Source - Alliance News

The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Ethernity Networks Ltd - Israel-based supplier of data processing semiconductor technology for networking appliances - Announces the formal conclusion of the temporary suspension of proceedings process. Anticipates that the court will submit its formal approval of the settlement proposal during the first two weeks of February. Notwithstanding this, it is not considered necessary to seek a further extension to the TSP. Chief Executive David Levi comments: ‘We are delighted for the company to be able to conclude the TSP process. We exit the TSP on a far stronger financial footing than when we entered, thanks to the encouraging customer contracts and the fundraise we undertook in December.

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GreenRoc Mining PLC - UK and Greenland-focused mineral explorer - Announces the successful results of electrochemical battery test work using graphite from its Amitsoq graphite project in southern Greenland, and an update on its processing plant feasibility study. Chief Executive Stefan Bernstein says: ’The outcome of this battery test programme is hugely pleasing. This is the first time that graphite material from our Amitsoq project has been tested for its performance within an assembled lithium ion battery cell. These results demonstrate that uncoated purified spherical graphite from Amitsoq performs very well as the active anode material in a battery cell, which is excellent news.‘ Company says that the first and second work phases of the feasibility study are now complete. The next stages of the feasibility study include the design of both a pilot and full-scale processing plant, estimation of production rates, energy requirements and consumables, a full discounted cash flow model for the full-scale processing plant and integrating a risk model.

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Somero Enterprises Inc - Fort Myers, Florida-based laser-guided concrete levelling machinery company - Says following good trading and an excellent operational performance in fulfilling customer orders globally during the second half, it expects to report 2023 revenue of $120.7 million, in line with previous guidance and market expectations. The 2023 revenue expectation reflects the positive impact of the S-22EZ relaunch at full production on trading and a resilient US non-residential construction market. A strong finish to the year was achieved despite ongoing headwinds in the US from concrete supply chain shortages, elevated interest rates and tightened bank lending. In 2024, expects the US market to remain strong, supported by customers reporting high levels of activity and healthy backlogs, continued growth in Europe and Australia, and multiple new product launches. Expects 2024 will be another highly profitable year with healthy cash generation, revenue comparable to 2023, and earnings before interest, tax, depreciation and amortisation that reflects modest incremental investment including the new Belgium service and training centre and the annualized impact of strategic resources added in 2023.

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Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Reports adjusted earnings before interest, tax, depreciation and amortisation in the fourth quarter ending December of $0.2 million, resulting adjusted Ebitda for 2023 as a whole of $34.5 million. Yanfolila produced 14,419 ounces of gold in the quarter, with a total of 83,965 oz in 2023, meeting production guidance of 80,000 to 90,000 oz. All in sustaining cost on gold produced at Yanfolila totalled $1,701 per oz in the quarter, and $1,361 per oz (in the year compared to $1,782 per oz in 2022. This met the 2023 AISC guidance of under $1,500/oz. Group production guidance for 2024 is 165,000 to 200,000 oz at an AISC below $1,500, which is weighted towards the second half. Expects to spend $5 million on exploration across both Yanfolila and Kouroussa.

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STV Group PLC - Glasgow-based television broadcaster and content producer - Increases its 25% equity stake in the high-end drama production company, Two Cities Television, to a majority holding of 51%. Explains the drama producer has secured revenue of £55 million over next 3 years across multiple series. Investment will help underpin Two Cities’ growth and strengthen STV Studios’ position as leading Nations & Regions producer. STV acquired a minority stake in Two Cities in January 2020, with an option to increase its initial stake to a majority position upon Two Cities becoming profitable.

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Botswana Diamonds PLC - Botswana and South Africa-focused diamond explorer - Announces that a consortium including BOD, which is acting as operator with a 30% stake, collectively known as Diamonds of Eswatini Pty Ltd, has been awarded a prospecting license over the diamondiferous Dokowayo kimberlites in Eswatini. Nil consideration was payable by BOD for its 30% interest. The License of just under 4,000 hectares is for an initial period of one year and renewable for a further year. The plan is to undertake an immediate, updated full desktop review and analysis of secondary sources. Following this, bulk sampling of the dumps and kimberlite stockpile is envisaged as the next step forward.

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Ariana Resources PLC - mineral exploration and development company with gold mining interests in Turkey, Cyprus and Kosovo - Updates on the 100% owned Asgard Metals Fund, highlighting some of its associated investments. Reports due diligence drilling programme on the Dokwe Gold project in Zimbabwe is ongoing, with the company increasing the current investment in Rockover Holdings to 2.1% by investing a further $150,000. Highlights increased investment in Panther Metals to circa 5.5%, following an agreement to extend the consulting input of Asgard by a further year to the end of 2024. Notes Pallas Resources agrees an option and joint venture agreement with First Quantum Minerals, whilst securing BHP funding through their Xplor programme.

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Destiny Pharma PLC - Brighton, England-based biotechnology company - Announces positive data from a pivotal preclinical safety study of XF-73 Dermal, used for the treatment of antibiotic resistant skin infections associated with open wounds and broken skin. The product was well tolerated with no significant impact on any clinical or safety parameters and had no apparent negative impact on wound healing. Intends initially to progress XF-73 Dermal towards clinical evaluation for the treatment of Diabetic Foot Infections and serious burn wound infections. Further, changes its contract development manufacturing organisation for NTCD-M3 in order to strengthen manufacturing for clinical trial material and improve future commercial supply. These changes mean that the company now expect drug product for the next stage of clinical development to be available in the second half of 2024.

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Mobile Streams PLC - London-based mobile content provider - Completes the acquisition of all associated intellectual property for the print and digital operations of Estadio, and Capital Media Group has also transferred and recruited employees to work on the publication. Believes this provides a solid foundation for the relaunch and extension of the brand. Preparations for the launch of the Mexican betting business (in which MOS has a 25% direct shareholding) are well underway and the business is on track to launch early in the second quarter.

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