The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Judges Scientific PLC - London-based company focused on acquiring and developing businesses in the scientific instrument sector - Amends and extends existing multi-bank facilities with Lloyds Banking Group PLC, Banco Santander SA and Bank of Ireland Group PLC. Explains the changes will provide further acquisition financing capacity in support of the group’s buy and build strategy. The amendments see a £40 million extension of the aggregate to £140 million consisting of a £90 million revolving credit facility alongside a £50 million uncommitted accordion facility, which can be drawn with the agreement of the banks. This replaces the previous £100 million facility which consisted of a £25 million term loan, a committed £55 million RCF and a £20 million uncommitted accordion. Chief Financial Officer Brad Ormsby says: ‘We are delighted that our banks continue to strongly support the group’s long-term growth plans. This larger and extended facility will add increased capability to the group’s deal-making capacity, and highlights our lenders’ support of the group’s enduring buy and build growth strategy.’
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Eneraqua Technologies PLC - energy and water efficiency solutions provider - Issues statement ahead of Wednesday’s annual general meeting. Says the calling of a general election in the UK has had the effect of slowing decisions by certain customers as a result of the usual Government hiatus on funding and decision making during the election period. This will result in the deferral of some revenue into the second half of financial 2025, company says. ‘However, we continue to expect a high level of activity, supported by a healthy balance sheet and a return to profit in H2 and for the full year as planned,’ company adds.
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i(x) Net Zero PLC - St Helier, Jersey-based investor focused on energy transition - Notifies the London Stock Exchange of the proposed cancellation of admission of its ordinary shares to trading on AIM. This will be effected if backed by shareholders at the annual general meeting on July 19. If approved, last day of dealings in shares is expected to be July 31.
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Downing Renewables & Infrastructure - investor in solar parks, wind farms and hydroelectric assets - Says Downing Hydro AB has pre-qualified its first hydropower plant site for participation in the frequency containment reserve markets in Sweden. Once a company has successfully completed the pre-qualification process it allows it to operate in the FCR markets for the site(s) approved. The site is expected to start earning revenues from participation in the FCR-N and FCR-D markets during July 2024.
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ActiveOps PLC - Reading, England-based management process automation software provider for back-office operations - In the financial year ending March, swings to pretax profit of £1.0 million compared to £0.2 million loss a year prior. Comes as revenue rises 5% to £26.8 million from £25.5 million with annual recurring revenue up 11% to £25.1 million from £22.6 million. Earnings per share are 1.18 pence compared with loss of 0.70p per share a year before. ‘Trading in the first few months of [financial 2025] has been in line with the board’s expectations, driven by customer expansions and the addition of a new customer with significant expansion potential,’ company says.
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Home REIT PLC - London-based real estate company - Says portfolio valuation at June 30 is £298.0 million compared with £412.9 million at August 31, 2023. Borrowings fall to £114.6 million from £220.0 million over the same period. In June, Home REIT sold 133 properties for £11.4 million with completion expected during July.
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Contango Holdings PLC - metallurgical coal producer focused on its 70%-owned Muchesu coal project in Zimbabwe - Says Huo Investments invests up to $20 million in the Muchesu coal project and acquires a 51% ownership stake. Huo also invests $2 million into Contango. Contango is to be granted a production royalty in relation to Muchesu.
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Anglo Asian Mining PLC - Azerbaijan-focused gold, silver and copper producer - Announces amendments to its production sharing agreement held by its subsidiary, Azerbaijan International Mining Company Ltd. The current local party, the Ministry of Ecology and Natural Resources is to be replaced by AzerGold Closed Joint Stock Co. Minor amendments have also been made in respect of the use of facilities for the Kyzlbulag, Demirli and Vejnaly contract areas. Chief Executive Reza Vaziri says: ‘These amendments provide a considerable benefit to Anglo Asian Mining, as the company will now work with AzerGold on exploration, development and mining projects under the production sharing agreement. AzerGold fully understands the mining sector in Azerbaijan, including the obtaining of permits and associated governmental procedures.’
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Smurfit Kappa Group PLC - Dublin-based packaging manufacturer - Says shares were suspended from trading on Euronext Dublin, effective Tuesday.
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Tribe Technology PLC - Belfast-based developer and manufacturer of autonomous mining equipment - Enters joint development agreement with IMDEX Ltd, an Australian Securities Exchange listed, leading global mining technology company. While the agreement does not involve any minimum or guaranteed revenues for the group, Tribe Tech and IMDEX will seek to work together to develop future technology, including through integration of both parties’ unique services, offerings, and experience. Company calls the pact an ‘important step’.
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Inqo Investments Ltd - South Africa-focused investment firm - Announces an investment in Pabidi Lodge Budongo Ltd as part of its conservation and rural enterprise project in Uganda.
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Sovereign Metals Ltd - mining exploration and development company with assets in Malawi - Says Rio Tinto PLC to invest A$18.5 million via the exercise of options, to increase its stake in Sovereign to just under 20%. Investment proceeds to be used to continue advancing the Kasiya Rutile-Graphite Project in Malawi. Under the agreement Rio Tinto continues to provide assistance and advice on technical and marketing aspects of Kasiya. Sovereign Chair Ben Stoikovich says: ‘Rio Tinto’s further investment in Sovereign reaffirms Kasiya’s position as one of the most significant critical minerals projects globally.’
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Capricorn Energy PLC - Egypt-focused oil and gas exploration company - Provides update on operations. Chief Executive Randy Neely says: ‘The company enters the second half of 2024 offering a clear value opportunity against the backdrop of an improving fiscal landscape and re-start of drilling operations in Egypt, and the potential to grow a non-operated production base to capitalise on our advantaged legacy position in the UK North.’
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Shield Therapeutics PLC - Commercial-stage pharmaceutical company focused on iron deficiency product Accrufer - Enters $5.7 million agreement with AOP Health International Management AG, the largest shareholder in the company, owning around 40% of the company’s issued share capital. Also announces that AOP’s founder, Rudolf Widmann, will join the Shield board as a non-executive director. AOP will provide Shield $5.7 million in cash, in exchange for the right to receive the $11.4 million China approval milestone payment that may be paid to Shield by Jiangsu Aosaikang Pharmaceutical Co Ltd. Company says this further fortify ‘our balance sheet and expand our working capital’.
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First Class Metals PLC - Blackburn, England-based metal discovery company with operations in northern Ontario - Says field work completed at the Coco East property. At the Sunbeam project, 85 samples from Nuinsco diamond core drilling dispatched for assay.
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Technology Minerals PLC - London-based battery metals recycling - Announces that 48% owned subsidiary Recyclus Group Ltd has signed a black mass offtake agreement with LOHUM Cleantech, India’s leading producer of sustainable energy transition materials. Recyclus will sell black mass produced at its lithium-ion battery recycling facility in Wolverhampton to LOHUM’s facility in India, with the requisite regulatory approvals underway. LOHUM is India’s largest battery recycler.
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Arkle Resources PLC - Irish-focus gold and zinc exploration company - Says drilling at Stonepark licence block in Limerick is expected to begin in the third quarter and complete by year-end. Drilling will consist of 3 to 4 holes totalling around 1,350 metres, with hole depths of 350 metres to 550 metres.
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