TRADING UPDATES: 4Global wins deal; James Cropper profit warning

(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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4Global PLC - London-based data, services and software for sporting events and the promotion of physical activity - Secures a GBP4 million contract over five years with an unnamed "major sporting infrastructure project" for an unspecified city in the Middle East. "Approximately GBP600,000 of the project is expected to be delivered and recognised in the current financial year and the project includes an opportunity for additional scope throughout the engagement," it says.

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James Cropper PLC - paper products manufacturer based in Cumbria, England - Says achieves break-even position in half-year to September 24. Revenue rises 26% year-on-year, though rising costs put pressure on bottom-line. Says energy costs have more than doubled. "The impact of inflationary pressures had been mitigated in the first part of the year by the application of energy surcharges but energy prices again spiked from late July and again in August. At the same time raw materials (which represent a larger proportion of overall costs) have been subject to unprecedented inflationary headwinds, rising 20% over the same period," James Cropper says. Adds: "The second half of the year shows a recovery through aggressive pricing actions and surcharges, supported by the recently announced government support on energy prices. Each division is projecting volume growth over the second half. Order books are full and the company is focused on a range of enabling actions to build a solid foundation for continued future growth." Company cuts annual outlook, however. Now expects full-year adjusted pretax profit of GBP2.0 million, versus previous market expectations of GBP5.4 million.

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Ncondezi Energy Ltd - power development company - Says feasibility study for battery energy storage system project confirms it is "technically viable and attractive". Study notes potential for 20% to 30% capital expenditure savings. Also says project can deliver first power of up to 60 megawatts within 18 months of financial close, with full 300 megawatts over 28 months. Ncondezi says has extended capital runway to November. Says it needs and intends to secure additional funding before the end of November, with "various options available and under consideration". This includes the potential additional tranche of GBP150,000 that may be available to it under the terms of the convertible loan facility it announced back in mid-September.

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Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - Revenue in 12 months ended April 30 surges to USD3.8 million from USD896.000. Pretax loss, however, widens to USD15.5 million from USD7.7 million. Posts exchange loss of GBP3.8 million, compared to GBP2.6 million gain a year earlier. In addition, vast says it has raised GBP1.5 million in placing of 652.0 million shares at 0.225 pence each. Vast adds: "The net cash raised from the placing will ensure sufficient levels of working capital are maintained to meet the company’s corporate obligations as well as cover certain transaction costs linked to possible new opportunities the company is investigating."

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Rockhopper Exploration PLC - Salisbury, England-based oil & gas exploration and production company - Updates on arbitration of dispute with Italian government. On Friday, Italy submitted an application to the International Centre for Settlement of Investment Disputes seeking to annul a recent award to Rockhopper, and requested a provisional stay of the enforcement of the EUR190 million award. Chief Executive Officer Samuel Moody calls the news "disappointing", adding: "Based on legal advice we believe annulment proceedings are likely to take approximately 18 to 24 months, albeit interest will commence accruing again in December 2022. We remain confident in the strength of our case, as was reflected in the unanimous decision underpinning the Award in August, and very much hope and believe the annulment request will be rejected in due course." Rockhopper says it has a non-binding offer in place for funding to fight the annulment and enforce the award.

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Alba Mineral Resources PLC - explorer with assets in Greenland, Ireland and the UK - Submits to watchdog an updated permit application to dewater the Llechfraith Shaft. In November 2021, the Natural Resources Wales regulator refused to grant Alba an application to dewater the Llechfraith Shaft. Since then, Alba has submitted to NRW additional data and analysis.

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R&Q Insurance Holdings Ltd - Bermuda-based specialty non-life insurer formerly known as Randall & Quilter Investment - Says gross written premiums in Program Management business up 83% to USD1.3 billion in nine months ended September 30, from USD714 million a year earlier. Programme fee income doubles to USD60 million.

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Blue Star Capital PLC - Sussex-based investment company focused on e-sports, payments and technology - Investee Dynasty Gaming & Media Pte Ltd signs distribution agreement with Indosat Ooredoo Hutchison, a telecommunications company, with about "100 million subscribers in Indonesia". Dynasty to offer play-to-earn games, developed by Pioneer Media Holdings Inc, to IOH. Pioneer and Dynasty have a game publishing agreement. Deal allows Dynasty to exclusive license to publish, market, promote and distribute Pioneer games in southeast Asia, India, and Australia.

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Faron Pharmaceuticals Ltd - Turku, Finland-based clinical-stage biopharmaceutical company - Moves to second level of Phase I/II BEXMAB study, which is probing bexmarilimab in tandem with standard of care to treat hematological malignancies. Hematological malignancies are blood cancers. Faron says: "All first-stage cohort patients are alive. The longest treated patient at three cycles has revealed partial response as observed by reduced cancer activity with reduced blast (cancer cell) counts and normalised blood cell counts. Initial data from patients dosed with bexmarilimab also show a significant reduction in levels of soluble Clever-1 protein in the blood of treated patients." Dose will now be escalated.

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By Eric Cunha; ericcunha@alliancenews.com

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