Traders Cafe with Zak Mir: MODE, PXEN, UOG, PHE, SQZ, XTR, TIR, CAPX, 4BB, TTAU, TILS, ITX & CNIC via Vox Markets

Fintech Group Mode Global (MODE) announce its unaudited results for the six months ended 30 June 2021. The company said it has built a strong platform of regulated and innovative products to drive growth.

By Zak Mir

Mode moved into a gross profit margin of 19% following H1 2020 gross loss and pointed to a strong balance sheet with GBP5.7m cash and liquid assets of GBP8.3m (FY 2020: GBP6.2m). Revenues increased more than twenty-fold to GBP0.8m (H1 2020: GBP0.03m) reflecting 3,200% growth in trading volumes and increased payment volumes of Global Services. Bitcoin under management was up over 300%.

Investment company Prospex Energy (PXEN), where there is currently rarely a dull moment, announced its Interim unaudited Results for the six months ended 30 June 2021. The company said the outlook is for consolidation and growth, given the shortage of gas across Europe, as markets are experiencing record high gas and electricity prices. Prospex said it is well positioned to grow its business into this undeniable market opportunity, while using the “strength of its team and our assets to invest in appropriate alternative energy sources.”

United Oil & Gas (UOG) announced its unaudited financial and operating results for the half year ended 30 June 2021. Group working interest production in Egypt is forecasted to average between 2,100-2,300 boepd for the full year as announced on 6 September 2021. Group cash capital expenditure for the full year is forecasted to be $7.5-8.0m, fully funded from existing operations, with $7m to be invested in its low-cost production business and up to $1m across the other assets in the portfolio. Preliminary four well 2022 drilling campaign planned and longer-term plans for accessing the significant upside reserves and production potential of Abu Sennan under discussion with partners.

UK technology company Powerhouse Energy (PHE) announced its unaudited interim results for the six months ended 30 June 2021. The company said it had bolstered its technical and management teams. This progress supports building of our first commercial scale plant at the Protos Energy Park in Ellesmere Port, Cheshire. During the period Powerhouse signed a binding agreement with HUI which intends to deploy Powerhouse technology in Poland, Greece and Hungary.

Serica Energy (SQZ) announced its financial results for the six months ended 30 June 2021. CEO Mitch Flegg said that in the current environment Serica’s focus on gas production and investment in new projects is expected to generate very significant returns for shareholders and help support further investment. Gross profit of GBP46.0 million (1H 2020: loss of GBP19.8 million) and cash flow from operations of GBP63.8 million (1H 2020: GBP19.3 million).

Xtract Resources (XTR) said that laboratory assays have been received from the first drill hole (BRDD-21-008) completed on the Phase Two diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt of New South Wales, Australia. Assay results for the first angled hole of the Phase 2 exploration drilling at the Racecourse porphyry deposit, confirm high grade copper mineralisation at shallower depths than drilled during the Phase 1 exploration drilling programme. The company said that these assay results have enhanced its theory of intersecting high-grade mineralisation at shallower depths within the mineralisation system associated with the high-grade “crown”. The results are very supportive of its open pit objective.

Another Colin Bird company was also in focus: Tiger Royalties (TIR). Here the investment company said that it sees the coming months witnessing a renewed interest in the natural resource sector and anticipates higher valuations. The company intends to strengthen its share purchases and to continue taking strategic positions with management input.

The manufacturer of ultra-thin prismatic and high-power cylindrical supercapacitors, CAP-XX (CAPX) appointed Kessler Batteries, a leading distributor of 3V lithium coin cell batteries for industrial electronic devices, as a CAP-XX full line distributor for the Americas. CAP-XX chose Kessler Batteries for this design synergy between its supercaps and 3V lithium coin cell batteries, and for Kessler’s large sales organization covering the Americas featuring experienced application engineers capable of providing deep design expertise.

Specialist life sciences group focused on exploiting intellectual property in the field of cell and gene therapies and DNA vaccines, 4basebio (4BB) announced that it has commenced the development of its pilot clean room project for the purpose of manufacturing GMP standard DNA. The Facility will provide for seven DNA production suites which, when fully operational, will be capable of generating quantities of DNA with a value in excess of £25 million per annum.

On the Aquis market Tectonic Gold (TTAU), the Intrusive Related Gold System explorer, announced the successful completion of the first stage of the September 2021 Specimen Hill drilling campaign with an immediate extension planned on the back of exploration successes. Multiple surface copper and gold discoveries have been confirmed at depth by drilling along a +4km long mineralised belt from Main Lodes to Southern Copper. Tectonic has been systematically testing grade and geological continuity along the entire strike of the mineralised system with a view to partnering with a major mining company to take it to the next development stage.

In the world of biotech, Tiziana Life Sciences (TILS) saw director buying near the lows as Panetta Partners Limited, an entity in which Gabriele Cerrone, the Executive Chairman has a beneficial interest, purchased 100,000 ordinary shares of 3p each in the market at a price of 52p per share. The acquisition takes Mr Cerrone’s interests from 34.078% to 34.129%.

Plant-based speciality polymers group Itaconix (ITX) announce its unaudited interim results for the six months ended 30 June 2021. First-half revenues of $1.4 million were 26% higher than the first half of 2020. Due to customer ordering patterns, these first-half revenues were 36% lower than in the second half of 2020. Gross profits were $0.5 million, representing an increase of 30% over the first half of 2020 and a decrease of 30% over the second half of 2020.

Global internet platform company Centralnic (CNIC) announced that it has entered into an agreement to acquire a publishing network of revenue-generating websites, Publishing Network, for a consideration of $6.5m in cash from White & Case Ltd. The Acquisition is expected to complete on or around 1 October 2021 and will be financed from available liquidity.

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Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.


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