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TRADING UPDATES: Revolution Bars swings to profit; Mind Gym sees loss

Tue, 18th Oct 2022 21:45

(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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BATM Advanced Communications Ltd - Hod Hasharon, Israel-based networking and medical technology company - signs a multi-year contract with CityFibre for the deployment of its Edgility virtual networking and edge compute solution. Expects the initial order to be worth USD3.5 million. Expects this order to be followed by a substantial expansion in deployments as CityFibre rolls out Edgility to its full network.

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BP Marsh & Partners PLC - investor in early-stage financial services businesses - Net asset value per share stands 499.0 pence versus 462.7 pence as at January 31. Declares a total shareholder return of 8.5% for the period. "Our performance demonstrates the benefits of having a diverse portfolio both by business line and geography and shows that the financial intermediary space continues to have room for young, dynamic entrepreneurial businesses," Chair Brian Marsh comments.

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Revolution Bars Group PLC - Ashton-under-Lyne, England-based bar chain - Swings to a pretax profit of GBP2.1 million in the year ended July 2 from a loss of GBP26.3 million the year before. Revenue triples to GBP140.8 million versus GBP39.4 million. Attributes this to a return to "much more normal trading", despite some hurtful impact from Covid-19 at the start of the period and during festive trading. Says it is poised to take advantage of any potential further competition being removed from the market which supports its long-term prospects.

Completes acquisition of pub-operator Peach for a cash consideration of GBP16.5 million, on a debt and cash free basis.

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Star Phoenix Group Ltd - oil and gas company focused on Trinidad and Indonesia - Confirms that it received a partial payment of USD130,000 from LandOcean Energy Service Co Ltd. LandOcean is required to make a payment of USD301,265 to the company. This relates to a lawsuit around the sale of Range Resources Trinidad Ltd to LandOcean at the end of March 2020 and outstanding payments owed by LandOcean to Star Phoenix.

Also confirms that the Tribunal has directed that all claims and counterclaims must be heard at the same time, with the final hearing in the fourth quarter of 2023.

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Tanfield Group PLC - investment firm headquartered in Newcastle upon Tyne - Agrees to settle a claim against Ward Hadaway on a no-fault basis for GBP2.9 million. Says that this brings its UK proceedings to an end, once the agreed court order is approved. Plans to focus on its US proceedings from now on.

Tanfield brought legal proceedings against its former UK law firm, Ward Hadaway, who oversaw the transfer of its JV, over a breach of legal duty.

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Mind Gym PLC - behavioural science - Expects to report revenue of GBP26.8 million for the six months ended September 30, up 11% versus the comparable period a year before. Credits this to its operating discipline and price increases that have helped offset cost inflation. Says its performance to date is in line with expectations. Backs full-year guidance.

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Capital Ltd - Mauritius-based mining services company - Records revenue of USD73.1 million in the third quarter of 2022, up 19% on USD61.6 million in the comparable period a year ago. Attributes this to robust demand across our blue-chip portfolio of customers. Backs annual revenue guidance of USD280 million to USD290 million.

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Bezant Resources PLC - copper-gold project developer - and Caerus Mineral Resources PLC - copper miner in Cyprus - announce that the joint venture agreement between the two companies has been cancelled.

"It is with regret that we have mutually agreed to terminate the JV agreement. Whilst this may seem to be a setback, I see the JV termination as a positive development for Caerus shareholders as it enables us to reclaim 100% of Troulli and the other projects in the joint venture," Cearus' Chair Chris Lambert comments.

"It is always unfortunate when joint venture partners cannot agree on a way forward but we had various concerns which we could not resolve and therefore Bezant has agreed to the termination of the Joint Venture Agreement and the original option agreement with Caerus as being the best course of action to protect the assets and resources of Bezant," Bezant's Colin Bird adds.

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Tatton Asset Management PLC - Cheshire-based on-platform discretionary fund management and independent financial adviser support services - Closing assets under management as at September 30 stand at GBP11.343 billion, up from opening assets under management of GBP11.341 billion as at April 1. Registers net inflows of GBP907 million in the period. Credits growth to growth in revenue, profit and strong net inflows "in a difficult and volatile market."

"Organic net inflows were very strong in the first six months as we had a number of significant wins which complemented underlying flows. We anticipate that net inflows will return to a more normalised level in the second half of this year in line with H2 of the prior year," CEO Paul Hogarth comments.

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Golden Rock Global PLC - special purpose acquisition company focused on fintech sector - Swings to a pretax loss of GBP62,347 in the first half of 2022 from a profit of GBP9,568 a year before, as it swings to an operating loss of GBP62,179 from a profit of GBP12,338.

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Calculus VCT PLC - invests in UK growth companies - Net asset value as at August 31 stands at 64.91p, down versus 67.90p as at February 28. Total return per new ordinary share amounts to 0.38p, down from 0.54p in the comparable period a year before. Records dividends of 3.06p in the period, up from 3.02p a year before. "Despite the ongoing economic challenges, the board is pleased with the performance of the company's portfolio and the positive uplifts in the valuations of some portfolio companies," the company notes.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com