MOVERS OF MONDAY 18 JANUARY 2021
(BBOX ) shares ticked up 5.45% to 185.75p as it expects results to come in ahead of market expectations
Ahead of its full year results for the twelve months to 31 December 2020, the real estate investment trust said it expects to exceed the upper end of current analysts' estimates.
The company has valued its portfolio as ahead of market expectations. The group said an independent valuation of its portfolio's investment and development assets as at 31 December 2020 indicated a like-for-like increase in value of around 8% since 30 June 2020.
The company said the increase has been driven by the strength of the logistics real estate market, its active development and asset management activity, alongside the high-quality nature of its portfolio as demonstrated through consistently high levels of rent collection.
The group said that its second half of 2020 saw a significant increase in the value of prime, larger scale, UK logistics real estate assets let to high calibre occupiers on long leases.
The company highlighted that the supply of these prime assets remains constrained and occupier demand for larger scale logistics buildings ‘continues to strengthen.’
(XTR ) shares soared 118.75% to 8.75p with project update
The London-listed resource company told investors that drilling of the first of three holes on the group’s Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has now progressed to a depth of 975 metres in drill hole BRDD-20-001.
Copper mineralisation at the hole was first noted at a depth of 110m and it has now been mineralised continuously to a depth of 975m, 160m past the initial planned finishing depth.
Colin Bird, Executive Chairman of Xtract Resources said, "The hole continues to be strongly mineralised well past the planned hole depth, which is very encouraging for the scale of the porphyry system at Racecourse. We will continue to drill until we bottom out of the zone."
(ORR ) shares rose 56.42% to 1.4p as it highlights 1Q21 work across its African gold exploration portfolio
Shares in Oriole Resources increased on Monday after the group updated investors on the current work programmes on its West African projects during the first quarter of 2021.
The exploration company focussed on West Africa said in Senegal, IAMGOLD has completed its 10,000m air core (AC) drilling programme at the Senala project ('Senala'), as scheduled.
The AC drilling is intended to better-define the geochemical footprint of the gold mineralisation at the Faré prospect, where historical drilling has returned best results of 20m grading 31.13 g/t of gold including 10m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling.
Subject to the results of the drilling programme, Oriole told investors that IAMGOLD has planned a further 5,000 metres follow-up reverse circulation drilling and has also planned 1,000 metres of diamond drilling to test mineralised intervals previously identified.
Meanwhile, in Cameroon, Oriole anticipates first results from its maiden diamond drilling programme at the Bibemi project later this quarter and into the second quarter. The company said that the total planned programme now stands at 28 holes for 3,080 metres.
(CPP ) shares jump 52.44% to 481p following ‘resilient’ trading
The multinational product and services firm said trading for the year ended 31 December 2020 has been ‘resilient’. The Board expects to report EBITDA in the range of £7.1 million to £7.3 million, which is more than 10% ahead of the market consensus of £6.4 million.
It said that recovery in India, its key growth market, has been ‘stronger than anticipated’, both in its core business and in its majority owned business process management firm, Globiva.
Once the nature of the pandemic became recognised, CPP said it had implemented ‘a notably conservative plan’ for managing its cash resources. As a result, the group’s financial position remains robust with a cash balance as at 31 December 2020 of £21.9m.
While the global economic backdrop remains uncertain, the company said that its ability to adapt to the challenges of 2020 has given the Board confidence in the outlook for 2021.
(PFC ) shares fell 5.01% to 114.65p following bribery charges for former employee
Shares in the international service provider were down again following a statement issued last week acknowledging an announcement by the Serious Fraud Office, that a former employee of a Petrofac subsidiary gas had admitted further charges under the UK Bribery Act 2010.
These charges relate to three historic contract awards in the UAE in 2013 and 2014. It said no charges have been brought against any group company or any other officers or employees.
A small number of former Petrofac employees are alleged to have acted together with the unnamed individual concerned, although the group stated that none have been charged. It added that the current Board member of Petrofac Limited is alleged to have been involved.
“Petrofac's management is committed to operating at the highest standards of ethical business practice. Petrofac continues to engage with the SFO and will respond to any further developments as appropriate,” the company wrote at the end of its statement.
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