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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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Renalytix AI PLC - Cardiff, Wales-based clinical diagnostics company - Says new study in KidneyIntelX test "accurately predicted" progression of diabetic kidney disease in a multinational cohort from the CANagliflozin CardioVAScular Assessment Study with early-stage DKD. "The clinical outcome data suggests that KidneyIntelX risk assessment could support primary care physicians in making appropriate therapeutic intervention decisions with early-stage DKD patients to effectively delay progression and reduce the risk of adverse events," company says. Results presented showed comparable risk-stratification with prior validation studies, company adds.
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Focusrite PLC - High Wycombe, Buckinghamshire-based music and audio products - Launches new brand, Optimal Audio, operating in the commercial audio market. Commercial audio is professionally installed sound systems in a range of public places such as bars, hotels, and retail. "Optimal Audio offers a one-stop solution of control, amplification, and loudspeakers for small to medium-sized commercial installations, with a focus on supporting multi-zone venues, providing a streamlined product offering that delivers high quality sound. The products are easy to install and can be operated by anyone, not only by sound engineers," company explains.
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Impact Healthcare REIT PLC - real estate investment trust focused on healthcare properties - Exchanges contracts to acquire a care home near Lowestoft and entered into a pre-let forward funding arrangement for a new care home in Norwich, both of which are with a new tenant the Carlton Hall Ltd. Company notes both care homes are in line with the its investment criteria. "Once completed, these transactions are expected to deploy GBP20.8 million of capital, plus transaction costs and a deferred payment on one of the transactions of up to GBP4.0 million," company adds. The two deals will up company's contracted annual rent roll to GBP33.4 million, an 8.0% increase on contracted annual rent at December 31 of GBP30.9 million. The deal will be financed existing existing cash resources and available debt facilities.
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Octopus Renewables Infrastructure Trust PLC - London-based investor in mainly onshore wind and solar projects - Successfully secures debt finance for its ready-to-build wind farm in Cerisou, France which was acquired in October 2020. The new EUR43.2 million fully amortising debt facility, provided by Societe Generale, will fund the construction, commissioning, operation and maintenance of the 24 MW Cerisou project. "This debt facility will allow the company to invest the amounts previously committed to the project into other investment opportunities. Construction at Cerisou is on schedule to begin in H2 2021, with the project expected to be fully operational in H2 2022," company adds. The term loan facility is amortising over 23 years from the commercial operations date of the project, with a flat 1.30% interest margin above EURIBOR over the duration of the loan.
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Aquila European Renewables Income Fund PLC - renewable energy infrastructure investor - Wholly owned subsidiary Tesseract Holdings Ltd has reached contractual close in relation to a two year, EUR40 million secured revolving credit facility. Lenders under the RCF include ING Bank NV and The Royal Bank of Scotland International Ltd. Chair Ian Nolan says: "We are pleased to announce this important milestone today. The RCF will provide significant flexibility for the company to fund its growth in a capital efficient manner going forward. We believe the RCF is a further endorsement of the company's asset portfolio and success in deploying capital since the IPO." The RCF has a margin of 1.85% over EURIBOR.
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Porvair PLC - Norfolk, England-based filtration and environmental technology firm - Says performance, in the four months ended March 31, better than management expected, with revenue down 6% year on year. "While aerospace activity remained subdued, other parts of the business started to see stronger demand. Revenue in the first four months of this financial year was 13% ahead, at constant currency, of the final four months of the 2020 financial year. Management is encouraged that adjusted operating profit for the first four months is in line with a strong 2020 comparator," company adds. Says Laboratory unit starts year strongly. Notes Metal Melt Quality unit benefitting from a reduced cost base and an improving performance in China. Demand in the last few weeks has been stronger in the US.
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Brickability Group PLC - Berkshire-based construction materials firm - Sees "solid" trading performance in year ended March 31 and expects to annual revenue of about GBP180 million and adjusted earnings before interest, taxes, depreciation and amortization in excess of GBP17 million, ahead of previous expectations. Says it benefitted from the positive contributions of recent acquisitions, including McCann Logistics, and continues to pursue a growth focused acquisition pipeline. Notes order book show confidence in "robustness" of homebuilding market, and "underlying optimism that demand will remain strong for quality building materials".
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RBG Holdings PLC - London-based law firm - Investee LionFish Litigation Finance Ltd records first successful litigation investment since its launch. In May last year, RBG launched LionFish in the third-party litigation funding market, investing in cases run by law firms other than company's own, Rosenblatt Ltd. "While the return is not material to the Group's forecast financial results, the successful investment provides a gross two times money return over and above invested cash and confirms that LionFish can deliver significant returns from its portfolio of investments," company adds. Earlier Tuesday, RBG posted pretax profit for 2020 of GBP7.7 million, up 1.3% from GBP7.6 million the year prior. Revenue increases 13% to GBP22.4 million from GBP19.9 millio, and also deal to buy legal services provider Memery Crystal LLP for GBP30.0 million.
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Crimson Tide PLC - Tunbridge Wells, Kent-based mobile software firm - Signs three year agreement with the World Federation of Haemophilia. Follows successful completion of the pilot phase. "The agreement will initially enable up to 100 clinicians globally to use mpro5 to scan pharmaceuticals, verifying their expiry and authenticity, and allowing the WFH to gain real-time insights into product usage. The mpro5 platform will be integrated into WFH's DPUMS system enabling real-time data captured from mpro5 to be available to all users around the world, replacing the ineffective existing paper-based data input," company adds.
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CEPS PLC - Bath, England-based investment company focussed on the industrial sector - Notes GBP1.7 million material non-cash error arises from audit of 2020 annual results. Says charge comes from exceptional profit on a disposal, that was highlighted in interim report to June 30. "The interims showed an exceptional profit on the disposal of two loss-making subsidiaries, CEM Press Ltd and Travelfast Ltd, trading as Sampling International, of GBP2.6 million. The results for the full year are currently anticipated to show an exceptional profit on disposal of approximately GBP825,000," company explains.
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i-nexus Global PLC - AIM-listed cloud-based strategy execution software solutions provider - Notes recent rise in own share price coupled with market speculation regarding potential new contract awards. Confirms business activity has continued in the "ordinary course" since early December release of company's audited results for the year ended September 30, and that there have been no new material contract awards since that date.
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By Paul McGowan; paulmcgowan@alliancenews.com
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