(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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Lamprell PLC - Sharjah, United Arab Emirates-based engineer - Reports revenue of USD171.7 million for six months to June 30, up from USD142.5 million a year ago, and adds that USD232 million is secured for second half. However, pretax loss widens to USD28.7 million from USD27.1 million. Reports loss before interest, tax, depreciation and amortisation of USD8.3 million from earnings of USD300,000 a year ago due to Covid-19 supply chain disruptions. Says second half Ebitda to be "broadly breakeven". Says balance sheet recapitalisation and reducing cost base remain top priorities. "If the group is unable to secure the project-related debt and/or the planned equity raise in November, and the future funding alternatives outlined above for 1H 2022 do not materialise, there is significant risk that the group will be unable to meet its contractual obligations as they arise/fall due," it warns. Proposes placing to raise around USD30.1 million, with fundraise priced at 32p per share, and signs USD45 million revolving trade loan facility with First Abu Dhabi Bank and Emirates Development Bank.
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Virgin Wines UK PLC - online wine retailer - Revenue for financial year to June 30 rises 30% to GBP73.6 million, noting this is second consecutive year of revenue growth of 30% or more. However, pretax profit shrinks to GBP1.7 million from GBP2.8 million. Firm books exceptional items of GBP3.5 million, as IPO fees, in period, versus nothing a year ago. Despite ending of lockdowns, says new financial year has started well with first quarter sales up 13%. Continues to trade in line with internal expectations for 2022 financial year. "The company is aware of the many supply chain issues that are providing businesses globally with operational challenges and cost inflation, and took the decision to stock up for the key Christmas trading period last year well in advance to mitigate any issues around lack of stock availability," it says.
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Brown Advisory US Smaller Cos PLC - investment trust formerly known as Jupiter US Smaller Cos - Net asset value per share at end of June 1,516.34p, up from 1,16.35p a year ago. This growth over the year, of 36%, lags Russell 2000 Index which rises 45%. It notes: "Although the company generated a strong absolute return over the year, it lagged the benchmark in relative terms as the previous portfolio manager's conservative value style remained out of favour for much of the period. Following the change in manager at the beginning of April 2021, the company has outperformed its benchmark, predominantly as a result of positive stock selection."
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Permanent TSB Group Holdings PLC - Dublin-based personal and small business bank - Reports strong new lending of EUR1.4 billion year-to-date, up 50% on a year ago. Increases new mortgage market share to 17.5% from 14.9% at September 2020. Net interest income down 10% and Common Equity Tier 1 ratio of 15.1% is in line with end of 2020. "Business activity and demand remain strong as the bank moves into the final quarter of the year. Market share of mortgage applications and drawdowns are higher than for the same period last year, while approvals are also significantly ahead, leading to a strong pipeline of business. Significantly, we expect new lending volumes for this year to be ahead of both 2020 and 2019 volumes," it says.
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Seplat Energy PLC - Nigerian energy company - Revenue for first nine months of 2021 rises 19% year-on-year to USD460.4 million while it swings to pretax profit of USD97.4 million from loss of USD130.1 million. Average realised oil price shoots up to USD67.43 from USD38.60. Year-to-date working-interest production of 47,280 barrel of oil equivalent per day down 6.7% "largely as a result of the shut-in of the Forcados Oil Terminal" in August. Chief Executive Roger Brown says: "Now that production has normalised, we expect production to be in the range 48-50 kboepd for the year, provided uptime on the Forcados Pipeline and FOT remains above the budgeted 80%. I'm pleased to report that our new wells at Gbetiokun are performing strongly, and we will soon commence drilling the exciting Sibiri prospect on OML40."
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Cambium Global Timberland Ltd - plantation forest owner - As previously reported, sales of all company's interests in land have been concluded, leaving Cambium with only its interests in the related receivables- expected to be fully collected by February next year - and its bank balances. Expects net asset value per share at April 30, 2021, to sit at or just above GBP7 million, or 9.7p per share, which would be up from GBP6.5 million, or 8.8p, at October 31, 2020. "This expected increase is due, in particular, to the crystallisation of sale prices and the additional receipt of proceeds from the release of the Lizarda lien, each as previously reported," it says. Expects to publish full-year results by end of November.
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Distil PLC - London-based owner of premium drinks brands - Notes that Ardgowan Distillery Co Ltd, in which Distil recently made GBP3 million strategic investment, has signed equipment supply agreement with Briggs of Burton PLC in relation to Ardogwan's new Malt Whisky distillery set to open in 2023. "The partnership goal will be to deliver a carbon negative distillery in 2024 after an initial period of equipment testing and commissioning," it says.
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Summerway Capital PLC - company which invests in household and consumer goods sectors - Agrees to buy Vertigrow Technology Ltd, a UK based pharmaceutical company specialising in the researching, growing and supply of medicinal cannabis, for GBP80 million. Notes Vertigrow is one of the first pharmaceutical companies in the UK to receive a Home Office licence. Says consideration payable through issue of 48.5 million shares at 165p each and Summerway plans to raise GBP7 million via placing to provide additional working capital for enlarged group. Estimates pro forma equity value of around GBP100 million post completion of the proposed deal and placing, with the enlarged group intending to apply for re-admission to AIM or another alternative exchange within the UK or North America
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Deepverge PLC - York, England-based environmental & life science AI company - Its Modern Water selected to contribute newly enhanced monitoring equipment, with a value of GBP480,000, to be installed in a government national Covid-19 infrastructure trial. Trial to last until February-end and anticipates revenue from these installations, on successful completion of the trial, will crystalize in the 2022 financial year.
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Synectics PLC - Sheffield, England-based provider of security systems - Completes first phase of a project worth in excess of GBP1.5 million for West Midlands Police to equip its new Event Control Suite with a comprehensive video management solution. Says suite to be fully operational later this year and will be the base for all operational co-ordination for the Commonwealth Games in 2022. "Synectics' Security division has been working closely with West Midlands Police throughout the design and delivery phase and will continue to develop the control room solution into the company's next financial year, as well as providing ongoing support and maintenance," it says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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Seplat Energy (SEPL)
Distil (DIS)
Synectics (SNX)
Virgin Wines (VINO)
Brown Advisory (BASC)