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TRADING UPDATES: NWF trades in line with expectations

28th Sep 2023 17:24

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

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Gensource Potash Corp - Saskatchewan, Canada-based fertiliser development company - Proposes non-brokered private placement for gross proceeds of up to USD700,000. The offering will consist of up to 4.7 million units of the company, at a price of USD0.15 per unit. A unit comprises of one share and one warrant. Each warrant will be exercisable for one common share at an exercise price of USD0.30 for a period of 24 months following the date of issue. Gensource says it intends to use the net proceeds from the sale of the units to complete fieldwork on its Tugaske potash project, and for general working capital purposes.

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FRP Advisory Group PLC - London-based corporate finance, restructuring and debt adviser - Says it started the new financial year "encouraged by activity levels", particularly in its restructuring team, which has continued to date. Adds that the corporate finance segment has continued to complete transactions, proving resilient to market challenges. Also says "other pillars remain active", and are experiencing increased demand for their services. For the quarter ended July 31, declares interim dividend of 0.9 pence per share, up from 0.85p a year prior. Looking ahead, remains confident that FRP Advisory will deliver on full year market expectations. For financial 2024, expects revenue of GBP111.8 million, and adjusted earnings before interest, tax, depreciation and amortisation of GBP28.7 million.

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Anglo Asian Mining PLC - Azerbaijan-focused gold, copper and silver producer - Says that radiation levels at the Gedabek gold mine were aligned with natural background conditions for the area and no issues were found with the air quality. Adds that no cyanide was found in any soil sample above the limits of analytical detection. Reports into Gedabek concludes: "Opposition to the proposed new tailings storage facility is the result of a lack of proactive communication between the site management team and the local community, longstanding issues regarding land allocation and mineral rights, and the failure to follow accepted international protocols for public consultation, rather than a fundamental technical problem with the current tailings storage facility or the proposed location for the new tailings storage facility." Anglo Asian is now considering the findings, and is in dialogue with the government and local communities at Gedabek on ways to implement the recommendations.

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NWF Group PLC - Cheshire, England-based distributor of fuel, food and feed - Says that the first quarter, its quietest period of the year, has been in line with the board's expectations. Of the Fuels segment, notes that volumes increased year-on-year with the expected normalisation of margins. Says this reflects the stable supply conditions as well as competitive pricing of diesel and gas oil, with demand for heating oil low over the summer. The Food division traded in line with expectations and the comparative prior year period. Storage volumes reached a peak of just over 140,000 pallet spaces, with the business using overflow storage facilities as planned. In the Feeds division, volume and margin remained stable across the summer, relative to the first quarter of the prior year which saw very significant volatility in raw material and farmers input costs and consequently higher milk prices. Looking ahead, NWF's expectations for the year ahead remain unchanged.

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AB Dynamics PLC - Bradford-on-Avon, Wiltshire-based testing systems and measurement products for the automotive market - Says trading momentum was sustained in the second half of the year, with continued good performance in the track testing sector and particularly strong growth in the laboratory testing and simulation sector, which benefitted from an earlier than expected delivery of a large, high margin contract. Looking ahead, says that in light of the better than anticipated trading in the latter part of the year, the board now expects revenue for financial 2023 to exceed GBP100 million for the first time. Strong revenue growth is anticipated to translate into a full year adjusted operating profit result that is above the top end of the range of current market expectations - namely between GBP14.7 million and GBP15.9 million.

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RC365 Holding PLC - London-based company focusing on payment gateway solutions and IT support services - Incorporates a new, wholly owned subsidiary, RC365 Solutions SDN BHD, in Malaysia. Says that RC365 Solutions will help to centralise the IT activities undertaken by RC365 and its subsidiaries. Regal Crown Technology Ltd, a wholly owned subsidiary of RC365, outsources certain IT services to subcontractors based in China and Hong Kong, to perform tasks that are labour-intensive with relatively low skill required including routine maintenance and support work. Once fully operational, the new subsidiary, RC365 Solutions, will replace the IT services performed by the outsource provider in China and is estimated to save 40% of these annual IT operational costs.

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FIH Group PLC - Services businesses such as construction, ferries and art storage in Falkland Islands and UK - Says its trading outlook remains positive, with performance at Portsmouth Harbour Ferry Company from April 1 to August 31 marginally ahead of expectations, with cumulative passenger numbers broadly in line with the prior year. At Momart, Gallery Services traded ahead of both the prior year and expectations. Museum Exhibitions had a slower start to the year, but the strength of its order book is expected to result in a stronger second half performance. The Falkland Islands Company also had a slower than expected start to the year, due mainly to weather-related disruption to project delivery in the Falkland Building Services housing and construction division and the continued impact of inflationary cost pressures in the retail business. Maintains that project delays in FBS are expected to reverse in the second half, which includes the "traditionally more productive austral spring and summer months".

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By Holly Beveridge, Alliance News reporter

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