Altus Strategies* (ALS LN) – BUY, 132p – CEO bought £70k worth of stock in the market | Anglo American (AAL LN) – Class action launched against Anglo as a historical partner over alleged mass lead
poisoning of children in Zambia | BMR Group (BMR LN) – BMR Group now holds licenses over Star Zinc mine where Enviro Zambia has been cleaning up Kabwe mine site | Arc Minerals* (ARCM LN) – High-grade copper at Fwiji indicate potential for greater discovery | Beowulf Mining* (BEM LN) – Swedish government refer Kallak to UNESCO | SolGold* (SOLG LN) – Second hole at Porvenir continuing in visible mineralisation | Vast Resources* (VAST LN) – JORC Resource and Reserve at Baita Plai | Yamana Gold (AUY LN) – Q3 results benefit from higher than expected gold production
Companies: ALS AAL BMR ARCM BEM SOLG VAST AUY
Arc Minerals* (ARCM LN) – Caleb Mulenga appointed as a NED to Arc Minerals board | Greatland Gold (GGP LN) – Moving towards initial resource at Havieron as step-out drilling identifies a 4th potential target | Highland Gold (HGM LN) – Production to pick up in the final quarter with FY20 guidance reiterated | KAZ Minerals (KAZ LN) – On track for full-year guidance | Panthera Resources (PAT LN) – Field exploration underway at the Bassala project | Vast Resources* (VAST LN) – Final results highlight progress in Romania and Zimbabwe | Yamana Gold (AUY LN) – Encouraging drilling results from Canadian Malartic
Companies: ARCM GGP HGM KAZ PAT VAST AUY
Altus Strategies* (ALS LN) – BUY, Target 115p – 5,000m trenching programme launched at the Laboum Gold Project, Cameroon | Arc Minerals* (ARCM LN) – Annual report describes transformational year for Arc as it focusses on Zambian copper prospects | BlueRock Diamonds (BRD LN) – Third quarter figures highlight substantial improvement in volume and grade | Keras Resources* (KRS LN) – Progress in Togo and Utah | Power Metal Resources* (POW LN) – Launch of website galley | Shanta Gold (SHG LN) – West Kenya Scoping Study confirms attractive project economics | Yamana Gold (AUY LN) – Admission to London’s Official List
Companies: ALS ARCM BRD KRS POW SHG
Arc Minerals* (ARCM LN) – Zamsort hits mineralisation in drilling at its new Fwiji target | Kavango Resources (KAV LN) – Strategic joint-venture in Botswana | Pensana Rare Earths (PRE LN) – Tanzanian gold royalty | Power Metal Resources* (POW LN) – Strategic joint-venture in Botswana
Companies: ARCM KAV PRE POW
Adriatic Metals* (ADT1) – Adriatic Metals increase loan to Tethyan Resources | Arc Minerals* (ARCM LN) – Don Bailey resigns from board as Anglo American steps in with exclusivity
agreement | Jubilee Metals (JBL LN) – Jubilee appointed to recommission and operate chrome plant at Inyoni in South Africa | Petropavlovsk (POG LN) – Board update | Rio Tinto (RIO LN) – Rio Tinto executives lose bonuses over destruction of ancient caves in Australia| Shanta Gold (SHG LN) – Interims highlight strong FCF and positive net cash status | Strategic Minerals* (SML LN) – Redmoor project review | Sunrise Resources (SRES LN) – £1m fundraising | Tertiary Minerals* TYM – Buy-back and cancellation of deferred shares
Companies: ADT1 ARCM JLP POG RIO SHG SML SRES TYM
Alien Metals (UFO LN) – Employs Canadian broker in hunt for joint venture partner for Mexican project | Altus Strategies* (ALS LN) – EIA approved at the JV ready Agdz silver/copper project, Morocco | Arc Minerals* (ARCM) – Arc reports sale of Sturec gold project in Slovakia | Empire Metals (EEE LN) – Empire signs option to acquire 75% of the Eclipse gold mining license near Kalgoorlie | Galileo Resources (GLR LN) – Starting exploration on the Kalahari Copper Belt | Horizonte Minerals (HZM LN) – Araguaia debt financing
Companies: UFO ALS ARCM EEE GLR HZM
Arc Minerals* (ARCM) – Arc signs exclusivity with Anglo American as majors step into Zambia | Kenmare Resources (KMR LN) – Ilmenite and rutile production fall heavily through first half | Power Metals Resources* (POW LN) – Progress report and strategy | Phoenix Copper* (PXC LN) – Reduced H1 losses and project review | Strategic Minerals* (SML LN) –Cobre Q2 magnetite sales | Trans-Siberian Gold (TSG LN) – V25N drilling returns high grade intersections along strike and at depth
Companies: ARCM KMR POW PHNX SML TSG
Altus Strategies* (ALS LN) 31.5p, Mkt Cap £22.1m – Sale and royalty agreement on Cote d’Ivoire gold properties | Arc Minerals* (ARCM) - Drilling starts at new Fwiji target in Western Zambia | Caledonia Mining* (CMCL LN) 1280, Mkt Cap £138.3m – Increased quarterly dividend | Oriole Resources (ORR LN) 0.35p, Mkt cap £2.6m – Drilling underway at Senala gold project | Phoenix Copper* (PXC LN) 29p, Mkt Cap £16.2m – Empire mine metallurgical results
Companies: ALS ARCM CMCL ORR PXC
Antofagasta (ANTO LN) – 2019 final dividend hit by Covid19 | Arc Minerals* (ARCM LN) – Arc raises stake in Zaco to 72.5% from 52.5% | KEFI Minerals* (KEFI LN) – Central bank approves Tulu Kapi debt funding | OXiS Energy* (Private UK-based) – Agreement to build world’s first Li-S manufacturing plant with Mercedes Benz Brazil | Rainbow Rare Earths* (RBW LN) – Geological studies identify 57 exploration targets at Gakara in Burundi
Companies: ANTO ARCM KEFI RBW
Arc Minerals* (ARCM LN) –- Arc Minerals raises £2.37m at 1.7p per share | Asiamet Resources (ARS LN) – Progress on permitting the BKM copper project \ Aura Energy* - (AURA LN) – Further issue of shares | Ormonde Mining* (ORM LN) – Covid19 measures | Serabi Gold* (SRB LN) – Q1 results | Sibanye-Stillwater (SSW JSE) – CEO calls for South Africa to allow underground mines to run at full capacity | Sunrise Resources Plc (SRES LN) – CS Project environmental assessment
Companies: ARCM ARS AURA ORM SRB SRES
Arc Minerals* (ARC LN) – Royalty agreement signed with royalty agreement with Golden Square Equity Partners Limited | Bluejay Mining* (JAY LN) – Greenland waives mineral exploration license obligations for 2020 | Caledonia Mining* (CMCL LN) – Q1 production rises 19% | Central Asia Metals (CAML LN) – Maintaining 2020 production guidance for now | Cora Gold* (CORA LN) – Drilling suspended at Madina Foulbe on official COVID-19 related instructions | Eurasia Mining (EUA LN) SUSPENDED – Operations and corporate update | Kenmare Resources (KMR LN) – Draws on facilities to weather Coronavirus storm | Rambler Metals* (RMM LN) – Appointment of non-executive director | Renascor (RNU AU) - Work Continues on Siviour Graphite Project despite COVID-19 | Serabi Gold* (SRB LN) –– Amended payment schedule for Coringa acquisition
Companies: ARCM JAY CMCL CAML CORA EUA KMR RMM SRB
Anglo American (AAL LN) – Green Hydrogen Consortium with BHP, Fortescue and Hatch | Arc Minerals (ARCM LN) –– Sale of CASA Mining asset for US$5m loan note plus royalty agreement worth up to $45m | Ariana Resources (AAU LN) – 2020 Production guidance | Bushveld Minerals* (BMN LN) – Appointment of Eskom trouble-shooter Ms Mokgatle as an Independent Non-Executive Director | Capital Drilling (CAPD LN) – After-tax profit rises 34% in 2019 | Cora Gold* (CORA LN) – £2.9m equity raise | Gem Diamonds (GEMD LN) – Letseng small diamond tender succumbs to anti-virus precautions | Highland Gold (HGM LN) – Capital projects update
Companies: AAL ARCM AAU BMN CAPD CORA GEMD HGM
Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m
Companies: FDP YGEN AVO FIPP FEN SLN SHRE ARCM AEG VLX
Arc Minerals (ARCM LN) – Strong Buy – Long intercept of copper at Cheyeza raises prospect of much larger resource | Aura Energy* (AURA LN) – Quarterly Report | Metals Exploration (MTL LN) – Sale of senior loan facility completed | Vast Resources* (VAST LN) – $7.1 Atlas tranche completed
Companies: ARCM AURA MTL VAST
ARC Minerals holds an effective 71.34% of Zamsort in Zambia and 99% of Casa which owns ~73% of the Akyanga Project in the DRC. Zamsort has a portfolio of coppercobalt prospects close to FQM’s new Trident mine on the Copperbelt in Zambia. The Cheyeza project is 66% owned by Arc Minerals through its holding in Zamsort.
Companies: ARC Minerals Limited
Research Tree provides access to ongoing research coverage, media content and regulatory news on ARC Minerals Limited.
We currently have 72 research reports from 3
We are replacing our preliminary valuation of i3 Energy, which had been premised on the valuations of GLJ and Sproule, with our own valuation model and our own commodity price assumptions. The resource estimates assumed in our valuation remain aligned with those of i3 Energy's resource evaluators, namely, GLJ, Sproule and AGR Tracs. Our fair value amounts to 15.0p/share, which compares to our prior and preliminary valuation of 17.7p/share. Our valuation is premised on the proven and probable reserves of the company's Canadian assets; therefore, we believe that the company's current share price provides an opportunity to acquire a compelling investment at a steeply discounted entry price.
Companies: i3 Energy Plc
GeoPark (GPRK US)C; Target price of US$20.00: Divesting non-core asset in Brazil - GeoPark is selling its 10% non-operated working interest in the Manati gas field in Brazil to Gas Bridge for US$27 mm. We do not see much upside to the Brazilian asset (in terms of growing reserves or through exploration opportunities) and this divestment may allow GeoPark to reallocate resources to its core operations. We would rather see management remaining focused on deploying capital on higher return assets such as Colombia and Ecuador. Even after this week’s share price appreciation, our Core NAV continues to be 60% above the current share price. Our unrisked NAV for the 2021 drilling programme is ~US$9.00 per share, which represents ~90% of the current share price.
Panoro Energy (PEN NO)c; Target price of NOK23.00: 2021 will be a transformational year - 2020 has been a difficult year for the oil and gas industry and 2021 is a turning point for Panoro. In Gabon, development activities at Ruche are expected to return to normal with gross production set to grow to 20 mbbl/d. The company will also appraise Hibiscus to test the 155 mmbbl upside case (=2x existing 2P reserves). The development of Hibiscus is expected to be sanctioned. Importantly, while the existing FPSO has a nominal oil processing capacity of 45-45 mbbl/d, processing expansion is possible which allows for a potential oil production plateau of 70 mbbl/d. We estimate the value of Panoro’s reserves in Dussafu at NOK10.40 per share. Derisking the contingent resources in Gabon could add ~NOK3 per share. We estimate that the upside at Hibiscus has a further unrisked NAV of ~NOK10 per share for a total unrisked NAV of NOK23 per share for the discovered and “to be appraised” volumes in Gabon. Overall, including Nigeria, South Africa and Tunisia, we estimate the unrisked value of the 2021 activities at NOK30 per share; which represents 2.3x the share price. Our target price of NOK23 per share has been set close to our ReNAV.
Pharos Energy (PHAR LN)c; Target price of £0.35: Low cost. Quickly scalable. High impact, quality exploration – Pharos is a £ mm market cap, ~12 mboe/d oil producer that acquired the Egyptian assets of Merlon in 2019. Under the stewardship of a blue-chip management team that turned Cairn Energy from a micro-cap into a successful E&P that returned US$4.5 bn to shareholders, Pharos has undergone a multi-faceted transformation, enhancing governance and rebalancing its asset portfolio. Given the recent macro challenges, this process appears to have gone unnoticed by many investors. Pharos now holds ~50 mmboe 2P reserves in Egypt and Vietnam. Vietnam provides stable cash flows even at low oil prices. Egypt production can be increased rapidly (up to x2.5 to 13 mbbl/d) with additional investment. Pharos also holds world class exploration assets in Israel, Egypt and Vietnam. With a healthy balance sheet (cash: ~US$38 mm, net debt:~US$36 mm), Pharos’ shares trade at EV/DACF multiples of 5,000 bbl/d, increasing production from the Shaikan field by~15%. FY20 gross production is expected to be at the upper end of the 35,000 – 36,000 bbl/d production guidance, with the field currently producing at ~39,000 bbl/d.
LEKOIL (LEK LN): Requisition from large shareholder to change the board of the company - LEKOIL has received a letter from Metallon, holding 15.4% of the company, requisitioning an extraordinary general meeting to vote on the replacement of the Chairman and the appointment of Michael Ajukwu, Thomas Richardson and George Maxwell as directors of the company.
Orca Exploration (ORC.A/B CN): 3Q20 results - 3Q20 WI production in Tanzania was 60.9 mmcf/d. At the end of September, Orca held US$79.2 mmm in working capital including US$98.5 mm in cash and long-term debt
of US$54.2 mm.
Tullow Oil (TLW LN): Capital Market Day – 2020 production to date averages 75 mbbl/d with FY20 production guidance of 73-77 mbbl/d. Assuming an oil price of US$45/bbl in 2021 and US$55/bbl flat nominal from 2022 onwards, Tullow expects to generate US$7 bn of operating cashflow over the next 10 years with capex of US$2.7 bn. The first phase of investment will start in 2Q21 with the commencement of a multi-well drilling programme in Ghana. In Suriname, the prospective Goliathberg-Voltzberg North-1 well will spud in 1Q21.
Victoria Oil & Gas (VOG LN): Positive licence update in Cameroon – The duration of the onshore Matanda licence has been extended by one year to December 2021. The gross unrisked prospective resources are now estimated at 1,196 bcf, up from 903 bcf previously. 19 gas prospects haven identified in shallower Tertiary-aged reservoirs, plus 7 prospects in deeper, Cretaceous-aged prospects. The Company believes the largest of these prospects has mean unrisked Prospective Resources of >65 bcf, with geological Chance of Success estimated at >40%.
Companies: VOG BPC ENQ GPRK JOG JYOGF TPC1 7M7 0GEA MAHAA PEN PHAR RBD REP SENX TLW
Pantheon announced that is has contracted a rig to drill the Talitha well and that drilling operations are expected to commence in January 2021. The well will target four independent reservoirs, in three separate trapping sequences, which the company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the full potential of the targets.
Companies: Pantheon Resources plc
The Prime Minister vowed last week to “restore Britain's position as the foremost naval power in Europe” and promised an extra £16.5bn in defence spending over the next four years. Mr Johnson expects this investment to “spur a renaissance of British shipbuilding across the UK”, and specifically mentioned five locations where this would occur, including Belfast and Appledore – the location of InfraStrata's shipyards. Other supportive policy initiatives emanating from the government include Mr Johnson's pledge in October that offshore wind will power every home in the country by 2030. We believe this demonstrable support from the highest level of government vindicates InfraStrata's strategy, and demonstrates the significant opportunities available to the company as it bids on numerous shipbuilding and fabrication contracts. We reaffirm our Buy rating.
Companies: InfraStrata plc
• In an Important development, PetroTal has signed a contract with an international oil trader for a pilot shipment to export 0.12 mmbbl into the Atlantic region using the Amazon river through Brazil. The shipment will be sold FOB Bretana, priced at the forward month Brent ICE price, and paid within two weeks of loading at Bretana. There are no subsequent oil price adjustments.
• At November 19, 2020, PetroTal had cash resources of US$9.8 mm, with accounts payable and accrued liabilities of ~US$39 mm, a reduction of ~US$11 mm from the end of 2Q20. The company has been paid US$5.5 mm for delivery of 0.192 mm bbl of oil to Petroperu in October. Production is constrained to ~5,000 bbl/d pending the reopening of the export pipeline.
• We understand that the pilot should start in December. This would not only provide ~US$5 mm in cash to PetroTal but also allow production to return to recent levels (11.5 mbbl/d), effectively unlocking the fundamental value of the asset.
Balance sheet considerations
The potential financial derivative liability has been reduced from US$22.5 mm at the end of June to US$17 mm at the end of September. Of the US$39 mm current payables 46% are not due before 2021 and we note that the company still holds US$13 mm in account receivables and US$4.7 mm in inventory.
Financials on “a back to normal” scenario with flat production
We are now assuming production remains constrained at 5 mbbl/d over 4Q20 with minimum capex with cashflow and receivables being used to repay the due payables over the period.
On production of just ~11.5 mbbl/d during 2021, we estimate operating cashflow of US$85 mm at US$48/bbl Brent. This would result in free cashflow of >US$40 mm assuming capex of US$20 mm to maintain production and US$20 mm to repay the remaining payables. This compares with a current market cap of just US$75 mm, suggesting FY21 free cashflow would represent over 50% of the current market cap in a no growth scenario assuming production can be exported.
Our target price of £0.45 per share represents 6x the current share price.
Companies: PetroTal Corp.
EQTEC has announced today that the Company and Scott Bros. Enterprises Limited have agreed to extend the exclusivity period of the Billingham MOU until 18 December 2020. The Billingham MOU has been subject to previous extensions, as announced on 23 October 2019, 23 June 2020 and 18 September 2020.
Companies: EQTEC PLC (KEU1:FRA)EQTEC PLC (EQT:LON)
Parkmead’s portfolio has evolved to the point where it is now a full-cycle E&P company with a low-cost Dutch production base and a broad spectrum of high-quality UK growth opportunities, encompassing material development projects and an attractive range of risk/reward exploration. Recently, it has diversified into renewables, future proofing its equity story and opening up a new ‘investor-friendly’ avenue of growth. A core strength of this management team is its commercial acumen and portfolio-driven approach to optimising value. Parkmead has been in portfolio construction mode to date but is now well positioned to start crystallising its intrinsic value. We initiate with a risked-NAV based price target of 155p/sh. Investors would do well to get on-board with a management team that has a strong track record of delivering shareholder value.
Companies: Parkmead Group PLC
Salt Lake Potash's AGM update reported that the Lake Way project is now 74% complete. Construction of the process plant is on-schedule with practical completion and first SOP production planned for Q1/21. Drawdown of the Senior Facility Agreement funds and repayment of the Taurus bridge loan is expected soon.
Companies: Salt Lake Potash Limited
Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand.
Futures rose 5% in New York this week for a third straight weekly gain as Pfizer Inc and BioNTech SE requested emergency authorisation of their Covid vaccine Friday. Moderna Inc also released positive interim results from a final-stage trial and said it is close to seeking emergency authorisation. Still, further gains were limited by broader market declines amid a dispute between the White House and the Federal Reserve over emergency lending programmes.
Even with vaccines on the horizon, a recovery in oil demand faces obstacles with governments under pressure to tighten restrictions and curb the spread of the virus. UK Prime Minister, Boris Johnson's officials are considering tougher pandemic rules placed on broader regions of England next month after a national lockdown is set to end and the country returns to its tiered system. Meanwhile, the shift toward working from home may have a lasting chill on gasoline demand, according to Federal Reserve Bank of Kansas City President Esther George.
The recent climb in headline prices has been accompanied by significant moves in timespreads, where traders bet on the price of oil in different months. The spread between West Texas Intermediate for December 2021 delivery and the following month moved to backwardation, while the closely watched gap between December 2021 and 2022 WTI contracts is close to also flipping.
West Texas Intermediate for December delivery, which expired Friday, rose 41 cents to settle at $42.15 a barrel.
The January contract rose 52 cents to end the session at $42.42 a barrel.
Brent for January settlement gained 76 cents to $44.96 a barrel. The contract rose 5.1% this week.
Pfizer and BioNTech's vaccine could be the first to be cleared for use, but first it must undergo a thorough vetting. The filing could enable its use by the middle to the end of December, the companies said in a statement. Yet, it could take at least three weeks for a US Food and Drug Administration decision.
Companies: FOG PVR 88E DGOC EME TRIN UOG
Jersey Oil & Gas announced today that is has entered into an agreement to acquire the entire share capital of CIECO V&C (UK) Limited, which is currently owned by two international entities headquartered in Japan. The acquisition secures an additional 12% working interest in Licence P2170 (Blocks 20/5b & 21/1d), which provides Jersey Oil & Gas with 100% of the licence. The licence contains the majority of the Verbier oil discovery in addition to three drill ready prospects: Verbier Deep, Wengen and Cortina. The acquired entity has approximately £15M of tax losses which will provide value to Jersey Oil & Gas. Consideration will consist of £150k in cash and contingent payments of i) £1.5M upon field development plan approval of Verbier within P2170 (as already discovered) by the OGA ii) £1.0M upon the 1st anniversary of attainment of first oil. The acquisition is conditional on OGA approval amongst other technicalities, which we do not anticipate will be problematic. The acquired entity will be free of debts.
Companies: Jersey Oil & Gas PLC
Acquisition of CIECO P2170 interest
Companies: JOG JYOGF TPC1
Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q21 and our estimate of the timing of the field production ramp-up has been delayed by one quarter. BWE continues to expect production from the Dussafu area to reach >30 mbbl/d in 2023 and ~40 mbbl/d in 2024. The Hibiscus development is expected to offer 15% IRR at
Companies: TGL TGA 88E FEC JSE LUPE LUNE LNDNF LYV NOG GB_NTRM NSTRY 3NO PANR P3K PTHRF PTAL TETY TETY AOI ENOG PEN SDX EGY
Low cost. Quickly scalable. High impact, quality exploration
Pharos is a £55 mm market cap ~12 mboe/d oil producer that acquired the Egyptian assets of Merlon in 2019. Under the stewardship of a blue-chip management team that turned Cairn Energy from a micro cap into a successful E&P that returned US$4.5 bn to shareholders, Pharos has undergone a multi-faceted transformation, enhancing governance and rebalancing its asset portfolio. Given the recent macro challenges, this process appears to have gone unnoticed by many investors. Pharos now holds ~50 mmboe 2P reserves in Egypt and Vietnam. Vietnam provides stable cash flows even at low oil prices. Egypt production can be increased rapidly (up to x2.5 to 13 mbbl/d) with additional investment. Pharos also holds world class exploration assets in Israel, Egypt and Vietnam.
Cash engine in Vietnam
Pharos produces ~6 mboe/d from two offshore assets with ~21 mmboe 2P reserves and 13 mmboe 2C resources (WI). The key asset is the TGT field (29.7% WI) with 24 mmboe 2P reserves plus 2C resources implying just 25% recovery factor. At US$22/bbl for Brent, production can be maintained flat. At US$40/bbl, the assets generate Free Cash Flow of US$20-25 mm per year. 6 new wells will be drilled from 4Q21 to grow production to 8 mboe/d. Obtaining approval to drill 9 more wells would add 9 mmboe WI 2P.
Scalable growth in Egypt
Pharos produces ~5.5 mbbl/d from the El Fayum licence (Western Desert) with 29 mmbbl 2P and 23 mmbbl 2C. A 3D campaign and >120 wells have improved the understanding of the geology where production growth is driven by waterflood and drilling. The pace of growth is proportional to the number of rigs directly reflecting the available funding. Without further investment, the assets break even at current oil prices but production declines fast. Four rigs and early investment maximizes value but requires additional funding or a partner.
High quality exploration
At El Fayum, there are 108 mmbbl prospective resources across the shallow horizons and the deeper Pre-Khatira play. North Beni Suef is also a promising licence. Israel is about chasing giant structures (Zhor/Tamar plays). In Vietnam, Pharos holds interests in the Phu Khanh frontier basin.
With a healthy balance sheet (cash: ~US$38 mm, net debt:~US$36 mm), Pharos’ shares trade at EV/DACF multiples of
Companies: Pharos Energy PLC
Trifast has reported FY21 interim results that highlight the tough operating conditions with material falls in revenue, and operating leverage driving sharp reductions in profitability. The c.£16m equity raise helped to cushion the financial impact and the ongoing recovery exiting the first half provides some optimism for the Group heading in to FY22. We reinstate our buy recommendation.
Companies: Trifast plc (TRI:LON)Trifast plc (25D:BER)
Today's news & views, plus announcements from KGF, MRO, UU, BAB, BRW, FUTR, GNS, HICL, LIO, AEXG, FUL, KWS
Companies: AEX GNS HICL