(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and Thursday, and not separately reported by Alliance News:
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Alumasc Group PLC - Kettering, England-based supplier of building and engineering products - Says trading so far in the year ending June 30 2024 has remained resilient despite market headwinds, and performance in the first quarter has been in line with internal expectations. Demand "remains subdued in a number of construction sectors, particularly in new build residential," but Alumasc "has seen an increase in overseas sales" and says demand for new Housebuilding Products products has also stayed robust despite a slowdown in housebuilding activity. Says it continues to invest prudently in areas which enhance revenue growth and continues to carefully manage costs. Says it is mindful of the current demand headwinds but that full-year expectations are unchanged as it remains confident in the resilience of its business model.
Alumasc also notes announcement by the Competition & Markets authority that it is assessing Alumasc's anticipated acquisition of ARP Group Holdings Ltd and Rainwater Online Holdings Ltd. Alumasc says it continues to engage with the CMA and expects the process to conclude in December.
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Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Says on Wednesday that its common shares commenced dealing on the OTCQB Venture Market cross-trading facility in the US. The OTCQB allows developing international companies to be publicly traded in the US. Zenith says trading on the OTCQB is a cost-effective solution which will provide enhanced investor benefits like easier trading access for US investors, and greater liquidity due to a broader geographic pool of potential investors.
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Caracal Gold PLC - East Africa-focused gold producer - Completes phase one of expansion plan for the Kilimapesa Hill deposit. Predicts total output of 49,155 ounces in the 36 month period, with USD83.5 million in revenue at USD1,700 per ounce of gold. Also anticipates all-in sustaining costs of USD1,055 per ounce. Says phase two of the expansion will focus on a full remodelling of Kilimapesa including additional drilling; phase three will consist of a new mineral estimate, and phase four will see completion of the ten-year mine plan.
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Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Says output from its Yanfolila Mine in Mali increased to 18,399 ounces of gold in the third quarter of 2023 from 16,827 ounces the prior year. The mine has produced a total of 69,546 ounces over the first nine months of this year. Hummingbird says it is on track to meet full-year target of between 80,000 and 90,000 ounces. Also says the Kouroussa Mine in Guinea, which produced 1,047 ounces in the quarter, is on track for full-year commercial production from 2024 onwards. Adjusted Ebitda for the quarter was around USD1.2 million, following last year's loss of USD8.9 million.
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abrdn Diversified Income & Growth PLC - Edinburgh-based investor across asset classes - Announces completion of strategic review commenced on June 20. Review sought to address the material discount to net asset value at which its shares have traded and consider how best to deliver shareholder value. Company has determined that the best course of action is continue with its existing investment strategy. It intends to return cash to investors through a 1.65p per share special dividend and a GBP25 million to GBP30 million tender offer. It expects these distributions to return between GBP30 million and GBP35 million in total. Going forward, it will seek exposure to alternative asset classes mainly through private investments instead of listed funds.
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Cornish Metals Inc- mineral exploration and development company - Opens new water treatment plant at the South Crofty tin project. Discharge of treated water from the South Crofty mine to the Red River will commence next week at a rate of up to 25,000 metres cubed per day. Company is about to commence dewatering of the mine, and expects this to take 18 months. Says dewatering the mine and treating the water will have a positive effect on water quality in the Red River, which currently receives untreated mine water as a legacy of past mining activities. Water discharged from the mine currently powers a hydro-turbine, and Cornish Metals is exploring other renewable heat opportunities to utilise the treated water's "steady" high temperature.
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Van Elle Holdings PLC - Kirkby in Ashfield, England-based ground engineering contractor - Agrees to acquire entire issued share capital of UK-based piling specialist Rock & Alluvium Ltd, for total consideration of up to GBP3.8 million on a cash-free and debt-free basis. Van Elle says Rock's piling rig fleet complements its existing capital investment programme. Consideration comprises an initial GBP1.8 million payment followed by a deferred payment of GBP2.0 million payable 12 months from completion. Payments will be satisfied through its existing cash and banking facilities. Van Elle also says it has entered a five-year trading agreement with Galliford Try, which it expects to generate over GBP10 million in revenue per year.
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By Emma Curzon, Alliance News reporter
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Zenith Energy (ZEN)
Alumasc Group (ALU)
Caracal Gold (GCAT)
Hummingbird (HUM)
Abrdn Di&g (ADIG)
Cornish Metals. (CUSN)
Van Elle (VANL)