The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Helium One Global Ltd - London-based helium explorer focused on Tanzania - Completes wireline logging and downhole sampling at the Tai-3 well in Tanzania. Says that samples recovered from the reservoir intervals confirm presence of helium. Chief Executive Officer Lorna Blaisse says: ‘These results are very encouraging indeed and we are delighted to have completed the Tai-3 well safely and to have been able to acquire a full set of wireline logs and downhole samples. This is an excellent result for the company and a huge testament to the team’s performance, especially given the challenges we have faced along the way.’ Notes, however that no basement downhole samples were obtained as the wireline tools could not be run past 1,430 metres measured depth due to washouts.
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Active Energy Group PLC - London-headquartered biomass-focused renewable energy company - Says there are continuing construction and engineering delays at the CoalSwitch fuel reference plant in Ashland, Maine. Says it no longer has has confidence in the time estimates for the delivery of CoalSwitch fuel. This comes after Active Energy’s partner Player Design Inc was granted a permit in May to construct and operate the CoalSwitch facility in Ashland. CEO Michael Rowan says: ‘We are frustrated that the Ashland facility has not met the time deadlines, previously agreed with [Player Design Inc], but we remain invigorated from the positive feedback that our new US management team is receiving to establish alternative production centers elsewhere in the US with alternative production and engineering partners. With the immediate opportunities before Active Energy for CoalSwitch sales, I am confident in the future for the company’s business.’
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MTI Wireless Edge Ltd - Rosh-Ha’Ayin, Israel-based communication and radio frequency technology company - Says revenue in the nine months to September 30 falls 3.2% to $33.7 million from $34.8 million a year prior. Meanwhile, pretax profit rises 6.2% to $3.4 million from $3.2 million, citing positive currency movements and margin improvement. Looking ahead, says it is well-placed going into the final quarter of the year and for 2024. Adds that the company ‘continues to perform well’ despite the ongoing Israel-Palestine conflict. CEO Moni Borovitz says: ‘[The fourth quarter] has begun well with good opportunities visible in all divisions of the group, part of which is related to the increased spending by the Israeli Government for services from both our Antenna and MTI Summit divisions. I believe that the company is therefore well placed to weather the current challenges and, in the absence of unforeseen geopolitical developments, to continue to grow.’
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Premier African Minerals Ltd - Africa-focused metals and mineral project developer - Confirms suspension of operations at its Zulu lithium plant to allow for civil construction to commence in preparation for the installation of a 55 tons per hour ball mill.
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SRT Marine Systems PLC - Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection - Says revenue in the six months to September 30 falls 71% to £5.5 million from £18.8 million a year prior, explaining that its systems business ‘did not generate any revenues having not completed any revenue milestones.’ Swings to pretax loss of £4.6 million from a profit of £2.1 million partly driven by an 34% increase in administrative costs grew to £6.3 million from £4.7 million a year prior. Looking ahead, says it expects a ‘smoother’ distribution of revenues. CEO Simon Tucker says: ‘The hard work and progress made across the business during the first half has prepared us for a busy second half, with the scheduled delivery of a number of system project milestones and continued growth of our transceivers business. In line with this, we are on track to complete our financial year end as expected.’
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Trinity Exploration & Production PLC - Leeds-based exploration and production company focused on Trinidad & Tobago - Says Jacobin well operations currently focussed on flow testing discovered oil zones. Expects to perforate upper zones in the well by mid-December. CEO Jeremy Bridglalsingh says: ‘We are moving up-hole to commence testing of the main zones of interest. The well-testing team has worked hard to try to achieve production from what was always going to be a challenging zone but we will now take the valuable operational lessons learned and data gathered, up-hole to what is expected to be more productive zones.’
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