Source - Alliance News

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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Porvair PLC - Hampshire, England-based manufacturer focused on filtration and separation technology - Completes acquisition of its two businesses Ratiolab GmbH and Ratiolab Kft, following receipt of Hungarian regulatory approval. Ratiolab GmbH, located outside Frankfurt, sells a wide range of laboratory consumables in Europe and the Middle East. Ratiolab Kft, located close to Budapest, manufactures laboratory consumables in an 8,000 metres squared facility. The transaction is expected to be earnings neutral in the balance of 2023, and earnings enhancing thereafter. ‘The board believes Ratiolab will fit well into the group’s Laboratory division, offering a complementary product range and adding European manufacturing capabilities, injection moulding expertise, and routes to market,’ Porvair says. The acquisition was first announced back in May.

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Longboat Energy PLC - Norway and Malaysia-focused full-cycle exploration and production company - Completes transaction with Japan Petroleum Exploration Co Ltd to establish a joint venture in Norway. Says the initial investment of $16 million has been received by the joint venture company, Longboat Japex Norge AS. A further $34 million is payable by Japex into the JV. Japex has also provided a $100 million five-year acquisition financing facility, Longboat says. The joint venture is owned 50.1% by Longboat and 49.9% by Japex. ‘We are pleased that the creation of the Longboat Japex joint venture has completed as scheduled and now look forward to pursuing further acquisitions and opportunities on the Norwegian Continental Shelf to follow on from the first joint transaction announced at the beginning of this month,’ says Longboat Chief Executive Helge Hammer.

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Beacon Energy PLC - Germany-focused upstream oil & gas company - Updates on Schwarzbach-2 development well at the Erfelden Field, onshore south west Germany, which was spudded on June 19. Says its wholly-owned subsidiary, Rhein Petroleum GmbH, has performed a successful recovery or ’fishing’ operation in the SCHB-2 well to free a directional drilling assembly stuck in the hole section and has returned it safely back to the surface. Adds that the stuck pipe incident occurred after the well had made ‘good progress’, reaching a drilled depth 100 metre above the first target which remains untested. The operations team will now clean out the hole section before continuing with drilling to the target reservoirs. ‘Clearly this is an unfortunate development that has caused a delay in delivering the SCHB-2 development well, however we see a minor impact to the overall costs of the well relative to its upside potential in the success case. These unavoidable challenges are common when drilling and it has been our focus to ensure it was resolved in a safe, rapid and cost-efficient manner,’ says CEO Larry Bottomley.

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Tullow Oil PLC - Africa and South America-focused oil and gas exploration company - After announcing the successful start-up of the Jubilee South East project on Friday, the company says the Jubilee field production has surpassed 100,000 barrels of oil per day. This was after a second production well was brought on stream. Both wells are performing in line with expectations, with production rates around 50% higher than the first half of the year. Says two further wells are on track to be tied in over the rest of the year. ‘Reaching production of over 100,000 bopd from the Jubilee field is a major milestone for Tullow, our partners and for Ghana,’ says CEO Rahul Dhir.

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UP Global Sourcing Holdings PLC - Manchester-based owner of homeware brands, including Salter and Beldra - Expects its financial year-end net debt to be in the region of GP15 million, which is significantly ahead of current market expectations of around £21 million. The company’s financial year ends July 31. Explains that the improved net debt performance is due to ‘ongoing improvements in working capital management and the phasing of trading during the second half of the year.’ Also reiterates that it continues to trade in line with market expectations. In June, the company said it expects to report £165.3 million of revenue and £20.1 million of adjusted earnings before interest, tax, depreciation and amortisation. In financial 2022, revenue was £154.2 million and adjusted Ebitda of £18.8 million.

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Churchill China PLC - Stoke-on-Trent, England-based ceramic products manufacturer - Confirms that trading remained in line with the board’s expectations for the half year ended June 30 and that it expects to meet its profit expectations for the full year. For 2022, revenue was £82.5 million and pretax profit was £9.6 million. Also says it will publish its interim results on September 14.

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Tissue Regenix Group PLC - Leeds, England-headquartered regenerative medical device company - Says trading in the first half of 2023 was ‘strong’ and in line with the board’s expectations. Revenues for the period is expected to be about $14.1 million, a 19% increase from $11.8 million reported the prior year. Looking ahead, it says it remains confident that it on track to meet its expectations for the full year. Also expects to achieve a positive adjusted Ebitda for first half of 2023, swinging from a loss of $500,000 a year ago. CEO Daniel Lee says: ‘Our H1 2023 results are indicative of the continued above-market growth in our key businesses and our ability to deliver on the board’s expectations for our financial performance.’ The company will publish its interim results on September 5.

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Panthera Resources PLC - London-based gold explorer with projects in India and Africa - Agrees to a further extension to its litigation financing agreement with LCM Funding SG Pty Ltd. Says the financing regards Indo Gold Pty Ltd’s conditional arbitration funding agreement for up to $10.5 million in litigation financing with LCM Funding. A first extension was agreed on July 3 for July 14, it has now been extended to July 28. The extension is to allow LCM to complete its detailed due diligence. ‘There can be no assurance that LCM’s due diligence will be completed to LCM’s satisfaction,’ Panthera says.

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Thalassa Holdings Ltd - British Virgin Islands-based investment holding company - Suspension on trading of its shares is lifted, effective Monday. On Tuesday, Thalassa posted its 2022 results. It said revenue rose to £295,968 for 2022, up from £138,656 in 2021. Pretax loss narrowed to £1.4 million from £1.7 million.

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Caerus Mineral Resources PLC - Cyprus-focused copper miner - Suspension on trading of its shares is lifted, effective Monday. On Wednesday, Caerus posted its 2022 results. It said its pretax loss widened in 2022 to £5.5 million from, £987,970 in 2021. This was largely attributed to an impairment of intangible assets of £3.1 million, up from £118,690 in 2021. The company did not generate any revenue in 2022 unchanged from 2021.

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Anemoi International Ltd - British Virgin Islands-based holding company - Suspension on trading of its shares is lifted, effective Monday. On Tuesday, Anemoi posted its 2022 results. It said its pretax loss for 2022 was £823,792 compared with £603,530 in 2021. Its revenue increased to £137,288 in 2022 from £5,603 the previous year.

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