TRADING UPDATES: Victoria and Brickability report revenue progress

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

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Victoria PLC - Worcestershire-headquartered flooring firm - Says underlying pretax profit for year ending April 2 will top consensus expectations. "Group revenue continues to increase, driven by strong consumer demand for flooring products," Victoria says. Italian arm has all output sold until second quarter of 2022, "an unprecedented situation". While in Australia, lockdown measures are drawing to close, so Victoria expects a "strong contribution" from unit there in second half of financial year. "The UK logistics operation, which is going from strength to strength, continues to provide a compelling service proposition to Victoria's customers, flooring retailers, driving market outperformance in Victoria's UK soft-flooring business," Victoria says.

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Brickability Group PLC - Bracknell, Berkshire-based construction materials distributor - Expects revenue of GBP223 million for six months to September 30, up around three-fold year-on-year. Adjusted earnings before interest, tax, depreciation and amortisation of at least GBP17 million expected, more than doubled from GBP8 million a year earlier. "The UK housebuilding sector remains in good health following a strong post pandemic recovery, driven by changing demographics, significant pent up demand and assisted by government incentives. Brickability was initially well positioned to benefit from these structural tailwinds and remains in a position to continue profiting from these prevailing themes," Brickability says.

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Avingtrans PLC - Cambridgeshire, England-based provider of systems and services for energy, medical and industrial sectors - Participates in GBP12.9 million fundraise by medtech firm Adaptix Ltd, with GBP2.5 million investment in Oxford-based firm. "In return for the investment, Avingtrans will own approximately 5.9% of the total issued share capital of Adaptix, post the closing of the fund raise," Avingtrans says.

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Audioboom Group PLC - London-based podcast platform - Third quarter revenue amounts to USD16.9 million, more than doubled yearly and a new record for a quarter. "September outpaced the annual predicted wider industry average by 95%," Audioboom says. Swings to quarterly adjusted Ebitda of USD1.0 million, from USD300,000 loss a year prior. Company adds: "The board now expects that Audioboom will generate revenues in excess of current market expectations for the 2021 financial year and a significantly increased adjusted EBITDA relative to these market expectations."

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Mobile Streams PLC - London-based mobile content provider - Says LiveScores service in Mexico acquires over 10,000 subscribers, roughly two and a half months since launch. Passes milestone six months earlier than planned. Mobile Streams expects service to top financial forecasts. Company explains: "The fast pace of growth along with constantly exceeding subscriber targets indicates that the company is likely to exceed its initial published forecast of the service delivering at least USD1.5 million in revenue over 3 years which was based on approximately 3,000 subscribers in October rising to 95,000 over 3 years. The company will update its forecasts based on the greater than expected number of subscribers in due course."

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1Spatial PLC - Cambridge, England-based IT service management company - Inks new multi-year framework agreement by Land & Property Services in Northern Ireland. Will support "Department of Finance's ongoing programme of digital transformation," 1Spatial says.

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Made Tech Group PLC - London-based provider of services that enable central government, healthcare and local government organisations to modernise technology - Awarded GBP7 million contract, largest to date. Contract has two-year length and is with UK Driver & Vehicle Licencing Agency. Concerns "the provision of design, development, and application support services", Made Tech says.

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Inland Homes PLC - Beaconsfield, England-based housebuilder - Recipient of resolution to grant planning permission for a residentially led, mixed-use scheme in Dagenham. Approval subject to signing of a Section 106 agreement. Scheme will include 380 homes and commercial space. "A Section 106 planning agreement will be signed by the parties as soon as possible, and construction is anticipated to commence on site in 2022. This is an attractive location for build to rent operators and housing associations, and a decision on whether the project will be delivered by Inland Homes directly or via a partnership contract will be announced in due course," Inland Homes says.

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Real Estate Investors PLC - Midlands, UK-focused real estate investor - Sells assets in Bearwood and Pontypool worth GBP5.5 million in total. "The proceeds generated from these transactions will be used to repay debt with a view to reducing net gearing levels and securing value-add acquisitions to enhance portfolio capital and income growth, which will in turn support the company's ongoing progressive dividend policy," Real Estate Investors adds.

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Luceco PLC - LED lighting manufacturer and distributor - Buys exterior lighting and networking firm DW Windsor Group Ltd for GBP16.9 million. The Hertfordshire-based firm "is a leader" in the design and UK-based manufacture of outdoor and street lighting equipment for the specification market. Consideration has been paid in cash, and the acquisition is expected to be earnings enhancing from 2022.

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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Signs deal for proposed acquisition of five megawatt waste-to-energy project in Drama, Greece. Deal struck through joint-venture alongside German EPC firm ewerGy GmbH. "Once acquired, the JV will lead the development of a new biomass-to-energy plant , generating 5MW green electricity from locally and sustainably sourced forestry waste. Due diligence, including financial and technical feasibility, has been completed," Eqtec says.

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Anglo Asian Mining PLC - gold, copper and silver producer operating in Azerbaijan - Says third quarter totals 16,316 gold equivalent ounces, down 10% annually from 18,190. Annual guidance of production guidance of 64,000 to 72,000 ounces maintained.

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Caledonia Mining Corp PLC - gold miner in Zimbabwe - Says third quarter output totals 18,965 ounces of gold, a record for Caledonia Mining and up 25% yearly from 15,155 ounces. Guidance for 2021 narrowed to 65,000 and 67,000 ounces and company on target to achieve 80,000 ounces in 2022.

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Capital Ltd - mining services company focused on African markets - Lifts revenue guidance after record quarter. Revenue for third quarter of 2021 USD61.6 million, up 75% from USD35.3 million a year ago. Says this is a new quarterly revenue record for the company, with mine-site services continuing to underpin revenue streams. On the back of this, now expects full-year revenue in range of USD220 million to USD225 million, compared to USD200 million to USD210 million expected previously. "Looking ahead we continue to see strong demand across all our business areas with the tender pipeline looking very encouraging," says Executive Chair Jamie Boyton.

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Alien Metals Ltd - London-based exploration and development company - Engages Mining Plus to carry out follow-up scoping study at Hancock iron ore project in Australia. "After the rapid progress since acquiring the Hancock iron ore project, including the recent initial mineral resource estimate, we have continued to advance the project through engaging Mining Plus to complete the scoping study, which provides an initial economic assessment of the MRE," Chief Executive Bill Good says.

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Atalaya Mining PLC - Cyprus-based copper ores company - Third quarter copper output rises 5.2% yearly to 13,933 tonnes from 14,695 tonnes. "Despite COVID-19 restrictions during the period, mining operations have continued normally with mining rates consistent with plant performance," Atalaya says. Ups 2021 guidance to 54,000-56,000 tonnes, from 52,000-54,000 tonnes previously.

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Bradda Head Lithium Ltd - lithium explorer with assets in Nevada and Arizona - Says metallurgical testwork programme has commenced with SGS Canada at Burro Creek East asset. "The programme will also focus on identifying an appropriate path to produce a low-carbon footprint battery-grade lithium product," Bradda says.

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Rainbow Rare Earths Ltd - rare earth metals projects in South Africa and Burundi - Raises GBP6.4 million in placing of 42.9 million shares at 15 pence each. Cash to go towards work at Phalaborwa and Gakara projects, as well as repaying balance of an unsecured loan.

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Arc Minerals Ltd - copper and cobalt explorer in Zambia - Notes media article in Zambian newspaper in relation to debt claim made against investee Zamsort Ltd. Claim in connection to USD5.8 million debt raise by Zamsort in 2015, prior to Arc becoming a shareholder in unit. Debt claim is being made by Terra Metals and others, including former Zamsort shareholder Mumena Mushinge. Arc affirms claim is without merit. In addition, Arc says further media speculation in Zambia in relation to Zamsort and Handa Resources, another Arc unit, being placed in receivership. Arc says this is incorrect. "Arc maintains full control of its subsidiaries and assets in Zambia and the drilling campaign continues," company says.

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PetroTal Corp - Texas, US-based oil & gas development and production company - Third quarter output averages 9,508 barrels of oil per day, within 2% of revised 9,697 guidance and up 8% from 8,839 bopd in second quarter.

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Xtract Resources PLC - copper-gold projects in Australia, Mozambique and Zambia - Approval received from resources watchdog in New South Wales, Australia for further 13 drill holes for phase two project at Racecourse prospect of Bushranger project. Xtract adds: "The 13 approved drill holes will allow Xtract to continue to extend the known copper mineralisation at the Racecourse prospect to the northwest and southeast, and to test several large induced polarisation resistivity anomalies outside of the currently estimated Racecourse inferred mineral resource."

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SolGold PLC - Brisbane, Australia-based company which develops copper-gold deposits in Ecuador - Responds to letter from Berry Street Capital Management LLP which related to timing of pre-feasibility study at Cascabel asset. SolGold says work in relation to PFS is ongoing and company will receive briefing from project committee later this month. In addition, SolGold says it is "actively engaging with shareholders and other stakeholders as part of a corporate governance road show". SolGold adds: "Over the course of the past year, the company has significantly strengthened its corporate governance practices including the addition of four independent non-executive directors joining the board as well as the appointment of an independent chair. The company has also restructured its board committees and considers that each of the audit and risk, remuneration and nominations committees fully comply with the requirements of the UK corporate governance code."

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Metal Tiger PLC - investor in natural resources - Says follow-up 2,400 metres drill programme at Kalahari Metals Ltd's Kitlanya East project has been approved and will begin shortly. Metal Tiger, which has just over a 50% stake in Kalahari, says this is due to encouraging drill results to date.

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Altona Rare Earths PLC - mining exploration company - Begins drill programme at Monte Muambe project, Mozambique. "Phase 1 drilling will entail 39 holes drilled for a total meterage of 3,000m, across six carefully selected rare earths targets," Altona adds.

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Adriatic Metals PLC - precious and base metals explorer and developer - Raises USD102.0 million from placing as part of Vares funding package. Says 25.2 million at GBP1.5174 each.

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Trident Royalties PLC - London-based mining royalty and streaming company - Following work with Calidus Resources, companu confirms "significant increase in the size of the tenure" of royalty zone at Warrawoona, Australia. Trident holds 1.5% net smelter royalty.

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Ncondezi Energy Ltd - Maputo, Mozambique-based power development company - Says maiden commercial and industrial project commissioned, after installation handover to power offtaker at project. In addition, Ncondezi is exploring refinancing options for USD500,000 bridge loan. Company adds: "The board is focused on finding a refinancing solution which is non-dilutive to shareholders of Ncondezi in-line with previous commitments. Further updates will be provided in due course."

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Anglo African Agriculture PLC - agriculture investment company - Updates on potential takeover of Comarco. Offers to allow dissenting shareholder to retain minority stake in company. "Should the business then require funding in future the minority shareholder will either have to match the funding up to the relevant percentage or be diluted down. This proposal has a verbal acceptance subject to it being in accordance with the articles of the relevant Comarco companies," Anglo African says.

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Hemogenyx Pharmaceuticals PLC - London-based blood disease drug developer - Signs licence deal with Eli Lilly & Co. Hemogenyx to be granted exclusive worldwide licence to certain intellectual property, related to a CDX antibody. The antibody treats acute myeloid leukemia. Hemogenyx makes USD250,000 upfront payment and agreement includes milestone payments of up to USD1 million. "In addition, the company will pay Lilly a percentage of any cash payments received in respect of any sub-licence of the licensed IP," company adds.

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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Participates in USD143 million series B funding round in CinCor Pharma. "The proceeds from the Series B financing round are intended to advance the development of CIN-107, oral small molecule inhibitor of aldosterone synthase, for the treatment of hypertension, primary aldosteronism and chronic kidney disease," RTW says.

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Tintra PLC - Windsor, Berkshire-based investment and advisor company formerly known as St James House - Updates on artificial intelligence joint-venture. Signs memorandum of understanding with London-based Time Machine Capital 2 Ltd, whic specialises in AI investment and research in financial markets, and Finsenr Ltd, Time Machine's affiliate. "Tintra is building banking and infrastructure technology systems that are focused on frontier and emerging markets, which it believes are underserved by today's environment," company says.

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Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Says historic UK Serious Fraud Office investigation in Quindell PLC, which Watchstone was formerly known as, discontinues. No further action to be taken. In April 2020, Watchstone said SFO "determined that the company will not be prosecuted for criminal offences in respect of those matters which were the subject of the SFO's investigation". The SFO opened its criminal investigation into accounting and business practices at Quindell back in August 2015.

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By Eric Cunha; ericcunha@alliancenews.com

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