TRADING UPDATES: Cerillion's first half strong; Christie turns to loss

Mon, 19th Apr 2021 17:54

(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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Cerillion PLC - London-based billing and customer relations management software firm - Says experienced strongest ever six-month trading period, exceeding management expectations. Revenue for six months to March 31 expected to total GBP12.8 million, up 25% on a year ago, while adjusted earnings before interest, taxes, depreciation and amortisation is expected to rise 77% to GBP4.8 million. The company adds that its sales pipeline remains strong and prospects for the remainder of the financial year are "very positive". "The business has performed very strongly over the first half, and new orders in the period have equalled total new orders for the whole of the last financial year. Our last contract win represented another major milestone for us, and reflects growing market recognition of the quality of our solution and services," says Chief Executive Louis Hall.

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Christie Group PLC - provider of professional services to hospitality, leisure, healthcare and retail sectors - Revenue for 2020 slumps to GBP42.2 million from GBP78.0 million in 2019, hit by the pandemic. Makes GBP6.3 million pretax loss, swinging from profit of GBP4.4 million in 2019. While performance was hit by the pandemic, especially in the first half, it saw a recovery in the second half of the year. "We experienced an encouraging first quarter, boosted by the certainty of a decisive general election result. However, the pandemic's arrival meant that business effectively stalled for three months, with our physical offices closed and systems and people adapting to the demands of remote working to the extent required," firm says. Does not propose dividend for year, after total payout of 1.25 pence for 2019, and will reconsider dividends when trading normalises.

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Empire Metals Ltd - London-based resource exploration and development company - Revenue for 2020 slides to just GBP1,204 from GBP111,457 in 2019, while pretax loss widens to GBP953,769 from GBP675,592. Revenue derives from operational services, as its operations are still in exploration phase. Says made "significant progress" in 2020 and looks to continue momentum in year ahead. "Our genesis as a value-driven Australian-focussed resource company will be cemented on the appointment of a new CEO, which we anticipate in the coming weeks, as we look forward to what we believe is a very bright future in this region," company says.

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Deltic Energy PLC - London-based natural resources investing company - Reports pretax loss of GBP1.7 million for 2020, slimming from loss of GBP2.4 million in 2019. Records no impairment of intangible assets for 2020 after booking GBP801,307 cost in 2019. Says despite virus disruption in 2020, the company continued to make progress across its gas-focused exploration assets including a significant expansion in the number of licences and gross acreage it holds following "an extremely successful outcome" in the 32nd offshore licensing round. "With commodity prices back at pre-Covid levels, we are starting to see strong signs of recovery in the UK North Sea with significant M&A activity in the first few months of 2021, and many projects which were deferred in 2020 are expected to be restarted during this year," says Deltic.

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TruFin PLC - financial technology firm - Net revenue for 2020 rises to GBP8.3 million from GBP6.2 million, while pretax loss narrows to GBP8.0 million from GBP11.8 million. Company says it negotiated the challenges of 2020 and emerged "stronger". Says 2021 has started well, with first quarter revenue not less than GBP2.5 million, representing 20% growth year-on-year. "Much of the momentum we experienced in 2020 is continuing into 2021 and we remain optimistic for 2021 and beyond. In light of this, the board has suspended the processes to explore options for Oxygen and Vertus until such time that it believes appropriate value can be realised," company says.

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Coro Energy PLC - South East Asian energy company - Reports pretax loss of USD8.0 million for 2020, a touch wider than the USD7.9 million loss for 2019. General & administrative expenses fall to USD2.9 million from USD5.1 million, but net finance expense comes in at USD4.9 million, up from USD2.6 million. Says it took "decisive action" in 2020 to reduce overhead cost base in response to the pandemic, resulting in the fall in general & administrative costs. These cost savings are sustainable, it adds, and expects a recurring overhead cost base in the range of USD1.7 million to USD1.9 million in 2021. "Having raised new capital early in 2021, and with a strengthened executive team, we are excited about the potential to add value for shareholders in the next 12 months and beyond," company says.

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EQTEC PLC - advanced gasification technology firm - Revenue for 2020 rises to EUR2.2 million from EUR1.7 million, though pretax loss widens to EUR5.8 million from EUR3.6 million. Widened loss due to share-based payment costs of EUR1.8 million as well as administrative expenses growing to EUR3.7 million from EUR2.7 million. Says business platform proves resilient in face of the pandemic. Looking ahead, firm targets 2021 for first year of profitability. "In 2021, revenues from both current and new projects and gradual growth from maintenance and consulting contracts are forecast to generate revenues of approximately EUR15 million in 2021. These revenues, together with an expected contribution from EQTEC Capital, are forecast to generate positive Ebitda, making 2021 EQTEC's first year of profitability," says EQTEC.

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Maestrano Group PLC - London-based artificial intelligence platform for transport corridor analytics - Says revenue for three months to March 31 grows 1% to GBP294,000, while Ebitda loss widens to GBP455,000 from GBP138,000 as expenses grow 46% - reflecting increased investment in the US, Australia and UK - and cost of sales rise 50%. Chief Executive Nick Smith adds: "Our third quarter was impacted by a major weather event in Australia, which delayed acceptance for airframes delivered to the Australian government under the contract announced on 29 November 2019. This revenue will now be recognised in the 4th quarter, which will combine with other project deliveries as we focus on meeting our full year objectives."

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Caledonia Mining Corp PLC - Zimbabwe-focused gold producer - Says gold production from the Blanket Mine in Zimbabwe for first quarter of 2021 is 13,197 ounces, with firm remaining on track to hit its production guidance of between 61,000 and 67,000 ounces for full-year despite the quarterly outturn being "slightly below" target. Chief Executive Steve Curtis says: "Gold production has often been lower in the first quarter of each year and increases in the following quarters. The rainy season this year saw unprecedented rainfall causing flooding at the mine and resulted in several lost shifts during the period. These temporary issues have now been rectified and with the Central Shaft now operational we remain on track to hit our 80,000 ounce target in 2022."

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Trinity Exploration & Production PLC - Trinidad & Tobago-focused oil exploration and production company - Says production levels were resilient over first quarter of 2021, with volumes averaging 3,107 barrels of oil per day due to company's "pro-active approach to protecting base production". This represents 7% reduction in production volumes year-on-year and 3% quarter-on-quarter decline. Says cash balances remained robust at USD20.0 million as at March-end, from USD20.2 million at end of December, despite increased investment in growth initiatives occurring in the first quarter. "Having proven its low cost, low risk production model during the past 12 months - and with the company now benefitting from the recovery in the oil price - the focus is on scaling the business. Increased automation across producing assets combined with a growing opportunity to significantly enhance production in collaboration with key industry partners will be core to Trinity's development for the remainder of the year," company says.

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By Lucy Heming;Â lucyheming@alliancenews.com