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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Revolution Bars Group PLC - bars operator based in Ashton-under-Lyne, England - Expects to open 20 bars on April 12, and with the opening of indoor hospitality on May 17, all 66 bars will reopen. As at Wednesday, Revolution had net debt of GBP27.1 million with available liquidity resources of GBP9.8 million, saying it has "more than sufficient liquidity resources" to take the company well through to May 17 when it will be able restart trading indoors. "Previous experience has demonstrated that when the company is able to trade without restriction, targeted for 21 June 2021 in the reopening roadmap, it is highly cash generative and profitable. Furthermore, the group anticipates that following easing of restrictions there will be significant pent-up demand and the group will enjoy a rapid rebound in trading," says Revolution.
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K3 Capital Group PLC - Bolton-based professional advisory services firm - Says had a strong start to second half, trading ahead of expectations. As such, expects revenue for financial year ending May 31 to be "significantly" ahead of consensus market expectations, with adjusted earnings before interest, taxes, depreciation and amortisation of no less than GBP12 million.
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Proton Motor Power Systems PLC - Munich, Germany-based fuel cells company - Reports order intake of GBP7.3 million for 2020, up sharply on GBP1.3 million in 2019. Sales GBP1.9 million versus GBP800,000 the year before. "Although faced with highly challenging trading conditions in 2020, the company has made significant progress. In the year ahead we are focused on further progressing the maturity of the group technology offer, ramping up production capacity and exploiting the current potential order intake and sales pipeline," Chief Executive Faiz Nahab says.
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Morses Club PLC - Batley, West Yorkshire-based doorstep lender - Says performed "resiliently and profitably" in financial year ended February 27. Says total credit issued within Home Collect Credit reduced by 37% to GBP109.7 million from GBP174.2 million the prior year, reflecting reduced demand due to lockdowns as well as a stricter lending criteria to protect the quality of the loan book. The HCC gross loan book reduced by 29% to GBP102.1 million. "We are encouraged by evidence of pent-up demand for our growing number of products as lockdown eases and we look forward to making further progress in facilitating financial inclusion across the UK as the economy gradually rebounds during 2021," says Chief Executive Paul Smith.
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Tracsis PLC - Leeds-based traffic data & transportation services firm - Awarded new contracts for the supply of Remote Conditioning Monitoring Hardware and Software to a "major" North American transit agency. "This win represents a strategically important milestone for Tracsis, as North America is an important future growth market for our Rail Technology & Services division," firm says. Says combination of the two contracts will combine to give RCM for over 200 Switch machines for the client.
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Ediston Property Investment Company PLC - London-based firm which invests in office, retail and industrial commercial property - Sells Tesco supermarket, which forms part of Prestatyn Shopping Park, to Supermarket Income REIT PLC. Sale price was GBP26.5 million, in line with the property's valuation at end of 2020 was above the December 2017 acquisition price. Ediston will retain remainder of the retail park.
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Savannah Resources PLC - lithium project in Portugal and heavy mineral sands project in Mozambique - Says excellent progress made with metallurgical test work at Mina do Barroso project, Portugal. Initial results from pilot scale Dense Media Separation indicate 20% to 25% of the plant feed can be rejected utilising a single stage of DMS pre-concentration, with only minor losses of contained lithia. "These initial results from the latest phase of the Mina do Barroso metallurgical test work programme are very encouraging. Removal of up to one quarter of the ore feed going into the flotation circuit could have significant positive implications for the capital and operating costs of this section of the concentrator and the project overall," says Chief Executive David Archer.
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Pires Investments PLC - invests in companies that have the potential for major transformation and exponential growth - Subscribes for further 23.3 million shares in Pluto Digital Assets PLC, a recently incorporated digital assets technology company, as part of a substantial equity fundraising being carried out by Pluto. The consideration for the subscription comprises the company's remaining interest in YOP tokens and the 1,765 shares it holds in DeTech Studio Ltd. "The consideration for its investment in DeTech was USD200,000; however, as part of the transaction, the company also received 4 million YOP tokens. DeTech is a recently incorporated company with the objective of developing a decentralised finance technology platform called YOP," firm explains.
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Wynnstay Group PLC - Powys, Wales-based agricultural products firm - Completes purchase of two bolt-on acquisitions that expand the company's presence in the eastern side of the UK, where it is less established. The acquisitions comprise the Agricultural division of the Armstrong Richardson Group and the fertiliser manufacturing business and assets of HELM Great Britain Ltd, part of German multi-national chemicals company HELM. "They bring new customers to the group and staff with significant experience and local knowledge. We are delighted to welcome them to Wynnstay, and look forward to working with them to develop the opportunities ahead," says Chief Executive Gareth Davies.
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FireAngel Safety Technology Group PLC - Coventry-based fire safety products firm - Launches, and receives an initial order for, its latest technology, the New Generation Cellular Gateway. "This new product enables predictive safety data to be passed on to social housing landlords, meaning they are better able to offer protective and preventative measures for their tenants," company explains. Says first order has been placed by a social housing landlord in Northern Ireland.
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SEEEN PLC - London-based social media technology firm - Says 2020 results in line with market expectations for both revenue and adjusted pretax profit. Says cash at year-end USD5.3 million. Adds that Chief Financial Officer Adrian Hargrave has been added to the board and independent director Akiko Mikumo has been promoted to vice chair to lead strategic opportunities and "accelerate execution of the group's growth plan". "We are excited about 2021 and appreciate the hard work of the founders and the management team in staying on track during 2020. We also appreciate our shareholders and their support as we raced to complete our platform for a fast-growing market that is seeking our offerings," says Chair Patrick DeSouza.
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By Lucy Heming; lucyheming@alliancenews.com
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