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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Supreme PLC - Manchester-based battery, lighting & vaping manufacturer and distributor - Says trading for year ending March 2023 ‘remains in line with market expectations’. ‘Our fast-growing Vaping category continues to underpin the group’s growth. Alongside the continued strong performance of our 88vape brand, including new customer wins across grocery and convenience retail, we remain committed to evolving our Vaping segment as evidenced with the acquisitions of Liberty Flights in June 2022, and Cuts Ice and Flavour Core in August 2022,’ Chair Paul McDonald says. ‘Looking ahead, we continue to explore additional M&A opportunities to complement the group’s organic growth, and the board remains confident in Supreme’s strategic ambitions, underpinned by the exciting prospects within Vaping.’
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Kinovo PLC - London-based property services company focused on safety and regulatory compliance, land regeneration and energy efficiency - Says good momentum continues, despite tough trading environment characterised by rampant inflation, supply chain weakness and labour shortages. ‘Kinovo has been able to partially offset these challenges through positive contract discussions regarding pricing, effective supply chain management and maximising its available labour pool,’ it says. Expects revenue of £30.0 million for six months to September 30, up from £23.8 million a year prior. Expects adjusted earnings before, interest, tax, depreciation and amortisation of £2.3 million, up from £1.8 million. ‘The directors expect this positive momentum in financial performance to continue into the second half of the financial year,’ company says. ‘Discussions continue with clients on the DCB construction projects and Kinovo hopes that on site activity will recommence in the near future, enabling Kinovo to progress its commitments under the parent company guarantees. Costs to complete the projects are expected to be in the region £4.0 million plus expenses, as previously announced.’
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Mycelx Technologies Corp - Georgia, US-based clean water and air technology - Says in commercial phase of contract negotiations with a ‘major’ oil producer which is based in Middle East. ‘Recent negotiations have made us aware it is unlikely the Company will be able to recognize the anticipated revenue for this project in 2022 and, therefore, will defer the revenue to 2023,’ company adds. If successful, deal would be second enhanced oil recovery installation deploying its MYCELX REGEN filtration system. Company adds that has other sales opportunities in pipeline that may close before year end. These could reduce impact of delayed revenue. Revises guidance. Now expects 10% revenue growth in 2022. Anticipated profit ‘will also be adversely affected’.
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Eneraqua Technologies PLC - London-based heating and hot water systems for social housing and commercial projects - Expects revenue of at least £24 million for first half ended July 31. Full-year revenue weighting is tilted to second half, amid ‘nature of client procurement calendars’. Also notes it receives £36 million worth of pacts, spread across three years, with new and existing social housing and private sector clients.
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FRP Advisory Group PLC - London-based corporate finance, restructuring and debt adviser - Non-Executive Chair Nigel Guy says enquiries for restructuring services increase recently. ‘Businesses have seen the last of the Covid support measures fall away, and the economy is experiencing significant inflationary pressure and other disruptive forces. Against that backdrop, there remains uncertainty as to how proactive key creditors like HMRC and institutional lenders will be on addressing overdue debts,’ Guy explains. FRP’s trading remains in line with expectations, firm says. Declares 0.85 pence per share dividend for first quarter ended July 31.
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Future Metals NL - Perth-based platinum exploration company - Says exploration drilling at Panton PGM-nickel project in Australia expected to begin in October. ‘The company has commenced ground geophysical surveys to improve the definition of known conductive bodies identified from airborne surveys; and to map the structure of the Panton intrusion at depth. Data from these surveys will refine the planned drill programme targeting sulphide mineralisation, with a contractor secured to mobilise to site in early October 2022,’ Future Metals says.
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Gunsynd PLC - London-based investment company focused on the natural resources, life sciences & alcohol sector - Says ASX-listed investee Pacific Nickel Mines Ltd awarded mining lease for Kolosori nickel project on Isabel Island in the Solomon Islands. ‘Pacific Nickel further states that its operations are now focussed on finalisation of its definitive feasibility study and that it will seek to expedite the wharf and haul road construction, together with the establishment of a construction camp in order to increase production during 2023,’ Gunsynd says.
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