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TRADING UPDATES: Adnams toasts first quarter sales; t42 wins deal

13th May 2024 16:39

(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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Jade Road Investments Ltd - Hong Kong-based investment company focused on providing capital and financing to small and medium enterprises worldwide - Says disposal of its legacy assets, as announced in January, to a separate company, Eastern Champion Ltd, was approved at the annual general meeting on May 1. Notes certain compliance matters remain to be completed, after which the sales will be finalised. On completion, Jade effectively becomes a clean vehicle in search of an acquisition by reverse takeover. Notes discussions are currently in progress with a number of parties. In the meantime, Jade says it is managing cash resources as its current working capital position is "tight" and it will need to raise further funds in the near term to pursue such opportunities.

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Tasty PLC - London-based casual dining restaurant operator - Updates on the company's restructuring plan. Confirms that the first court hearing was held last Friday. It was ordered and directed at the convening hearing that the seven meetings of plan creditors are to be convened for the purpose of considering and, approving the restructuring plan, and that these are to be held on May 29. Also confirms that the date for the second court hearing to sanction the plan is to take place on June 4.

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t42 IOT Tracking Solutions PLC - Jersey-based firm which provides tracking, security, and monitoring solutions for the global supply chain, logistics, container, and freight market - Enters development and supply agreement with a transportation and logistics security tracking firm in Brazil for 30,000 tracking units over 3 years, together with associated software as a service revenues. Says deal is worth up to USD4.5 million. Revenue from the initial order, expected to be 10,000 units, are expected to be received commencing in financial 2024. "Optimistic that this will result in further contracts as we move forward," company says.

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Adnams PLC - Southwold, Suffolk-based brewer - Reports positive first quarter trading for the three months ending March. Says total sales increased 11% on-year, supported by growing volumes in beer and spirits, with a notably strong contribution from its on-trade and off-trade business. Adds falling inflation improved demand in both the on-trade and off-trade, as well as softening some cost increases. Confirms it is continuing to explore a range of options to fund its future growth plans and has received an encouraging response to the process. Preferred option remains the raising of additional capital from another party and/or the sale of freehold assets to return capital. However, stresses no decision has yet been taken.

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Active Energy Group PLC - London-based biomass renewable energy company - Announces business update. Since April announcement, says it has engaged in discussions with a number of parties regarding strategic opportunities and the potential sale of the CoalSwitch assets. To date, notes talks have resulted in a number of proposals being received which are being considered. Also evaluates its operations in the US and internationally. Given reducing cash balances and as a result of the ongoing operating costs, warns that should it not receive an acceptable offer for the CoalSwitch assets in the near term, that it will have no option but to consider a members voluntary liquidation, in order to return capital, if possible to shareholders. Further, says audit for the year ended December 2023 may not be completed before June 30. If financial 2023 results are not published by the end of June, the company's shares will be suspended from trading on AIM.

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Tirupati Graphite PLC - graphite and mineral producer, which is currently focused on flake graphite mining projects in Madagascar - Recommends that shareholders vote against resolutions proposed by Walpole St Andrews Nominees Ltd acting on behalf of a group of shareholders holding around 5.8% of Tirupati shares. Explains these shareholders want to consider resolutions to remove Shishir Poddar, Puruvi Poddar and Alastair Bath from office as directors and to appoint Mark Rollins, Leo Koot, Isabel de Salis and Murat Dogan Erden in their place. Tirupati says it recognises that its current board structure and composition needs addressing and is taking urgent steps to appoint a new non-executive chair, non-executive directors, and a chief financial officer. But says deposing the existing board would remove it of critical sector and business knowledge, intellectual property and relationships. Claims the proposed directors have neither the sector skills nor experience to navigate the complex and specialist graphite sector.

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Zoo Digital Group PLC - Sheffield, England-based provider of end-to-end cloud-based localisation and media services to the global entertainment industry - Renews USD3 million debt facilities for a further 12 months. These facilities remain fully undrawn but provide enhanced financial flexibility for working capital purposes in an improving market environment. Notes year-end net cash at March 31 was USD5.3 million, significantly better than indicated previously following stronger collections than anticipated in the month of March. Further, says customer demand continues to recover, with March invoicing the highest month since April 2023. Expects revenues for financial 2025 to be up 36% up on-year, which, together with cost savings, is expected to result in earnings before interest, tax, depreciation and amortisation at break-even in the first quarter.

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Jaywing PLC - Sheffield-based data-driven advertising and marketing agency - Says Chief Executive Andrew Fryatt resigns with immediate effect. Chief Finance Officer Christopher Hughes expands role to operate as combined COO & CFO. David Beck becomes Chair, replacing Ian Robinson. Expects to post flat revenue on-year. Says UK Consulting unit had unexpectedly weak last quarter and this has increased strain on working capital. As a result, enters talks with two lenders to increase existing facility. Ends strategic review, says no talks regarding a sale are ongoing.

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TruFin PLC - London-based holding company of three growth-focused technology businesses operating in early payment provision, invoice finance, and mobile games publishing - Says trading for 12 to December 31 2024 is expected to be significantly ahead of market expectations. Now expects to be earnings before interest, tax, depreciation and amortisation positive for the full year. Notes this has been driven by Playstack Ltd's launch of Balatro, their fastest selling PC/console game, and the newly launched Abiotic Factor, which surpassed 250,000 units sold in the first 8 days of sales. Adds the rest of the group has also seen robust performance during the year to date.

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - US Bankruptcy Court for the Southern District of West Virginia approves the company's wholly owned US subsidiaries, Ben's Creek Operations WV LLC, Ben's Creek Carbon LLC and Ben's Creek Land WV LLC entering into an interim debtor-in-possession financing loan from Avani Resources Pte Ltd, the company's largest shareholder, for USD2.0 million. Notes a further court hearing will be held on June 6 to consider the terms of a final debtor-in-possession financing loan from Avani which is expected to be around USD8.87 million inclusive of the interim DIP loan. Proceeds of the facility are intended to be used to see the Chapter 11 companies through to the Section 363 sale.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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