TRADING UPDATES: Camellia profit to beat forecasts; Cordel contract

Wed, 22nd Dec 2021 20:28

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

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Camellia PLC - Linton, England-based agricultural production firm - Expects underlying pretax profit for 2021 to be substantially ahead of market forecasts, in range of GBP7 million to GBP9 million, on revenue which is seen between 4% and 5% below consensus. This is due to improved margins at a number of its agriculture businesses, alongside cost savings across the group.

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Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics, formerly called Maestrano - Wins six-and-a-half-year contract worth GBP3.2 million with Network Rail to replace the UK's National Gauging Database with a new Railway Gauging Data Solution. Work to start in January 2022, and firm notes this is longest-term contract to date and could be extended by mutual agreement to a total of eight-and-a-half years.

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K3 Business Technology Group PLC - enterprise software company - Says trading in second half of financial year ended November 30 in line with management expectations. Expects adjusted Ebitda from continuing operations to be higher than year before after strong end to year. "The board views this performance, in a challenging market, as encouraging and K3 starts the new financial year in a notably stronger position. It is now well-placed to build on the foundational changes implemented over the past 12 months," company says.

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ThomasLloyd Energy Impact Trust PLC - Asia-focused renewable energy investment trust - Notes recent media coverage on Super Typhoon Rai's impact on the Philippines, including the island of Negros, where the company has interests in three solar energy facilities. Says Negros Island Solar Power Inc facilities undamanged and while there were some temporary power outages, normal operations have since resumed. "The Philippines experiences many similar weather events annually and the company's energy projects are built to withstand all reasonably foreseeable local weather conditions," firm says.

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Kropz PLC - African phosphate developer - Says updated feasibility study for Hinda phosphate project shows low technical and mining risk and attractive project economics, and mineral resource is unchanged from 2018 Competent Persons Report. Study delivers a 28 year life of mine, extracting 31 million tonnes of ore in phase 1 and 214 million tonnes of ore in phase 2.

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Lexington Gold Ltd - gold exploration and development company operating in North and South Carolina in the US - Says 39 drill holes completed for a total of 3,275 metres drilled to date out of planned total of 5,000 metres for phase 2 drilling programme. Drilling is underway at the Loflin side of the Jones-Keystone-Loflin Project with seven drill holes for a total of 645 metres completed to date. Notes significant sulphide mineralisation of over 25 metres intersected on the southern side and outside of the current known Loflin resource. SAys drilling to pause over Christmas and New Year before starting up again on January 4.

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Wheaton Precious Metals Corp - Vancouver, Canada-based precious metals streaming company - Enters arrangement with Generation Mining Ltd for precious metal purchase agreement in respect to Marathon Project in Canada. Wheaton will purchase 100% of the payable gold production until 150,000 ounces have been delivered, after this dropping to 67% of payable gold production for the life of the mine. In addition, it will buy 22% of the payable platinum production until 120,000 ounces have been delivered, thereafter dropping to 15%. Wheaton will pay upfront cash consideration of CAD240 million. It will make ongoing payments for the gold and platinum ounces delivered equal to 18% of the spot prices until the value of gold and platinum delivered less the production payment is equal to the upfront consideration, at which point the production payment will increase to 22% of the spot prices.

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Helios Underwriting PLC - investment vehicle that consolidates underwriting capacity at Lloyd's - Completes further 3 limited liability vehicle acquisitions for total consideration of GBP3.9 million, acquiring syndicate capacity of GBP4.1 million. Separately says retained underwriting capacity for 2022 year of account will be GBP171 million, nearly triple the GBP58.7 million underwritten at the start of 2021. "Given the much-improved underwriting pricing going into 2022, the prospects for underwriting profitability have improved considerably and the board believes this substantial increase in the retained capacity will benefit the company's shareholders," it says.

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Pires Investments PLC - London-based technology-focused investment company - Notes investee Pluto Digital Assets PLC has recently acquired holding in a UK-based computer gaming software studio. In addition to this, Pluto and the computer gaming studio are in the process of forming a joint venture to launch a suite of blockchain-enabled games.

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Victoria PLC - Worcestershire-headquartered flooring firm - Notes that Moody's has revised outlook to stable from negative based on strong trading performance. "The change in outlook reflects improving operating performance achieved by Victoria this year," the ratings agency said on Tuesday.

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Dispersion Holdings PLC - decentralised finance investor - Submits initial application to list on the Neo Exchange Inc, a Canadian stock exchange based in Toronto. Firm believes that Neo listing will bring access to more retail and institutional investors, and it will retain AQSE listing. "Our application follows the successful launch of our decentralised finance platform, and we look forward to welcoming Canadian investors to share in our business growth," says Chief Executive Philip Blows.

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Alien Metals Ltd - exploration company focused on Australia, Mexico and Greenland - Agrees to buy outstanding 70% interest in the Munni Munni platinum group metals and gold project, meaning it will own 100% of the project on completion. The proposed deal with Artemis Resources Ltd includes a cash outlay of AUD250,000 and AUD4.65 million payable in shares. "The ownership of this major PGE deposit, located so close to one of Australia's highest-grade silver deposits, presents Alien with an amazing exploration and development opportunity," says Chief Executive Officer & Technical Director Bill Brodie Good.

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Sabien Technology Group PLC - Watford-based boiler efficiency products - To set up special purpose vehicle with Parris Group Ltd to buy and develop a plastic recycling site in the UK. Parris Group and Sabien will own 66.7% and 33.3% of the SPV respectively and are advancing initial loan facilities of up to GBP149,000 and GBP74,000 respectively, in addition to the initial share capital of GBP1,000. Parris Group is owned exclusively by Richard Parris, executive chair of Sabien, and his family. In November, Parris Group secured a six-month exclusivity period to evaluate site owned by Greenfield Properties (UK) Ltd, which already has appropriate planning and regulatory approvals in place to accommodate a plastics-to-oil processing facility.

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Bradda Head Lithium Ltd - North America-focused lithium development - Says royalty agreement with Lithium Royalty Corp completed on Tuesday after signing initial letter of intent in November. Says total consideration paid by LRC for the royalty is up to USD8 million. In addition to signing the agreement, LRC has completed subscription for 19.5 million shares in Bradda at price of 7.68 pence each, for consideration of USD2 million. A director of LRC invests on same terms for further USD500,0000.

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Mila Resources PLC - natural resources company - Reports positive assay results from first phase of drilling at the Kathleen Valley gold project in Western Australia. Reports findings such as 10 metres at 8.38 grams per tonne of gold, 13.96 grams per tonne silver and 0.89% zinc returned in KVRC019 from 165 metres to 175 metres.

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Malin Corp - Dublin-based investor in life sciences companies - Says tender offer was oversubscribed and, as a result, the maximum number of shares, being 9.6 million, will be bought for a total cost of EUR80 million. This represents 22% of company's share capital.

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By Lucy Heming; lucyheming@alliancenews.com