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(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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Vitec Group PLC - Richmond, West London-based photography and video products maker - Says recovery stronger than anticipated and ends May with record order book. As a result, expects adjusted pretax profit for first half to be not less than GBP19.0 million, though this will still be down from GBP23.5 million a year ago. "For 2021, despite uncertainty around the impact of electronic component and raw material shortages, the board now expects adjusted pretax profit for 2021 will be materially above current market expectations," it says, noting company-compiled consensus for the year sees profit at GBP35.6 million.
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Allergy Therapeutics PLC - Sussex-based biotechnology firm focused on allergy vaccines - Expects operating profit for year ending June 20 "well ahead" of market expectations due to robust sales growth helped by foreign exchange tailwinds. Expenses for year expected to be significantly lower than market expectations due to Covid-related costs savings, such as restrictions to travel and a reduction in scientific conference attendance. "Our focus on developing a strong R&D pipeline has remained steadfast and we are looking forward to both the ex-vivo peanut study results and the Grass MATA MPL exploratory field study results in the early part of the next financial year - both significant milestones in the progress we are making to bring new immunotherapeutic treatments to allergy patients," says Chief Executive Manuel Llobet.
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STM Group PLC - financial services firm - Says business continues to perform in line with internal expectations as it approaches end of first half of financial year. "Our focus going into the second half of 2021 is to accelerate new business revenue so as to improve profit margins against our cost base, which is largely fixed, and will invariably mean some refinement to our operating model," says Chair Duncan Crocker.
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Tandem Group PLC - sports equipment distributor based in West Midlands - Revenue for 25 weeks to June 22 up 14% year-on-year, with sales from sports, leisure and toy business 11% ahead against a "very strong comparative" during lockdown. Says outlook for remainder of 2021 positive, with forward order books at record levels and no signs of a slowing in demand in product categories such as bikes, golf and outdoor. However, notes: "Input costs such as steel, oil, plastic and cardboard have risen significantly during the year. These issues have led to stock shortages, unparalleled freight rates, reduced freight capacity and large supplier cost increases which, in turn, put pressure on margins." Adds that it is managing challenges well and is confident in delivering another strong year.
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Next Fifteen Communications Group PLC - London-based communication products and services provider - Says trading in the first four months of the new financial year has continued to be strong and ahead of management expectations. For the three-month period to April 30, the firm's total revenue was up by 21% compared with the same period last year, with organic revenue growth of 17%. This trend has accelerated into the company's second quarter. Looking to the financial year, Next Fifteen says organic growth is expected to moderate in its second half given the relatively strong performance it experienced in that period last year, with full year organic growth anticipated to be low double digits.
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Pembroke VCT PLC - investment firm - Reports net asset value per B share as at March 31 of 116.1p, up from 110.3p posted the year before. NAV per ordinary share, meanwhile, is 114.7p. During the year the company invests GBP6.7 million in new portfolio companies: Dropless, Eave, Smartify and ToucanTech. The company also makes follow-on investments totalling GBP11.8 million into 17 portfolio companies to continue its support of their growth plans.
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Aquila Services Group PLC - investment company - Proposes a final dividend for the financial year to March 31 of 0.4 pence a share versus none paid the year before. Total dividend stands at 0.55p per share versus 0.3p paid the year prior. This follows pretax profit growth for the year to GBP187,000 from GBP126,000, despite revenue falling to GBP7.6 million from GBP8.0 million year-on-year.
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Downing ONE VCT - investment company - Reports NAV per share as at March 31 of 60.20p, up form 58.20p posted the year before. Dividends for the year total 2.50p, lower than 4.0p paid the year earlier. During the year, the company says it has made a number of new investments. 27 new and follow on investments were completed, totalling GBP21.4 million.
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Early Equity PLC - investment company - Says the loss for the six months to February 28 was GBP79,982, narrowed from GBP344,474 posted a year ago. The losses are lower primarily reflecting the costs associated with the subsidiary Meihome M Sdn Bhd, as this business is currently experiencing very low levels of activity due to the ongoing Covid 19 pandemic. The losses in the period relate to the holding company costs. Going forward, the company says it is seeking to explore additional revenue generating opportunities over the coming months.
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Chelverton UK Dividend Trust PLC - investment company - Reports NAV per share jump to 227.07p as at April 30 from 124.86p posted the year prior. Chelverton increases its dividend per share to 10.00p from 9.60p and says it will be paying a special distribution of 0.272p a share. Net asset value per zero dividend preference share 2025 rises to 114.01p from 109.67p year-on-year. The company's portfolio is currently invested in 74 companies spread across 16 sectors.
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Cornish Metals Inc - Vancouver, Canada-based investment firm - Says total operating expenses for the three months to the end of April up to CAD894,549 from CAD401,968 a year earlier. As a result, loss for the quarter widens to CAD1.3 million from CAD398,893 a year ago. "I am delighted with what the company has achieved in the last few months - a highly successful listing on AIM which surpassed our expectations, the conversion of the Osisko loan note into two royalties which endorsed the quality of the company's projects in Cornwall, a substantial increase in mineral resource for South Crofty and the commencement of the exploration programme at United Downs," says CEO Richard Williams.
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Westminster Group PLC - Banbury, Oxfordshire-based security and services - Says it continues to experience healthy enquiry levels and so far in 2021 have delivered products and services to over 40 countries. Is starting to see "encouraging signs of recovery" in guarding and training businesses with recent new contract awards. "We continue to develop new opportunities and initiatives such as our partnership with Certific in their new Covid testing programme for which Westminster are providing verification services. Whilst it remains too early to judge the potential scale and impact of this initiative, we are encouraged by the increasing interest Certific are receiving for their services including from large scale event organisers," says Chief Executive Peter Fowler at AGM on Thursday. Reconfirms it will meet full-year expectations at revenue and profit level despite Covid disruption.
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Edenville Energy PLC - thermal coal developer in Tanzania - Notes positive sentiment in Tanzania following recent induction of the new president and the lessening impact of Covid-19, and says this is translating into business confidence. "This has been further supported by a new approach to marketing of the Company's coal products. As a result of this, the Company is anticipating achieving a full order book over the next few months," it says. In the event that a number of planned contracts materialise as anticipated in the third quarter, would equate to some 6,750-8,750 tonnes per month of washed call and 1,000-1,200 tonnes per month of fines. "Consistent with the positive sentiment in the region the Company is working on a number of other supply opportunities in the East African region, for which further expansion of production capacity at Rukwa may be required," it says.
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Petards Group PLC - Guildford-based developer of security and surveillance systems - Says a "key" customer has decided to extend an existing contract for the provision of software licences, maintenance and support services. The extension, secured by Petards subsidiary RTS Solutions, will run until June 2023 and has a value of over GBP500,000, with annual revenue in excess of GBP250,000. "This award, together with the 3-year renewal of licensing and support agreements for WMS software announced in May, adds to RTS's order book and provides it with a strong core of recurring revenues for the current and following years," says Chair Raschid Abdullah.
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Diaceutics PLC - Belfast, Northern Ireland-based diagnostic commercialisation company - Secures four projects with two "leading" pharmaceutical companies in inherited retinal disease. Says contracts demonstrate the applicability of the DXRX diagnostic commercialisation platform outside of the company's core area of oncology. Services will be delivered over the course of six months in 2021 across Europe, the UK, APAC & the US, and contracts will deliver around GBP1.0 million of revenue in 2021. "Through utilising the DXRX platform, alongside our advisory services, the projects can be delivered efficiently, at scale, across multiple geographies, bringing together all the segments in the precision medicine diagnostics market required to facilitate change and ensure patients get the right treatment at the right time," Chief Executive & Founder Peter Keeling says.
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Wincanton PLC - Wiltshire-based logistics firm - Wins contract extensions from Swedish furniture retailer Ikea to operate its customer distribution centres in Medway, Kent and Harlow, Essex, for five and two years respectively. "This is another important step in our long-standing relationship with Ikea and more evidence of the positive progress we are making in our Digital and eFulfilment business," says Chief Executive James Wroath.
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AMTE Power PLC - Caithness, Scotland-based developer and manufacturer of lithium-ion and sodium-ion battery cells - Says it is selected as the lead supplier in a new government funded three year project called Ultra, focused on bringing two AMTE Power lithium-ion batteries to automotive readiness. The project will be part funded by the UK government's Advanced Propulsion Centre with a grant of GBP5.0 million.
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Hummingbird Resources PLC - London-based gold production, development and exploration company - Says Pasofino Gold Ltd releases its independent preliminary economic assessment for the Dugbe gold project. The assessment has been prepared in accordance with NI 43-101 by DRA Projects (Pty) Ltd, a project consultant. Pasofino has an earn-in agreement for a 49% stake in Dugbe, with Hummingbird maintaining a controlling interest of 51%. "This preliminary economic assessment highlights the material value and potential of the project and its ability to not only be the mine we have long envisaged but also to become the next gold district in West Africa/Liberia," says CEO Dan Betts.
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Alba Mineral Resources PLC - London-based mineral exploration company - Reports that the assay results of the initial sampling of the waste rock dump at the Clogau-St David's gold mine have returned elevated gold grades of up to 9.89 grams per tonne. The waste rock dump is close to Alba's pilot processing plant and could be mined at low cost, the company notes. ""These results entrench what we inherently believed in from the start - that the finer size fractions would be relatively enriched in gold content due to the 'free' nature of the gold within the quartz veins," says Chief Operating Officer Mark Austin.
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Predator Oil & Gas Holdings PLC - Jersey-based fossil fuel company - Says SLR Consulting Ireland, acting as planning and environmental advisors to the company's subsidiary Mag Mell Energy Ireland Ltd, has prepared and submitted a report to the draft Cork county development plan 2021 for public consultation. "Mag Mell represents a unique near-term solution to contribute to Ireland's security of energy supply and can be commissioned and operational before other alternative solutions that have been put forward," explains Predator Oil & Gas CEO Paul Griffiths.
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Atalaya Mining PLC - Cyprus-based copper concentrates and silver by-product producer - Reports a new independent reserve estimate for its Cerro Colorado open pit at Proyecto Riotinto in addition to a management update on several ongoing resource expansion initiatives in the wider Riotinto district in south west Spain, which have the potential to expand production, extend the mine life and create near term value. "With this reserve update for Cerro Colorado, we have successfully established 'Proyecto Riotinto' as a long life producing mine and now is the time to work towards new targets that can expand production throughout the Riotinto District, extend mine life and create value for all our stakeholders," says CEO Alberto Lavandeira.
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Emmerson PLC - Isle of Man-based project developer - Reports progress made at its Khemisset potash project in Morocco during the first six months of 2021. The company says all technical work completed, submissions made, and review meeting held with the environmental evaluation committee. Going forward, the company says it is awaiting final approval to be called for the evaluation meeting by the environmental evaluation committee, expected to be received imminently, subject to Covid restrictions in Morocco.
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Challenger Energy Group PLC - Caribbean and Atlantic focused oil & gas company - Says drilling of Saffron-2 has reached a total depth of 4,126 feet. Hydrocarbons were encountered in the most recently drilled section and initial petrophysical interpretation of logs to depth of 3,530 feet have identified a further 42 feet of net pay in the lower Middle Cruse, increasing the total of oil-bearing sands thus far identified in the Upper Cruse and Middle Cruse to over 200 feet. Challenger Energy says drilling is continuing to target depth of 4,557 feet, at which both Lower Cruse sections - the primary reservoirs of interest - will be logged, and thereafter the well will be production tested.
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Zephyr Energy PLC - Newbury, England-based technology-led exploration & production company - Says it is preparing to spud the State 16-2LN-CC appraisal well, a part of the Paradox Basin, Utah, US. Zephyr receives all final approvals and permits required to proceed with the drilling of the well. With all approvals and permits now in place, the company says it is working to finalise the project contracts needed to enable the company to meet its proposed timeline of a July spud date.
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Alien Metals Ltd - London-based minerals exploration and development company - Commissions a series of metallurgical and recovery tests on a 200 kilograms bulk sample taken from across the tailings of its silver project located at Elizabeth Hill, Western Australia. Due to the continued high demand for testing done at the Perth laboratories, the company has been granted a further 30-day extension to the exclusivity period to enable this detailed study to be completed and full results interpreted. "This analysis will give us the best understanding of the economics of this project and its potential to generate income for Alien to put back into the ground in exploration dollars," says CEO & Technical Director Bill Good.
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Block Energy PLC - development and production company focused on Georgia - Reports spudding of the WR-B1 well at WR-BA location on the company's West Rustavi field on Wednesday. The well will target the West Rustavi Middle Eocene reservoir with a horizontal section 800 metres long and completed with a production packer and a slotted horizontal liner fitted with external swellable packers to provide water shut off capability. If the well is successful, WR-B1 will be rapidly tied into Block's early production facility, processing both oil and gas produced from the well.
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88 Energy Ltd - Alaska-focused oil exploration & appraisal company - Says geochemical analysis of fluid extracts from selected core samples definitively demonstrates the presence of hydrocarbons on the North Slope of Alaska. 88 Energy says further quantitative screening on remaining samples to commence shortly. Phase two of side-wall core trim analysis will also commence shortly, the company notes.
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Rockfire Resources PLC - gold and copper exploration company with focus on Australia - Says access track and drill pad preparation is well underway at the Copperhead porphyry project in north Queensland, Australia, in preparation for diamond drilling. The project has not been subjected to drilling for nearly 50 years and Rockfire is redeveloping the original access tracks used for historical drilling. The commencement date for drilling is determined by the completion of the access tracks.
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Bezant Resources PLC - London-based copper-gold exploration and development company - Reports results of recently completed reconnaissance mapping, prospecting and sampling work at its' 100% owned Kanye manganese project in Botswana. Bezant says up to four historic manganese occurrences were located and sampled in the field within an 8 kilometres-belt. Bezant plans to follow-up the main targets with clearance/trenching by mechanical excavator to facilitate detailed mapping, prospecting and more systematic sampling. Confirmed targets will be drill tested to define lateral and depth extent of deposits.
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Shield Therapeutics PLC - Newcastle, England-based pharmaceutical company - Confirms that, in line with prior guidance, it will launch Accrufer in the US on Thursday next week.
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Deepverge PLC - Ireland-based clinical research company - Completes phase 3 field trials in which Microtox PD achieved real-time detection and transmission of data, specific to SARS-CoV-2, in wastewater treatment plants at multiple sites. As a result, its Environmental Health division has entered into a master service agreement with EPS Group to install, calibrate, service and maintain Microtox PD units which have the potential to be installed in multiple European countries.
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Augean PLC - Walton, England-based hazardous waste treatment and disposal company - Says the First Tier Tax Tribunal rules in favour of Augean that it had appropriately interpreted certain elements of landfill tax law. The company says HMRC can appeal this decision within 56 days.
In addition, Augean says it requested to extend the deadline for potential takeover offer from Morgan Stanley Infrastructure Inc as discussions are still ongoing. The extension to when Morgan Stanley Infrastructure has to announce a firm intention to make an offer for Augean or announce that it does not intend to make an offer for Augean, has been extended to July 22 from June 24.
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Xeros Technology Group PLC - Rotherham, England-based platform technologies developer - Signs a contract with Girbau SA, manufacturer of commercial laundry equipment, to license its filtration technology, XFiltra, for use in commercial laundries. This contract follows on from the joint development agreement signed with Girbau in March 2020.
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Verditek PLC - London-based clean technology company - Says it has been subject to a theft from its facility at Lainate, Italy. The company has conducted a physical stock check which indicates a shortfall against book stock of GBP300,000. The local police have been informed and have commenced a criminal case.
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Mode Global Holdings PLC - London-based fintech firm - Secures its electronic money institution licence and its AMLD5 registration from the UK Financial Conduct Authority. This licence, which has been granted to Mode's subsidiary Greyfoxx Ltd, will enable Mode to offer a range of innovative financial services to both businesses and consumers in the UK.
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Remote Monitored Systems PLC - London-based surveying services company - Signs a distribution agreement between the company's subsidiary, Pharm 2 Farm Ltd, and Vivek Kohli Enterprises OPC Private Ltd to distribute Pharm 2 Farm's anti-viral mask, under the Pro-Larva brand name. Vivek Kohli has placed an initial order for 350,000 Pro-Larva masks to be airfreighted direct to their distribution centre in India. Part of the proceeds from this order will be invested by Pharm 2 Farm into a marketing campaign within India to support Vivek Kohli and build demand for the Pro-Larva mask.
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Spectral MD Holdings Ltd - London and Texas-based predictive analytics company - Awarded a two-year, USD1.1 million sequential phase II small business technology transfer contract from the Defense Health Agency within the US Department of Defense. This contract will support Spectral MD in advancing a new, multispectral imaging sensor intended to enable the development of a fully handheld version of DeepView, Spectral MD's existing AI and MSI technology for early burn wound healing assessment, in a far-forward military environment.
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KRM22 PLC - risk management products provider - Enters into partnership with Waymark Tech to add Waymark's Wayfinder product to the KRM22 global risk platform. The partnership will also facilitate collaboration on additional compliance services, KRM22 says.
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Bango PLC - mobile commerce company - Expands European availability of the latest Xbox Game Pass telco bundle into the Netherlands. As a result of this new coverage, Dutch gamers will now be offered Game Pass Unlimited subscriptions with broadband and other telco services.
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PensionBee Group PLC- London-based online pension provider - Confirms it has been advised to expect receipt of GBP724,000 from State Street Global Advisors by Friday next week. The payment relates to an error made by FTSE Russell in the composition of the FTSE All Share ex Controversies, ex CW index for the period from November 18, 2020, to February 5, 2021. The error affected numerous funds offered by State Street Global Advisors to its clients. PensionBee says it intends on investing the payment from State Street Global Advisors in its ongoing growth and product development activities.
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Live Co Group PLC - events and entertainment firm - Reports signature of a new contract with McArthur Glen in Italy for Bricklive Nick Jr. The event will take place at the Castel Romano Designer Outlet in Rome from the mid-August until the third week in September.
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Quantum Blockchain Technologies PLC - London-based blockchain technology company - Increases its stake in Forcrowd to 41%, having purchased an additional 21% stake in ForCrowd held by minority shareholders for a total consideration of EUR34,000. Says Forcrowd is due to launch its first crowdfunding campaign of 2021 after its project has already received pre-launch investment commitments, enhancing the probability of a successful campaign for ForCrowd.
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Capital For Colleagues PLC - company focussed on advising, investing in and supporting the growth of businesses - Says its portfolio comprised of 14 unquoted employee owned businesses at the end of May versus 15 on February 28. NAV per share increased to 64.06p in the quarter from 61.05p per share at the end of February. The company currently has cash balances of GBP2.7 million. The company has no debt.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com and Lucy Heming;Â lucyheming@alliancenews.com
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