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TRADING UPDATES: Marlowe executes strategy with whirl of acquisitions

Tue, 2nd Mar 2021 17:12

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

Marlowe PLC - London-based safety & compliance services - Acquires HR software business YouManage for GBP1.3 million. Acquires law compliance specialists ESP, ESP Law, and ESP Safeguard for GBP3.2 million. Acquires HR compliance specialist HR Services Partnership for GBP700,000. "These acquisitions are consistent with the three-year strategy recently announced at Marlowe's capital markets day to deepen and broaden our presence in core markets from selective acquisitions," says Marlowe Chief Executive Alex Dacre.

Pantheon Resources PLC - oil & gas exploration company focused on Alaska - Announces the drilling of a new sidetrack into Kuparuk formation at Talitha A well in Alaska after encountering a problem with swelling. "As far as problems go, it's a good problem to have because it was driven by the preliminary data being better than expected at this location and warrants the opportunity to be tested rigorously," says Chief Executive Jay Cheatham.

Nuformix PLC - pharmaceutical development firm based in London - Reports positive results for NXP002, an inhaled tranilast used to treat idiopathic pulmonary fibrosis. Says the study, performed by Newcastle Fibrosis Research Group, examined both the anti-fibrotic and anti-inflammatory potential of NXP002 in combination with the current standard of care, or SOC, therapies. Says the preliminary data from this study shows that the combination of NXP002 with SOC provided strong evidence of additional effects compared to either SOC alone on both fibrotic and inflammatory markers.

Altus Strategies PLC - Africa-focused mining royalty company - Finds broad and high-grade intersections at Tabakorole gold project in Mali. "These are very encouraging drilling results from the Tabakorole gold project in southern Mali. Tabakorole hosts a significant gold resource, which is open along strike in both directions as well as at depth," says Chief Executive Steven Poulton. Says the holes are expected to improve the modelled mineralised grades and widths in a portion of the orebody.

Mycelx Technologies Corp - clean water firm based in Minnesota - Says it has made a strong start to the year with two project extensions signed with customers in Saudi Arabia. "These projects confirm that Mycelx's superior solutions continue to support its customers' efforts to optimise production, increase cost savings and improve energy efficiency," says Mycelx. Expects to commence delivery of the equipment for its third sale to Nigeria in the first quarter of 2020.

Alba Mineral Resources PLC - mineral exploration and development company with assets in Greenland and the UK - Says the physical attributes of the veins intersected at Clogau in Wales reflect the characteristics of the veins that were successfully mined in the past. Says this means that it "could well be a significant contributor to future production", adding that it is necessary to await the results of the drill core assays before reaching any preliminary conclusions.

MGC Pharmaceuticals Ltd - Europe-based biopharmaceutical company - Says Swiss PharmaCan AG increases initial purchase order volume by 85% for first Artemic Rescue production batch, bringing the initial purchase order value to in excess of USD425,000 wholesale revenue to MGC. The initial agreement included a minimum wholesale order quantity of 40,000 units of per quarter. ArtemiC is a clinically tested food supplement containing four natural based ingredients consisting of artemisinin, curcumin, boswellia serrata, and vitamin C.

PetroNeft Resources PLC - Russia-focused oil & gas exploration and production company - Says the hydraulic fracture stimulation program of wells on both the Sibkrayevskoye and the Lineynoye fields successfully completed. Initial results from the wells are "very encouraging". Says the aim of fracking the well was not only to increase production, but also to provide crucial information which can lead to an improved understanding of the optimum forward development plan for the field.

Safestay PLC - hostels operator based in London - Announces sale of 96-bed hostel Barcelona Sea to Beds & Foods Barcelona for EUR900,000. The annual earnings before interest, tax, depreciation and amortisation of the hostel pre Covid-19 was EUR70,000. Says the proceeds will got to paying off the debt for the purchase of another hostel in Barcelona in 2018.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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