18th Jun 2025 10:57
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
----------
S&U PLC - Solihull, England-based lender focused on motor finance and property bridging - Ahead of annual general meeting on Wednesday, S&U says its "optimism" displayed in results for year to January 31 has been justified by the 2group's recent performance". It highlights trading over past two months. Property lending arm Aspen continues to "power ahead" with record first-quarter profit. Receivables are up 7% at the unit. At Advantage, customer receivables are "trending above budget". "Advantage profit for the quarter is almost on budget and is on course to move ahead by half year," S&U adds. S&U continues: "Overall, group profitability is trending to be ahead of 2024 at half year and accelerating from there. This pattern is driven by improving sales numbers, stronger collections at Advantage and the tapering of additional professional and regulatory costs." The company says an upcoming Supreme Court judgement on the motor finance sector "remains difficult to predict". It believes a "clear and pragmatic decision" would offer the sector some clarity. The UK Financial Conduct Authority in March said it is no longer planning a further update on its review into past use of motor finance discretionary commission arrangements in May. This follows the judgement by the Court of Appeal in October, which raised the possibility of more widespread liability for the industry.
----------
Flowtech Fluidpower PLC - Cheshire-based with product range that includes hydraulic, pneumatic and industrial components - Flowtech wins a deal to upgrade the Rice Bridge in Waterford City, Ireland. The project is worth a total of EUR4.5 million. "This crucial rehabilitation project is a proud moment for everyone in Flowtech - huge congratulations to all the teams involved to date. It was a privilege for us to be signing the contract in person and committing to this exciting upgrade for Rice Bridge," CEO Mike England says. "Our extensive experience in bridge design and repair makes Flowtech the perfect match for this project, and I look forward to seeing what our superb engineering teams can accomplish over the next two years."
----------
MobilityOne Ltd - Kuala Lumpur-based e-commerce payment solutions provider - Expects to report a 2024 revenue decline and a wider loss. A post-tax loss of GBP3.5 million is expected, stretching from GBP1.4 million. MobilityOne is to report revenue of GBP230.2 million, it says, down 4.7% from GBP241.7 million. The decline in revenue is due to "softer demand in the group's mobile phone prepaid airtime reload and bill payment business". It continues: "The directors anticipate a challenging business environment and remain cautious about the outlook for the remainder of 2025. Notwithstanding this, the group is implementing targeted initiatives across its core business segments aimed at turning around the group's performance and positioning the group for sustainable growth." it said it will publish annual results by the end of this month.
----------
Caspian Sunrise PLC - oil and gas exploration and production focused on Kazakhstan - Nearing end of process to acquire Block 8 contract area in Kazakhstan. In 2023, it exercised an option to acquire the area for up to USD60 million, to be paid from a USD5 a barrel royalty from future output. "In the meantime the income from the production at the Block 8 contract area will be used to start to pay down the loan advanced as part of the Block 8 acquisition arrangements," it explains. Caspian says Deep Well P2 production has kicked off, at a rate of around 350 barrel of oil per day. Deep Well P1 has been perforated, paving the way for testing to begin there.
----------
Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Petro Matad receives partial repayment from PetroChina Co Ltd for output from Block XX from October 2024, the start-up of Heron 1, to the end of April. Petro Matad says proceeds of USD1.2 million were received, representing 70% of the invoiced amount. "PetroChina has withheld 30% pending confirmation from the Mongolian tax authorities that there will be no customs, VAT or other tax charges levied on them in their role as processor and transporter of the oil," Petro Matad adds. "After payment of royalty and the government's share of the revenue, Petro Matad's net receipt from this payment is [USD810,000]." Petro Matad says it is discussing the oil sales arrangements with tax authorities to "secure the confirmation PetroChina has requested".
----------
Kistos Holdings PLC - energy company with offshore and onshore assets in UK, Norway, and the Netherlands - Notes operator Var Energi AS takes final investment decision for Phase VI of the Balder Area development. VAR owns 90% of the Balder field in the central part of the North Sea, and Kistos 10%. According to VAR, this phase of the field will develop around 15 million barrels of oil equivalent of gross proved plus probable reserves, for a capital spend of around USD260 million. "The project has strong economics, with a break-even well below USD35 per barrel, IRR above 35% and will pay back in less than a year from start of production at current prices," VAR says.
----------
Orcadian Energy PLC - North Sea focused oil and gas exploration and development company - Phase B of P2482 licence has been extended until July 2027. Orcadian says it gas identified a further 53 million barrels of prospective resources with geological chance of success ranging from 64% to 87%. The licence extension enables Orcadian and partner Ping Petroleum "to explore the optimum area development plan with the North Sea Transition Authority". Ping continues to progress Pilot development planning work. Orcadian has just under a 19% stake in the Pilot development. In addition, Orcadian says it is working with Independent Power Corp PLC to put the ownership of Licence P2680 and potentially Licence P2650 into a "corporate joint venture structure". IP Corp builds and operates power plants.
----------
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
S & UFlowtech Fluid.MobilityoneOrcadian EngyKistos HoldingsPetro MatadCaspian Sunrise