TRADING UPDATES: Strix launches new products; Sylvania profit down

Tue, 26th Oct 2021 14:58

(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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Strix Group PLC - Isle of Man-based kettle safety controls provider - Launches Aurora and Dual Flo as key extensions of Strix small domestic appliances category. Aurora is currently being launched under Strix own brands as well as global and local brand partners. Dual Flo will be launched internationally from late October through global and local brand partners.

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Maestrano Group PLC - London-based enterprise software company - Launches the next-generation Lumos series LiDAR sensor, designed and manufactured by its wholly owned subsidiary, Nextcore. The Lumos is a new generation of sensor that is lighter, more accurate and faster, the company says. The improvements increase the addressable market size for Lumos.

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Sylvania Platinum Ltd - Bermuda-based platinum group metals producer - Reports net profit for the three moths to September 30 of USD8.6 million, lower than USD14.7 million posted to the quarter to June 30. Production declines to 15,771 4E platinum group metals ounces from 16,289 ounces quarter-on-quarter amid the temporary production suspension at Lesedi, South Africa. Sylvania explains that the temporary suspension of operations at Lesedi extended through the quarter and will be ramped up to normal capacity towards the end of 2021, as hydro-mining of the affected tailings dam facility commenced at the end of September.

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Lansdowne Oil & Gas PLC - Dublin-based exploration company - Welcomes the announcement by Providence Resources PLC - developer of hydrocarbons offshore Ireland and UK - that the Celtic Voyager has been mobilised to the Barryroe field in the North Celtic Sea Basin to carry out a site survey over the K drilling location. Lansdowne holds a 20% interest through its subsidiary, Lansdowne Celtic Sea Ltd, with the remaining interest held by Exola DAC, a wholly owned subsidiary of Providence.

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Prospex Energy PLC - Hatfield, England-based company which invests in gas production and electricity generation projects - Says the Selva field development project in Italy, in which the company holds a current 17% interest, delayed to tie-in to the national gas grid. Snam SpA, the national pipeline operator, is responsible for the both the costs to construct the grid connection point for new gas developments, as well as the construction itself. The tie-in to the gas grid can only be done by Snam in accordance with the Italian gas network code and the delay is, in part, as a result of supply chain disruption due to Covid-19 impacts.

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Mosman Oil & Gas Ltd - New South Wales, Australia-based exploration, development and production company - Says the Stanley-5 well in Polk County, east Texas, has now been spudded. Mosman's interest in this well is 37% and will fund its share of the USD350,000 drilling costs from existing cash resources.

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88 Energy Ltd - Alaska-focused oil exploration and appraisal company - Executes the Arctic Fox rig contract with Doyon Drilling Inc for drilling of the Merlin-2 appraisal well at project Peregrine on the North Slope of Alaska. The Merlin-2 appraisal well is planned for drilling in February 2022 to a permitted total depth of 8,000 feet. 88 Energy says it has identified several appraisal drilling locations to the east of the Merlin-1 well, closer to the shelf break, where enhanced reservoir thickness and quality are expected. The Merlin-2 well is independently assessed to have a geological chance of success of 56%.

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Regional REIT Ltd - London-based real estate investment trust - "Very encouraged" by the high level of rent collections for the three months to September 30. As at Thursday last week, the company had collected 91.3% of the rent due for the third quarter of 2021. This comprised rent received of 87.5%, monthly rents of 2.1% and agreed collection plans of 1.7%. The company remains in supportive and ongoing discussions with tenants regarding the remainder of the outstanding rent, and expects to collect the vast majority of it in due course.

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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Says confident of meeting consensus market expectations for 2021, with revenue at GBP58.2 million compared to GBP49.3 million posted for 2020. The company has continued to perform strongly during the three months to September 30, with adjusted earnings before interest, tax, depreciation and amortization for the quarter and year-to-date reaching a record level. Going forward, the company says it continues to seek opportunities to utilise its considerable balance sheet strength to complement organic growth.

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e-Therapeutics PLC - Long Hanborough, England-based drug discovery platform - Posts widened pretax loss for the six months to July 31 of GBP3.5 million compared to GBP2.7 million recorded a year earlier. This is due to research & development expenditure jumping to GBP2.5 million from GBP1.2 million in the first half of financial 2020. Revenue, meanwhile, rises to GBP477,000 from GBP37,000 year-on-year. In addition, reports the results of the company's RNAi platform characterisation studies, which shows "excellent and comparable" safety profile. Benchmarking studies included one approved RNAi drug and one currently in registration. "The company is now in a position to execute on its ambition of developing an in-house pipeline combining novel target ideas generated using its computational biology platform, and RNAi as a modality," says Chief Executive Ali Mortazavi.

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Craven House Capital PLC - London-based merchant bank - Says its investee company YRRO Ltd, in which it owns 29%, has passed resolutions to change its name to Bio Vitos Ltd. In addition, YRRO agreed with Double Bond Pharmaceuticals AB to acquire the licence for its patented, therapeutic application of the active substance iron succinate. The patented application proprietary to Double Bond Pharmaceuticals is marketed in the US, Japan, China and the EU as Inofer. In consideration for the acquisition of the licence, shareholders of Double Bond Pharmaceuticals will receive a 20% shareholding in YRRO via the issuance of new shares in YRRO. As a result, Craven House's holding will be diluted down to 25%.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com