TRADING UPDATES: Synectics loss narrows; Active Energy loss widens

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

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Synectics PLC - Sheffield, England-based security systems services company - Says trading in the six months to the end of May continued at similar levels as last year, with estimated operating loss of GBP800,000 versus GBP2.0 million in the first half of the prior financial year. This follows action taken last year to reduce Synectics' operating cost base. Revenue declined 4.3% to GBP22 million from GBP23 million year-on-year.

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Inspirit Energy Holdings PLC - London-based heat and power appliances manufacturer - Says it has been working with its engineering partners on the details of the new waste heat recovery systems for the application on the Volvo marine engine. Details of the electrical and the main mechanical systems are near completion, Inspirit says. It expects that by the end of 2021, all major items of the waste heat recovery system will be complete, with a view to having the designs for a full working prototype that can be put into manufacture. Inspirit is working with marine engine maker Volvo Penta.

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Active Energy Group PLC - London-based renewable energy company - Reports USD9.0 million of pretax loss from continuing operations in 2020, widened from USD3.3 million the year before. This is the result of USD4.8 million of impairment charges recorded in 2020 versus no such charges the year earlier. They relate to the impairment of non-core assets and the decision to focus resources on commercialisation of CoalSwitch. Revenue slips 5.2% to USD1.8 million from USD1.9 million.

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Scirocco Energy PLC - seeking investments in production and development opportunities within the European energy market - Reports widened pretax loss of GBP3.3 million for 2020 compared to GBP2.6 million the year before, amid higher administrative expenses. Has no revenue in either year. Scirocco notes continued focus on cost discipline, including salary sacrifices and implementation of option based remuneration for executives. Also proposes investment in Energy Acquisitions Group Ltd, a specialist acquisition and operating vehicle in the sustainable energy sector. The investment in conditional on shareholder approval for a change in the company's investing policy. This investment of GBP1.2 million will be funded from current cash resources. EAG will use the funds to buy Greenan Generation Ltd, which has an anaerobic digestion renewable energy plant in Northern Ireland.

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Helium One Ltd - helium exploration and development company - Says three well exploration programme targeting shallow trap structures to a maximum depth of 1,200 metres has started at Rukwa project. Each well will take about one month to complete. "We look forward to announcing results of our first well at what is a potentially transformative time for the company," says CEO David Minchin. Scirocco Energy notes the update by Helium One, in which it has 1.2% holding.

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Nostra Terra Oil & Gas Co PLC - oil & gas exploration and production company focussed on the US state of Texas - Reports revenue for 2020 of USD1.0 million, down from USD1.8 million recorded in 2019. Production for the year was 29,583 barrels of oil, lower than 33,179 barrels of oil in 2019. Despite that, pretax loss narrowed to USD1.3 million from USD1.7 million year-on-year, as administrative expenses were reduced to USD896,000 from USD1.6 million. "2020 was a very challenging year for businesses around the world, with oil & gas companies amongst the worst hit," notes Chief Executive Matt Lofgran.

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Distil PLC - London-based owner of premium drinks brands - Says turnover in 2020 increased 48% to GBP3.6 million from GBP2.4 million, as it increased export sales of existing brands by 81% year-on-year. Advertising & promotion spend increased 61% to GBP1.1 million from GBP665,000 the year prior and other administrative expenses increased 9% to GBP651,000 from GBP597,000 year-on-year. Despite the increased spending, pretax profit rose to GBP243,000 from GBP182,000.

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Tanfield Group PLC - UK-based investment firm - Reports pretax loss from operations of GBP697,000 for 2020, widened from GBP317,000 posted the year before, due to higher interest costs and an increase in legal fees due to ongoing US and UK court proceedings. Tanfield's 51% joint venture partner Xtreme Manufacturing LLC, via its subsidiary SKL Holdings LLC and Snorkel International, filed a summons and complaint against Tanfield and its subsidiary HBWP Inc. Tanfield said it remains "disappointed" that a resolution has not been possible and therefore continues to seek advice and defend its position.

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Thalassa Holdings Ltd - invests in real estate, fintech and robotics - Reports swing to pretax profit of USD1.6 million in 2020 from loss of USD3.8 million, despite revenue falling to USD55,855 from USD170,357. The swing to pretax profit comes amid reduction in administrative expenses to USD3.2 million from USD4.2 million year-on-year and the booking of finance income of USD3.6 million versus finance expense of USD640,117 the year before.

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SourceBio International PLC - Nottingham, England-based provider of laboratory services - Continues to trade well since the end of 2020 with revenue, earnings and cash generation in the year-to-date significantly ahead of the equivalent period last year. Going forward, expects peak levels of revenue and earnings to be generated from anticipated high levels of travel-related virus testing in the coming months. SourceBio says it remains optimistic for the remainder of the year and beyond as a result.

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Evgen Pharma PLC - Liverpool-based clinical stage drug development company - Reports clinical trial plans for SFX-01 in glioblastoma. Glioma is the most common form of brain tumour. Previously the company reported that data generated by University L'Aquila showed that with pre-clinical subcutaneous and orthotopic models, SFX-01 produced tumour shrinkage and significantly extended survival times. Evgen now reports that data from these experiments have been reproduced with very similar results at the University of Auckland using cells generated from freshly extracted patient glioblastoma tissue, rather than the standard glioblastoma cell lines established many decades previously. Going forward, Evgen says plans for a phase II glioblastoma clinical trial with an adaptive design are progressing with a scheduled start in the first half of 2022.

Separately, Evgen reports new preclinical data which shows SFX-01 may be of benefit to metastatic breast cancer patients who have become resistant to CDK4/6 inhibitors. Should these results be reinforced, Evgen will pursue a phase II placebo-controlled study a in second-line estrogen receptor positive metastatic breast cancer treatment of patients who have failed on CDK4/6 inhibitors. Such a trial could commence in 2022.

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nmcn PLC - Nottinghamshire-based construction engineering company - Says it is now in bilateral discussions with a party to conclude a refinancing. The company says it is working towards reaching a position where the refinancing will be announced within the next week enabling nmcn to address its current significant working capital strain. Should the refinancing not be successfully concluded the group will have to consider its remaining options.

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Apollon Formularies PLC - London-based medical cannabis company - Says Apollon Formularies Jamaica has signed a long-term lease for its first International Cancer Institute in the Jamaican capital of Kingston. The new facility will specialise in complementary and alternative medical treatments for cancer patients. These treatments will include Apollon's medical cannabis products.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com

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