The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Bluebird Merchant Ventures Ltd - South Korea-focused gold development company - Signs agreement with an unnamed Filipino mining group to develop the high grade Batangas gold project in the Philippines. Secures joint venture to fast-track Batangas to production decision. Bluebird notes ‘excellent exploration potential across the licence with high-grade targets already identified for resource expansion with 14 kilometres of identified mineralised structures.’ Bluebird Chief Executive Officer Colin Patterson says the joint venture covers the entire Batangas project area, with a total JORC compliant resource of 440,000 ounces. JORC is a professional code of practice known as the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. CEO Patterson adds: ‘Exploration expenditure to the tune of around $20 million has been invested and with a more favourable sentiment to mining and a specialist local partner to carry it forward, the potential value is clear to see.’
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ECR Minerals PLC - gold exploration and development company focused on Australia - Finds 441.23 grams of gold per tonne at Insitu rock chip sampling at Creswick project north-east of City of Ballarat, in Victoria, Australia.
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Frenkel Topping Group PLC - Manchester-based professional and financial services firm focused on asset protection - Expects 2022 revenue to climb 35% to around £24.8 million from £18.4 million in 2021, and adjusted earnings before interest, tax, depreciation and amortisation to increase to £6.1 million from £4.6 million. Assets under management as at December 31 grow to £1.18 billion from £1.17 billion a year ago. Looking ahead, company says 2023 has started well, adding that it is confident that acquisitions made will contribute to revenue and profitable growth. Chief Executive Officer Richard Fraser says: ‘We are in a strong position to accelerate growth through the group in the coming years and to capitalise on a significant opportunity in the personal injury and clinical negligence space’. Frenkel Topping anticipates that it will release its 2022 results on April 24.
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Northcoders Group PLC - Manchester-based software coding training provider - Buys Tech Returners Ltd for £1.58 million in cash and shares, as it aims to diversify its Business Services division, adding a new income stream to its corporate-focused business model. Tech Returners provides accessible opportunities to tech professionals returning to the industry. In the financial year ended November 30, 2021, the company had a pretax profit of £68,000 on revenue of £565,000 and net assets of around £7,000. For financial 2022, Northcoders says Tech Returners expects to report revenue over £800,000 with a breakeven position. It anticipates further growth in 2023. Northcoders expects Tech Returners to be fully integrated into its business by the second quarter of 2023, and to have a positive impact on its performance during 2023.
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Starvest PLC - London-based early-stage mineral exploration investor - Net asset value per share as at September 30 halves to 11.3 pence from 24.4p a year ago. Company cites supply chain issues, higher energy prices, precious metal price fluctuations, and inflation. Trading portfolio value decreases 56% to £5.2 million from £14.0 million. Pretax loss for the year ended September 30, 2022, widens 95% to £7.5 million from £3.9 million a year prior. Movement in fair value of financial assets is negative £7.2 million, up from negative £3.6 million. Administrative expenses increase 5.1% to £305,944 from £290,993. Looking ahead, the company expects the long-term outlook for gold prices to remain favourable.
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Water Intelligence PLC - London-based leak detection services company - Buys back Nashville, Tennessee franchise for $3.3 million. Meanwhile, says adjusted pretax profit in 2022 climbs 12% to $7.8 million from $6.9 million a year ago, while revenue grows 31% to $71.3 million from $54.5 million. Company aims to release its 2022 results by early June. Looking ahead, Water Intelligence says it is ‘confident in our strategic growth plan.’
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