The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Headlam Group PLC - Birmingham-based floor coverings company - Warns will report a ‘significant’ pretax loss in the first half on a double-digit revenue decline. Says revenue in the four months to April 30 is down by slightly more than 12% from a year before, with the UK down 12% and continental Europe down 17%. The expected spring seasonal uplift did not occur, Headlam says. It adds: ‘Longer term, we expect our market to recover and there is no change to the indicative long-term revenue potential of the group of £900 million to £1 billion as set out in March 2024, which together with our transformation programme, is expected to see the group return to, and beyond, historical levels of profitability.’
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EnSilica PLC - Oxfordshire, England-based semiconductor designer - Says delivers ‘strong performance’ in year to May 31. Predicts revenue of £25 million, rising from £20.5 million, and post-tax profit of £1.9 million, up from £1.8 million. It adds: ‘During H2 the mix of business changed reflecting the slower economy and the impact that had on the start of new supply contracts which are now expected to begin in Q1 of FY25. Conversely, the company successfully taped out three customer chips.’ It continues: ‘EnSilica continues to experience high rates of activity and strong demand for its services, though the company has seen a longer gestation period for investment decisions from customers in H2 FY24. The board are pleased to announce a continuation of a strong combined orders and sales opportunity pipeline, which currently stands in excess of $500 million.’ Confident of financial 2025 revenue in excess of £30 million.
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Aterian PLC- critical metal-focused exploration and development with assets in Morocco and Rwanda - Drill programme planning is commencing on schedule at HCK project in Rwanda. Says drilling expected to begin in early third-quarter. The asset ‘is under the management’ of Rio Tinto Mining & Exploration Ltd. Rio Tinto PLC has the option to invest $7.5 million in two stages to earn up to a 75% interest in the HCK. Aterian notes soil sampling completed, ‘with results currently pending’. Says 2,274 samples collected in first-quarter. ‘I am very pleased to provide this update and report on the significant progress achieved from the various workstreams conducted on the HCK project by Rio Tinto. They have so far covered the whole licence area with multiple geological and geophysical methods, and indications of the preliminary analysis look very encouraging. Over the next months, drilling preparatory ground works will begin, followed by the first holes drilled on the project,’ Aterian Chair Charles Bray says.
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CleanTech Lithium PLC - Chilean-focused lithium exploration and development company - Reports ‘highly encouraging results’ from processing of brine at Laguna Verde direct lithium extraction pilot plant in Chile. ‘The DLE pilot plant has produced high quality eluate with low impurities,’ CleanTech says.
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Touchstone Exploration Inc - oil and natural gas exploration and production firm active in Trinidad & Tobago - Petroleum and natural gas sales in first-quarter of 2024 down 20% to $16.6 million from $20.8 million a year prior. Swings to net profit of $3.6 million from loss of $21.2 million. Touchstone adds: ‘Our 2024 capital program is progressing as planned, with four of the six wells in the program successfully drilled and cased. Road and pipeline construction to tie-in our two recently drilled Cascadura development wells to our natural gas facility is progressing and we expect the infrastructure will complete prior to the end of the third quarter of 2024.’
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Capital Metals PLC - mineral sands exploration company focused on Sri Lankan projects - Says preferred joint-venture partner at Eastern Minerals project in Sri Lanka is Sheffield Resources Ltd. Sheffield had a co-exclusivity period with LB Group for the right to acquire up to a 50% stake in the project. Capital Metals adds: ‘The co-exclusivity period will end on 15 May 2024 and Sheffield will be provided with exclusivity to conclude discussions and finalise the already-advanced legal documentation by the end of May 2024.’
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Castillo Copper Ltd - copper exploration company, with projects in Australia and Zambia - Plans comprehensive soil sampling campaign at its Big One deposit, within NWQ project in Queensland, Australia. Chair Ged Hall says: ‘Following our strategic asset review in 2023, the new board plans to fully develop the Big One deposit, commencing with a comprehensive surface sampling campaign north of the known orebody.’ Also notes ‘copper price in midst of a significant upcycle’. Castillo adds: ‘Investment bank Goldman Sachs has revised previous forecasting of commodity price, now estimated to reach $12,000 [per tonne] in 2024, up from $10,000.’
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Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America - Says operations on State 36-2 LNW-CC-R well in the Paradox Basin in Utah progressing in line with expectations. Says next phase of work involves drilling through Paradox formation.
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Asiamet Resources Ltd - mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Hails ‘positive results’ from optimisation work at BKM heap leach project in Indonesia. Aim of work was to cut upfront project capital cost. The heap leach facility is the ‘single largest capital cost item in the 2023 feasibility study’. CEO Darryn McClelland says: ‘The full impact of this optimisation work in terms of construction schedule and capital cost will flow through from the detailed design and engineering currently underway for BKM. This coincides with the appointment of Rexline Engineering and BGRIMM Technologies for engineering design work and ultimately revisions to the capital cost estimate for the BKM project. The company looks forward to providing regular updates from ongoing works as they become available.’
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Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure assets in Asia - Net asset value per share at December 31 year end falls to 46.4 US cents, from 49.3 cents a year prior. Dividends declared during period totals 1.3 cents, down from 2.5 cents. Asian Energy Impact says: ‘Subject to shareholders approving the proposal for the realisation of AEIT’s assets, the company’s focus will be to conduct an orderly realisation of the company’s assets in a manner that seeks to achieve a balance between maximising the value of its investments and progressively returning cash to shareholders in a timely manner.’ Shares restored to trading now results have been published.
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abrdn Equity Income Trust PLC - London-based trust investing in UK-quoted companies - Net asset value per share at March 31 half-year end falls to 307.81 pence from 314.55p at end of September. First two interim dividends for year amount to 11.4p altogether, unmoved on-year. Chair Sarika Patel comments: ‘The geopolitical and macroeconomic backdrop has led to a period of volatile performance for UK equities. Although expectations are growing for an interest rate cut in June, we expect any decreases to be slower than analysts originally forecast. Against this backdrop, the investment manager remains focused on companies that have the ability to generate growth and strong cash flows which can then be used to pay sustainable dividends.’
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Intuitive Investments Group PLC - life sciences and technology investor - Hui10 Inc investee strikes deal with China’s largest travel company, Qunar. Hui10 ‘to commence points exchange for lottery tickets with over 500 million customers from mid-June 2024’. Hui10 is a technology firm involved in the digital transformation of the Chinese lottery sector. Also, it wins a national contract with China Communications Information Co for scratch card sales in all taxis. In addition, Intuitive notes Hui10 is involved in a framework cooperation pact with China Financial Certification Authority Co Ltd to ‘design a complete product and technical solutions’ for paperless lottery sales.
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Celadon Pharmaceuticals PLC - pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines - Pretax loss in 2023 narrows to £7.5 million from £18.1 million in 2022. Revenue amounts to £75,000, up from £24,000. Helping its bottom line, it books no share-based payment costs for reverse acquisition, compared to £6.4 million in 2022. In 2022, the firm then known as Summerway Capital PLC sealed the reverse acquisition of medical-cannabis firm Celadon. Looking ahead, Celadon says: ‘While the UK market for cannabis-based medicines is still in its infancy, there are signs that it is beginning to mature. We remain confident of the medium to long-term sector outlook and the prospects for Celadon within this market. The group has started to deliver on its commercial supply agreements and has several additional customer contracts in negotiation demonstrating the continuing and increasing demand for high-quality UK grown cannabis products.’
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Zytronic PLC - Tyne & Wear, England-based touch sensors manufacturer - Says revenue in six months to March 31 falls to £3.3 million from £4.7 million a year earlier, while pretax loss narrows to £615,000 from £897,000. Chair Chris Potts comments: ‘The board is cautiously encouraged by the observed improvement in the group order intake during the last several months and the progression of business development activities, which are now firmly re-established with customers and partners showing interest in our innovative product solutions. While it is too early to call this the start of a sequence of recovering quarters, it does give some grounds for optimism while we undertake a formal business and operational review process, to establish an enhanced strategic direction for the group, for the benefit of all stakeholders. A core objective remains the return to positive cash generation and growth over the medium term.’
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FDM Group Holdings PLC - London-based IT-focused professional services provider - Says has traded in line with the board’s expectations during the first four months of the year. ‘Softer’ market conditions have continued. Chair David Lister says: ‘Whilst many of our clients’ decisions on commencing major projects continue to be subject to delay or deferral as a result of the macro-economic and geo-political uncertainties that remain in most of our regions, we are nevertheless seeing the very early signs of improvement in certain areas.’ As of April 30, firm had 3,543 consultants assigned with clients, a decrease of 26% on the prior year. Internal staff headcount at end of April was 20% lower than a year prior.
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