The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Belluscura PLC - London-based medical device developer - Sets full-year revenue expectations between $8 million and $10 million, up substantially from $825,409 a year prior. This guidance is set amid record sales for the month of July, with revenue of $708,000, and ahead of the full commercial launch of Discov-R, a portable oxygen concentrator. Chair Adam Reynolds said: ‘We are delighted with the growth in sales and distribution over the past six months for both the X-Plor and Discov-R portable oxygen concentrators. Whilst it has taken time to bring both products to market, and we are grateful for the patience of our shareholders, we now have two leading lightweight portable oxygen enrichment concentrators that meet the stringent requirements of the FDA...The board looks forward to the remainder of 2024 and into 2025 with a real sense of confidence.’
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Flowtech Fluidpower PLC - Cheshire, England-based valves and hydraulic components maker - Acquires business and certain assets of Thomas Wright/Thorite Group Ltd. This follows administrators being appointed Thomas Wright/Thorite. Flowtech will acquire all the plant and machinery, vehicles, stocks, and intangible assets of Thomas Wright/Thorite for £350,000 in cash. It will also repay an outstanding debtor finance facility of £1.7 million. ‘Thorite is a leading UK provider of pneumatics, compressed air, vacuum and fluid handling products and systems and has traded since 1850. It operates from seven sales and service centres across the UK,’ Flowtech adds. Due to the acquisition, it delays its half-year results to no later than September 30.
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Power Metal Resources PLC - metals exploration company with projects in North America, Africa, Saudi Arabia and Australia - Updates on possible joint-venture with ACAM LP. Says ACAM has ‘substantially completed’ due diligence in relation to deal. ‘The parties are, however, still working together to complete the joint venture and the closing of the transaction. Accordingly, the parties have agreed to extend the period of exclusivity for the transaction to 13 September 2024,’ Power Metal adds.
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Coro Energy PLC - South East Asian energy company with a natural gas and clean energy portfolio - Signs second binding 14-year power purchase agreement in Vietnam with Mobile World Group. It will deliver power at 30 sites. ‘Construction work at these sites is expected to begin imminently and to conclude approximately 28 days following commencement,’ Coro adds. ‘The company is also in advanced PPA discussions for the next 350 sites.’
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Beacon Energy PLC - oil and gas company with portfolio of onshore German assets - Says SCHB-2 well has not been able to achieve stabilised flow rate yet. Says the electrical submersible pump is running at ‘lower limit’ of operating range, roughly 50 barrels of oil per day. Says plans to re-install rod pump, at cost of around €75,000, over coming weeks. This is ‘expected to allow a stabilised flow rate to be achieved’. ‘In order to maximise the cash generation of the Rhein Petroleum business, cost reduction measures are actively being pursued. The company has entered into a formal three-month process with the creditors of Rhein Petroleum, with the aim of agreeing a reduction in liabilities and a deferred payment plan based on future cash flow generation,’ it adds. ‘The company is in the process of putting forward a restructuring plan to creditors aimed at maximising cash generation from the Rhein Petroleum business.’ Cost-cutting measures ar being pursued and these are to cut Rhein Petroleum’s annual cash operating costs to €1.3 million from €2.5 million currently.
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Kropz PLC - South Africa-focused phosphate producer and developer - Makes second drawdown of bridge loan facility with major shareholder ARC Fund. Loan is worth R 140 million, around £6.0 million. Drawdown is worth R 60 million and loan is now fully drawn.
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GreenRoc Strategic Materials PLC - mining company with operations in Greenland - Signs letter of interest with Otra Holdings AS to secure an area in Southern Norway for its graphite active anode materials production plant. It has also applied for strategic project status under the EU’s critical raw materials act and has submitted the project description for the Amitsoq graphite mine in South Greenland to the government of Greenland as part of path to achieving an exploitation licence.
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Bezant Resources PLC - copper and gold exploration company with projects in Africa, South America and the Philippines - Says survey extends potential exploration target at Kanye manganese asset in Botswana. ‘The geophysical anomaly extends up to 300 metres width in places, double that in the area already drill tested, and remains open further to the NW beyond the limit of the survey,’ Bezant adds. Executive Chair Colin Bird says firm plans drilling to see ‘possible mineral continuity and grade’.
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Hummingbird Resources PLC - gold miner with operations in Mali, Guinea, Ivory Coast and Liberia - Says 53%-owned Pasofino reports ‘significant progress in its strategic review’. Pasofino notes discussions with several interested parties, two of which have offered non-binding interest in acquiring firm. ‘The intention is to finalise a definitive acquisition agreement by Q4 2024, pending the outcome of these evolving discussions,’ Hummingbird says.
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Anglo Asian Mining PLC - Azerbaijan-focused miner - Receives $3.7 million under vendor financing facility agreement with Caterpillar Financial Services Corp. ‘This is the first time Cat Financial will provide vendor financing to a customer in Azerbaijan and the first time Cat underground equipment has been deployed in Azerbaijan,’ Anglo Asian had said in May.
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Literacy Capital PLC - London-based investment trust - Net asset value per share at June 30 half-year end totals 522.6 pence, rise of 4.4% from 500.4p at end of December. ‘Cash inflows in the six-month period remained strong and consistent with recent periods, reflecting the active management of the portfolio,’ it says. First-half cash inflows, at £25.0 million, equal ‘record amount received’ in second half of 2023. ‘This was achieved without selling any portfolio companies, with the majority of cash proceeds received following the refinancing of a portfolio company announced in April,’ it adds.
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ValiRx PLC - Hatfield Heath, England-based life sciences company focused on early-stage cancer therapeutics and women’s health - Says subsidiary Inaphaea confirms evaluation and commercial use agreement with Swedish contract research organisation BioReperia AB. Deal is to provide Inaphaea’s patient derived cells for evaluation and commercial use in BioReperia’s platform. ‘The contract initially focusses on establishment of up to four glioblastoma zebrafish xenografts which will then be offered for commercial services by BioReperia. Additional patient derived cells across Inaphaea’s range of 66 cancer types can be added at any time,’ ValiRx adds. ‘Inaphaea will be entitled to an upfront fee and a percentage of service royalties on commercialisation of the models. Both companies have also agreed to co-market their respective services. The agreement is for a period of 12 months initially and may be extended in writing by mutual agreement.’
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