Archived article
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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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4Global PLC - London-based data, services and software for sporting events and the promotion of physical activity - Secures a £4 million contract over five years with an unnamed "major sporting infrastructure project" for an unspecified city in the Middle East. "Approximately £600,000 of the project is expected to be delivered and recognised in the current financial year and the project includes an opportunity for additional scope throughout the engagement," it says.
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James Cropper PLC - paper products manufacturer based in Cumbria, England - Says achieves break-even position in half-year to September 24. Revenue rises 26% year-on-year, though rising costs put pressure on bottom-line. Says energy costs have more than doubled. "The impact of inflationary pressures had been mitigated in the first part of the year by the application of energy surcharges but energy prices again spiked from late July and again in August. At the same time raw materials (which represent a larger proportion of overall costs) have been subject to unprecedented inflationary headwinds, rising 20% over the same period," James Cropper says. Adds: "The second half of the year shows a recovery through aggressive pricing actions and surcharges, supported by the recently announced government support on energy prices. Each division is projecting volume growth over the second half. Order books are full and the company is focused on a range of enabling actions to build a solid foundation for continued future growth." Company cuts annual outlook, however. Now expects full-year adjusted pretax profit of £2.0 million, versus previous market expectations of £5.4 million.
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Ncondezi Energy Ltd - power development company - Says feasibility study for battery energy storage system project confirms it is "technically viable and attractive". Study notes potential for 20% to 30% capital expenditure savings. Also says project can deliver first power of up to 60 megawatts within 18 months of financial close, with full 300 megawatts over 28 months. Ncondezi says has extended capital runway to November. Says it needs and intends to secure additional funding before the end of November, with "various options available and under consideration". This includes the potential additional tranche of £150,000 that may be available to it under the terms of the convertible loan facility it announced back in mid-September.
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Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - Revenue in 12 months ended April 30 surges to $3.8 million from $896.000. Pretax loss, however, widens to $15.5 million from $7.7 million. Posts exchange loss of £3.8 million, compared to £2.6 million gain a year earlier. In addition, vast says it has raised £1.5 million in placing of 652.0 million shares at 0.225 pence each. Vast adds: "The net cash raised from the placing will ensure sufficient levels of working capital are maintained to meet the company‘