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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Coro Energy PLC - London-based gas explorer focused in South East Asia - Reports average pas production in Italy during April of 20,000 standard cubic metres per day, generating €580,000 in revenue. Says gas prices in Italy remain strong at an average of €0.98 per standard cubic metre during April. Coro expects its 85%-owned 3 megawatt solar rooftop pilot project in Vietnam to achieve maiden revenue before the end of 2022. In the Philippines at its 80%-owned solar and wind projects, the company is focused on securing land access and regulatory approvals. At its 15%-owned Duyung PSC Gas Production project in Indonesia, company says that first production is targeted for 2023.
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Harworth Group PLC - Rotherham, South Yorkshire-based land regenerator - Chief Executive Lynda Shillaw says at the company’s AGM that Harworth’s ‘strong operational momentum’ has continued into 2022. Notes ‘robust’ demand for its serviced residential plots and industrial & logistics products. Company confident in delivering its medium-term ambition to reach £1 billion of EPRA net disposal value.
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Softline Holding PLC - London-based IT service provider - In its fourth quarter ended March 31, reports turnover increases 25% year-on-year to $534 million. In the year to March 31, turnover grew 22% against the previous year to $2.18 billion. Fourth quarter gross profit increases by 51% to $75.5 million and by 39% to $306.2 million in the year. Notes a particularly strong performance for its international business. The segment with the highest growth rate was Services which grew 86% against the previous year. Softline adds that Services remains its most profitable segment with a gross profit margin of 78%. For the first quarter of financial 2022, Softline expects year-on-year turnover growth of at least 15%.
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Pebble Group PLC - Manchester-based technology and services for promotional products industry - Says its performance in the year-to-date has been ‘strong’, driven by new customer acquisition and a continued improvement in sales from existing customers. Revenue in the six moths to June 30 is expected to be ‘well ahead’ of the comparable period in the year prior which stood at £46.8 million. This, it adds, is in line with expectations.
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Epwin Group PLC - Solihull, England-based building products manufacturer - Reports a strong trading performance in the first four months of the year. Revenue in the year to April 30 are 15% ahead of the same period the previous year. Notes ‘robust’ demand, particularly in the Repair, Maintenance & Improvement market. Says it is managing the challenges of the current operating environment, noting increases in material costs. Epwin says it remains confident in achieving its 2022 expectations.
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Vector Capital PLC - London-based commercial lending group - Loan book at March 31 stands at £50.8 million, up from £46.3 million at the same time the year prior. Number of live loans increases to 89 from 79 as average loan size falls to £571,000 from £586,000 year-on-year. Says current trading is in line with market expectations despite a challenging environment due to rising inflation and higher interest rates. Chief Executive Agam Jain says: ‘We have traded strongly in Q1 2022 and our pipeline of new loan opportunities remains strong despite increasing competition in the market and the general uncertain economic climate.’
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Velocity Composites PLC - Lancashire, England-based supplier of composite materials for aerospace manufacturers - Reports sales in the six months to May 1 have been in line with management expectations at £5.9 million. In the same period the previous year, sales totalled £4.4 million. Company invests £300,000 in the half. This investment is expected to deliver an adjusted earnings before interest, tax, depreciation and amortisation loss of £300,000, the company says, slightly ahead of expectations. Notes the reopening of international markets as the pandemic subsides. Velocity expects to announce its first half results on June 29.
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Artisanal Spirits Co PLC - Edinburgh-based owner of the Scotch Malt Whisky Society - Says revenue growth in the first four months of the year remains above 30% year-on-year. Reports ‘positive’ momentum at the start of the year with global membership growth slightly ahead of management expectations. Cask racking has now largely been installed and is due to commence work this month. Expected to be fully operational in the second half of the year. Company on track to deliver revenue growth for the full year in line with current consensus market expectations of £21.6 million. In 2021, the company’s revenue totalled £18.2 million.
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Helium One Global Ltd - London-based helium explorer in Tanzania - Plans to commence phase two exploration drilling operations at the Tai prospect at its 100%-owned Rukwa project in Tanzania. Management were encouraged to select this prospect as the primary target as a result of new data processed in early 2022. Says the prospect is low risk. Company currently in discussions with a rig operator and service company to drill the prospect in either the third or final quarter of 2022. Chief Executive David Minchin says: ‘Our decision to return to Tai has been driven by the interpretation of the Phase II 2D Seismic which, not only improved the definition of a robust structural closure in the Karoo Group, but also identified an untested closure in the Lake Bed Formation.’
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Warehouse REIT PLC - real estate investment trust focused on warehouses - Intends to apply for the its shares to be admitted to listing on the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the premium segment of the main market of the London Stock Exchange. Company’s admission to trading on AIM will be cancelled with effect from admission.
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Greencoat Renewables PLC - renewable energy asset investor - Agrees to acquire a 65 megawatts portfolio of operating wind farms in France from Axpo, Switzerland’s largest producer of renewable energy. The acquisition comprises 4 wind farms, all of which benefit from French government long-term contracts, it notes.
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Brandshield Systems PLC - London-based cybersecurity solutions provider - Raises £1.0 million in a subscription of 12.5 million shares at an issue price of 8 pence per share.
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Aferian PLC - Leeds-based video streaming - Launches 24iQ, an advanced new personalisation and content recommendations service in its 24i business. The launch of 24iQ is a direct result of the rapid integration of 24i’s existing data team with the innovative technologies and data science from the Filter - acquired by Aferian in April, it says.
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Bluefield Solar Income Fund Ltd - Guernsey, UK-based investment company focused on low-carbon assets in the UK - Notes the press report in the Financial Times regarding a possible windfall tax on electricity generators including renewable generators. Says that given the timing of this press report relative to the originally planned closing date of fundraise and despite considerable indications of interest received, has decided ‘it would be appropriate to extend the timetable to allow investors to consider the topics raised by the press speculation’.
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Frontier IP Group PLC - London-based intellectual property commercialisation company - Says that portfolio company Cambridge Raman Imaging raised £1.1 million through an equity funding round from existing and new investors. The fundraising values CRI at £6.1 million post new capital. Frontier IP invested £334,000 in the round and now holds a 27% stake in the company. The investment included a £95,000 loan conversion with the remainder being made in cash, it adds.
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Audioboom Group PLC - London-based podcast producer - Posts revenue of $7.1 million in April, up 86% from $3.8 million in April of the previous year. Says sales momentum has continued strongly into the second quarter of 2022, with contracted revenue in excess of $66 million. Global monthly downloads increase to a record 131.9 million, up 44% against 91.4 million the previous April. Chief Executive Stuart Last says: ‘We have continued to see high advertiser demand, with booked revenue of $66 million giving us good confidence for the year ahead.’
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