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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Ithaca Energy PLC - North Sea oil and gas operator - Reports results from exploration drilling at the K2 prospect in central North Sea of UK Continental Shelf. Discovers hydrocarbons present in reservoir in the forties member sandstones, with 45 feet of net thickness. ‘Logs were acquired to establish reservoir quality and further analysis of the well results will be performed to determine future activity and the recoverable resources estimate. Ithaca Energy, together with its joint venture partner, have decided to perform an appraisal sidetrack following these encouraging results in the main bore,’ Ithaca says. It has a 50% working interest in asset, with remainder held by Dana Petroleum.
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Hansard Global PLC - Isle of Man-based long-term savings provider - New business for financial year ended June 30 totalled £85.7 million, down 29% on-year from £120.5 million. Fourth-quarter new business was 32% lower at £16.9 million. ‘New business for the quarter and financial year was impacted by a general hesitancy by clients to commit to long-term savings products reflecting on-going economic uncertainty, geopolitical developments, and the aftermath of Covid-19 restrictions around the world,’ Hansard Global says. Assets under administration totalled £1.1 billion at June 30, flat on-year.
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Deltic Energy PLC - natural resources investor - Formally notified of joint-venture partner Capricorn Energy PLC’s intention to withdraw from Southern North Sea gas exploration licences. Deltic, amid ‘ongoing rationalisation and high grading of its portfolio’, withdraws from three of the licences, P2560, P2561 and P2562. Deltic adds: ‘With respect to Licences P2567 (Cadence) and P2428 (Cupertino), Deltic recognises the significant prospectivity highlighted by the technical work programmes completed by Capricorn on behalf of the JV and intends to continue with these two licences following the withdrawal of Capricorn. Across the P2567 and P2428 acreage position, the committed work programme has been completed in relation to both licences, and Deltic has been fully carried by Capricorn through nearly US$10 million of technical work to date.’ Chief Executive Graham Swindells says Deltic would have preferred to continue Capricorn JV. The CEO adds: ‘Our extensive work together has advanced our understanding of the potential of the area; further demonstrated the excellent prospectivity present on the two most advanced licences and allowed us to focus on those licences showing excellent potential. We look forward to advancing the key exploration prospects on this acreage.’
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Safestyle UK PLC - retailer and manufacturer of PVCu replacement windows and doors - Warns annual performance is likely to be ‘materially below’ market expectations, predicting just £500,000 underlying pretax profit for the second half. In the six months to July 2, revenue falls 5.4% to £74.0 million from a year before, due to challenging market conditions. These worsened over the five weeks to July, which has ‘adversely impacted’ order intake volumes. Safestyle expects the decline to be an ‘ongoing trend’. First-half underlying pretax loss is expected to be around £6.0 million. Firm says it has initiated an efficiency and cost reduction programme, which has entailed job cuts, but saved around £2.0 million in annualised savings. As of July 2, has net cash of around £900,000. Will update further alongside its interim results on September 27.
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Mission Group PLC - owner of a group of digital marketing and communications agencies - Secures ‘notable’ new wins, including business with UK Space Agency, cancer charity Macmillan Coffee Morning, M1 Telecom, Goldman Sachs Group Inc, alcoholic spirits brand Jagermeister and payments firm Worldpay. Expects revenue growth of 12% to £42.0 million for six months to June 30, but pretax profit to fall to £1.0 million from £1.8 million amid hit from higher interest rates.
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Novacyt SA - biotechnology group focused on clinical diagnostics - Revenue for first half of 2023 of £3.3 million expected, down sharply from £16.5 million. Prior half-year’s revenue got boost of £13.0 million from Covid-19, though this faded to just £500,000 this time around. Will prioritise UK Conformity Assessed marking for new multiplex tests, given importance of UK market. ‘The UKCA mark is replacing the CE mark for all in vitro diagnostic products sold in the UK. Under UKCA, IVD manufacturers can continue to self-certify their products, which typically takes six to nine months compared to 18 to 24 months to achieve a CE mark under the new European In Vitro Diagnostic Regulation. The company is planning to self-certify two of its new multiplex products for respiratory and insect-borne diseases during H2 2023, with a further four expected in 2024,’ Novacyt adds. Meanwhile, takeover target Yourgene Health PLC on Thursday says it continues to expect annual revenue of £19.0 million for year ended March 31, with an adjusted loss before interest, tax, depreciation and amortisation of £4.5 million, at the worse end of a £3.5 million to £4.5 million range. ‘Trading since year-end continues to support market expectations for FY24 and Yourgene’s expectations,’ Yourgene adds. Yourgene agreed to Novacyt takeover earlier in July. The deal values Yourgene’s equity at £16.7 million.
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