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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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Appreciate Group PLC - Liverpool-based prepaid gift card and voucher provider - For three months to December 31, posts underlying billings of GBP96.1 million, down from GBP96.8 million in third quarter of financial 2021. Says third quarter was the best-ever quarter for corporate business with billings of GBP77.6 million. Total year-to-date billings up to December 31 up 8% on financial 2020 and 10% ahead of financial 2021.
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Mission Group PLC - Devon-based creative and marketing technology agency - Says it continues to deliver an impressive and strong sequential trading recovery throughout the second half of the financial year. As such, sees increase in profit levels against both first half of 2021 and financial 2020. Expects full year headline pretax profit performance that is in line with market expectations.
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CPPGroup PLC - Leeds-based products and services for financial services and insurance sectors - Expects to report financial results for 2021 broadly in line with market expectations. On a reported basis, expects 2021 revenue from continuing operations to be 5% ahead of the prior year, and, on a constant currency basis, to be ahead of prior year by 11%. Ebitda from continuing operations is expected to increase by GBP1.7 million to GBP7.5 million for the same period, aided by a one-time benefit from the release of a third-party commission provision amounting to GBP1.1 million relating to legacy card and identity products. For 2022, expects revenues from continuing operations to show further growth and be broadly in line with market expectations. However, current product mix in India along with the unfavourable economic and currency situation in Turkey is expected to limit both margin and Ebitda growth in the next twelve months, it adds.
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Alpha FX Group PLC - London-based foreign exchange risk management and international payments - Says trading has continued to be strong across all divisions, resulting in an exceptionally strong November and December. As a result, revenue for the full year is now expected to be in excess of GBP77 million, representing an increase of 67% a year ago and ahead of previous analyst expectations set following the December trading update. Also says Chief Financial Officer Tim Kidd is to retire and has agreed to an extended notice period up until April 2023 so that it can find a successor and to allow for an optimal transition period.
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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Says liquidity remains high as at December 31 with USD91 million of unrestricted cash and cash equivalents across the group. The reduction in unrestricted cash and cash equivalents compared to November, is primarily due to loan repayments in India. The pipeline of funding deals under negotiation totalled USD187 million, which has come down due to USD19 million of fresh loans secured before the 2021 year-end, it adds.
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Water Intelligence PLC - London-based leak detection services - Says it has recommenced its 2022 growth plan with the reacquisition of its franchise in Fort Worth, Texas within its American Leak Detection subsidiary. The purchase price of USD7.7 million in cash will be paid over three years and includes all assets required to conduct operations, including trucks and equipment.
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Rainbow Rare Earths Ltd - rare earth element mining in Burundi, East Africa - Amends agreement for co-development of the 38.3 million tonnes Phalaborwa rare earths project with Bosveld Phosphates Ltd. The amended agreement confirms Rainbow's shareholding at 70%, with the remaining 30% held by Bosveld. This amendment removes any downside uncertainty concerning the potential to dilute the company's share within the joint venture, as well as assuring Rainbow's material share in future revenue, it says.
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City of London Investment Group PLC - London-based money manager investing primarily in closed-end funds - Declares interim dividend of 11 pence per share and also special payout of 13.5p. Expects profit before amortisation and taxation for half-year to December 31 to be GBP15.5 million, up from GBP9.9 million a year ago. Posts funds under management of USD11.1 billion as at December 31, compared to USD11.4 billion at year end on June 30.
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Charles Stanley Group PLC - London-based wealth manager - Says its GBP278.9 million acquisition by St Petersburg, Florida-based investment bank Raymond James Financial Inc approved by UK High Court of Justice of England & Wales. Shares expected to delist from London on January 24.
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SEC Newgate Spa - Milan-based communications, advocacy and research firm - Says it enters financial agreement with Three Hills Capital Partners SA for EUR49 million funding for the future strategy and growth. Also says that it plans to seek shareholder approval to cancel its trading on London's AIM market, pointing to low trading volumes and inability to raise sufficient funds on the capital markets. Newgate is offering shareholders the chance to sell back their shares at 111.32p each. Delisting expected to occur late February or beginning of March.
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Glanbia PLC - Kilkenny, Ireland-based nutrition company - Glanbia Co-operative Society Ltd sells existing shares, representing 2.0% of Glanbia PLC's share capital through a private placement to institutional investors to be executed through an accelerated bookbuild. Concurrently with the equity placement, the Glanbia Co-op announces an offering of EUR250 million senior secured bonds due January 2027 exchangeable for shares of Glanbia PLC. Further, Glanbia Co-op intends to use the net proceeds to finance the acquisition of Glanbia PLC's 40% stake in Glanbia Ireland.
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Lekoil Ltd - oil and gas exploration and production company with a focus on Nigeria - Notes recovery of the CEO loan made to Olalekan Akinyanmi is the subject of two lawsuits, one brought by the company in the Courts of England & Wales and one brought by Akinyanmi in the Courts of New Jersey. Lekoil expecting hearing from New Jersey court in near future. Regarding company's lawsuit brought in England & Wales, the Courts have declined to accept jurisdiction over the matter. Company believes that the current outstanding balance of the CEO loan is USD1.5 million.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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