The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Eden Research PLC - Oxfordshire, England-based developer of biopesticides for use in the global crop protection, animal health and consumer products industries - The firm expects to report revenue for 2024 increased 34% to £4.3 million from £3.2 million in 2023. Product sales alone rise 38%, Eden says. Its operating loss is expected to have stretched to £2.1 million from £1.9 million. For 2025, revenue growth of 16% to £5 million is predicted. ‘Some potentially significant approvals and other events’, subject to timing, could increase this figure. ‘The company does not currently expect to need to raise additional funds for its existing working capital requirements for the foreseeable future,’ Eden adds. In December, it reported regulatory approval in Mexico for Novellus+, a ‘new, enhanced version of its flagship fungicide, Mevalone’. ‘The product’s regulatory approval applies to its use against botrytis on a range of horticultural crops, comprising grapes, tomatoes, peppers, potatoes, strawberries, blueberries, raspberries, gooseberries, eggplant, okra, as well as several other high value fruit and vegetables,’ it said.
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Cordel Group PLC - London-based company whose flagship platform uses artificial intelligence to supply transport corridor analytics - Cordel wins deal with Network Rail in the UK. Cordel will deliver a ‘package of enhancements’ to its ongoing Railway Gauging Data Solution offering. Cordel adds: ‘Cordel was able to recommend an efficient approach to the urgent need to procure, curate, store and manage historical data, while building in additional functionality. Cordel will also deliver a package of user-efficiency improvements, based on re-engineering user interfaces and processes throughout the
data supply and utilization chain, and provide updates to maintain alignment with new standards.’
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Technology Minerals PLC - London-based provider of technology for battery metals recycling - Battery recycling-focused investee Recyclus Group Ltd signs a deal with a ‘global automotive company’. The deal is an agreement to recycle lithium-ion battery packs. ‘Under the terms of the contract, Recyclus will process hundreds of electric vehicle Li-ion battery packs at its Wolverhampton industrial scale Li-ion battery recycling facility. The batteries will be sourced both domestically and internationally following a battery recall programme by the customer and represents Recyclus’ first contract for recycling batteries from overseas,’ Technology Minerals says. ‘The contract demonstrates Recyclus’ global reach and growing reputation in the Li-ion battery recycling sector, and the increasing demand for its cradle-to-cradle solution.’ Technology Minerals owns just over 48% of Recyclus.
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Mast Energy Developments PLC - acquires, develops and operates small-scale, flexible-power generation plants with projects in the UK - Says record high electricity sales price per megawatt hour achieved last month at its Pyebridge flexible power generation asset. Mast Energy reports sales price of £160 per MWh, compared to average of £117 over prior five months. This outperforms the market average price of £91 for December. Mast Energy reports preliminary trading revenue of £77,000 for December. Final trading revenue for November totals £63,000, up from initially reported £58,000.
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EnergyPathways PLC - West Sussex, England-based energy infrastructure project company - It receives licence operatorship approval for Block 110/4a from the UK’s North Sea Transition Authority. It labels the development an ‘important milestone’ for the progress at the Marram Energy Storage Hub project. In addition, it selects PDi Ltd to provide engineering study support to Marram field development. ‘The appointment of PDi follows the recently announced appointment of Wood PLC as project lead engineering partner for MESH, as EnergyPathways and these appointed contractors progress the MESH project through the engineering, construction, commissioning and management phases,’ EnergyPathways says.
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Cobra Resources PLC - mining company with operations in South Australia - Resource drilling at the Boland project in Australia resumes, following a Christmas period pause. It aims to drill around 40 holes in January to complete stage 1 aircore drilling at the rare earth elements discovery.
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Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys, and oxides - The firm notes HyProMag is working with Areera Ltd, in a tie-up focused on the recovery and recycling of rare earth magnets. The partnership will look at rare earth magnets ‘embedded within speaker assemblies associated with a range of display equipment’. ‘Rare earth magnets derived from speakers represent a major market opportunity for recycling in the UK and other jurisdictions, given that minimal quantities are currently recovered, with the majority currently lost to landfill - this collaboration can unlock that potential,’ Mkango explains. HyProMag is owned by Maginito Ltd, which Mkango has just under an 80% stake in.
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Nuformix PLC - London-based developer of treatments for fibrosis and oncology - Submits a draft application document with the European Medicines Agency related to the pursuit of orphan drug designation for Nuformix’s lead asset NXP002. NXP002 is an inhaled treatment for idiopathic pulmonary fibrosis, a lung disease. ‘This is the first stage in the process for the company to potentially secure ODD for NXP002 in IPF,’ Nuformix adds. ‘The pre-submission meeting will occur later in January 2025. The EMA strongly encourages sponsors to request a pre-submission meeting prior to filing an application, the precise timing of which will depend upon feedback received, but could be before the end of January 2025. Upon submission of the application the company will make a further announcement and confirm the anticipated timelines associated with the review and the EMA’s decision on NXP002’s ODD in IPF.’ The firm adds it is also in talks with possible partners for an out-licence or option agreement for NXP002.
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