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TRADING UPDATES: Big Yellow's annual profit surges on occupancy gains

Mon, 23rd May 2022 19:29

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:



Big Yellow Group PLC - Surrey, England-based self-storage company- For the year ended March 31, posts a pretax profit of GBP698.9 million, up sharply from GBP265.8 million the previous year. Revenue rises 27% to GBP171.3 million from GBP135.2 million. Like-for-like store revenue rises 13% against the previous year to GBP148.1 million from GBP131.1 million. Company says this was driven by gains in average occupancy and the improvement in average net rent. Chair Nicholas Vetch says: "The business delivered very strong occupancy growth from the end of the first lockdown in 2020 through to last summer... These trends, combined with the shortage of quality flexible mini-warehousing space, from which to operate small scale storage and e-fulfilment is helping to drive our demand. We believe these are long-term trends." Declares a total payout of 42.0 pence, up from 34.0p the previous year.



Tavistock Investments PLC - Bracknell, England-based investment manager - Agrees to acquire the entire share capital of LEBC Hummingbird Ltd for GBP3.0 million. Half of this cash consideration will be paid upon completion and the remaining half will be paid on November 30. Hummingbird provides research on asset class allocations used within funds and model portfolios. Derek Miles, LEBC's managing director says: "Hummingbird's revenues and EBITDA have grown rapidly, and we are excited about our future prospects. We look forward to continuing to work closely with Tavistock's management team to enhance both businesses."



Union Jack Oil PLC - UK-focused oil and gas company - Achieves USD6 million in revenue from its Wressle hydrocarbon development in north Lincolnshire, UK. Company holds 40% economic interest in the development. Union Jack recommenced production at the site during August. Chair David Bramhill says: "Another period of stellar performance from the Wressle-1 development has been achieved. Union Jack is now on a material growth trajectory which augers well for the future of the company and its shareholders."



Harmony Energy Income Trust PLC - London-based investment company focused on energy projects - Net asset value per share at April 30 increases to 108.90 pence from 100.05p at January 31. Increase driven by increasing revenue projections, company says, as well as the revaluation of its Farnham and Rusholme projects. Adds company is on track to deliver dividends in 2022 and 2023. Commercial Director Max Slade says: "We are pleased with the increase in NAV over the period which not only reflects the construction progress of the portfolio but also the continuing positive trends for GB battery energy storage."



Henderson European Focus Trust PLC - Janus Henderson-managed income and capital growth trust focused on portfolio of listed stocks, mainly in Continental Europe - Net asset value per share falls to 164.80 pence at March 31 from 173.38p at September 30. Discount at March 31 was 10.2% compared to 8.3% at September 30. Net assets fall to GBP352.0 million from GBP370.7 million. Swings to a loss on investment of GBP15.9 million in the six months to March 31 from a gain of GBP40.7 million the previous year. Swings to a net loss before loss of GBP13.1 million from a return of GBP41.9 million the previous year. Declares interim dividend of 1.20p, up from 0.96p the previous year. Company says it is cautious in the near term.



Angus Energy PLC - UK-focused oil and gas development company - Recommences oil production and water reinjection at its Brockham oil field. Angus hold an 80% interest in the field. Currently averaging production from the BRX2-Y well of 50 barrels of oil per day with an approximately equal amount of formation water produced and reinjected daily. Site has over 400 barrels stored for sale.



Knights Group Holdings PLC - Newcastle, England-based legal and professional services provider - Director of Client Services Mark Beech buys 70,224 shares at 141.69 pence each, worth GBP99,501, on Monday.



Tungsten Corp PLC - London-based electronic invoicing company - Says that the irrevocable undertaking by Pagero to accept or get acceptances from Samson Rock Capital LLP and Herald Investment Management Ltd in respect of their Tungsten shares have now lapsed. Tungsten on Friday said it now recommends that shareholders accept the increased offer by Kofax Parent Ltd, which values the company at GBP70.6 million. In response, Pagero says it is considering its options and urges Tungsten shareholders to take no action.



Mobeus Income & Growth VCT PLC - venture capital trust managed by Gresham House Asset Management Ltd - Net asset value at March 31 falls to 82.18 pence from 90.31p at December 31. Net assets remain broadly flat at GBP112.85 million at March 31, down from GBP112.96 million at December 31.



Corre Energy BV - Groningen, Netherlands-based renewable energy storage solutions and green hydrogen producer - In 2021, the company reports a pretax loss of EUR7.6 million and revenue totalling EUR5,000. Raises EUR12 million from its initial public offering in September. Chief Executive Keith McGrane says: "During this largely capacity-building and development phase our EBITDA outturn was comfortably within plan reflecting strong execution, delivery, and deployment in a period that also saw strong progress towards financial close on our flagship project in the Netherlands and important collaborative agreements aimed at expanding and expediting our project development pipeline."

Separately, Corre announces a placing to raise between EUR10 million to EUR15 million. The placing will be conducted through an accelerated bookbuild. Price will be determined following the completion of the bookbuilding process.



MP Evans Group PLC - producer of sustainable Indonesian palm oil - Notes the decision by the Indonesian government to remove the palm oil export ban, with effect from Monday. The government introduced a temporary ban from April 28 but the company has continued to harvest its estates and operations without interruption since the ban. MP Evans expects a full programme of sales to now resume.



Georgia Capital PLC - Tbilisi, Georgia-based investor in businesses in Georgia - Chief Financial Officer Giorgi Alpaidze sells 21,055 at an average price of GBP6.00, worth GBP126,418, between Wednesday and Friday last week.



Scotgold Resources Ltd - gold and silver explorer and producer in Scotland - Receives the first tranche of its loan procurement agreement with Fern Wealth GmbH. Company receives GBP1.2 million with the remaining GBP1.8 million expected to be received on or before June 30. Scotgold intends to use the proceeds to fast-track its optimisation initiatives which aim to achieve a gold production run rate of 23,500 ounces per year by the end of the first quarter of 2023.



Alphawave IP Group PLC - London-based company which designs and licences chip technology - Person closely associated with Executive Director Sehat Sutardja buys 448,319 shares at GBP1.60 each, worth GBP715,607, on Monday.



Helios Underwriting PLC - London-based limited liability vehicles investment company - Says its initial mid-point forecast for financial 2021 shows a small profit. Says year has been impacted by a series of "catastrophe losses". Chief Executive Nigel Hanbury says: "We have increased the retained capacity to GBP172m in recognition of market discipline and a harder market. We remain confident that we shall deliver improved results when compared to the Lloyd's market as a whole."



AVI Japan Opportunity Trust PLC - invests in portfolio of 20 to 30 Japanese stocks - Submits a shareholder proposal to Tokyo Radiator Mfg Co Ltd to address conflicts of interest between the parent company and minority shareholders arising from Tokyo Radiator's subsidiary structure. In particular, company calls on Tokyo Radiator to abolish the cash deposit system with Marelli, its parent. Company says that the systems "benefits only Marelli at the expense of minority shareholders who suffer from a return on the cash investment far below Tokyo Radiator's cost of capital." Tokyo Raditor is held in AVI Japan Opportunity Trust.



Condor Gold PLC - mine developer in Nicaragua - Posts "significant" assay results from the sampling of geotechnical drill holes on the La India Open Pit. These intercepts are located within and between the planned high-grade starter pits and provide additional confidence to the mineral resource in this key area. Reports wide zone of 34.1 metres true width of good open pit grade gold mineralisation of 2.56 grams per tonne gold from 2.80 metres drill depth.



Scotgold Resources Ltd - gold and silver explorer and producer in Scotland - Says it has drawn down the first tranche of the GBP3 million in new loans secured with a syndicate of high net worth investors last month. The company received a total of GBP1.2 million on May 20. Scotgold expects the remaining GBP1.8 million will be received on or before June 30, 2022.



W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Says it has drawn down USD2 million from the UD5.5 million loan facility provided to it by BlackRock Financial Management Inc. The additional funding will be used to finance working capital requirements at the La Parrilla tungsten mine in Spain, it notes. The second tranche of USD2 million has been received and the loan facility will, once fully drawn down, increase the total outstanding BlackRock facility to a principal of USD53 million plus accrued interest of USD27 million, it adds.



Bluebird Merchant Ventures Ltd - British Virgin Islands-based gold development company focused on Korea - In the process of formally engaging with leading advisors in South Korea to accelerate the process of a 'mountain use' permit at its Kochang mine in order to allow for surface work required to facilitate underground mining. Company is also working on refining the schedule of works that be be undertaken.



By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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