TRADING UPDATES: Hunting hurt by Ida; React revenue short of consensus

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

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Hunting PLC - London-headquartered oil field services - Oilfield services firm says during third quarter, Hurricane Ida and Covid-19 disruptions weighed on operating efficiencies and activity levels. During third quarter, Hunting generated a break-even earnings before interest, taxes, depreciation and amortisation result given the ongoing subdued trading conditions. "Management now anticipate the group's Ebitda result for the 2021 full year will be broadly breakeven due to a combination of the above factors. However, the initiatives we have undertaken while the market was depressed by the impact of the pandemic have positioned the company well for the recovery that is beginning to manifest itself," it says.

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React Group PLC - South Derbyshire, England-based cleaning, hygiene and decontamination firm - Says revenue rose 77% year-on-year to GBP7.7 million in year ended September 30, though this fell short of GBP7.8 million market forecast. Revenue in prior year amounted to GBP4.4 million. Expects earnings before interest, tax, depreciation and amortisation, not including exceptional items relating to acquisition of Fidelis as well as some restructuring costs, in range of GBP725,000 to GBP775,000. This is below market forecasts of GBP850,000 but up from GBP261,000 in prior year.

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Checkit PLC - Cambridge-based workflow management software provider - Signs deal with BP PLC to rollout out intelligent operations platform to 441 more forecourts in Australia and New Zealand. "It is expected that installations for these forecourts will commence in the early part of 2022 (the next financial year) and will double the size of Checkit's footprint within BP in terms of total number of locations and contracted annual recurring revenues. This contract underpins the board's confidence of performance in subsequent financial years." Checkit says.

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Dev Clever Holdings PLC - Tamworth, England-based software developer for immersive learning and career guidance - Says detailed due diligence process in regard to Veative Labs Private Ltd purchase has been completed. Deal remains subject to FCA approval.

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Pioneer Media Holdings Inc - Vancouver, Canada-based e-sports and mobile games investment company - Enters into non-binding letter of intent to acquire UK-based Kodoku Studios Ltd, a non-fungible token-focused gaming company. "Their principal project, THE PIT, is currently undergoing development and will serve as an innovative platform for players to wager their NFTs and will represent a unique opportunity for other creators to host their own NFT arenas. Kodoku Studios expect a successful launch sometime before the end of 2021 in partnership with Pioneer," Pioneer says. Pioneer will pay CAD8.9 million in total, about GBP5.2 million, including CAD850,000 paid on January 31 and 8 million Pioneer shares valued at CAD1.00. Pioneer plans wider shift to this part of gaming sector. Company adds: "NFT gaming is looking like the first real breakaway crypto that is not necessarily tied to the success of bitcoin." "Pioneer will be the first true listed Metaverse investment company focused on NFT gaming. Building off of its success in mobile gaming, eSports and its foundational investment in NFT investments."

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Filtronic PLC - Yeadon, England-based telecommunications firm - Says trading in opening months to financial 2022 in line with internal expectations and also show "healthy improvement" on a year prior. "Therefore, we remain confident of delivering results for the full year in line with market expectations," Filtronic says. Plans to release results for six months to November 30 on February 8.

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IQ-AI Ltd - Jersey-based medical services firm - Says "2021 has already proven to be our busiest and most successful year on record". Hails "marked" revenue increase and growing technology portfolio. "Year-to-date revenues have more than doubled, driven primarily by the continued adoption of IB Clinic - container edition (IB Clinic), and the continued funding from awarded grants from the National Institutes of Health (NIH)," IQ-AI says.

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Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan, and Nigeria - Says named in arbitration in Egypt but says it is confident it can defend itself. Claim related to a pact struck in November 2007, which IDH says is seven years before company's incorporation. "In 2020, Abdulkader Al Muhaidib and Sons Co filed an arbitration claim under the number 1394 of 2020 against Dr Moamena Kamel, Dr Hend El Sherbini, the heirs of Mr Mahmoud Abdulmaguid and IDH," company explains. "IDH believes that it will succeed in defending the arbitration claim. Al Muhaidib Co previously filed a civil claim based on the MOU, which was won by IDH. Previous claims brought by Al Muhaidib Company against the former shareholders of Al Mokhtabar Co for medical resting based on the memorandum of understanding also failed."

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Rutherford Health PLC - Hereford, England-based cancer care centre provider - Says patient at one of its cancer centres becomes first in UK to receive new treatment for prostate cancer. Rutherford adds: "Clinicians are hoping the new drug therapy - which is also the first trial to take place at a Rutherford Cancer Centre - could increase survival benefits for patients with an advanced form of prostate cancer, known as metastatic castration-resistant cancer. It is believed that about 20% of patients with mCRPC possess the biomarker to be eligible for this new form of treatment, with current treatment options offering a limited duration of clinical and survival benefits." Trial forms part of a phase 2 study aimed at determining optimal dose for the potential new therapy. Phase one studies outside of UK have been successful, Rutherford adds.

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MaxCyte Inc - Maryland, US-based biotechnology company - Strikes strategic platform license deal with Nkarta Inc, a company developing engineered natural killer cell therapies to treat cancer. MaxCyte will allow Nkarta use of its Electroporation technology and ExPERT platform. MaxCyte will receive "platform licensing fees and program-related milestone payments". Company adds: "The Nkarta approach maximizes the therapeutic effect of allogeneic NK cells through robust expansion, enhanced targeting and extended persistence resulting in potent immune cells that enable a sustained anti-cancer immune-mediated attack."

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Tintra PLC - Windsor, Berkshire-based investment and advisor company formerly known as St James House - Says trading of shares on OTCQB Venture Market begins on Thursday.

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Nippon Active Value Fund PLC - Japan-focused investment firm - Says C shares to fetch GBP1.00 if Nippon proceeds with offer. Earlier in October, company said it planned to implement a share issuance programme to raise capital for further investment through the issue of up to 300 million ordinary shares or C shares over the next 12 months. The programme will include an initial issue comprised of a placing, offer for subscription and intermediaries offer, which will comprises up to 150 million new shares.

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Gulf Investment Fund PLC - invests in companies in Gulf Cooperation Council countries - Says all assets in tender pool sold. October 26 was tender determination date. Says as at October 26, final tender offer asset value was USD9.8 million. Says 5.5 million tendered shares will be cancelled.

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Equals Group PLC - London-based payments services for small and medium enterprises - Seals transaction with "large corporate client", adding GBP1.5 million in revenue for current year. Company adds: "The transaction is one-off in nature but evidences the ability of the group to attract large corporate clients through its state-of-the-art platforms. That, coupled with highly professional service levels, translates into increased credibility for the group's ability to act as a financial counterpart in major transactions."

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Chariot Ltd - Africa-focused transitional energy company - Signs memorandum of understanding with "leading international energy group" relating to gas offtake and partnership at Anchois gas development within the Lixus licence in offshore Morocco. Sale agreement includes 40 million standard cubic feet of gas per day for up to 20 years. "The parties will progress discussions with the view to signing final agreements to implement the Anchois gas development with targeted final investment decision in 2022 and first gas in 2024," Chariot.

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Eurasia Mining PLC - UK-based mining & mineral exploration company - Says nickel-copper-PGM assets sale is progressing as buyer completes due diligence. Chief Executive Officer James Nieuwenhuys says: "We are advancing our development projects to production, increasing production on our operating mines adding value to Eurasia, while also focusing on other strategic options that are progressing well".

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Greatland Gold PLC - gold explorer in Australia - Notes Newcrest Mining Ltd's quarterly exploration update. Greatland says latest results include 22 new drill holes, and 11 which were previously reported. Greatland adds: "Significant mineralisation was reported in 18 of the new holes. The Havieron joint venture has now completed a total of 210,629 of drilling from 254 holes, with all the latest completed holes continuing to intersect mineralisation, and all but one reporting significant mineralisation. A further 24 drill holes have been completed, awaiting assay."

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Future Metals NL - Australia-focused platinum group metals explorer - Reports "high grade" drill results from Panton platinum group metals asset in Australia. "Initial results demonstrate considerably higher PGM grades and widths when compared to historical drilling and resource modelling," Future says.

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Power Metal Resources PLC - exploration company seeking metal discoveries in the US, Australia and Africa - Says environmental management plan covering Kanye Resources joint-venture approved for two-year period. Partner in joint-venture is Kavango Resources PLC, who also notes progress. Exploration vectoring underway, including re-logging of data from historic drill holes, as well as a ground magnetic geophysics survey. An initial drill strategy is being finalised.

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Gem Diamonds Ltd - Lesotho and Botswana-focused diamond miner - Says 23,435 carats recovered in third quarter, leading to 82,266 carats year-to-date, up 14% year-on-year. Year-to-date carats sold at 84,906, up 20% annually from 70,559. "During the quarter, diamonds recovered were of a relatively lower quality for Letseng's normal run of mine production. Notwithstanding that, prices achieved for these goods were strong reflecting the continued good demand and market prices paid for Letseng category diamonds," Chief Executive Clifford Elphick says. Revenue generated during period was USD47.3 million.

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Pure Gold Mining Inc - Vancouver, Canada-based gold miner - Says latest drilling results are some of its best of year. "Our drilling program continues to return outstanding high-grade results from both infill and step-out drilling conducted at the PureGold mine. Highlighted drill results from this quarter represent some of the best results returned this year, with many targeting extensions to production areas planned for extraction within the next three months," Chief Executive Darin Labrenz says.

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Mosman Oil & Gas Ltd - London-based metals exploration and development company - Says exploration work at EP 145 asset in Australia ongoing. This includes airborne gradiometry acquisition and related geological interpretation work. Says Covid-19 has disrupted and delayed activities and is stil "an issue that must be dealt with". Mosman says: "The technical work analysed the recently acquired gravity data and integrated it with regional gravity, magnetic and seismic data. This is the first permit wide data acquisition and evaluation and has provided positive clarification of the basement structure and composition. Given the results and the excellent work by Geognostics, Mosman wish to undertake a follow up study and are in discussion with Geognostics regarding this work. The project will aim to further update the geological model and petroleum/helium play."

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Southern Energy Corp - North American gas-weighted producer focused on growth - Plans to raise CAD15.3 million, about USD12.0 million, through offer of new shares. Fundraise will fund plans to drill up to three horizontal Selma Chalk wells in the Gwinville gas field. Southern Energy says total capex for the drilling program at Gwinville is up to USD12 million.

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Orcadian Energy PLC - North Sea-focused oil and gas development company - Receives three expressions of interest for provision of a floating production system for pilot development. Orcadian adds: "Three of the four companies, currently operating FPSOs on the UK Continental Shelf, submitted detailed proposals to Orcadian. The company will now enter into discussions to clarify the proposals which the directors expect to take several months. The company anticipates announcing its preferred partner for the development of pilot in due course."

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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Secures resolution to grant planning consent for an advanced gasification facility deploying EQTEC technology at Deeside Refuse Derived Fuel project, Wales. Eqtec is partnering with Logik Developments Ltd. Permission granted by Flintshire County Council. Also, enters into deal with Anaergia Inc to develop multi-technology waste-to-energy project at Deeside. "Under the agreement, Anaergia will develop the engineering design for both the waste processing facility and the AD plant. The processing facility will take the waste and produce the required standard of RDF fuel for EQTEC's Advanced Gasification Technology employed at the plant," Eqtec says.

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Fox Marble Holdings PLC - AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region - Signs contract to provide processed marble to a project in Kosovo. "Fox Marble will provide Alexandrian Blue and Alexandrian White marble from its quarry in Macedonia, which will be processed at Fox Marble's factory in Lipjan in Kosovo," company says, adding contract is worth EUR100,000 and will be supplied during the end of 2021 and 2022.

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By Eric Cunha; ericcunha@alliancenews.com

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