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(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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Tracsis PLC- Leeds-based traffic data & transportation services firm - Trading for six months ended January 31, the first half of its financial year, aligns with board expectations. Sees "high activity levels across large parts of the group" and expects to post revenue of GBP22 million, a little below the prior year's GBP26.4 million, due to lower sales from its Events and Traffic Data units amid ongoing Covid-19 restrictions. Expects activity levels in these units to progressively return to normal with lifting restrictions. Earnings before interest, tax, depreciation, and amortisation likely to be "only slightly lower" than the previous year's GBP5.6 million as a larger proportion of revenue comes from its higher margin Rail Technology & Services division, combined with cost reduction actions. Cash balances stay strong at around GBP21 million from GBP26.0 million the prior year. Expectations for year ending July 31 remain unchanged and the firm continues investing it its technology base, as well as in pursuing acquisition opportunities.
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Begbies Traynor Group PLC - Manchester-based corporate restructuring specialist - Says strong trading performance continues since half-year across both operating divisions, leaving the company "confident of the outcome for the full year". Expects to post results that are at least in line with annual expectations. Business recovery & financial advisory business performing well, maintaining run rate for activity levels and new appointments despite government support measures. Integration of recently acquired CVR insolvency business going well, with initial trading aligned with Begbies' expectations. "Robust performance" from property advisory & transactional services business with no adverse lockdown impact. Begbies says it has "has maintained its strong financial position with significant levels of headroom within our committed bank facilities".
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Non-Standard Finance PLC - subprime lender - Intends to strengthen balance sheet through raising new equity capital. The company says this is needed to support growth and avoid future covenant breaches, as well as "to address the material uncertainties regarding going concern". It has thus begun working with support of largest shareholder Alchemy "on a substantial capital raise", set to complete in the second quarter of 2021. Currently operating within financial covenants, with December 31 cash at bank of GBP78 million and gross borrowings of GBP330 million. In terms of 2020 trading, branch-based lending volumes fell in November and December, taking net loan book at 2020 end down 20% from the prior year. Home credit net loan book ends 2020 down by a third versus 2019, while the loan book for guarantor loans was reduced by around 40% year-on-year. Non-Standard Finance has made a GBP16 million provision redress relating to its guarantor loans provision following a review by the UK's Financial Conduct Authority. The firm is "working hard on the redress methodology" for guarantor loans, and hopes to have concluded the process early in the second quarter of 2021. For the group as a whole, the combined net loan book was down by around 27% from 2019.
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Pineapple Power Corp PLC - cash shell focusing on the clean & renewable energy sector - Acknowledges recent share price increase since listing in December. Says that due to "extensive media coverage" of the renewables sector, among other reasons, it has received a number of approaches to discuss potential transactions. All approaches so far are preliminary and Pineapple says it is in the early stages of considering this. It is also still actively seeking possible candidates. No situations under review at present have reached an appropriate stage for being announced to the market and there is not certainty that any will proceeds. "Pineapple Power will announce details in due course of any potential transaction that has progressed to a stage where it would be appropriate to do so, but will not otherwise provide any further updates to the market."
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Strategic Minerals PLC - minerals company with operations in the US and Australia, as well as a development project in the UK - Says wholly owned Cornwall Resources Ltd subsidiary begins trenching and auger exploration program investigating the possible presence of mineralisation extension up to 1,000 metres to the west of the established Redmoor resource. Executive Director Peter Wale says: "From our advanced understanding of the geology of the region, we consider it likely that the western potential of Redmoor extends farther away from the granite intrusions which drove the mineralisation in the area. As such, the mineralisation is likely to be richer in those metals that are typically distributed more distally from the source, such as tin and copper." Adds that "the proposed western trenching and auger exercise represents a cost-effective program as a first step in assessing the wider potential for tin and copper at Redmoor."
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Rainbow Rare Earths Ltd - Burundi, East Africa-focused rare earth element miner - Says study at its Gakara rare earths project confirms feasibility of 10,000 tonnes per annum rare earths element cracking placing, doubling capacity from the 5,000 tonnes per annum originally proposed based on a preliminary economic assessment in 2015. The newest study, by Metallurgical Engineering Technology & Construction Pty Ltd estimates a capital cost of USD35.2 million for a 10,000 tonnes per annum plant versus the previously estimated USD22.3 million for a 5,000 tonnes per annum plant. The operating costs estimate is USD1,279 per tonne, versus the originally estimates USD1,654 per tonne.
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Crossword Cybersecurity PLC - Richmond, England-based cyber security and risk-focused technology commercialisation company - Reaches agreement with the University of Glasgow to support its privacy risk & compliance project for creating a new software project aimed at privacy governance. Crossword is to assist in designing, market testing, and building the software product which will ultimately be owned by a newly formed separate University of Glasgow spin-off business.
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Zotefoams PLC - cellular materials technology firm - Says production begins at new GBP23 million plant in Brzeg, south-west Poland. This plant was built in order "to increase global capacity and optimise service levels for many customers in continental Europe" and has been under construction since February 2019. The plant adds around 15% to the company's annual global foam production capacity and can hands "significant future expansion" with on-site storage for up to 15,000 cubic metres of foam. Plans to initially produce foams in the company's Azote polyolefin foams range.
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Kazera Global PLC - investment company focused on opportunities principally, but not exclusively in the resources and energy sectors - Reports "considerable progress" at its diamond assets, with just over 220 carats being sorted last month, with a mining grace of 10 carats per 100 tone, in line with internal forecasts. Notes new lock opening at diamond assets, with initial results indicating an average 20 carats per too ton mining grade. Enters into a joint venture with a third party, granting it the right to mine a further block in the area "on a revenue sharing basis". Notes that delays to the issue of its mining permit and prospecting licence for the Heavy Mineral Sands project look to have cleared. Reports that the process regarding banking compliance for a proposed investment, announced in November and December of 2020, "appears to be progressing smoothly" and the Namibia Central Bank looks to have approved the transaction. Kazera is now waiting for commercial banks to complete their own internal due diligence processes. Hopes this will take place shortly, allowing the firm to "finalise a substantial equity investment in the Company at a value in excess of the current share price in the coming weeks." Still has enough cash resources to continue operations to June end, with possible financing from Giles Clarke and Nick Harrison if necessary.
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By Anna Farley; annafarley@alliancenews.com
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