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TRADING UPDATES: Insig AI eyes revenue fall; Phoenix Digital sound

2nd Apr 2024 15:06

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Horizonte Minerals PLC - nickel company focused on operations in Brazil - Notes that interim funding package announced back in December has its waivers extended until the end of April. It was due to run out last week Friday. Adds there can be no guarantee that senior lenders will consent to further extend the current waivers.

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Insig AI PLC - London-based data science and machine learning firm - Expects revenue to decline by 38% to about GBP1.3 million for the financial year that ended on Sunday, from GBP2.1 million a year prior, and also falls short of the company's goal of at least GBP1.4 million. The company notes that revenue for financial 2024 "does not recognise the progress on certain material contracts and relationships, which the board remain optimistic will be secured in short order." Noting financial constraints due to a delayed commercialisation of some key pipeline opportunites, Insig AI is considering a GBP250,000 equity funding facility proposal from Executive Chair Richard Bernstein. The proposal is for up to around 1.3 million shares at 20 pence per share, an 18% premium to the closing share price of 17p last week Thursday.

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Phoenix Digital Assets PLC - London-based investment fund for digital assets focused on large cap crypto currency - Says has unaudited crypto and stablecoin assets with a valuation of GBP71.4 million as at March 31, or 7.07 pence per share, up 63% from GBP43.8 million, or 4.33p per share at December 31.

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Sunrise Resources PLC - Cheshire, England-based company focused on industrial mineral projects in Nevada - Signs agreement with Dicalite Management Group LLC to sell 29 mining claims held for diatomite in the Crow Springs area in Nevada. Says purchase price is USD150,000 of which half is payable on transfer of claims, with the remaining USD75,000 payable when Dicalite submits a mine plan of operations to the Bureau of Land Management. Sunrise will retain a royalty of USD6 per dry tonne of diatomite mined.

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UK Oil & Gas PLC - oil and gas with assets in UK and Turkey - Giving a strategic update, says Portland Dorset hydrogen storage project continues to provide very positive news from the UK government and potential investors for the company's subsidiary UKEn. "We remain excited to be at the leading edge of this new and developing major infrastructure sector and continue to build towards making an application for revenue support in the UK's first hydrogen storage allocation round, currently scheduled to open in Q3 2024."

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Visum Technologies PLC - London-based provider of video technology for the leisure sector - Net loss is GBP342,107 in the six months to December 31. Compares this to the full financial year 2023 ended in June that year, with a net loss of GBP962,556. Total income in the half-year is GBP82,289, 36% higher than GBP62,594 in financial year 2023. Expenses are slashed to GBP208,119 from GBP631,847. Looking ahead, Chief Executive Officer Marc Dixon says: "The company intends to expand our product offering into other markets, including ride and other photography along with our current video technology. This will be done internally and in some instances with third party partnerships or strategic alliances."

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By Tom Budszus, Alliance News slot editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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