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TRADING UPDATES: Gamma tips 2021 revenue jump; Smart Metering progress

Thu, 20th May 2021 19:22

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



Gamma Communications PLC - London-based cloud communication services provider - Notes "continued growth" in first quarter amid product launches in core UK market. Expects revenue and adjusted earnings before interest, tax, depreciation and amortisation at higher end of market forecasts for 2021. Revenue forecasts stands at GBP442.4 million to GBP61.3 million and adjusted Ebitda at GBP86.0 million and GBP94.0 million.



Smart Metering Systems PLC - Glasgow-based provider of end-to-end services in utility connections, smart metering and energy management - Says as of April 30, total index linked annualised recurring revenue was GBP83.1 million, up from GBP77.0 million at end of December. "The meter installation run rate has continued to improve, with installations in April 2021 above the pre-Covid run rate. If the recovery continues, the Group expects this to improve further," company says.



Gulf Keystone Petroleum Ltd - oil producer in Iraq - Confirms gross payment of USD28.1 million payment from Kurdistan regional government for Shaikan crude oil sales during March 2021. Gulf Keystone to receive USD22.0 million net.



Great Western Mining Corp PLC - gold, silver and copper explorer in US state of Nevada - Says ongoing drilling programme continues apace and within budget. Completed six-hole programme at Trafalfar Hill prospect. "Laboratory assay results from the first four of the six holes drilled at Trafalgar Hill are expected by the end of this month or soon after and will be announced when available," Great Western says.



Active Energy Group PLC - renewable energy and forestry management firm - Seeing "increasing demand" for next generation pellet technologies. Enters joint-venture with Player Design Inc for second production facility in Maine, US. In addition, receives temporary operating permit from Maine for production of 1,000 tonnes at CoalSwitch plant by no later than end of July. Says first CoalSwitch output expected before end of May.



SDX Energy PLC - London-headquartered oil and gas exploration, production, and development company - Revenue in first quarter ended March 31 up annually to USD13.4 million from USD12.7 million. Says quarterly entitlement production down 10% annually to 5,862 barrels of oil equivalent per day. "The first quarter of 2021 has been a positive start to the year as we have continued our strong production and cash generation from our assets in Egypt and Morocco with all our key financial metrics improving from the same period last year and our current production and capex either beating or being in line with guidance," Chief Executive Mark Reid says.



Rurelec PLC - power generator and power plants developer based in London - Says Energia del Sur SA in Argentina in "extensive negotiations" to establish new tariff for its power generation. Rurelec holds 50% stake in Patagonia Energy Ltd which in turn owns Energia del Sur. "In the meantime, until a new tariff is operational, capacity and offtake revenue generated from the Steam Turbine is being remunerated at spot prices," Rurelec says. If this pricing is not corrected, company warns this could harm Energia del Sur and ultimately Rurelec too. "As there can be no guarantee as to the outcome of the negotiations; the future viability of EdS remains uncertain. In the absence of any assets sales EdS is indirectly the main source of funds for Rurelec PLC, and until a solution to the tariff position is found, Rurelec will continue to experience significant working capital pressure," company cautions. However, it is seeking other funding available, be it loans or asset sales in Chile or Italy. Rurelec's cash holdings as of May 19 were GBP343,000.



Castillo Copper Ltd - base metal explorer focused on Australia and Zambia - Says multiple new "prospective anomalies" spotted at Big One deposit. Says IP survey increases "potential structural targets across the Big One Deposit". "Reconciling the IP survey results with all legacy drilling has boosted the geology team's understanding of the system apparent at the Big One Deposit," company adds.



Thor Mining PLC - diverse mining projects in Australia and the US - Awarded AUD300,000 from the South Australia government under Accelerated Discovery Initiative, to help expand its exploration and development programme for the Alford East ISR project in South Australia.



Empire Metals Ltd - Eclipse gold project near Kalgoorlie, Western Australia and mining license in Georgia - Enters into option to acquire 75% stake in four exploration licences in Central Menzies gold project, Australia. Cost to acquire nine-month option is AUD250,000 in cash and AUD100,000 to be settled through issue of 1.9 million shares at 2.85p each. Empire also agrees to spend AUD500,000 on exploration and can exercise option at cost of AUD1.8 million cash and AUD1.3 million in shares.



Eurasia Mining PLC - UK-based mining & mineral exploration company - Enters into deal to raise USD20 million trhough private placement of 53.3 million shares. "The net proceeds of the placing are intended to be used primarily to finance the joint venture with Rosgeo," Eurasia says.



Wishbone Gold PLC - precious metals trading and exploration company with assets in Australia - Says works programme at Red Setter project approved by government of Western Australia. "This includes the drilling program outlined in an earlier RNS for up to 100 drill holes to depths of 300 metres that are designed to test for potential gold and copper mineralisation on multiple magnetic targets," Wishbone adds. Company also plans to issue 10.0 million shares at 14p each, raising GBP1.4 million. Wishbone says: "The net proceeds will provide additional working capital for the company as it embarks on its Red Setter exploration programme."



Hummingbird Resources PLC - UK-based gold ore mining company - Granted mining licences for Kouroussa gold project in Guinea. Licence has 15-year renewable term. Hummingbird to pay 30% tax on all profit and government of Guinea to get 5% royalty. Mine construction starts within one year.



NQ Minerals PLC - Hellyer and Beaconsfield gold mines in Tasmania, Australia - Says mining and trucking work at Beaconsfield gold mine, Australia "progressing well". "To date, a total of 22,290 tonnes of Wetlands material has been trucked to stockpiles in the processing plant area," NQ adds. "Trucking operations continue to move a significant quantity of material to the processing plant."



Bahamas Petroleum Co PLC - assets in Bahamas, Uruguay, Trinidad & Tobago and Suriname - Raises GBP6.9 million from open offer and placing. "We are extremely pleased with the successful closing of our fundraising, in which we received strong support from existing shareholders in the open offer, as well as from new investors in the placing," says Eytan Uliel, chief executive officer designate.



Cambium Global Timberland Ltd - plantation forest owner - Signs deal to settle claim on Lizarda property at Tocantins State, Brazil. Receives BRL2.0 million, about GBP270,000. "This was the company's sole remaining uncontracted property related asset," Cambium says.



Altus Strategies PLC - Africa-focused mining royalty company - Says new copper, tin and zinc projects, totalling 221 square kilometres, granted to company in Morocco. Projects are considered "highly prospective". Exploration programmes set to begin shortly.



ADM Energy PLC - UK-based natural resources investing company - Completes sale of 188,778 shares in Superdielectrics Ltd, raising GBP849,501 and netting GBP656,004 profit from initial investment.



Critical Metals PLC - Africa-focused natural resources investor - Signs agreement to acquire 57% stake in Madini Occidental Ltd, which holds 70% interest in PEPM 14784, or Molulu, mining licence in Democratic Republic of Congo. "Molulu is a copper/cobalt project located on the Katangan Copperbelt, adjacent to a number of existing medium and large scale mining operations that are in production," Critical says. Deal worth USD850,000, with USD100,000 to be paid to owners and USD750,000 to be spent on development of project. Deal would constitute reverse takeover, so Critical shares suspended.



AVI Japan Opportunity Trust PLC - Japan-focused investor - Submits another shareholder proposal to an investee, this time to SK Kaken Co Ltd, whose share prices "has severely underperformed relative to the TOPIX and industry peer group". "SK Kaken's rejection of AVI's modest proposals to address technical causes of low share price reflects controlling family's misaligned motivations," AVI says. AVI calls on SK Kaken to implement 10 to 1 stock split and to cancel 90% of treasury shares.



Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Moving US proceedings on Snorkel to next year due to investee's "deficiency in the production of documents". Tanfield has 49% stake in Snorkel. Trial, which was penned for later this year, moved to five-week window beginning March 7.



Marwyn Value Investors Ltd - investment company managed by Marwyn Investment Management LLP - Says two shareholders sell 20.5 million in total at 107.5p each. Sold shares represent just under 37% of Marwyn Value's issued ordinary share capital.



Cordiant Digital Infrastructure Ltd - investment firm focused on digital infrastructure assets - Launches offer for subscription of C shares on PrimaryBid platform. "There is a minimum subscription of GBP500 per investor under the terms of the PrimaryBid Offer which is open to private investors who are either professionally advised or financially sophisticated," company adds.



CEPS PLC - Bath, England-based investment company focused on the industrial sector - Enters into GBP2.0 million loan agreement, with draw down set for June 28. Loan will be used to repay existing GBP2.0 million facility which is due to be repaid on June 30.



Begbies Traynor Group PLC - Manchester-based corporate restructuring specialist - Says annual results are expected to be comfortably ahead of market expectations, with revenue expected to be GBP83.7 million, up 19% from GBP70.5 million last year.



RTW Venture Fund Ltd - investment company focused on the life sciences sector - Invests in Numab Therapeutics Inc, which completes CHF100 million, about USD110 million, series C funding round. "We are delighted to support Numab's efforts to develop next-generation multi-specific immunotherapies for cancer patients. As we grow our Venture Fund and our presence in the European biotech ecosystem, we are excited to partner with leading local innovators such as Numab," RTW Chief Investment Officer Roderick Wong says.



Agronomics Ltd - Isle of Man-based alternative proteins company - Says broker option portion of fundraise "already considerably oversubscribed". Company receives applications in excess of 9.1 million shares, equal to GBP2 million raised.



MyHealthChecked PLC - Cardiff-based consumer home-testing healthcare - Signs manufacturing pact and places further purchase worth GBP1.4 million with EKF Diagnostic Holdings PLC for PrimeStore sample collection devices.



N4 Pharma PLC - UK-based pharmaceutical company developing Nuvec for cancer treatments and vaccines - Enters into two material transfer agreements to see how well Nuvec treatment can bind and be optimised. "The first is with a major international company working in the gene therapy space and the second is a pharmaceutical company developing its own proprietary vaccine for Covid-19 using a DNA plasmid," N4 says. "Each MTA is subject to certain confidentiality clauses as to the extent of detail that may be disclosed, including the name of the other party. Subject to the results of the work undertaken these MTAs represent a significant first step towards more formal collaborations." In addition, N4 says it has contracted access to a full-time postdoctoral researcher. It means that for first time, company has "its own dedicated in lab resource".



SourceBio International PLC - Nottingham-based laboratory services provider - Successful in Lot 4 framework agreement under Public Health England's National Microbiology Framework. "Lot 4 covers Clinical Laboratory Diagnostic Testing Services, utilising new and existing techniques to ensure that there are consistent and affordable provision of high quality, safe and compliant testing services which should be delivered efficiently and effectively to support wider clinical services," SourceBio says. Also notes company was added to UK government's approved list as a private provider of day two and day eight virus testing for international arrivals.



Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan and Nigeria - Says EGP-denominated and dual-listed ordinary shares began trading on Egyptian Exchange on Thursday.



NetScientific PLC - life sciences and technology investment and commercialisation company - Corporate finance and venture capital division, EMV Capital Ltd advises smart sensors maker PointGrab's GBP3.4 million equity raise. "The fundraise included a direct investment of GBP60,000 by NetScientific," company adds.



Angle PLC - Surrey-based company, which makes equipment that detects cancer in blood - University Hospital Ghent, Belgium publishes data which shows Angle's Parsortix system is useful in detecting oesophageal cancer. "Researchers utilised ANGLE's marker-independent Parsortix system to isolate epithelial circulating tumour cells in patients and then performed cell-based image analysis to compare cell morphology and characteristics. The study validated how this workstream could be utilised for downstream molecular analysis of cancer biomarkers from single CTCs in a future study," Angle adds.



Kanabo Group PLC - London-based medicinal cannabis firm that listed in February - Signs deal with Pure Origin Ltd to use its "significant expertise" in EU good manufacturing practices. "Under the agreement Pure Origin and its affiliates will manufacture, package and supply Kanabo's CBD wellness product line from their EU GMP manufacturing facility in Wales," Kanabo says.



Braemar Shipping Services PLC - London-based shipbroker - Sells remaining stake in AqualisBraemar LOC ASA. Says profit on sales is GBP3.9 million, net proceeds total GBP7.3 million.



Marshall Motor Holdings PLC - Cambridge-based auto dealer - Reports "continued strong market outperformance" during four months ended April 30. Commits to repaying all non-essential retail sector grants in 2021, worth GBP1.4 million. Targets underlying pretax proft no less than 2019's GBP22.1 million. "Trading during the first fourth months of the year was clearly impacted by the closure of our physical showrooms during the third national lockdown. Despite this, we continued to operate effectively on a 'click and collect' basis as a result of our investment and focus on our online retailing strategy. We are pleased to have continued to significantly outperform both the new retail and used car markets and to deliver a strong financial result for the period," Chief Executive Officer Daksh Gupta says.



Nanoco Group PLC - Manchester, England-based heavy-metal-free quantum dots manufacturer - Updates on litigation against Samsung Electronics Co over alleged intellectual property infringement. Patent Trial & Appeal Board requests inter partes reviews on each patent in case. "For each patent, Samsung needed to show that there was a reasonable likelihood that [they] would prevail with respect to at least 1 of the claims challenged in the petition," Nanoco says. Jury trial date penned for October 2021, though Samsung may again seek to delat this until IPR process is complete, Nanoco adds.



S&U PLC - Solihull-based lender focused on motor finance and property bridging - Affirms it has "weathered the Covid pandemic and its consequences quite superbly" and notes more staff returning to offices. "For Advantage Finance this means that currently 60 staff are back at our Grimsby offices with 120 expected to return at the end of June. Aspen Bridging also expects to return to its Solihull offices by the end of June," company says. Says first quarter at Advantage Finance was ahead of expectations. Says Aspen set for "record year". "Early transaction numbers have been boosted by Aspen's authorisation for the government guaranteed CBILS scheme, so that current net receivables have reached over GBP50 million," company adds.



Dukemount Capital PLC - London-based property developer - Signs joint-venture deal with flexibility power firm HSKB Ltd. Dukemount will buy 50% of HSKB as part of deal. "The joint venture will initially develop two gas peaking facilities which together will produce around 10 megawatt of power for a total approximate cost of GBP6.25 million," Dukemount says. "Dukemount will manage the construction of the two sites and provide its knowledge of long-dated income funding and finance. HSKB brings its technical, operational and market expertise of the UK flexibility power market, as well as access to a pipeline of further deals."



Henry Boot PLC - Sheffield-based property development and construction - Trades in line with board expectations. "In the year to date, the group's performance has been supported by nine strategic land sales and the completion of developments with a total gross development value of GBP29.0 million. The third lockdown had a minimal impact on Henry Boot's activities," Henry Boot says. "Henry Boot has been encouraged by current performance levels and the growing signs of recovery. The group will therefore continue to use its strong financial position to increase investments in its three key markets: industrial & logistics, residential and urban development."



Idox PLC - Reading, England-based management software provider - Says revenue in first half ended April 30 up 4% to GBP31.1 million from GBP30.0 million a year earlier. Adjusted Ebitda improves 17% to GBP10.1 million from GBP8.7 million. "The first half of FY21 has seen continued delivery of the company's strategic goals following the transformation across the group over the previous two financial years," Idox says.



IXICO PLC - London-based data analytics company - Wins contract worth of GBP1 million by current biopharmaceutical client for a Phase II Alzheimer's disease clinical trial.



Kape Technologies PLC - Isle of Man-headquartered digital security software provider - Says on track to deliver on revenue guidance. Expects revenue to grow roughly 65% to between USD197 million and USD202 million. Adjusted Ebitda target between USD73 million and USD76 million also backed. Would represent growth around 90%.



IQE PLC - designer and manufacturer of semiconductor products driving connected 5G technologies - Launches IQVCSEL product line which will serve communication and advanced sensing markets. "In order to allow our customers to respond to the opportunities enabled by VCSEL technology, IQE has evolved and expanded its VCSEL portfolio and we have begun sampling our IQVCSEL product," Chief Technology Officer Rodney Pelzel says.



Semper Fortis Esports PLC - Sheffield-based e-sports company - Appoints Premier League footballer as brand ambassador. Dominic Calvert-Lewin, who plays for Merseyside-based Everton, will be paid in form of warrants which allow him to subscribe at 1p exercise price. "As part of Semper Fortis Esports, brand ambassadors will interact with online audiences via digital platforms and bring their wealth of experience in traditional sports to an organisation in esports," company says.



By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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