The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Hikma Pharmaceuticals PLC - London-based pharmaceutical company - Agrees US-wide settlement designed to resolve its opioid-related claims with US states, local communities and tribal nations. Agrees to pay up to $115 million in cash and $35 million in donations of naloxone, an opioid antagonist used to reverse the effects of opioid overdose. Stresses settlement is not an admission of wrongdoing or liability and will continue to defend against any litigation that this settlement does not resolve.
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Rockfire Resources PLC - London-based mineral exploration company - Further to announcement of December 12 2023, confirms receipt of $2 million as part of its terminated acquisition of Emirates Gold DMCC and Emperesse Bullion LLC. These funds will be put towards multiple activities currently being undertaken. Further, says considering avenues and business development strategies to achieve a cash-positive business for investors. Continues to assess opportunities to attract partners to invest in its Queensland projects.
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Panther Metals PLC - Canada-focused mineral exploration company - Submits exploration permit application for additional drilling following the discovery of volcanogenic massive sulphide base metal mineralisation on the Wishbone prospect at the Obonga project in northern Ontario. Explains the submitted application covers a planned series of up to 39 diamond core drill holes and associated down-hole geophysics surveys spread across the Wishbone prospect. ‘With all plans firmly in place we would expect to commence drilling within a relatively short period of time post the granting of the permit,’ company says.
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GCP Asset Backed Income Fund Ltd - London-based investor, which backs medium to long-term fixed or floating rate loans secured against physical assets or cash flows - Receives cash proceeds of £18 million from the early partial repayment of a loan secured against a portfolio of property investments. The contractual repayment date of the loan is March 2024. As part of deal, agrees with the relevant borrower in connection with the prepayment, to extend the maturity of the remaining amount of the loan and other loans made to the wider borrower group totalling £53.7 million, which are also due in March, to no later than June 29. Also agrees to an increase in the interest rates of the group loan to align with the current credit market conditions. Following the prepayment, estimates cash balance of around £50 million. Says has no outstanding balance under its revolving credit facility. Continues to discuss potential £7 million share buyback programme with advisers.
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Tandem Group PLC - Birmingham, England-based sports and leisure product retailer - Trading update to December 31. Expects annual revenue of £22.2 million, down 17% from the prior year, and in line with updated guidance provided in December. Expects annual pretax loss to be in line with guidance. Explains the economic environment in the consumer sector continues to pose challenges and suppressed consumer spending continues to impact the domestic sales market, which proved more challenging than anticipated. Targets 19% increase in 2024 sales to £26.5 million and a return to profitability. Annual results will be released on March 25.
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First Class Metals PLC - Ontario, Canada-focused exploration company - Announces high-grade gold assays from channel sampling undertaken following the recently completed exploration at the 100% owned Sunbeam property. Describes results as very encouraging and typify this style of mineralisation. Says high grade gold assays reported of up to 18.8 grammes per tonne gold.
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Neo Energy Metals PLC - South Africa-focused uranium developer - Reports pretax loss for 18 months to September 30, 2023 of £900,000 compared to loss of £602,000 for the year ended March 2022. No revenue. Administrative expenses more than doubled to £936,000 from £457,000 in the shortened trading period. Basic and diluted loss per share was 0.62p compared to LPS of 0.41p.
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Emmerson PLC - Morocco-focused potash development company - Announce results of an in-depth scoping study at its Khemisset potash project. Says this substantially improves the Project’s economics, with annual earnings before interest, tax, depreciation and amortisation seen at $440 million per annum compared to original $258 million. Total project capex now estimated to be $525 million compared to the original $539 million. Estimates all-in sustaining cost of $163 per tonne, at the ‘lower end of the cost curve’ and delivers robust returns across a range of potash price assumptions.
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