TRADING UPDATES: Billington project delays; Urban Logistics cash raise

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on ...

Alliance News 15 November, 2021 | 12:19PM
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(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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Billington Holdings PLC - steel and engineering firm based in Barnsley - Says it is "evident" some projects can only be delivered following end of 2021, amid delays. It means that Billington does not expect to meet market expectations for pretax profit in 2021. However, it is confident about 2022 outturn as profit from these projects will be recognised then. "Delays in the construction industry remain well reported and it has now become evident that the completion of certain key projects will not take place by year-end, thus impacting the profitability, and to a lesser extent revenue, in the current financial year," company explains.

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Urban Logistics REIT PLC - UK industrial properties investor - Proposes equity issue to raise GBP200 million at price of 170 pence each. The cash will go towards its pipeline, Urban Logistics says. Company explains: "Having fully deployed or committed GBP134 million of capital following the company's GBP108 million July fundraising, the manager has identified a further pipeline of high quality, last mile logistics assets, strategically located in targeted logistics hubs, totalling in excess of GBP400 million." In addition, company says its market capitalisation "now justifies" a move to London's Main Market. Urban is currently worth GBP568.9 million. It is currently AIM-listed. A move to the Premium segment opens up the possibility of FTSE UK Index series inclusion. It will also raise "the company's profile with increased media coverage and investor interest". In addition, Urban updates on its dividend policy. It plans a total annual payout of 7.60 pence and an annual total return of 10% to 15%, through a combination of payouts and net asset value growth.

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Triple Point Social Housing REIT PLC - real estate investment trust - Completes acquisition of 19 properties, exchanges contracts on further two and acquires further five. Total consideration is GBP29.9 million. Properties are located in Yorkshire, West Midlands and North West of England.

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Zaim Credit Systems PLC - Russia-focused fintech - Updates on fortunes of subsidiary Zaim-Express LLC during third quarter. Traded profitably during third quarter, "the fifth consecutive quarter of profitable growth". Sees record high of loans issued, jumping to GBP6.8 million from GBP2.3 million a year earlier.

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Seeing Machines Ltd - Canberra-based driver monitoring technology - Announces collaboration with Collins Aerospace, a "tier 1 avionics company". Collins is a unit of aerospace firm Raytheon Technologies Corp. Seeing will work with Collins to develop "eye-tracking technology solutions" for customers in commercial air transport, military, general aviation and flight training. "Closely aligned to the company's expanding Automotive business, this agreement provides Collins with access to Seeing Machines' eye-tracking advanced optics, embedded processing, human factors and algorithm expertise to support its continued development of the broader Collins Pilot Support System," Seeing adds.

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Eagle Eye Solutions Group PLC - London-based marketing solutions provider - Working with Asda to develop trial of grocer's Asda Rewards loyalty programme. "Following a successful trial with Asda employees in September 2021, the programme has been extended to 16 Asda stores across West Yorkshire and the West Midlands," Eagle Eye says. Eagle Eye says its AIR software-as-a-service offering "powers the scheme".

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Ideagen PLC - information management, safety, risk and compliance software provider based in Nottinghamshire - Says performance in first half ended October 31 in line with board expectations. Expects to report a revenue rise of a third to GBP38.8 million from GBP29.2 million a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation up 32% to GBP13.2 million from GBP10.0 million. In addition, announces acquisition of CompliancePath, a "a leader in software validation and assurance". CompliancePath, UK and US based, is largely focused on healthcare and life science sectors. To pay initial USD6 million, plus conditional, deferred earnout of up toUSD6 million.

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Ocean Outdoor Ltd - London-based outdoor media and billboard advertising operator - Begins strategic review. Will evaluate "potential strategic and financial alternatives to maximise shareholder value". Ocean Outdoor says it is undervalued and its share price has "meaningful upside potential". It is emerging from pandemic in "position of strength". Company adds: "There can be no assurance that the review process will result in any transaction, or any assurance as to its outcome or timing." In addition, Ocean Outdoor expects 2021 revenue of GBP115 million to GBP120 million, up as much as 39% from 2020. Says number of months in second half exceeding 2019 revenue levels. "Ocean remains very well placed to take advantage of the post pandemic recovery continuing into 2022 with revenues and Ebitda on track to exceed 2019 levels. The board of Ocean plans to provide formal 2022 guidance at the appropriate time," it says.

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Open Orphan PLC - London-based pharmaceutical services company - Venn Life Sciences unit signs contract renewal worth GBP1.5 million over two years. Customer is a "major global pharmaceutical client". Venn will provide clinical support to customer on "an array of drug development programmes, to study the absorption, distribution, metabolism and excretion of drugs within the body".

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SkinBioTherapeutics PLC - Manchester-based life science company focused on skin health - Says major shareholder OptiBiotix Health PLC, York, England-based life sciences company, places 3.6 million SkinBio shares with new and existing institutional investors at 55 pence per share, worth GBP2.0 million in total. Following sale, OptioBiotix stake reduced to just under 21% from just over 23%. "We are pleased that this placing is enabling us to bring in new institutional shareholders and broadening the shareholder base in an orderly fashion," SkinBio Chief Executive Stuart Ashman says.

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Redx Pharma PLC - Cheshire-based cancer and fibrosis drug developer - Says first patient dosed in phase 2 clinical trial of RXC004 drug, aimed at treating sufferers of a form of colorectal cancer who have progressed following treatment with standard of care.

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Ariana Resources PLC - exploration firm with interests in Turkey - Diamond drilling programme at Salinbas project in Turkey begins. Also notes "imminent" start up of drilling at Tavsan, also in Turkey. Both projects are part of Zenit Madencilik joint-venture, which Ariana has just shy of 24% ownership of. At Salinbas, over 2,300 metres of resource and exploration drilling planned. Aims is to "increase confidence in resource and extend the peripheries of the current model". At Tavsan, over 2,000 metres of drilling planned ahead of commencement of mining. "We are delighted to be commencing our drilling programmes at Salinbas and Tavsan. These programmes were repeatedly delayed through this year, largely as a result of Covid-19-induced limitations on both our teams and on the drilling companies. Up until one month ago, we had expected a reverse circulation programme to commence, but even this had to be cancelled and we have now opted to undertake diamond drilling across both projects," Ariana Managing Director Kerim Sener says.

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Rambler Metals & Mining PLC - Canada-focused copper and gold producer, explorer and developer - Reports "steadily improving" production and development results from June through October. Saleable copper production in October 521 tonnes, more than double the 197 tonnes reported for June. "The mine produced these improved results whilst remaining in development mode to deliver multiple stopes by the end of 2021 which underpins our goal of sustainably achieving 1,350 tonnes per day mill feed at an average head grade of 2% copper," says President & Chief Executive Toby Bradbury. Concentrate output in October improves to 1,938 dry tonnes from 1,140 in September.

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Kistos PLC - investor in low-carbon energy assets, including in Dutch North Sea - Says Borr Drilling's Prospector-1 jack-up drilling rig leaves Q10-A field, in Dutch North Sea, and arrives at Q11-B discovery. "The spudding of the appraisal well is expected later this week," Kistos says. Previously estimated 2C resources at discovery between 67 billion and 155 billion cubic feet net.

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Love Hemp Group PLC - London-based cannabidiol products - Launches first national media campaign featuring heavyweight boxer and former world champion Anthony Joshua. "The campaign includes a 30-second television advert airing on linear television on ITV, video on-demand platforms including ITV Hub, All 4 and Sky, as well as print media adverts in Metro nationwide, and multiple outdoor advertising formats in London, Manchester, Liverpool, and the Northeast," Love Hemp says. Campaign will last four weeks.

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Live Co Group PLC - Lego brick-based events and entertainment firm based in Surrey, England - Says Bricklive Brickosaurs feature opens at Singapore Zoo. Chair David Ciclitira says: "Singapore Zoo is one of the most iconic zoos in the world and we are delighted to finally be open showcasing our BRICKLIVE Brickosaurs to the public in our first zoo in Asia. The models look so impressive in the lush surroundings of the zoo and the staging is truly inspiring - a big congratulations to the BRICKLIVE and the Singapore Zoo installation teams."

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Proton Motor Power Systems PLC - Munich-based producer of hydrogen fuel cells and electric hybrid systems - Updates on deals in marine sector. With electric mobility on water firm Torqeedo GmbH, Proton is working to develop a "marine hydrogen hybrid system building kit". The kit will be able to deliver fuel cell power between 30 and 120 kilowatts. The project received funding from Bavarian federal government in Germany. With ACUA Ocean, Proton receives two funding grants to develop a zero-carbon, uninterruptible power supply, powered by liquid hydrogen. It will be a world first, Proton says. It has a combined project value of GBP1.1 million.

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By Eric Cunha; ericcunha@alliancenews.com

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