The following is a round-up of trading updates by London-listed companies, issued on Monday, and not separately reported by Alliance News:
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Alba Mineral Resources PLC - Northern Europe-focused mineral explorer - Hails grant of extension by Natural Resources Wales to Alba’s European Protected Species licence at Clogau-St David’s gold mine in north Wales. Says it completed acoustic test blasting and sampling with noise levels all confirmed to be within agreed thresholds. At Dolgellau gold exploration project, sample taken from Caerwych prospect returns 1.365% copper. Says that contractors for airborne geophysical survey remain on standby to start survey once weather conditions allow.
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Dar Global PLC - luxury international real estate developer - Reports expansion into Saudi Arabia, citing the country’s Vision 2030 plan to diversify its economy away from energy. Calls expansion strategic, noting several promising opportunities. Chief Executive Officer Ziad El Chaar says: ‘As Saudi Arabia looks to diversify its economy and grow its population in line with the ambitious Vision 2030 plan, it is a hugely exciting time to be entering the kingdom’s real estate market. Saudi Arabia has an ambitious real estate and hospitality project pipeline. This provides significant opportunity for us to participate in luxury real estate opportunities where we are well positioned to promote and sell these projects internationally.’
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Jadestone Energy PLC - Asia-Pacific-focused oil and gas company - Announces progress at projects. At Akatara development in Indonesia, project is currently 83% complete and remains on schedule for commissioning activities in the first quarter of 2024 and first gas before mid-2024. Further, production since April 1 averages around 14,400 barrels of oil equivalent per day. Expects production for remainder of 2023 to be towards the upper end of the April to December guidance range of 13,500 to 15,000 barrels of oil per day. In September, company had reported that total production averaged 12,339 barrels of oil per day in the first half of 2023, down 18% from 15,008 in the first half of 2022. Reiterates guidance for 2023 capital expenditure of around $110 million to $125 million, at least 33% higher than $82.9 million at the end of 2022. CEO Paul Blakeley says: ‘Production has strengthened recently, with the stabilisation of Montara, strong growth from the successful Malaysia infill drilling campaign and solid performance from all other producing assets. The planned diversification of the portfolio is working, providing greater resilience to our business, and the addition of Akatara production next year will further enhance this.’
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Sondrel Holdings PLC - Reading, England-based semiconductor company - Announces maiden production order for an application specific integrated circuits chip, which it says is a ‘significant endorsement’ of its ASIC turnkey service offering taking the chip from concept through to shipping production silicon. The Edge AI design aims to open up new markets for its customer with a flexible, efficient and affordable approach that allows customers to drive up performance in AI applications, company says. CEO Graham Curren says: ‘This is an important production order for Sondrel, which is a major validation of our business model of providing complete design and ASIC supply for our customers. This chip is a key project for our customer that will open up new markets for them in the rapidly growing Edge AI sector. Being one of only a few companies in Europe delivering AI chips in production, we are excited to be a leading supplier within this growing market.’
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Team Internet Group PLC - London-based internet services holding company that develops and manages online marketplaces - In the first nine months of 2023, pretax profit remains flat year-on-year at $21.0 million. Revenue climbs 16% to $611.7 million from $526.7 million. Cost of sales increase 19% to $473.2 million from $398.4 million, as operating expenses increase 18% to $105.2 million from $89.4 million. Looking ahead, Team Internet says: ‘The group looks ahead with confidence to Q4, which is typically its strongest quarter, and the directors expect that the group will continue to deliver results at least in line with current market expectations for the full year.’ Says that current market expectations are revenue of $783 million to $834 million for 2023, at least 7.5% higher than $728.2 million in 2022, and adjusted earnings before interest, tax, depreciation and amortisation of between $91 million and $98 million, up at least 5.8% from $86.0 million in 2022.
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Valeura Energy Inc - Alberta, Canada-based Thailand and Turkey-focused oil and gas company - In the three months to September 30, swings to pretax profit of $6.5 million from a loss of $3.4 million a year prior. Reports $149.4 million revenue compared to none a year ago. Net loss however widens to $6.8 million from $3.4 million amid a tax expense of $21.1 million in the just posted quarter.
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