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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Dukemount Capital PLC - London-based property management company - Says lenders under its September facility agreement have received a total consideration of £375,000, represented by 225.0 million shares in the company and £150,000 in cash. There are now no outstanding debts due under the facility agreement, Dukemount says.
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t42 IoT Tracking Solutions PLC - Provider of container tracking and monitoring for the global shipping supply chain - Expects to report total revenue of $4.0 million for 2023, flat from 2022. The company also says that its gross margins have improved over the year and general expenses reduced. T42 says it remains ‘confident in the company’s technological capabilities and the value of the company’s supply chain tracking solutions’. The company also agrees an extension of the maturity date on its £925,000 unsecured convertible loan notes until January 2025.
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Property Franchise Group PLC- Bournemouth, England-based lettings and estate agency franchising company - All-share merger with Belvoir Group PLC effective. On Wednesday, the pair received approval from the High Court of Justice for the scheme, which will create a company worth £214 million with a portfolio of 152,000 properties across the UK. Following delivery of a copy of the court order to the Registrar of Companies, the scheme has now become effective. As a result, Belvoir’s shares have been suspended and are expected to be cancelled on Friday. Belvoir shareholders are entitled to receive 0.81 new Property Franchise shares in exchange for their shares in the company. Application has been made for the 30.1 million new shares to be admitted to trading on AIM, expected to become effective on Friday at 0800. Property Franchise has also appointed Belvoir’s Jon Di-Stefano, Paul George and Michelle Brook as directors of the company.
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Tirupati Graphite PLC- Graphite and mineral producer focused on its flake graphite mining projects in Madagascar - Is seeking additional funding to cover the £1 million working capital required to bring production at its Madagascar projects to 1,500 to 1,600 tons per month on a consistent basis. Tirupati says it is engaged with the Madagascan government regarding the release of around $2 million VAT refunds, and is confident that these will be returned imminently. The company is also progressing negotiations for a working capital facility from its bankers in Madagascar. Tirupati has also appointed Puruvi Poddar, chief of corporate & business development, to the board as joint managing director with immediate effect. Alastair bath, associate of corporate & business development, has been appointed as executive director. The company is still searching for a chief financial officer, and says it is in discussions with London-based candidates.
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Caracal Gold PLC- gold producer focused on assets in East Africa - Says open cast mining has continued at pit 3B of its Kilimapesa plant in southwestern Kenya, following the recommencement of drilling in February. A total of 11,400 tonnes has been mined at an average grade of 1.82 grammes of gold per tonne of ore, and a strip ratio of ore to waste of 2.7 to 1. Caracal has faced and solved ‘various recommissioning challenges’, included power outages at the project. The company is also working towards the completion of an audit of its results for the financial year ended June 30, which it says is in its ‘final stage’.
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HSS Hire Group PLC - Manchester, England-based equipment hire company - Enters into unconditional agreement to sell ABird Ltd and APEX Generators Ltd, its power solution providers, to CES Global for an enterprise value of £23.3 million. In 2022, the two subsidiaries represented around £34 million of HSS’s revenue and £6 million of its operating profit. £20 million of the former was through its marketplace business, which will continue to be provided under an additional commercial agreement with CES. Following the disposal, HSS’s net debt will reduce to around £37 million on a pro-forma basis. HSS says that trading for 2023 was in line with market expectations, with revenue growth of 5%. The company will publish its annual results for 2023 in May.
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