreciate Group PLC - Liverpool-based prepaid gift card and voucher provider - Says trading is in line with board expectations. "The group has prioritised driving profitable billings within our High Street Vouchers (consumer) business ahead of volumes. Our focus in Appreciate Business Services' (corporate) market continues to be on improving the retention levels for corporate clients while increasing the number of new clients purchasing from us for the first time," Appreciate says. Says geared up strongly for key festive trading period. "Our Park Christmas Savers business is trading strongly and in line with expectations, underpinned by our highest level of agent and direct customer retention rates. The new Park Christmas Savers 2023 campaign launched earlier this month and we remain confident that this channel can return to growth," company adds. Notes process to appoint permanent chief executive and finance chief progressing.
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Tufton Oceanic Assets Ltd - Guernsey, UK-based investment company focused on second-hand commercial vessels - Agrees to buy two product tankers for USD73.0 million. "They are being acquired below depreciated replacement cost. These acquisitions will take the company's fleet to twenty-three vessels," Tufton says. Says deals being financed through new USD60 million loan.
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AdEPT Technology Group PLC - London-based information technology provider - Secures "several important new contract wins and renewals" since start of new financial, including with the Arts University of Bournemouth and law firm Herbert Smith Freehills. "This success reflects the strong brand image that AdEPT commands in its marketplace, the focus on customer engagement, and its recognised ability to effectively deliver the technologies required to fulfil the demand for digitisation and cloud-centric services in the UK," company says. Says to return to paying interim dividends, with 2.50 pence per share payout for six months ending September 30. Says trading is resilient but notes impact of global component shortages and inflationary pressure. "The group is working closely with its partners to mitigate the supply chain delays and to pass on cost increases, where possible, in particular those linked to connectivity and telephony charges. This cushions the business, to some extent, from the inflationary pressures within its supplier base," company adds.
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Fair Oaks Income Ltd - Guernsey-based closed-ended investor in collateralised loan obligations - Eyes boosting distributions for owners of 2021 shares. Authorises share buyback programme worth up to an initial USD20 million. Also plans future quarterly payouts for 2021 share class of 2 US cents each. Fair Oaks adds: "The board and investment adviser believe that recent movements in the market price of the 2021 shares are not being driven by fundamentals and intend through these measures to demonstrate the company's capital discipline and confidence in the company's cashflows and [net asset value]. The effectiveness of the company's evolved distribution policy will be closely monitored and the company will update shareholders in due course."
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Katoro Gold PLC - London-based metal exploration company - Enters joint-venture with Trans Namibian Mining & Minerals Pty Ltd focused on development of new partner's iron ore project. Katoro has pre-emptive right to acquire up to 60% of TNMM. "Under the terms of the agreement, Katoro is required to procure financing for the full funding requirements of the project and JV, including the construction and commissioning of a beneficiation plant and auxiliary operations should the continued development and exploration work provide positive results," Katoro adds.
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Griffin Mining Ltd - mine operator focused on China - Says operations at Caijiaying mine in China to cease on Thursday and not resume until start of November. Events involving Chinese Communist Party next month, including party congress, means an implementation of safety measures. Among these, explosives have been banned in four major areas surrounding Beijing. One of the areas is Zhangjiakou, where Griffin's mine is located. "Explosives can no longer be acquired or delivered to the Caijiaying mine. The current inventory of explosives has been exhausted, mining and haulage has decreased and processing and milling is expected to cease on Thursday, September 22, 2022," Griffin says. Company says these events normally occur every October so it is reflected in its "plans and budgets".
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Love Hemp Group PLC - London-based cannabidiol products company - Pays fine levelled by Aquis Stock Exchange. Fine of GBP100,000 was imposed in August. Love Hemp pays GBP70,000 as offered a discount for early settlement. Fine was related to fundraising issue. Peterhouse resigned as its corporate advisor after an investor in February's subscription failed to complete their investment of GBP1.2 million. Love Hemp says: "The company has worked diligently with AQSE during its confidential investigation as well as identifying and working with a proposed new AQSE advisor. The company continues to work with that firm to complete its client take-on procedure and will update the market as soon as this is completed and their appointment is confirmed at which point the Directors anticipate that the suspension in the shares will be lifted." Says been unable to progress plans to move to the Standard Segment of the London Stock Exchange due to suspension. Application has now lapsed. "The board understands this will be disappointing news for shareholders but reaffirms this does not preclude the company progressing any new or dual market listing for the company in the future. In the meantime, the company continues to focus on building its infrastructure, strengthening its controls and driving increased trading performance which must be its current priority," company says. Names Robert Smyth as chief financial officer with immediate effect.
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By Eric Cunha; ericcunha@alliancenews.com
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