TRADING UPDATES: Redcentric and Argentex to post solid annual results

Tue, 06th Apr 2021 11:30

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

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Redcentric PLC - Harrogate, North Yorkshire-based IT managed services - Reports excellent performance for the year ended March 31, with revenue growth and healthy profitability. As a result, adjusted earnings before interest, tax, depreciation and amortisation and revenue for the period is set to be in line with management expectations, with net debt at GBP15.6 million. Also agrees to sell the assets needed for providing maintenance services to four EDF nuclear power stations to Paris-based aerospace firm Thales SA for GBP5.8 million in cash.

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Argentex Group PLC - foreign exchange advisory and execution services provider - For the year ended March 31, expects to report revenue at GBP28.1 million, down 2.7% from GBP28.9 million the year before, in spite of improved trading in the second half following a return in client confidence and trading activity. For the year, adds 665 new corporate clients, compared to 479 the prior year.

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Pantheon Resources PLC - AIM-quoted oil & gas exploration company - Due to improved weather conditions in Alaska, will resume operations at the Talitha A well, with testing on the Kupurak horizon and the well itself flaring natural gas as it cleans up. Company warns that it is still too early to make a definitive assessment of commercial potential of Kupurak. Pantheon's pre-drill resource estimate for the horizon is 1.4 billion barrels of oil in place with 341 million barrels of recoverable oil.

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Lexington Gold Ltd - gold projects in US states of North Carolina and South Carolina - Phase one drilling at Jones-Keystone-Loflin is proceeding well with more than half of the drilling completed. Core logging and sampling of the first two drill holes have been completed, as has the airborne geophysical survey over the JKL, Carolina Belle and Argo projects. An initial overview of the unprocessed data from the survey is already returning promising results.

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Zanaga Iron Ore Co Ltd - iron ore miner focused on Republic of Congo - Expects re-costing exercise on the 12 million tonnes per annum staged development project to be completed in mid-April. In September 2020, Jumelles Ltd, the JV company between Zanaga and Glencore PLC initiated the cost review to ascertain the costs related to the project's construction in the current contractor pricing market.

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Pure Gold Mining Inc - Canadian gold miner - Reports high grade drill intercepts from underground drilling completed during the first quarter of 2021. The drilling targeted zones in close proximity to new ramp development and adjacent to planned stoping areas, with the intent of expanding available reserves and increasing grades. Results are to be integrated into near-term mine planning.

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Alien Metals Ltd - iron ore and silver projects in Australia and Mexico - Completes surface mapping and sampling programme for the Nueva Andromeda permit, in the San Celso silver project, Mexico. Results including 734 grams per tonne of silver, and 1.93% of zinc, as well as the potential for increased silver resources at San Celso.

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Primorus Investments PLC - invests in natural resources sector - Investee and workforce management platform provider Engage Technology Partners completes equity fundraising leading to conversion of loan notes. Primorus now holds 92,374 shares in Engage, reflecting 4% interest. Also, construction-focused software provider Zuuse Ltd reports growth in revenue and profitability for 2020 despite pandemic challenges, remaining optimistic on further growth in 2021.

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Ncondezi Energy Ltd - coal-fired power project in Mozambique - Concerning maiden commercial and industrial solar and battery storage project in Mozambique, all material equipment including solar panels and Tesla power pack have cleared customs and are awaiting their final transport to site. Solar panel installation is set to start in early April, with target project commissioning on track for June 2021. In addition, USD500,000 bridge loan agreement between Ncondezi Green Power and company's directors is due to be finalised in the coming weeks.

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Caledonia Mining Corp PLC - Zimbabwe-focused gold producer - Notes that Central Shaft is now fully operational. "We can now start to hoist rock, men and material on a daily basis, which will solve our hoisting constraints and facilitate the planned expansion in mine capacity targeting 80,000 ounces of gold production per year," said Chief Executive Officer Steve Curtis.

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By Dayo Laniyan; dayolaniyan@alliancenews.com