(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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Kier Group PLC - Sandy, Bedfordshire-based construction and infrastructure services - Says performed well in the first half to December 31, despite inflationary pressure and expects to deliver half-year results in-line with expectations. Says continued strong operational performance and the confidence outlined at full year results in September. Kier continues to win new, high quality and profitable work in its markets on terms and at rates which reflect the bidding discipline and risk management introduced under the Performance Excellence programme.
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Smiths News PLC - Swindon-based newspaper and magazine wholesaler - Says overall trading in financial 2022 to date is in line with market expectations. Recent uncertainty over the Omicron variant and subsequent 'Plan B' restrictions has had only limited impact on its markets and it remains confident in the company's profit and cash generation as the wider economic environment improves. Adds that it is pursuing a structured exploration and review of organic opportunities that can provide for new and incremental revenue streams in the longer term.
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Ilika PLC - Hampshire-based solid state battery firm - Says its Stereax manufacturing facility has been implemented on time and on budget, despite significant supply chain disruption. For six months to October 31, generates total revenue of GBP195,418, down from GBP1.3 million last year and pretax loss widens to GBP3.5 million from loss of GBP1.8 million. "For the remainder of the current financial year, Ilika will continue to qualify the process established at its Stereax manufacturing facility and rapidly follow up with product qualification. Commercial Stereax sales are expected to commence in the next financial year. The technical maturity of Goliath is expected to continue to rise as prototype cell performance continuously improves," it says.
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Epwin Group PLC - Solihull, England-based building products manufacturer - Says trading remained strong through to the end of the year, with revenue for 2021 expected to be GBP330 million, up by 37% compared to 2020 and 17% compared to 2019. Explains this has been driven by a combination of the ongoing strength of demand in the RMI market, price increases and recent bolt-on acquisitions. Trading in the first two weeks of 2022 has remained strong and has been in line with the board's expectations, it adds. "We are optimistic for the group's trading prospects in 2022 and remain confident in the strength of the medium and long-term drivers of our markets," says Chief Executive Officer Jon Bednall.
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Aptitude Software Group PLC - London-based finance transformation and automation software - Reports "excellent" progress in 2021 and is entering new financial year with increased revenue visibility. "Overall, Aptitude Software has performed in line with the board's expectations for 2021," the firm says.
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Wincanton PLC - Wiltshire-based logistics firm - Now expects full-year profit to top market expectations following strong trading through peak seasonal period. Revenue up 15% in its third quarter year-on-year. Says it has greater certainty over mitigation of cost pressures. "The challenges of driver and labour shortages were managed successfully through the period to ensure the upturn in peak activity was appropriately resourced," the firm says.
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Avingtrans PLC - Cambridgeshire, England-based provider of systems and services for energy, medical and industrial sectors - Says trading in six months to Novembver 30 has remained strong and the company is trading in line with market expectations. At the end of the first half, Avingtrans had net cash in excess of GBP22.5 million, down from GBP23.3 million on May 31, 2021. Avingtrans has also increased its shareholding in the emerging Medtech 3D X-ray business, Adaptix Ltd by another 150,000 shares, for a total consideration of GBP1.5 million. Avingtrans now owns 400,000 Adaptix shares, representing 12% of the current issued share capital.
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GetBusy PLC - Cambridge, England-based document management and productivity software provider - Says it made good strategic progress in 2021, building on its established footprint of over 70,000 paying users across multiple markets, coupled with continued double-digit growth in recurring subscription revenue. GetBusy fourth-quarter annualised recurring revenue up 16% at GBP15.8 million from same time in 2020. Forecasts 2021 recurring revenue growth to be 13% at constant currency, up from 12% in first half and total revenue is expected to be slightly ahead of market expectations. "GetBusy enters 2022 in excellent shape, well-positioned for an acceleration of growth as we execute our strategy of offering broadening productivity capabilities into expanding and attractive addressable markets," it says.
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Resolute Mining Ltd - Perth, Australia-based gold miner with projects in Mali, Senegal and Guinea - Reports strong performance in the month of December with all operations recording highest production for 2021. For fourth quarter, reports production of gold poured of 79,816 ounces, a 5% increase compared to the September quarter, bringing 2021 production to 319,271 ounces. This fell within guidance range of 315,0000oz to 340,000oz. Resolute sets 2022 gold production guidance at 345,000oz.
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Serica Energy PLC - gas producer in UK North Sea - Says production is now 85% gas, a "vital" part of the UK's energy mix as we move towards Net Zero. As operator of Bruce, Keith and Rhum fields in North Sea, Serica is responsible for over 5% of the UK's gas production. Looking ahead, Serica intends to continue with its programme of through-cycle investment in its diversified portfolio of assets. A rig has now been contracted for the drilling of the high-impact North Eigg exploration well in the summer of 2022. Plans are also in place for a well intervention campaign to take place in 2022 to improve the production potential of several Bruce and Keith wells during subsequent years, it adds.
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Pharos Energy PLC - oil and gas exploration, development and production in Egypt, Vietnam and Israel - Says third amendment to the El Fayum concession agreement has been signed by minister of Petroleum & Mineral Resources of Egypt. The agreement has become effective upon signature, with retroactive application of the improved terms as from November. Under the new terms, the cost recovery petroleum percentage will be increased to 40% from 30, allowing Pharos a faster recovery of all its past and future investments. In return, Pharos has agreed to waive its rights to recover a portion of the past costs pool and reduce its share of excess cost recovery petroleum to 7.5% from 15%.
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TransGlobe Energy Corp - Calgary, Canada-based oil exploration and production company - Signs agreement which was ratified into law in December by the Egyptian parliament. The agreement brings together the three producing concessions which in December had average production of 9,394 barrels of oil per day. Company has paid the initial modernisation payment of USD15 million and signature bonus of USD1 million as a precondition to the signing. "TransGlobe is well positioned to generate increased free cash, and with supportive commodity prices and settlement of the effective date adjustment associated with the agreement, we expect we will be in a position to revisit our dividend policy in the near-term," it adds.
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Supermarket Income REIT PLC - real estate investment trust dedicated to investing in supermarket property - Highlights market capitalisation has grown significantly since initial public offering to about GBP1.2 billion from GBP100 million, whilst delivering investors a stable and growing income return. Directors believe that a migration of listing to the premium segment of the official list of the UK Financial Conduct Authority and to the London Stock Exchange's Main Market for listed securities is in the best interests of the company and its shareholders, such that its shares may become eligible for inclusion in the FTSE UK and the FTSE EPRA NAREIT Index Series. Company has submitted an application to the FCA for a migration of listing and will provide an update in due course.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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