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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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Peel Hunt Ltd - London-based investment bank - Says on track to meet market expectations after first half ended September 28. Despite this, revenue is down 23% to GBP71.4 million from GBP93.2 million year before. Similarly pretax profit narrows to GBP29.5 million, down 48% from GBP56.6 million. Investment Banking achieves record results, with revenue up 43% to GBP32.7 million, while retainer income is up 15% reflecting new client wins and average market cap of clients rises 15%.
Chief Executive Steven Fine comments: "I'm really pleased with our overall performance in the first half. Our Investment Banking team delivered record six-month revenue and we continue to grow our client base and retainer income. We're seeing further progress and market share gains in our institutional business. Our Execution & Trading business maintained its leading position in LSE trading volumes and delivered on budget, well ahead of the pre-pandemic period in 2019." Peel Hunt achieved a valuation of GBP280 million in its initial public offering in September. The bank says outlook for the remainder of the year "continues to be encouraging".
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4T4 Solutions PLC - Surrey-based data management - Generates GBP7.6 million in revenue for first half ended September 30, 49% higher than GBP5.1 million year before. Pretax loss narrows to GBP325,000 from GBP1.3 million in same period. Notes confidences in second half, with results underpinning expectations for the full year and driving incremental growth in annual recurring revenue. "This has been an important period of change and innovation for the group as we continue the transition towards ARR growth. The launch of new products and product enhancements, to maintain our competitive advantage and sustain strong growth into the future, have been well received by the market," explains Chief Executive Bill Bruno. Hikes interim dividend to 0.85p, up 4.9% from 0.81p a year prior.
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Online Blockchain PLC - Ongar, England-based blockchain research and development company - Grows revenue marginally to GBP65,000 for year ended June 30 from GBP60,000 year prior. Pretax profit swings to GBP25,000 from a GBP243,000 loss in the same period. Clement Chambers states: "2021 has been a breakthrough year for us. We are very pleased with the launch of Umbria's Narni Bridge which is growing by the day. While Narni Bridge was launched at the very end of 2021, Narni Bridge's performance and uptake by its community has been promising."
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Kingswood Holdings Ltd - London-based wealth manager - Completes purchase of Money Matters Ltd, a privately owned wealth management business, primarily offering its services in the north east of England, for total cash consideration of GBP3.4 million, paid over 2 years. Notes GBP1.7 million will be paid immediately, with further GBP1.7 million paid on achievement of performance targets. Money Maters North East business holds about GBP115 million assets under administration from about 600 clients. Also completes acquisition of assets of financial planners Lee Smythe & Associates for an undisclosed sum.
Chief Executive David Lawrence comments: "I am thrilled to announce the completion of our second and third acquisitions of 2021. We remain committed to our growth strategy within the UK and internationally and we have a strong pipeline of high-quality UK opportunities under negotiation, six of which are in the exclusive due diligence stage."
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Marlowe PLC - London-based safety and regulatory compliance services and software - Reiterates guidance after "strong first half performance". Posts revenue in first half ended September 30 of GBP134.5 million, surging 61% from GBP83.3 million a year before. Pretax profit almost triples to GBP1.6 million from GBP600,000. Marlowe declares no interim dividend, unchanged from last year. Looking ahead, says strong start to second half with continued high single digit growth across GRC and TIC divisions. A solid pipeline of possible earnings-enhancing acquisitions will "add further scale and breadth" to platform for further growth. "We are pleased to report significant strategic, financial and operational progress in the period across the highly attractive compliance service and software markets that Marlowe serves," says Chief Executive Alex Dacre. "We have made a strong start to the second half, with good levels of organic growth, and as a result we announced last week that we expect to trade ahead of market expectations for the full year," Dacre adds.
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PipeHawk PLC - provider of technology solutions to highways, automotive, rail and aerospace industries - Wins contract with ventilation systems specialist Ventive to manufacture a "ground breaking green energy solution" to provide domestic heating and hot water. PipeHawk says the product builds on air source heat pump and heat recovery technology together with a thermal battery to provide a solution that can be considered a direct replacement for a conventional gas or oil fired heating system. The first phase of the project, which comprises a contract worth approximately GBP800,000 to QM Systems, will involve QM Systems and Ventive working together to produce a system for manufacturing the heating product. Gordon Watt, chair of PipeHawk comments: "We are incredibly proud and excited to have been selected by Ventive as their partner to manufacture this new, innovative green energy domestic heating solution."
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Mobile Streams PLC - London-based mobile content provider - Notes "significant progress" in current financial year. Monthly revenue passes USD80,000 across all channels. "All our recently launched territories are performing well, and we look forward to growing the business even further into 2022," comments Non-Executive Director Nigel Burton. Confirms company is actively looking at further launches into new markets.
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Bens Creek Group PLC - US-focused metallurgical coal miner - Recovers first metallurgical coal deposits from Bens Creek site in West Virginia, ahead of schedule. Chief Executive Adam Wilson states: "The group aimed to move into production by the end of the fourth quarter of 2021. I am therefore pleased we have exceeded the anticipated target date to commence production and accordingly we are on our way to commencing generating revenue in 2022."
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Velocity Composites PLC - supplier of advanced composite material kits - Says trading continues in line with guidance. Expects to achieve its stated target of an earnings before interest, tax, depreciation and amortisation breakeven position in the second half of financial year 2021. Forecasts an Ebitda loss of GBP500,000 for the full year, cut from GBP1.9 million loss year before. Anticipates that sales for the year ended October 31 will be no less than GBP9.5 million from GBP13.6 million a year earlier.
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Sportech PLC - London-based betting technology company - Extends period of exclusivity given to potential buyer of terrestrial lottery supply contract to December 17 in order to bring the negotiations and any resulting transaction to a conclusion. States "no certainty" that transaction will proceed.
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Water Intelligence PLC - London-based leak detection services - Reacquires South Oregon franchise within the group's American Leak Detection subsidiary. Highlights purchase "adds scale to its regional hub of corporate operations in the northwest United States; a territory where green economy solutions are in high demand". Purchase price of USD1.38 million will be paid in cash over the next twelve months. The acquisition will be earnings accretive, Water Intelligence states.
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Chariot Ltd - Africa-focused transitional energy company - Confirms Stena Don drilling rig has commenced its mobilisation to Morocco. Chariot has contracted the rig to conduct drilling operations on the Anchois gas field within the Lixus licence, offshore Morocco, with operations anticipated to commence in mid-December 2021.
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Supermarket Income REIT PLC - supermarket property investor - Buys a Sainsbury's supermarket in Cannock, Staffordshire for GBP75.8 million, representing a net initial yield of 4.0%. "This Sainsbury's in Cannock is an excellent addition to our growing portfolio of high-quality omni-channel stores and was funded using proceeds from the recently oversubscribed equity issue. The property has strong trading fundamentals and forms a key part of Sainsbury's online fulfilment network," states Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income.
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CIP Merchant Capital Ltd - Guernsey-based investment company - Buys further 25,000 shares in Orthofix Medical for around USD800,000. Orthofix is a medical device company focused on musculoskeletal products and therapies. CIP holds a 0.7% stake after the deal.
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Cora Gold Ltd - West African focused gold company - Raises GBP4.3 million via placing and subscription of 42.5 million shares at 10p each. States proceeds will principally be used to progress the ongoing definitive feasibility study at Sanankoro as well as continued exploration at the company's permits and for general working capital purposes.
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OptiBiotix Health PLC - York, England-based life sciences company - Launches new sports nutrition product range branded LeanBiome. Separately, announces signing of new supply and licensing deal with an unnamed "leading global player in beauty and nutrition". The agreement is expected to generate approximately GBP1 million in annualised and recurring turnover for the company starting in 2022. "The partner is a formidable company to partner with and we are pleased that LeanBiome has been selected as the preferred source of differentiation for their new product line. This launch is another important step in building sales and brand presence for OptiBiotix' solutions with major partners around the world," says Chief Executive Rene Kamminga.
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Directa Plus PLC - graphene nanoplatelets supplier - Signs letter of intent with unnamed Italian-based chemicals and materials group to collaborate on an exclusive basis for an initial period of 12 months. The partnership will see the two firms develop products for the global air and water filtration markets. Says if initial collaboration is successful and the technical results envisaged are achieved, the two companies will negotiate a technical and commercial partnership agreement.
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Jadestone Energy PLC - oil and gas producer focused on the Asia-Pacific region - Signs gas sales agreement for Indonesia's Akatara field, located within the Lemang production sharing contract. "The development of the Akatara gas field will not only displace coal in Indonesia's energy mix, thereby assisting the transition to a lower carbon economy, but will also deliver liquefied petroleum gases for domestic use in the local market. Once onstream, Akatara will support our growth strategy, while at the same time increasing the proportion of gas in our production mix," comments Chief Executive & President Paul Blakeley.
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By Will Paige; willpaige@alliancenews.com
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