TRADING UPDATES: Valeura and Mast Energy losses widen; Altitude upbeat

Thu, 31st Mar 2022 21:06

(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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City of London Group PLC - operates Recognise Bank for UK small and medium enterprises - After achieving full banking licence in September, lends GBP100 million to UK companies to date. In addition, Recognise Bank generates GBP95 million in deposits from personal savings customers.

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Toople PLC - Letchworth Garden City, England-based telecom services - During first quarter of current financial year, revenue increases 9%, allowing for a 17% increase in gross profit and 19% rise in earnings before interest, tax, depreciation and amortisation compared to the previous quarter. Trading momentum has passed on into the second quarter, translating into strong orders in March. Outlook from board is very positive, with expectations of a further increase in revenue and gross profit.

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Mast Energy Developments PLC - London-based developer of reserve power generations plants - For the 15 months ended December 31, pretax loss widens at GBP1.4 million from GBP657,564 the year before, as a sharp increase in expenses, both administrative and listing more than offset the generation of GBP3,245 in revenue from the company's first operating site at Pyebridge.

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Altitude Group PLC - Sheffield-based firm operating a marketplace for personalised products - For the year ending March 31, expects adjusted operating profit to rise 80% to around GBP1.0 million from GBP600,000, on revenue which is set to grow 56% to GBP12.0 million from GBP77.7 million. Also secures new 12-month working capital credit facility with TD Bank for USD700,000.

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Sancus Lending Group Ltd - Guernsey-based alternative property finance - For 2021, pretax loss narrows to GBP10.4 million from GBP14.5 million in 2020, in spite of a 17% decline in revenue to GBP9.0 million from GBP10.9 million, due to delays in loan completions triggered by the ongoing effect of Covid-19.

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Valeura Energy Inc - Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey - For 2021, net loss widens to USD64.3 million from USD20.2 million in 2020, mostly due to a charge of USD67.7 million, on the currency translation of subsidiaries liquidated and disposed of. In addition, revenue declined 63% to USD3.0 million from USD8.0 million, following a plunge in petroleum and gas sales.

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Harland & Wolff Group Holdings PLC - Belfast-based ship repair, conversion and offshore construction - For the 17 months ended December 31, expects to post gross revenue between GBP18 million and GBP20 million, following the securing of the company's first major fabrication contract with Saipem Ltd to manufacture eight wind turbine jacket structures, worth GBP26 million. Due to delays, most of the work will be fulfilled in 2022, meaning that part of the contract's revenue will be recognised in 2022. First quarter of 2022 is remarked being an "extremely busy period".

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Kazera Global PLC - diamonds and rare earths explorer in South Africa and Namibia - For the six months ended December 2021, pretax loss widens to GBP601,000 from GBP540,000 a year prior on higher administrative costs, more than offsetting the generation of GBP100,000 in revenue on diamond production. Looking ahead, Kazera is seeking to maximise production from its current assets while evaluating potential acquisition opportunities.

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Cambria Africa PLC - Zimbabwe-focused investment company - For 12 months to August 31, swings to pretax profit of USD276,000 from loss of USD424,000 prior year, on revenue of USD1.2 million, down 8% from USD1.3 million. Net asset value falls by 1.6% to USD6.32 million from USD6.42 million in financial 2020. Says the reduction in NAV was attributable in part to a USD200,000 downward adjustment in the valuation of its commercial property conducted by Hollands Harare Estate Agents.

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Marwyn Acquisition Co II Ltd - looking for make acquisition in sectors including media, technology and consumer e-commerce - For six months to December 31, pretax loss widens to GBP658,746 from GBP222,458 loss year before. "We believe there is significant opportunity to invest in businesses that have the potential to be long term beneficiaries of the changes to their respective sectors and the underlying acceleration of digitalisation that the current macro environment has brought about. We are active in pursuing and evaluating opportunities with advisers, potential management partners, and acquisition targets and are confident about acquiring an attractive platform business for our shareholders," it says. Marwyn Acquisition Co III Ltd books pretax loss of GBP519,323 for same period.

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Caledonian Trust PLC - Edinburgh-based property investment and development company - Posts net asset value as at December 31 of 206.7 pence, up from 201.7p at the same time year before. Interim pretax loss for the period narrows to GBP196,000 from GBP327,000 year before on revenue of GBP167,000, down sharply from GBP1.1 million.

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NetScientific PLC - London-based life sciences and sustainability technology investment firm - Notes portfolio company PDS Biotechnology Corp's annual results. For 2021, net loss was USD16.9 million, or USD0.66 per basic share and diluted share, compared to a net loss of USD14.8 million, or USD0.89 EPS in 2020. Ilian Iliev, CEO of NetScientific, says: "PDS has continued the steady progress and build-out of the business, progressing multiple clinical applications of the Versamune platform in immuno-oncology and infectious disease vaccines. The company's careful planning and successful fund-raise in 2021 - in which NetScientific participated - has positioned PDS well to weather market volatility, and continue to progress its clinical trials pipeline."

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Emmerson PLC - Khemisset potash project in northern Morocco - Says discussions over a financing package for the Khemisset potash project in Morocco have been supported by higher price of fertiliser due to the Russian invasion of Ukraine. "The importance of the Khemisset project as a new source of potash has risen significantly, and the board is more committed than ever to bring the mine into production as soon as possible. To that end, the company has made good progress in advancing the wide package of agreements relating to financing, offtake, equipment and consultants. The momentum in recent weeks has built noticeably across a number of fronts," it says.

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Active Energy Group PLC - London-based biomass focused renewable energy business - Says it enters into agreement to sell Lumberton site in North Carolina for USD4.7 million cash to US-based commercial real estate firm Phoenix Investors LLC.

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GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Says terms have been agreed on both of the Nobiskrug new build projects that were suspended in 2021. One of these projects will re-commence at the Nobiskrug shipyard and the second will be completed in another Northern European Shipyard representing a new opportunity. The works are scheduled to recommence on both projects in second quarter, it adds.

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Oxford Cannabinoid Technologies Holdings PLC - pharmaceutical company developing prescription cannabinoid medicines - Says it is making progress on its two lead cannabinoid medicines in pre-clinical development. Says OCT461201, which is being tested for both neuropathic and visceral pain, has seen "very encouraging" data, with successful reduction of pain in a model chemotherapy-induced peripheral neuropathy. As such, has decided to focus its strategy in neuropathic pain away from post-herpetic neuralgia and towards a clinical development programme aimed to benefit patients with small fibre neuropathies. For OCT130401, a drug-device combination delivering phytocannabinoids, the company intends to undertake phase one clinical trials in the fourth quarter of 2022 in healthy volunteers in Australia, where there is local experience in performing clinical trials with pCBs.

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WANdisco PLC - Sheffield-based data-management software company - Says it has signed a follow-on agreement worth USD1.2 million with existing telecommunications company, having announced an initial USD1.5 million commit-to-consume agreement earlier this month. The customer will use WANdisco's LiveData Migrator and LiveData Migrator for Azure to automate the migration of Hadoop data to AWS and Azure.

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By Dayo Laniyan; dayolaniyan@alliancenews.com and Arvind Bhunjun; arvindbhunjun@alliancenews.com