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TRADING UPDATES: Sorted renews M&S deal; Tribe completes drill build

Wed, 27th Mar 2024 11:16

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


Sorted Group Holdings PLC - Cheltenham, England-based location data verification company - Enters 12-month renewal agreement with Marks & Spencer Group PLC. According to the renewal, which continues the commercial terms of the existing agreement, M&S will keep using Sorted's 'Ship' carrier management software to integrate its carrier services into one platform. It will also keep using Sorted's 'Track' post-purchase experience software to monitor performance across in-flight shipments.


Tribe Technology PLC - Belfast-based developer and manufacturer of autonomous mining equipment - Completes manufacturing of the first TTDS GC 700 autonomous drill rig, and sells to Major Drilling Group International Inc. The rig will be used at a tier one mining asset in Australia. Tribe has issued a staged payment invoice for the completion of manufacturing to the client, with revenue "to be recognised on the drill rig's arrival in Australia". It will now continue to commission and test the completed rig before shipping to Australia from Northern Ireland, which is expected to take place early next quarter.


Life Science REIT PLC - life science property-focused real estate investment trust with assets in Oxford, Cambridge and London - Inks lease agreement with Coldquanta UK Ltd to let 7,497 square feet of fully-fitted space at the Innovation Quarter at Oxford Technology Park. Says the lease will complete once the laboratory fit out works are complete. ColdQuanta will pay annual rent of GBP337,365, with a break clause and rent review at the end of the fifth year.


UK Oil & Gas PLC - oil and gas with assets in UK and Turkey - Says that following the Court of Appeal's ruling in January, which refused any further appeals against Loxley's planning consent, the North Sea Transition Authority has now granted a one-year extension to the PEDL234 licence's retention area work programme. To retain the full 300 kilometre-squared licence area, UK Oil & Gas must now drill the Loxley-1 appraisal borehole no later than June 30, 2025. Loxley-1 is designed to confirm the commercial viability of the UK Oil & Gas Loxley gas discovery, as well as its related hydrogen feedstock project.


Ten Lifestyle Group PLC - London-based lifestyle and travel services company - Wins multi-year contract with Emirates NBD, a banking group in the Middle East, North Africa and Turkey region. Under the agreement, Ten will launch a concierge and lifestyle programme for ultra-high net worth clients of Emirates NBD, based in the United Arab Emirates. Expects this to be a "medium" contract in its inaugural year, in the range of GBP250,000 to GBP2 million. Chief Executive Officer Alex Cheatle says: "This win will further strengthen our presence and scale in the Middle East, where we anticipate continued growth. This contract win, along with further expected contract wins and developments, is expected to underpin revenue growth in H2 2024."


Ecora Resources PLC - South and North America-focused royalty and streaming company providing capital to mining sector - Initiates share buyback programme to buy ordinary shares of 2 pence each for a maximum consideration of GBP7.9 million. Says the purpose of the buyback is to take advantage of a capital allocation opportunity, as the board "is of the view that the shares are trading at a substantial discount to net asset value offering a compelling expected returns profile underpinned by a portfolio of high-quality royalties".


Kropz PLC - South Africa-focused phosphate producer and developer - Says that Kropz Elandsfontein Pty Ltd and ARC Fund have agreed to a ZAR170 million, or USD9 million, loan facility. The loan is unsecured, and interest is payable at the South African prime overdraft interest rate, plus 6%, nominal per annum and compounded monthly. It will be used by Elandsfontein to fund its cashflow and operational expenditure needs. Also in its announcement, Kropz says that discussions with potential lenders continue regarding a replacement loan for the BNP facility, for which the outstanding amount is USD11.3 million. Kropz has begun discussions with BNP to further extend the waiver period, which was originally extended to March 31.


By Holly Beveridge, Alliance News reporter

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