TRADING UPDATES: Kromek wins defence contract; Mkango drills at Songwe

(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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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Receives D3S-ID 'dirty bomb' detector contract worth USD1.6 million from US federal entity. Says its D3S-ID wearable nuclear radiation detector is designed to enable first responders, armed forces, border security and other experts to detect radiological threats. The contract will be delivered over two years commencing immediately, the company adds. "With global defence and security spend on the rise around the world in response to volatile international relations, we expect to receive further orders for our nuclear security products, contributing to our significant anticipated revenue growth for this year and our pipeline for the years ahead," says Chief Executive Arnab Basu.

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Mkango Resources Ltd - Vancouver-based explorer for rare earth elements - Begins geotechnical drilling and pitting program at its Songwe Hill Rare Earths Project in Malawi. Says geotechnical engineering firms Geoconsult Ltd and Zutari Ltd are on site to obtain samples from around 150 five-metre-deep pits and and 22 twenty-metre drill holes. Data from the samples will support the company's engineering design plans, it says. Mkango says the plans are required in order to finalise the Definitive Feasibility, which is due to be completed in the first quarter of 2022.

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Trakm8 Holdings PLC - Birmingham-based telematics hardware company - Revenues rises 19% year-on-year in the five months of its financial year, which began on April 1. Since the beginning of the financial year, connections are up 1% to 257,000 and fleet connections are up 3% to 72,000 from 70,000. Says the second half is likely to benefit from the growth in connections and recurring revenues in its Fleet and Insurance segments. Expects to break-even on pretax and post-tax profit in financial 2022. Guides revenue of around GBP19 million for the full-year.

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Chariot Ltd - Africa-focused transitional energy company - Signs agreement with oil field service company Halliburton for assistance on its Anchois gas appraisal well. The Anchois gas appraisal well is located in the Lixus licence, offshore Morocco, the company notes. Says Halliburton will assist with project management, drilling and engineering services as well as some materials. "Following on from our recently announced rig award, today's release marks further progress towards our planned appraisal well on the Lixus licence, offshore Morocco, later this year. We remain on track for drilling operations to commence in December and we look forward to updating the market further as other operational milestones are achieved ahead of drilling," says acting chief executive of Chariot, Adonis Pouroulis.

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Colefax Group PLC - London-based interior designer - Reports "strong" trading conditions since August 12, when the company released its full-year results. "We attribute this to a healthy housing market and continued interest in home-related spending," says Chief Executive David Green. Through the autumn trading period the company expects conditions for its Fabric division to remain in line with expectations.

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Begbies Traynor Group PLC - Manchester-based corporate restructuring specialist - Reports double digit growth in revenue and profit in its first quarter, which began on May 1. Says this is due to recent acquisitions and a rebound from lockdowns in 2020. Remains confident of meeting market expectations in its full-year ending April 31, 2022. Notes an increase in demand for its Insolvency Service since May 2021, after being suppressed over the previous 18-months due to government support measures. Its property advisory and transactional services division is performing well, the company says, achieving growth in both revenue and profit in comparison to the Covid-impacted year prior. Says its recent acquisitions - CVR Global, David Rubin & Partners and MAF Finance Group - are performing well and in-line with expectations.

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Helios Underwriting PLC - London-based investment vehicle, which acquires and consolidates underwriting capacity at Lloyd's - Buys three further limited liability vehicles for around GBP2.0 million. Acquires syndicate capacity of GBP2.4 million with the purchase. The transaction includes the acquisition of Nameco (No 1011) Ltd for a GBP891,000 consideration, Nameco (No 2012) Ltd for GBP360,000, and GTC Underwriting Ltd for GBP696,000.

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Caledonia Mining Corp PLC - gold miner in Zimbabwe - Acquires mining claims over the Maligreen project from Pan African Mining Ltd for USD4 million. Maligreen has an inferred mineral resource of around 940,000 ounces of gold, the company says. The site covers 550 hectares and includes two historic open pit mining operations, which produced approximately 20,000 ounces of gold mined from oxides between 2000 and 2002. The company reports that, over the past 30 years around 60,000 metres of diamond core and percussion drilling has been carried out, along with 3.5 tonnes of bulk metallurgical testing and geophysical surveys of the area. Chief Executive Steve Curtis says: "We believe the property also offers significant upside exploration potential at the north-west extensions to the existing inferred mineral resource and at additional exploration targets in the northern part of the property."

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Union Jack Oil PLC - UK-focused onshore hydrocarbon production, development and exploration company - Raises GBP3 million via a placing of 13.6 million shares, priced at 22 pence each. Expects new shares to begin trading on AIM by next Tuesday. Plans to use these proceeds to expand oil production facilities at its Wressle prospect, which has achieved rates of 884 barrels of oil per day on a choke setting from its Ashover Grit reservoir. Funds will also be used to pursue a gas-to-power revenue stream at Wressle and drill a side-track well at Biscathorpe in 2022. Decides against acquiring a further 25% interest in the Claymore Piper Complex Royalty Units.

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By Scarlett Butler; scarlettbutler@alliancenews.com

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