UK TRADING UPDATE SUMMARY: Wilmington Encouraged By Quarterly Results

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

----------

Wilmington PLC - London-based information services provider - Says financial results for three months to September 30 "encouraging" and ahead of management's previous expectations. Adjusted pretax profit was ahead of a year ago despite revenue being down around 6% on an underlying basis at constant currency due to the inability of the group to run face-to-face training and events in the period. Following strong first quarter performance, group is on track to "at least" achieve the expectations for the half year set out in its results announcement in September. Predictions for second half performance remain "difficult" due to uncertainty. "Recent trading experience leads us to believe that a fully virtual H2 would deliver better revenue and profitability than we guided to at that time as the lower end of the potential range. So whilst the chances of that scenario occurring have increased in recent weeks as the pandemic has developed, we feel increasingly confident in our ability to mitigate some of the associated financial effects of that potential outcome," says Wilmington.

----------

Coral Products PLC - Merseyside-based supplier of of injection moulded plastic products - Says wholly-owned subsidiary Tatra Rotalac Ltd awarded renewal of three-year supply contract with a "major international telecommunications group". "As is standard in this type of contract, it does not guarantee any sales volumes, however the company anticipates, based on historic volumes under the existing arrangements, that aggregate turnover of circa GBP9m will be achieved during the 3-year supply contract to November 2024," says Coral.

----------

Bango PLC - mobile commerce company based in Cambridge - Says it is powering bundled subscription services for BT Group PLC. BT has selected the Bango Platform as a "key integration point" to deliver a range of third-party products and services to its customers. This first launch for BT is with BritBox, Bango says. "We welcome BT and BritBox to the Bango circle. BT will deliver a range of third-party products and services to its customers through the Bango Platform and will benefit from Bango data insights to optimize the targeting of product offers to boost consumer engagement. BritBox is an exciting initial launch, we look forward to powering many more leading third-party services for BT," says Paul Larbey, chief executive at Bango.

----------

Angus Energy PLC - UK-focused onshore oil and gas explorer - Reports further progress in the reconnection of the Saltfleetby Gas Field to the national gas transmission network and the acquisition of key components of the processing plant necessary to deliver gas to statutory specification. "Specifically Angus has entered into agreements, with relatively modest initial financial commitments, to acquire a full fiscal metering and gas analysis system, two Caterpillar gas driven engine system, two Ariel Compressor Units, one of the most up-to-date, fully shrouded, emergency flaring systems and expects to follow with finalisation of terms on a gas dehydration and dewpoint control unit," says Angus. Adds that it has received a notice from Riverfort Global Opportunities PCC Ltd and YA II PN Ltd to convert the final GBP58,335 of a convertible loan facility into Angus shares.

----------

Volga Gas PLC - a oil and gas exploration company operating in the Volga region of Russia - Says average production in October was 3,680 barrels of oil equivalent per day, down 7.4% on September. This fall was due to the temporary shut-in of well VM-4 pending installation of replacement parts for the downhole pump in the well. "Domestic pricing for oil was slightly increased in RUR, whereas for condensate it was slightly lower. The LPG price decreased as is normal for winter seasons, although shortages in local supplies kept the LPG price higher than normally expected," Volga adds. Expects to complete the testing programme at the Novo Kurilovskiy prospect by the end of 2020.

----------

Alpha Growth PLC - financial advisory business - For financial year to August 31, company generated its first revenue - albeit a "modest amount" - through its fund management activity. Says it has been focusing on marketing the BlackOak Alpha Growth Fund, where assets under management have doubled to around USD20 million. In the month of October alone USD7.6 million of subscriptions were received. "The fund continues to perform well and is on course to provide a return within the 10% to 14% target range. For the months of August and September the returns were 1.82% and 1.42% respectively. We will continue to build strength on strength," says Alpha. Adds it has begun promotion of the Alpha Growth & Income strategy.

----------

ECSC Group PLC - Bradford-based cyber security services provider - Says group revenue for the third quarter exceeded the average quarterly revenue for 2019, with Managed Detection & Response recurring revenue up 22% year-on-year. Says adjusted Ebitda profit exceeding GBP50,000 per month. "We are pleased to announce continued positive momentum in revenue and Adjusted EBITDA for Q3. ECSC is securing major contracts, adding partners to drive commercial opportunities and resuming recruitment, which demonstrates the resilience and strength of our business model in these challenging times," says Chief Executive Ian Mann.

----------

Real Estate Investors PLC - UK Midlands-focused real estate investment trust - Says rent collection continues to improve. Updated rent collection for March quarter is now 93.4%, up from 90.7% reported in September. June quarter rent collection now 90.2%, from 86.9% reported in September. September quarter rent collection is currently 89.9%. "We also remain confident that occupier demand for our assets will continue and we are mindful that the current environment may create opportunistic sales and acquisitions for the group," says Paul Bassi, chief executive.

----------

Escape Hunt PLC - escape room operator based in London - Exchanges contracts for a site at the previous Intu centre in Watford. Says revenue over the week beginning October 26, including the sales from new sites and digital products, was 25% ahead of the same period last year. Says following "strong" half-term trading, it is "particularly frustrating" that under the new restrictions expected to come into effect on Thursday, Escape Hunt's UK owner-operated sites will be required to close. "Whilst it is hugely disappointing to be forced to close once again, we enter the second lockdown with a suite of digital and remote play options that did not exist six months ago, that are beginning to contribute, and to which we will shift our focus during this period of closure," says Richard Harpham, chief executive.

----------

Regional REIT Ltd - real estate investment trust focused on UK office and industrial property assets - Completes acquisition of a office building in Cardiff for GBP8.4 million. Adds that rent collection across the portfolio has continued to increase, with third quarter collections now standing at 93.5% from 90.8% as previously announced in October. First quarter rent collection amounts to 99.2% and second quarter at 97.0%. "Our close working relationships with the Company's highly diversified tenant base continues to be reflected by ongoing strong rent collection progress with year to date collection currently amounting to 96.6%. We anticipate these receipts will continue to increase in line with our expectations with the vast majority of the balance expected to be received in due course," says Stephen Inglis, chief executive of London & Scottish Property Investment Management Ltd, the asset manager.

----------

Pressure Technologies PLC - Sheffield-based specialist engineering - Says tougher trading conditions, Covid-19 disruption and the previously announced deferral of revenue and profit for a defence contract resulted in a reduction in revenue for the 2020 financial year, to around GBP25 million from GBP28.3 million the year before. Group expects to post adjusted operating loss for year, versus GBP2.2 million profit year prior. "Despite challenging trading conditions, we have continued to make strategic progress through FY20 with increased diversification of the customer base in both divisions," says Chief Executive Chris Walters. Adds that, with further UK-wide lockdown restrictions announced in the last week, Covid-19 "continues to impact our target markets, our operations and our people".

----------

Target Healthcare REIT PLC - UK care home investor - Reports EPRA net asset value per share of 108.0 pence at September 30, a slight dip from 108.1p at June 30. NAV total return, including dividend, is 1.5% for the quarter. Says rent collection continues to be "resilient", with around 90% of the rent due and payable to date in respect of the current quarter having been collected as at Monday.

----------

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.