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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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1Spatial PLC - Cambridge-based location data software provider - Expects to report "solid progress" in financial year ended January 31, with results ahead of current market expectations due to a robust performance in the second half of the year. Says revenue for the year expected to be in excess of GBP24 million - versus GBP23.4 million in the 2020 financial year - with adjusted earnings before interest, taxes, depreciation and amortisation to be in excess of the GBP3.2 million posted for the 2020 year. "The board is confident that the group's progress over the last year is set to continue in the coming year. Nevertheless, the board remains cautious in managing potential risks resulting from the Covid-19 pandemic," 1Spatial says.
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Vertu Motors PLC - UK automotive retailer - Expects performance for year ended February 28 to be in line with current analyst forecasts of around GBP23 million at an adjusted pretax profit level - compared with GBP23.5 million for the 2020 financial year. Revenue up 4.2% in the five months to end of January. "Notwithstanding the government's recently announced roadmap, the outlook remains uncertain given continuing Covid restrictions, although Brexit uncertainty is now behind us and the pound's recent strengthening should help to make cars more affordable to UK buyers," says Chief Executive Robert Forrester.
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Speedy Hire PLC - Merseyside, England-based tool, equipment and plant hire - Says trading since end of September ahead of board expectations, with revenue improving as activity levels have continued to increase. In February, core hire revenue in the UK and Ireland was up 2% on a year ago. Underlying overhead costs across the group remain "tightly controlled". Adds that it has sold its equipment fleet, stock and other fixed assets relating to its Middle East business to ADNOC Logistics & Services LLC, for a consideration of USD18 million. "The successful exit from the Middle East operations is an important strategic step for Speedy and we wish the whole of the ADNOC team every success in the future. Looking ahead, we are well positioned to take advantage of the market opportunities in the UK and Ireland as activity levels continue to improve," says CEO Russell Down.
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Tracsis PLC - Leeds-based traffic data & transportation services firm - Launches new group-wide branding and as part of this, has strengthened its transport consultancy offering through the acquisition of Flash Forward Consulting Ltd. FFC is a London-based transport consultancy business that operates predominantly across the rail and bus sectors. Tracsis will pay overall consideration of GBP1.5 million for FFC plus further cash payment of around GBP1 million reflecting the net current asset position of the business.
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Bacanora Lithium PLC - Sonora lithium project in Mexico - Says completion of approvals obtained and GBP21.9 million has been received by Sonora Lithium Ltd. Sonora Lithium has now issued 74.0 million shares to Ganfeng, resulting in Ganfeng owning 50% of the enlarged issued share capital of Sonora. The funds will be applied towards the development of the Sonora lithium project, located in Mexico.
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Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Says Canadian IPO process begins for joint venture Red Rock Australasia Pty Ltd with appointment of legal counsel in Canada. Following grant of first three licenses announced in early February, a further seven applications are at an advanced stage of processing. "With three key licenses now granted, and better visibility on the processing pipeline on the remaining applications, we have initiated the process which we intend to lead to a listing of certain core assets by IPO on the Canadian capital markets," says Chair Andrew Bell. Red Rock owns 50.1% of RRAL, with 49.9% being owned by Power Metal Resources PLC.
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Anglo Asian Mining PLC - gold, copper and silver producer in Azerbaijan - Says the comprehensive exploration programme already underway at Gedabek continued in the second half of 2020 and substantial drilling was carried out at several priority mineral deposit targets. A considerable amount of exploration was also carried out at its Gosha contract area. However, Covid-19 travel restrictions continue to impede the geological work that could be undertaken at Ordubad. "Our comprehensive geological programme continues to yield excellent results. We were very pleased to report in January the discovery of Zafer in the second half of last year," says Director of Geology & Mining Stephen Westhead. Adds: "Gosha is very under-explored and we continued with both outcrop sampling and trench sampling throughout the contract area. Unfortunately, drill access was still not possible to Ordubad due to the Covid-19 pandemic. However, some limited trench sampling was carried out at the Uchurdag and Unus targets."
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Solid State PLC - Worcestershire-based computing products manufacturer - Buys Active Silicon Ltd and its subsidiaries for an initial consideration of GBP6.3 million, which, when adjusted for the cash on the balance sheet, results in an effective net initial consideration of around GBP2.7 million. Active Silicon is an "industry leading expert" in the design and manufacture of board level solutions for high-performance digital image capture, processing, and transmission. In addition to the initial consideration there is a 25 month earn out period, which is expected to be worth less than GBP1 million in total.
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Yourgene Health PLC - Manchester, England-headquartered molecular diagnostics firm - Says US subsidiary has signed supply agreement with a large US clinical laboratory group. Agreement is worth estimated USD1.5 million over five years to Yourgene and grants the partner non-exclusive access to the company's Ranger Technology which Yourgene gained as part of acquisition of Coastal Genomics Inc in August 2020.
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Petro Matad Ltd - AIM-listed Mongolian oil company - Says restrictions and lockdowns in Mongolia since November have hit Petro Matad's Block XX exploitation licence application process with government offices being shut. "However, ministry and regulator employees have been working remotely and the company has worked collaboratively with government to ensure that progress has been made during this period. With the lifting of restrictions on 23 February, Petro Matad is hoping to pick up the pace in the process to secure the Block XX exploitation licence," company says.
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Water Intelligence PLC - Palm Springs, California-based environmental services and technology company - Reports two insurance national account wins. Signs and launches another formal national contract between its American Leak Detection subsidiary and a "leading insurance company" in the US. Water Intelligence also announces the broadening of an existing national account both to add repair solutions and to create a multi-year framework. "Our two insurance national account wins open 2021 in strong fashion, picking up where we left-off after outstanding results during 2020. We take special pride in delivering minimally-invasive water and wastewater infrastructure solutions to help homeowners and businesses face the aftermath of this winter's extreme weather in the US. We hope to lead private sector efforts to advance water-related solutions for the Green Economy," says Executive Chair Patrick DeSouza.
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Cora Gold Ltd - West African-focused gold company - Commences significant drill campaign at its flagship Sanankoro gold project in southern Mali. Says 22,000 metre initial contract awarded to Capital Drilling Mali SARL, a subsidiary of Capital Ltd, for reverse circulation and diamond core drilling. Expects to drill up to 35,000 metres by end of July.
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NextEnergy Solar Fund Ltd - solar power renewable energy investment company - Acquires the UK-based Camden solar photovoltaic portfolio comprising two projects totalling 100MWp for a total consideration of GBP64.3 million. The portfolio has a 15-year power purchase agreement in place covering around 75% of the electricity to be generated over the life of the agreement. The PPA counterparty is brewer AB InBev.
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Union Jack Oil PLC - oil & gas exploration company - Completes acquisition of a further 15% economic interest in PEDL253 containing the Biscathorpe project, now holding 45% interest in PEDL253. "Union Jack's technical team believe that Biscathorpe represents a material and commercially viable hydrocarbon resource that remains un-tested," says Executive Chair David Bramhill.
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Instem PLC - Staffordshire-based IT solutions provider - Acquires The Edge Software Consultancy Ltd for up to GBP8.5 million. The consideration will be satisfied via combination of cash and new shares in the company. The Edge provides technology and services aimed at improving the efficiency of drug discovery research and development, with clients across the pharmaceutical, biotechnology, biopharmaceutical and animal health sectors.
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Kromek Group PLC - Sedgefield-based detection technology supplier - Receives two new orders worth a total of USD750,000, with half of this value due to be recognised during the current financial year. The orders are from existing customers in the group's imaging and nuclear security markets.
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Alien Metals Ltd - iron ore and silver projects in Australia and Mexico - Says first drill hole of the maiden drilling program at the Donovan 2 copper gold project in Mexico started last Thursday, ahead of schedule. Capstone has indicated it has planned an initial 2,500 metre drilling program as part of the required USD450,000 expenditure commitment for 2021.
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Blencowe Resources PLC - natural resources company - Says drilling at Main Syncline Lode delivers "outstanding" grade graphite results, which will underpin a maiden JORC Standard Mineral Resource Estimate and Reserve Determination scheduled for release this month. "Following on from our recent announcement of high grade graphite in the Camp Lode, these additional excellent results at the Eastern Syncline Lode continue to highlight the robust results at Orom-Cross," says Executive Chair Cameron Pearce. "Our drilling program has so far confirmed everything it was meant to in terms of location of graphite, shallow depths of the ore body, significant grade and evidence of larger flake sizes."
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Sensyne Health PLC - clinical technology company - Says its SYNE-COV machine learning algorithm for Covid risk prediction has achieved regulatory approval for use in the UK. SYNE-COV analyses over 60 variables in the patient electronic health record to generate a prediction of the likelihood of a Covid positive patient developing severe disease, requiring ventilation or admission to intensive care. Following regulatory approval, Sensyne is now able to market SYNE-COV across the UK. "Sensyne will market the algorithm to NHS Trusts in order to help them with COVID preparedness and to deploy the algorithm in good time for the 2021/22 winter season," company says.
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Eagle Eye Solutions Group PLC - marketing technology company - Confirms role as key technology provider for Virgin Red, Virgin's new rewards club. "The Eagle Eye platform was chosen for its ability to process and manage the billions of points flowing across the programme, being earnt and spent across multiple organisations," firm says.
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Urban Logistics REIT PLC - London-based logistics-focused real estate investment trust - Buys 57,494 square foot distribution asset for GBP5.4 million. The site is let to Spire Healthcare with a reversionary lease already agreed for a term of 5 years from April 7, 2021. "In line with our strategic focus on logistics assets which deliver essential goods the "last mile" to customers and businesses, all of our recent acquisitions are single-let properties servicing high quality logistics tenants. Today's acquisition is another well located distribution warehouse near the M5, offering opportunities for asset management activities," says Chief Executive Richard Moffitt.
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FRP Advisory Group PLC - UK professional services firm specialising in advisory services - Buys Spectrum Corporate Finance Ltd, a corporate finance and debt advisory boutique to UK mid-market clients and their funders, for GBP9.4 million plus a further payment contingent on the net assets at completion of up to around GBP3 million.
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Chrysalis Investments Ltd - investor in fast-growing, tech-enabled private companies in UK and Europe - Says Klarna Holding AB announces success of USD1 billion funding round that values the company at USD31 billion post new money. "The round, which was four-times oversubscribed, has been undertaken at a valuation that represents a material mark up in the Company's current carrying value of the asset. Given investment restrictions, the Company did not participate in the round," Chrysalis notes. Estimates that revised value of Chrysalis's investment in Klarna due to the funding round would result in a gross increase in net asset value per share of around 32p.
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By Lucy Heming;Â lucyheming@alliancenews.com
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