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Corporate news review Friday 11th August 2017
Kodal Minerals KOD announces results of the diamond core drilling completed at the Ngoualana prospect, located at the Company’s Bougouni lithium project in Southern Mali. “These diamond core drill results provide us with a high-level of confidence in the information captured from the earlier reverse circulation drilling, and continue to demonstrate the high-grade mineralisation and continuity of the Ngoualana prospect. We are well funded and have strong support to maintain the rapid exploration and delineation programme.”
Old Mutual OML reports half-year pre-tax adjusted operating profit up 37% to £969m and EPS up 33% to 10.6p. The 2017 first interim dividend is up 32% to 3.53p up 32% and in line with capital management policy.
Oxford Biomedica OXB has agreed, as lead partner, to enter into a collaboration agreement with a consortium of partners, including the Cell and Gene Therapy Catapult, Stratophase Ltd and Synthace Ltd. The agreement is a two-year £2m collaboration project focused on gene and cell therapy manufacturing, co-funded by the UK’s innovation agency, Innovate UK. The project aims to deliver tangible benefits to patients by shortening the time-to-clinic and time-to-market as well as to improve the cost and access of bringing novel gene and cell therapies to patients.
TT Electronics TTG reports a strong H1 performance, with revenues up 13% to £180m, with underlying operating profit up 11%. Group free cash inflow totalled £6.8m, with net debt at £56m at 30 June 2017 (31 Dec 2016: £55.4m).
Volution Group FAN updates on trading following the completion of its financial year on 31st July 2017, and anticipates that FY results will be in line with Board expectations. Revenues grew 20% to £185m.
City of London Group CIN says it has conditionally agreed the acquisition of Milton Homes and a proposed £11m equity fundraising. CIN proposes to acquire the entire issued share capital of Milton Homes, a provider of equity release products for residential property, for consideration of £20.2m.