TRADING UPDATES: Ilika expects revenue slip; SysGroup swings to profit – Morningstar

(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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Ilika PLC – Romsey, England-based battery technology firm – Says trading for the financial year ended April 30 has been in line with management expectations. The company expects to post revenues of GBP2.3 million versus GBP2.8 million the year before.

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SysGroup PLC – Liverpool, England-based IT services and cloud hosting provider – Reports a swing to profit in the year to the end of March to GBP210,000 from GBP230,000 loss posted the year before. Revenue, meanwhile, declined by 7% to GBP18.1 million from GBP19.5 million year-on-year due to the impact of the pandemic as customers deferred spending decisions. “As the year progresses and we move beyond the fears of further lockdowns, I am certain confidence will return to pre-pandemic levels and the investments made by businesses into their technology platforms will exceed all previous levels,” says Chief Executive Adam Binks.

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BMO Global Smaller Cos PLC – investment company – Posts net asset value with debt at fair value total return of 48% for the financial year to the end of April versus 54% from the benchmark return. The NAV per share rises to 174.90 pence as at April 30 from 119.70p the year earlier. Total dividend of 1.75p declared for the year, up 3.0% on the year earlier.

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Malvern International PLC – London-based learning and skills development partner – Names 2020 as a very challenging year, with long periods of school closures, and social distancing and global travel restrictions impacting student numbers, bookings and course delivery. Revenue for 2020 reduced 60% to GBP1.9 million from continuing operations. The total loss for the year from continuing operations totalled GBP1.7 million versus GBP4.3 million profit in 2019. “The continued rollout of the UK vaccination programme makes us hopeful that the UK will be greenlighted by other nations to allow international travel to the UK to reopen,” says CEO Richard Mace. “We remain positive about the outlook for the company.”

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Brandshield Systems PLC – Israel-based cybersecurity solutions provider – Reports revenue from contracts with customers of USD2.6 million for 2020, up from USD1.8 million posted the year prior. Annual recurring revenue jumped to USD3.3 million from USD1.9 million in 2019. Pretax loss, meanwhile, widened to USD3.3 million from USD1.5 million, as operating expenses rose to USD4.4 million from USD2.5 million year-on-year. Going forward, Brandshield says strong growth trend has continued into 2021 with the May annual recurring revenue figure standing at USD3.8 million, a 93% increase in annual recurring revenue relative to May 2020.

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Bankers Investment Trust PLC – investment company – Reports NAV per share as at April 30 of 114.3p, up from 90.7p posted the year earlier. The trusts increases dividend for the year to 1.076p from 1.070p paid the year prior. The NAV total return per share was 17.4% for the financial year to the end of April and the share price total return was 17.7%, both underperforming the FTSE World Index total return of 21.5%. “Overall, the broad picture is positive, but market volatility is likely to persist as the world endeavours to navigate its way out of the pandemic,” notes Chair Sue Inglis.

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EQTEC PLC – Cork, Ireland-based gasification solutions company – and MetalNRG PLC – London-based natural resources and energy investment company – Sign financial close for the acquisition and planned recommissioning of the 1MWe EQTEC Italia MDC plant. MetalNRG has now invested a total of EUE700,000 for a 27% equity interest in the project. EQTEC, meanwhile, has made a capital contribution of EUR482,000 to hold 20% stake in the project. The reminder is hold by a consortium of co-investors. The plant is due to be fully recommissioned and operational by the second quarter of 2022, with connection to Italy’s national electric grid already in place.

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NMCN PLC – Sutton-in-Ashfield, England-based construction engineering company – Agrees to recapitalise by way of a GBP24.0 million fundraising, with Svella PLC and some other investors, together with a renegotiation of its facilities with Lloyds Bank PLC. The company also proposes to raise up to an additional GBP5.0 million through an open offer to existing shareholders.

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Venture Life Group PLC – Bracknell, England-based self-care products provider – Enters into a revolving credit facility with Santander UK PLC and Silicon Valley Bank for borrowing of up to GBP30 million. In addition to the revolving credit facility, the company says it has an incremental facility available of a further GBP20 million. The initial term of the revolving credit facility is three years with interest to be charged at 2.5% above the sterling overnight index average interest rate benchmark. Venture Life Group is able use the funds drawn under the facility for acquisitions, working capital or other business uses.

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88 Energy Ltd – Alaska-focused oil exploration and appraisal company – Agrees to facilitate the sale of all the Alaskan oil & gas tax credits currently held by its subsidiary Accumulate Energy Alaska Inc. The sale price of the tax credits is USD18.7 million cash, payable upon completion of the sale and transfer of the outstanding tax certificates. 88 Energy does not disclose the purchaser, but says it is a large oil and gas company in the US with multiple exploration and production assets. The majority of the proceeds from the sale are to be applied towards full repayment of 88 Energy’s current outstanding debt of USD16.1 million with FCS Advisors LLC.

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Alien Metals Ltd – London-based minerals exploration and development company – Completes its phase 2 drilling program on the Hancock tenement, which is part of the Hamersley iron ore project, Western Australia. The program targeted three main direct shipping ore zones identified in the maiden drill program, which intersected high grade direct shipping ore mineralisation. Alien says phase 2 drilling completed in June, with 40 reverse circulation holes for 2,175 metres. Going forward, the company says new target “Krill Back” identified southeast of the Sirius extension. “Looking ahead, we are now considering a very early-stage strategic review to determine the potential for this project to become a standalone economic operation, and to understand the work streams required to advance this,” says CEO and Technical Director

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Predator Oil & Gas Holdings PLC – Jersey-based fossil fuel company – Says the MOU-1 well was spuddedon Sunday, with drilling ahead in progress to the first planned 133/8″ casing point. The well is forecast to take up to 20 days to drill and to run wireline logs. “We are delighted to have completed the rig mobilisation, rigging up and spudding of the MOU-1 well safely and in complete alignment with the pre-drill schedule. This is an exciting well for the Company and its shareholders and represents the culmination of work over the last 18 months, during the Covid crisis, to create the opportunity to drill in Guercif at this time,” says CEO Paul Griffiths.

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Kefi Gold & Copper PLC – Cyprus-based gold exploration & development company – Says the Tulu Kapi gold project remains on track with previous guidance and the company, through its subsidiary Tulu Kapi Gold Mines Share Co, has presented its project finance syndicate and submitted its project finance plan to the Ethiopian central bank for permission that it may proceed as outlined. Meanwhile, in Saudi Arabia, Kefi’s 34% owned joint-venture company Gold & Minerals Ltd is working to finish the phase 4 drilling programme in the third quarter of 2021 with the goal of reporting an expanded and upgraded mineral resource.

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Echo Energy PLC – London-based oil & gas company – Confirms that following fabrication at its Santa Cruz Sur assets, onshore Argentina, installation of the pipeline infrastructure required to bring back online the liquids production previously shut in April 2020 is now complete. It is expected that the first tranche of production to be brought back online will be from ten wells in the Campo Molino and Chorillos oils fields. This work to bring the initial production back online is expected to take around 15 days.

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Reabold Resources PLC – London-based oil & gas investment company – Notes announcement from ADX Energy Ltd – Australian exploration and appraisal company – relating to an extension of the Parta exploration licence in Romania. ADX says the Romanian National Agency for Mineral Resources has approved an 18-month extension for Parta for the current exploration phase until December 2022. Reabold holds a 51% interest in Danube Petroleum Ltd, which holds Parta and the Iecea Mare production license in Romania. The remaining 49% of Danube is held by ADX, which is the operator.

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Helium One Global Ltd – Tanzania-focused helium producer – and Scirocco Energy PLC – oil & gas investment firm – Report the presence of helium enriched gas in drilling mud in the Lake Bed formation while drilling Tai-1 well at the Rukwa project in Tanzania. The company says Helium shows identified in shallow strata from 70.5 metres. Going forward, Helium One says drilling operations will continue to the base of Lake Bed formation, anticipated to be at 400 metres, before wireline logging can provide additional information.

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Panthera Resources PLC – London-based gold exploration and development company – Says follow-up 150 line kilometre gradient array induced polarisation survey has commenced at the Kalaka gold project. This survey follows the successful initial 167 line kilometre IP survey in early 2021 in the south of the licence area. Kalaka, which is in southern Mali, is held through our associated company, Moydow Holdings Ltd. “The survey is expected to take around 6 weeks to complete and results will be reported as soon as they are available,” says Managing Director Mark Bolton.

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Power Metal Resources PLC – London-based metals exploration and development company – and Kavango Resources PLC – mineral exploration company focused on Botswana – Report results from further geochemical soil sampling and geological mapping on the Morula Target in prospecting licence 036/2020 at the South Ghanzi project in the Kalahari copper belt, Botswana. Kavango says it has completed and analysed samples from 16 kilometres of infill soil-sampling at Morula, which confirms that the conductor/anomaly extends along strike for at least 12 kilometres. “We plan to start drilling here as soon as we can, after we have received approval of our environmental management plan,” says Kavango CEO Michael Foster.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com

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