Source - Alliance News

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


Empire Metals Ltd - London-based minerals explorer and developer with interests in Australia and Austria - Says next phase of exploration activities at the Pitfield Project in Western Australia is scheduled to commence in February. Plans 40 reverse circulation drillholes and four diamond core drillholes over a ten-week campaign. Says drilling aims to quantify two high-grade zones of titanium mineralisation in areas showing potential to support shallow open-pit mining. Drilling should also provide ‘critical’ mineralogical and metallurgical data allowing Empire to speed up its economic assessment and development of Pitfield.


Vector Capital PLC - London-based commercial lending group - Says it delivered a resilient operational performance in 2023, despite ‘uncertain’ UK market conditions. Says some UK borrowers are being impacted by high interest rates and general residential property values remain depressed. Expects revenue to surpass market expectations at minimum £5.7 million, down from £5.9 million in 2022 but ‘a very pleasing performance given the board’s necessarily cautious approach to lending during the year’. Says it continues to benefit from its decision to mitigate against default risk by diversifying the portfolio and moving its weighting towards lower-value loans. Adds that its wholesale bank debt facilities by £5 million to £45 million. Reports ‘encouraging’ softening in interest rates offered in wholesale market, and more willingness to loosen loan to value requirements, but warns that ‘these are early days in the hoped for reduction in UK interest rates’. Expects to announce annual results and final dividend in April.


Gaming Realms PLC - London-based mobile betting games developer - Expects to report revenue of approximately £23 million, up 23% from 2022, and adjusted earnings before interest, tax, depreciation and amortisation up 28% to at least £10.0 million. Says it had £7.5 million net cash at December 31. Attributes ‘this strong performance’ to growth across all major markets in content licensing. Says it obtained licences to supply games in Greece and in West Virginia’s ’igaming’ market; expects launches in the coming months. Intends to report full-year results in the week commencing April 1.


Predator Oil & Gas Holdings PLC - Jersey-based oil and gas company with operations in Morocco, Trinidad, and Ireland - Signs extension to its 2022 rig contract for the use of the Star Valley Rig 101, currently available in Morocco. Says extension will facilitate drilling of the MOU-5 well to evaluate the 177 kilometres squared Jurassic structural closure in a crestal location, the limit of which was penetrated in MOU-4 in 2023. Drilling of MOU-5 is scheduled for between April 1 and May 31 ‘to avail of in-country well services that will remain following the completion of the company’s rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services.’ Most critical long lead items required for drilling are available from its surplus inventory, ‘thereby potentially further reducing drilling costs’. Company says it is fully funded to conduct the drilling.


Chariot Ltd - Africa-focused transitional energy company - Says it has received approval for its environmental impact assessment from the Unified Regional Investment Committee for drilling on its Loukos Onshore licence in Morocco. EIA covers 20 operations including an initial drilling campaign on two exploration wells on the Gaufrette and Dartois prospects, and the re-entry of an existing gas discovery. Permit is valid for five years. Company says civil works will now start to prepare the first well locations and access routes, with operations on track to begin around the end of the first quarter.


CVC Income & Growth Ltd - invests in sub-investment grade European corporate debt instruments - Increases annual dividend targets to 8.25 pence and 7.25 euro cents per share, with immediate effect. Quarterly dividends will therefore increase to 2.06p per Sterling share and 1.81 cent per Euro share, including the dividend for the first quarter of this year.


Avon Protection PLC - Wiltshire, England-based personal protection equipment company - COnfirms receipt of third delivery order worth $36 million from the US Army under the Next Generation Integrated Head Protection System helmet contract awarded in September 2021. Chief Executive Officer Jos Sclater says order ‘is a testament to the strength of our long-term contract positions, the growing demand in our addressable markets and the trust our customers place in our cutting-edge technologies’.


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