The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Shearwater Group PLC - London-based cybersecurity services provider - Expects to report revenue of £35.5 million for year ended March 31, up from £31.8 million. Adjusted earnings before interest, tax, depreciation and amortisation to be in excess of £4.2 million, up from £3.7 million. Both figures are to be ahead of market expectations. ‘Revenue growth represented a mix of strong renewals from long term clients in addition to a number of significant new contract wins in the group’s Services division,’ Shearwater says.
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Immotion Group PLC - Manchester, England-based virtual reality entertainment company - Wins three-year deal with Pittsburgh Zoo & PPG Aquarium in US for installation of a 24 seat Gorilla Trek VR theatre. ‘The installation of the 24-seat VR theatre is due to open later this spring. With around 1 million annual visitors, Pittsburgh Zoo is the pre-eminent zoo in the region and will offer a first-class venue for the cutting-edge experience,’ Immotion says. Says talks with other US zoos ‘are at an advanced stage’.
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System1 Group PLC - London-based marketing and brand consultancy - Revenue in financial year ended March up 6% to £24.1 million. Data revenue alone rises 40%. ‘Profitability was stronger in H1 than H2 as the planned increase in H2 operating costs coincided with a reduction in revenue during the final quarter,’ System1 says. Company expects adjusted pretax profit of £1.1 million, down from £3.0 million. Statutory pretax profit to be around £800,000, down from £2.1 million. Looking ahead, company adds: ‘System1 remains focused on achieving revenue growth over the short and medium term. Having stepped up our investment in people, partnerships and platform to develop and commercialise our automated marketing predictions last year, we are convinced that it is right to keep those resources and infrastructure in place despite the fall off in revenue performance in the last quarter. We intend to grow revenue and profits in the course of the new financial year and anticipate that the growth will be weighted to the second half of the year as expenditure flattens versus last year.’
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IG Design Group PLC - Bedfordshire, England-based consumer gift packaging company - Says revenue for year ended March 31 rises 10% like-for-like to $939 million. Expects ‘small’ adjusted pretax loss for year. ‘Group operating margin is expected to be 0.5% delivering Group operating profit marginally ahead of previously communicated expectations, reflecting a stronger than anticipated performance in the USA,’ IG Design adds. In US, company adds it is focusing on improving operating performance, with aim of reaching operating margin between 5% and 6% by financial 2025. Aims to balance ‘customer pricing to supply chain cost inflation’ and drive longer-term cost savings in US. In financial 2023, it expects ‘marginal operating profit improvement’. Adjusted pretax loss to be largely in line with financial 2022.
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Inspecs Group PLC - Bath, England-based eyewear company - Says revenue in first quarter of 2022 rises 12% to $75.1 million from $67.2 million. At constant currency, revenue up 19%. ‘This performance was achieved through both organic growth of existing entities, alongside strong starts to the year by the acquisitions made in December 2021,’ Inspecs says.
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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Jardine Cycle & Carriage Ltd, a 75%-owned subsidiary, reports an ‘improved performance’ in first three months of 2022. Sees better contribution from PT Astra International Tbk, in which Cycle & Carriage holds a 50.1% stake. Cycle & Carriage adds: ‘While the group is encouraged by the good performance achieved in the first quarter, it remains cautious about the uncertainties arising from the pandemic and geopolitical tensions for the rest of the year.’
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Supermarket Income REIT PLC - real estate investment trust dedicated to investing in supermarket property - Successfully raises £300 million from placing, as well as further £6.7 million from PrimaryBid offer. Supermarket Income had increased size of placing from £175 million amid high demand.
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Tern PLC - investor focused on the internet of things - Reports decent progress from several investees. Says past two years have been ‘pivotal’ for its network of investees. ‘We have supported their growth from their early start-up days, to now alongside independent third party investors, who have invested after conducting thorough due diligence, demonstrating confidence in their management teams, business models and future prospects,’ Tern adds. ‘We regularly evaluate the most appropriate next step to deliver value for Tern shareholders, whether that be through further third party syndicated private equity investment, a trade sale or IPO.’
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Getech Group PLC - Leeds, England-based green hydrogen company - Begins demolition works at the former SGN Commercial Services gas holder site in Inverness, Scotland. ‘Demolition and clearance of the site is being undertaken by SGN, and is expected to take 12 weeks. Following completion of this work, Getech will begin the development of its planned green hydrogen facilities, subject to necessary approvals,’ Getech adds. A green hydrogen site is being developed at asset.
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Gulf Keystone Petroleum Ltd - Oil and gas exploration company operating in Iraq - Confirms gross payment of $53.2 million, $41.7 million net to company, from Kurdistan regional government for Shaikan crude oil sales. Says $10.7 million in relation to arrears from outstanding January 2020 to February 2020 invoices also paid. ‘Following receipt of the arrears payment, the current outstanding arrears balance is $8.4 million net to GKP,’ Gulf Keystone says.
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Challenger Energy Group PLC - Isle of Man-based oil explorer with assets in the Caribbean and Atlantic Margin - Says total gross oil production for first quarter of 2022 was 32,183 barrels, an average daily output rate of 358 barrels. Total oil sales amounted to 29,727 barrels with gross realised price of $83.37 a barrel. Challenger says: ‘It is noted that the realised gross average price per barrel sold in March 2022 was $97.13, approximately 17% higher than the quarterly average, reflecting the rise in global oil prices seen through the quarter. The prices realised by the company are at an approximately 10% discount to the quoted West Texas Intermediate prices. The company does not currently use any hedging instruments in relation to its oil sales so is making full gain of the current pricing regime.’
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Galantas Gold Corp - mining company focused on Northern Ireland - Makes ‘significant progress’ in plans to rehabilitate underground workings, refurbishments and buying of critical mining equipment at Omagh gold asset in Northern Ireland. Also progresses with installation of electrical, water and ventilation systems. Notes has faced ‘tight labour market’ for experienced miners. Has focused on hiring local trainee miners instead. However, Galantas says UK government has granted Visa Licence to company, allowing recruitment of eligible people from outside UK and Ireland, who satisfy labour entry requirements. Resolves geotechnical issues related to secondary egress and installation of the manway. These were prerequisite for the start of production, to mid-May 2022. ‘The company has now resolved these geotechnical matters and hired an experienced contract driller to assist with the start-up of production, and expects to recommence development drilling and blasting in the first half of May. The company now expects to begin production stoping mid to late June,’ Galantas says.
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Beowulf Mining PLC - natural resource developer and explorer focused on the Nordic region - Considering ways to reduce production time-frame at Kallak iron ore project. Has been reviewing workstreams and timelines for next stage of Kallak, following Swedish government granting exploitation concession. Beowulf says: ‘Previously the company has suggested that Kallak could be in production in a 4-5 year timeframe, but it is now considering how this can be shortened through local partnerships, greater collaboration, and efficient development, application and permitting processes.’ Adds: ‘Beowulf has listened closely to the viewpoints of stakeholders on the impact of a mine at Kallak, which were communicated during the latter stages of the government’s decision-making process. With the decision now made, meaningful dialogue can restart with regards to how the company proposes to engage with the local community in Jokkmokk, including Sami reindeer herders.’
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Anglo Pacific Group PLC - natural resources royalty and streaming - Says portfolio contribution in first quarter of 2022 rises to record $43.6 million from $9.4 million a year prior. Previous record of $38.3 million was achieved in fourth quarter of 2021. ‘The portfolio continues to benefit from strong cobalt and coking coal prices,’ Anglo Pacific says. Spot cobalt prices at around $40 a pound, topping 2021 average of $24. Coking coal at $500 a tonne, more than double 2021 average of $221. Company adds: ‘Shareholders continue to benefit from top line commodity price exposure without operating cost pressures - a highly attractive dynamic in the current inflationary environment.’
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Octopus Renewables Infrastructure Trust PLC - London-based investment company focused on renewable energy assets in Europe and Australia - Enters into deal to acquire 7.8% stake in Lincs offshore wind farm, located off England’s east coast. Asset has been operational since 2013 and benefits from UK’s renewable obligation certificate policy. ROCs are handed to operators of accredited renewable stations. Lincs will represent roughly 10% of company’s portfolio gross asset value basis.
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