TRADING UPDATES: Solid State ends year strongly; Deltex loss widens

Thu, 22nd Apr 2021 18:48

(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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Solid State PLC - Worcestershire-based computing products manufacturer - Expects to announce results for year ended March 31 ahead of recently-upgraded consensus forecasts. Trading since February update has continued to be encouraging, with stable order flow and strong invoiced sales in March. "The final month of the financial year benefitted from demand pulled forward and a strong contribution from the two businesses acquired at the end of February," company says. Adds it has seen "particularly strong" order intake post-year end, building confidence in the outlook for the year ahead. Chief Executive Gary Marsh says: "The outcome for the full year represents an excellent achievement for the group, given that notwithstanding the disruptions of Covid and the Brexit uncertainty, the performance exceeded the prior year, which was itself a record year."

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Deltex Medical Group PLC - medical devices manufacturer based in Chichester - Revenue for 2020 falls to GBP2.4 million from GBP4.3 million in 2019, while pretax loss widens to GBP794,000 from GBP210,000. Firm says the 44% fall in revenue reflects the "near-complete closure of the global elective surgery market" and the running down of stock levels by distributors. Gross margin was also adversely affected by the reduction in manufacturing volumes, falling to 68% from 77%. Says current sales levels remain "comparatively subdued", as pandemic continues to hit number of elective surgical procedures being undertaken. "Moreover, many of our international distributors are reporting that their core customers are experiencing a 'third wave', and that consequently there are very low levels of elective surgery taking place. We anticipate that sales in the first half of 2021 will reflect the continuing CV-19 prevalence in many of our key markets," company says. However, it looks ahead to "significant increase" in activity in second half of the year.

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Shearwater Group PLC - London-based cybersecurity services provider - Expects to report full-year underlying earnings before interest, taxes, depreciation and amortisation in excess of GBP3.6 million, up from GBP3.4 million the year before and ahead of market expectations. Revenue of GBP31.8 million was delivered in the financial year ended March 31, down on GBP33.0 million the year prior. "Shearwater delivered very strong trading in H2 FY21 with year on year revenues for the six months up by 24% on the same period in the prior year. Revenue was driven by new client wins and several high value contract renewals," company says.

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CareTech Holdings PLC - Potters Bar, Hertfordshire-based social care and education services provider - Says first-half performance in line with market expectations, with "continued resilience" in face of pandemic. Reports stronger revenue for half ended March 31 and increased earnings before interest, taxes, depreciation and amortisation versus year before. "I am delighted with the performance of the group over the first half of the financial year. Operationally the business continues to demonstrate considerable resilience in this challenging environment and I am pleased to report that our trading performance for the period is in-line with market expectations with stronger performance for the group when compared with the same period last year," says Executive Chair Farouq Sheikh. Final dividend of 8.75p reconfirmed and to be paid to shareholders in May.

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Trifast PLC - Uckfield, England-based industrial fastenings firm - Reports return to monthly year-on-year growth throughout the second half and as a result of strong performance, expects year ended March 31 to exit ahead of current market expectations on underlying basis. "The group's return to sustained growth since September 2020, in addition to a very strong pipeline and high activity levels across all our key sectors, means we are looking ahead with confidence although, we remain mindful of macro level headwinds including future possible pandemic related restrictions," company says.

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Trident Royalties PLC - growth-focused mining royalty and streaming company - Notes Apollo Consolidated announcement regarding a significant increase in indicated mineral resources at the Lake Rebecca gold project in Western Australia. Trident holds a 1.5% net smelter return gold royalty over the entirety of the project. "As we reported on 14 January 2021, since completing the royalty acquisition on 29 October 2020, Apollo had announced some very encouraging infill and exploratory drilling results. These have provided the basis for the project's first mineral resource estimate update resulting in the total contained gold ounces increasing to 1.105Moz and, importantly, increasing the total resource in the Indicated category to 815,000 oz," says Trident Chief Executive Adam Davidson.

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Town Centre Securities PLC - UK-based property investment and car parking operator - Says billed a total of GBP5.1 million of rent and service charge for the English quarters payable on March 25 and April 1. As of April 21, had successfully collected GBP4.1 million, or 80%, with further GBP600,000 agreed to be deferred. "With the gradual easing of lockdown, we are now seeing collection levels improving on a quarter by quarter basis and we expect to see this improvement continue," company says.

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Highbridge Tactical Credit Fund Ltd - credit investment fund - Net asset value per share GBP2.5009 at end of 2020, up from GBP2.1233 a year ago, and says it has continued to perform well so far in 2021. "Your board is committed to returning all monies to investors and creditors as soon as practicable. We will provide updates from time to time on the progress made during 2021," firm says, adding it has decided to retain listing on LSE for the the foreseeable future primarily to facilitate future distributions. separately, says on or around May, around GBP2.3 million expected to be paid to Multi-Strategy Creditors. "Multi-Strategy Creditors are reminded that following this distribution they will receive future redemption proceeds as a number of cash payments following receipt by the company of the redemption proceeds from HCC, and further announcements will be made when any cash payment is to be made following the realisation of any other assets comprised in the redemption portfolio," it says.

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Arkle Resources PLC - gold and zinc explorer focused on Ireland - Says diamond drilling is due to commence at its wholly-owned Mine River project in Counties Wicklow and Wexford. Says 12-hole drill programme to begin on Monday, with total of 1,000 metres to be drilled and is expected to take 10 to 12 weeks. "The first 3 holes of 12 will target a new area 750 metres along strike from previous discoveries at Tombreen where we found visible gold in one trench. Visible gold is a very encouraging sign. The follow up drill holes will look to expand the Tombreen gold target along strike," Chair John Teeling says.

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Wildcat Petroleum PLC - seeking investment opportunities in upstream petroleum - Signs memorandum of understanding with Nabirm Global LLC, an African oil & gas explorer with operations in Namibia for their potential participation in any future initial coin offering that Wildcat may launch. "Nambirm is the holder of a Namibian Petroleum Exploration Licence 0058 held over block 2113A which potentially contains an estimated 8.7 billion barrels of prospective oil resources. Under the MoU, the two parties agree that there may be scope to tokenise these prospective oil resources," company says.

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Touchstar PLC - supplier of mobile data computing services - Revenue for 2020 falls to GBP5.9 million from GBP7.1 million in 2019, though swings to pretax profit of GBP23,000 from loss of GBP829,000 as administrative expenses fall to GBP3.1 million from GBP4.6 million. Company says: "Touchstar has made a better-than-expected start to 2021. As this year progresses we anticipate the conduct of business to become more straightforward, which is why we are optimistic of better outcomes. As we have said before, we do not expect to benefit from an entire year of ordinary levels of trading until 2022."

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Empyrean Energy PLC - oil & gas development company with interests in China, Indonesia and US - Has now received tax return of USD357,702, representing corporate alternative minimum tax credits.

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Cora Gold Ltd - West Africa-focused gold explorer - Says results from first 4 drill sections, involving 8 reverse circulation holes, have been received from campaign at Sanankoro gold project in southern Mali. "The first drill results of our largest drill campaign at Sanankoro are extremely promising. 34 metres at 1.98 grammes per tonne gold from 13 metres depth and 52 metres at 1.78 grammes per tonne gold from 20 metres depth are two very good drill holes and further emphasise the potential of the Selin deposit at Sanankoro, as we look to both grow the resources and convert them to Indicated from Inferred category," says Chief Executive Bert Monro. Firm plans to drill up to 35,000 metres by end of July.

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Spectra Systems Corp - Rhode Island-based authentication technology provider - Selected by a Canadian lottery to provide its Premier64 Integrity internal control system. Spectra has also renewed its contract with a long term US lottery customer and will be converting this customer to its Premier64 Integrity ICS. These contracts are for a base period of five and four years, respectively, the former with optional renewals of up to five years. Total value of these contracts estimated at USD1.0 million over the full term.

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Schiehallion Fund Ltd - makes minority investments in later stage private businesses which have potential to become publicly-traded - Raises gross proceeds of USD700.0 million via placing of C shares. Placing was "significantly oversubscribed" and, after scaling back, 700.0 million C shares will be issued.

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Standard Life Private Equity Trust PLC - investment company - Net asset value per share stands at 550.1 pence at December 2020 from 501.0p at end of September. NAV total return was 10.5% for the three months to end of December.

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Caerus Mineral Resources PLC - exploration & resource development company focused on minerals in Europe to supply global clean energy drive - Says N Mathiatis drill programme continues to progress with a total of 9 holes of the 39 hole programme complete to date. Phase 2 drill programme has been approved for the Troulli project, and the company is also planning to test the various dumps, ore stockpiles, tailings and the main Troulli Volcanogenic Massive Sulphide sulphide orebody that has never been mined and is present in the current open pit floor at the Troulli license. "I am delighted with the rapid progress that we have made in the short time since listing. The results of our exploration programmes to date have been very encouraging and should provide shareholders with the confidence that exploration funds are being well spent," says Chief Executive Martyn Churchouse.

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Animalcare Group PLC - animal health business - Says Daxocox has now been granted marketing authorisation for the EU. Daxocox is approved in Europe for the treatment of pain and inflammation associated with osteoarthritis in dogs. Additionally, the Veterinary Medicines Directorate has authorised Daxocox with the same indication for use in the UK. Also announces agreement under which Virbac will distribute Daxocox in the majority of European countries outside Animalcare's seven direct markets. "Animalcare plans to launch Daxocox early in the second half of 2021, into an initial addressable European market estimated to be in the region of GBP130 million," company says.

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Gresham House Energy Storage Fund PLC - London-based utility-scale battery storage fund - Completes acquisition of 30 megawatt battery project located near Wester Dechmont, Livingston in West Lothian, Scotland. The project was acquired for a total enterprise value of GBP15.6 million, plus up to GBP350,000 of deferred contingent consideration. The acquisition increases the total capacity of operational utility-scale battery storage projects in the fund's investment portfolio to 425 megawatts.

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Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas exploration company - Says due to non-performance by SpotOn Energy pertaining to the financing solution required under the farm-out, the Barryroe partners have elected to discontinue the agreement. Providence/EXOLA will now lead the project development and funding arrangements. "We are pleased to confirm that the Barryroe partners have re-taken control of the Barryroe project and that Lansdowne will retain its 20% equity interest," says Chief Executive Steve Boldy.

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By Lucy Heming;Â lucyheming@alliancenews.com