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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Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Commences simulation activities at the Shenandoah South 1H well in EP117, operated by Falcon Oil & Gas Australia Ltd’s joint venture partner Tamboran B2 Pty Ltd. Says testing has already demonstrated an over-pressured regime, providing confidence that the well can replicate or exceed commercial flow rates achieved at the Tanumbirini well. Expects to release 30-day initial production flow rates in the first quarter of 2024, and hopes results from SS1H will support the sanctioning of the JV’s proposed 40 million cubic feet per day pilot project at Shenandoah South.
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SysGroup PLC - Liverpool-based IT services, cybersecurity, and cloud hosting provider - Pretax loss for the six months ended September 30 widens to £1.1 million from £194,000 the prior year. Revenue decreases 3.2% to £11.0 million from £11.3 million. Net debt totals £3.4 million as of September 30, up from £1.9 million at the same time in 2022. Costs from exceptional items more than triple to £1.1 million. Administrative expenses increase 13% to £6.3 million. Executive Chair Heejae Chae says core business ‘provides a very solid base from which we can expand, giving us very good revenue certainty and visibility,’ but notes that in the short term this may be offset by investments to drive future revenue growth.
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1Spatial PLC - Cambridge-based data management software company - Says it’s ‘delighted’ by the UK government’s recent announcement that the National Underground Asset Register is now available across England, Northern Ireland and Wales. 1Spatial says it was ‘an integral part’ of the development of NUAR, a digital map of underground pipes and cables providing ‘secure, instant access’ to comprehensive location data for such assets. NUAR is expected to increase construction and development efficiency, reduce damage and disruption, and improve workers’ safety. 1Spatial says its industry leading platform was leveraged to ‘seamlessly’ integrate data collected from a wide variety of asset owners. NUAR is expected to become fully operational by 2025.
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Andrada Mining Ltd - technology metals mining company with mining and exploration assets in Namibia - Completes commissioning and announces first production at pilot plant in Namibia, producing ten tonnes of on-specification saleable lithium concentrate. Expects production ‘ramp-up’ in the first quarter of 2024 to 250 tonnes of lithium per month. Says lithium exploration drilling campaigns are planned for all licence areas. Adds that metallurgical test work is ongoing for the production of battery grade lithium hydroxide, and that discussions with glass-ceramics off-taker for supply of high-purity petalite is progressing well.
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Literacy Capital PLC - London-headquartered trust focused on long-term investments in private UK businesses - Agrees increase to the limit of its revolving credit facility with existing lender Investec Bank PLC to £30 million from previous limit of £25 million. Says all other terms remain unchanged. As of Monday, drawings under the RCF amount to ‘just under’ £7 million. Company expects gearing to ‘remain conservative’ throughout the term of the RCF with leverage peaking at 10% of net asset value, despite its borrowing policy permitting indebtedness of up to 20% of NAV.
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Ajax Resources PLC - London-headquartered special purpose acquisition company focused on natural resources - Pretax loss narrows in the six months ended August 31 to £96,008 from £97,876 the year before. Reports no revenue, unchanged year-on-year. Believes it is ‘now potentially not far from finding an opportunity that satisfies our development criteria’. Proposes one-year extension to its investing policy; investors will vote on the proposal at a general meeting in February 2024. Says UK market sentiment has experienced a ‘gradual recovery’ which it sees as ‘an auspicious backdrop for our potential near-term progress’.
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