Recruitment agent RTC group saw a drop in revenues from £81.4m to £77.7m in 2021 due to employees on furlough as a consequence of Covid-19 and Nato troops’ withdrawal from Afghanistan.

RTC Group shares plummeted 18.5% to 28.5p after the company reported disappointing revenues and no final dividend.

The UK recruitment division saw revenues increase from £64.5m to £66.8m in 2021 as the rail division entered into a contract with Network Rail to provide frontline labour services from October 2021 to at least 2026.

The group’s UK revenues in 2020 also included a one-off contract performance obligation settlement of £590k which was not repeated in 2021.

The energy division’s revenue was positively impacted by the Government’s smart meter roll-out programme.

The international recruitment division saw a drop in revenues to £9.6m from £16.1m in 2021 due to NATO troops withdrawing from Afghanistan in Q2.

RTC Group recorded operation profits of £0.3m, £0.8m lower than 2020 due to the reduction in Government support from £2.5m to £0.3m in 2021, higher administrative costs caused by the mobilisation of the new Network Rail contract and inflation in wages.

RTG group noted a net cash outflow from operating activities of £2.4m compared to an inflow of £5.1m in 2020 due to an increase in working capital tangled with debtors.

The group also paid off £1.5m VAT deferrals the Government allowed as a form of financial support during the pandemic.

Earnings per share reduced from 4.66p to 0.04p in 2021 and no final dividend has been proposed by the group.

Andy Pendlebury, CEO said, “RTC Group, like many other companies, had an extremely challenging year in 2021.”

“The COVID pandemic continued to significantly impact client demand across many markets and where requirements for contract labour remained strong this was accompanied by higher operational costs to ensure the safety and wellbeing of our workforce; candidate reluctance to change employers or careers given these turbulent times and workers self-isolating increased both direct and indirect costs as programme and project continuity was heavily disrupted.” 

“In addition, the sudden and immediate demobilisation from Afghanistan due to the complete withdrawal in August of all American, United Kingdom and NATO troops curtailed a large contribution of revenue from our international business.”

“However, despite the untimely combination and cumulative effect of all these events, the majority of which were outside of the control of the Group, we still managed to trade, albeit marginally, in positive territory.”

“Although for many reasons we are all naturally very disappointed with the way the year played out for us, and also mindful of the fact that there are still many geo-political events and micro-economic challenges threatening the domestic and international landscape, we believe our positioning across a broad range of markets, sectors and industries, give us every reason to be optimistic about our ability to deliver long term sustainable value to all our stakeholders.”

Aptamer Group, a developer of innovative Optimer binders, acknowledges DeepVerge’s announcement today that Optimer-enabled Microtox PD systems for pathogen detection in wastewater were installed at 6 sites across the UK as part of the Environmental Monitoring for Health Protection (EMHP) programme, with more installations expected in the UK over the next few months.

Aptamer Group uses its unique Optimer platform to create custom affinity binders that enable new medicinal, diagnostic, and research options.

Using its patented Optimer platform, the company aims to create disruptive products that satisfy the needs of biomedical researchers and developers.

MicrotoxPD, a DeepVerge product, detects and monitors pathogens in wastewater and drinking water in real-time.

The information gathered by the MircotoxPD units as part of the programme will allow public health officials to provide targeted containment in the event of a disease outbreak, as well as identification of the SARS-CoV-2 variants of concern, which Aptamer’s SARS-CoV-2 binder can detect.

Following a performance test of the SARS-CoV-2 Optimers in comparison to ligands from several suppliers, Aptamer Group was chosen as the recommended ‘ligand provider’ for MicrotoxPD.

Optimer binders are oligonucleotide affinity ligands that can be used instead of antibodies. The global antibody market is presently valued at over $145b.

The Joint Biosecurity Centre (part of NHS Test & Trace), DEFRA, researchers, and water companies are leading the EMHP wastewater monitoring programme.

DeepVerge shares soared 12.5% to 13.5p as the company announced launching wastewater monitoring initiatives across the UK, and will launch more later this year.

Arron Tolley, Chief Executive Officer, Aptamer Group, commented, “We are really pleased to see the deployment of multiple Optimer-enabled MicrotoxPD units under the Environmental Monitoring for Health Protection programme.”

“This will allow remote, real-time monitoring of water pathogens, particularly SARS-CoV-2, for the country to prepare for the next winter period.”

“This Optimer-based detection offers increased national and international water safety through routine installations and monitoring, and we look forward to supporting our partners at DeepVerge through the supply of highly specific Optimer binders that enable specific and sensitive pathogen detection on their platform.”

Aptamer Group has successfully completed projects for large pharma firms, diagnostic development agencies, and research institutes with the goal of acquiring royalty-bearing licences across a wide range of targets and functions.

Scientists and collaborators can make faster, more informed decisions that assist discovery and development in biomedicine thanks to the unique Optimer technology and processes.

Aptamer’s shares have gained 2% to 123p with the news of DeepVerge launching wastewater monitoring systems using Aptamer’s Optimer binders.

The Ince Group has unveiled its new InceDemurrage advisory service for demurrage claims, in collaboration with the Demurrage Desk.

The company announced the venture as a “one-stop demurrage solution” for clients in the maritime sector.

InceDemurrage is reportedly an integrated expert demurrage and laytime advice and insights service.

The venture marks the third combined law, consultancy and technology service launched by Ince tailored for the maritime sector.

The company said the service aimed to capitalise on Demurrage Desk’s state-of-the-art technology for completely digitalised demurrage, laytime tracking and calculation, alongside Ince’s expertise in demurrage legal issues.

Ince said the service is currently working towards the development of advanced integrated solutions and involving market-leading Blockchain technology in the streamlining of the demurrage process.

The service will be aimed at ship owners, vessel operators, charterers, traders, P&I Clubs and alternative entities which work in laytime and demurrage.

“The service represents a new benchmark in the way that laytime calculations and demurrage claims are tracked, processed, and disputed, and elevates demurrage processes to a higher standard in line with industry best practice,” said Ince Global Senior Partner Julian Clark.

“Against the continued digitalisation of the maritime sector, shipping companies can no longer afford to track and process demurrage and laytime without the necessary levels of structure, accuracy, and sophistication.”

“InceDemurrage addresses our industry’s need to optimise, professionalise and modernise despatch, demurrage and laytime processes, reclaiming the importance of these in the wider context of shipping operations.”

Global finance and asset manager Burford Capital Limited announced its new $360 million Burford Advantage Master Fund on Monday.

The Fund will reportedly focus on ‘lower risk, lower return pre-settlement litigation investments’ which Burford Capital includes in its core legal financial portfolio.

Burford Capital said its Fund will target pre-settlement litigation investments projected to pay out returns in the 12-20% IRR range.

According to the company, the Fund is set to fill the gap between lower return post-settlement investments fund known as the Burford Alternative Income Fund and Burford’s core business.

Burford Capital announced its intent to eschew the traditional Fund management style and fee structure, and has opted to provide the initial 10% of annual simple returns to investors while the firm retains the remainder.

According to the company, Burford Capital works better within its chosen structure once its returns exceed 13% than a traditional fee blueprint.

A selection of institutional investors have reportedly contributed $300 million alongside a further $60 million commitment by Burford Capital.

The Fund’s investment period is set to run until December 2024, followed by a multi-year harvest period under an American waterfall.

Burford Capital’s share were up 1% at 747p in late afternoon trading following the announcement.

“Burford is still scratching the surface of the legal finance market,” said Burford Capital CEO Christopher Bogart.

“As we continue to respond to our clients’ needs, we have found unmet demand for products in the middle range where litigation risk remains but where the risk is anticipated to be lower for structural or other reasons.”

“In response to this demand, we have created the Advantage Fund to match client demand with institutional investors seeking exposure to the uncorrelated cash flows of legal finance at a lower risk of loss with commensurate returns.”

Warehouse focussed REIT Urban Logistics has acquired 4 instant income-producing assets for £72m, at a blended net initial yield (NIY) of 4.6% since February 2022.

The 4 assets acquired have a substantial asset management potential for Urban Logistics as the properties have strong agreements to produce immediate income.

Urban Logistics Assets acquired since February 2022

York Road, London – The company acquired a 94,841 sqft last-mile automotive logistics warehouse, servicing and sales centre in Battersea, London. The property was acquired for £28m at a NIY of 4.2% and is currently rented out to Lookers Motor Group until July 2041. This acquisition marks the first of Central London properties for Urban.

Howden Dyke Road, Yorkshire – Urban paid £24m at a NIY of 5.3% for a distribution warehouse of 287,589 sqft in Goole, Yorkshire. The property is currently rented to E-Buyer until October 2036.

Another distribution warehouse in Goole that Urban Logistics acquired for £16m at a NIY of 4.3% has a square footage of 155,205. The property is rented to Wren Kitchens until October 2036.

Kingsbury Road, North Warwickshire – In Curdworth, North Warwickshire, Urban Logistics bought a 31,187 sqft warehouse on Fairview Industrial Estate for £3.65m at a NIY of 4.3% which has been rented to Personnel Hygiene Solutions until July 2027.

Since the fund raise in December 2021, the group has spent £140m of capital in total at a blended NIY of 5%.

“We are pleased to acquire our first property in central London, on a long lease at 4.2% NIY and with an excellent tenant in place. We think of this as a very exciting opportunity with significant reversion and suitable for a number of last mile solutions,” said Richard Moffitt, Chief Executive Officer, Urban Logistics.

“These acquisitions represent a step forward as we work through our extensive pipeline, with further high yielding assets to come. We remain focused on well let, strategically positioned assets, in existing and emerging logistics hubs.

“Our recent inclusion in the FTSE 250 index underlines our position as a leading player in this market sector, and our reputation as a reliable and nimble counterparty for sellers is enabling us to access off-market transactions at very competitive prices.”

“We expect this flow of acquisitions to continue and expect to make further acquisitions in the near term, with acquisitions in solicitors’ hands bringing our expected blended NIY on capital deployed since the December fund raise to circa 5.4%.”

Urban Logistics shares gained 1.2% to 188p as the REIT acquired 4 new properties, including one in Central London.

The FTSE 250 saw a 0.5% increase to 21,060 and the AIM market enjoyed a rise of 0.1% to 1,037 in late morning trading on Monday.

Travel companies pulled the FTSE 250 higher as customers prepared for Spring and Easter travel following a bleak winter.

The more domestic facing small and medium cap indices overlooked developments in China and pushed higher, despite weakness in oil companies.

FTSE 250 Risers

EasyJet shares rose 4.3% to 538p on hopes of a boost in international travel as winter ends and consumers make plans for Spring holidays.

Airline Wizz Air Holdings enjoyed a rise of 3.7% to 2,647p and travel booking group TUI rose 3.4% to 231p following the same pretext of EasyJet’s gains.

RHI Magnesita shares gained 0.9% to 2524p after the announcement of joining a joint venture with Horn & Co.

FTSE 250 Fallers

The FTSE 250 fallers were topped by Lancashire Holdings with a drop of 3% to 392.8p contradicting the trend of FTSE 100 listed insurance companies.

The Kainos Group fell 2.4% to 1,328p and the Volution Group saw a decline of 2.4% to 404.5p.

Tullow Oil shares dropped 2.6% to 52p following the closing of its Azinam Acquisition deal and a drop in oil prices.

AIM Top Risers

The Minoan Group led the AIM risers with a 12.7% increase to 1.3p per share after the appointment of George Mergos to its Loyalward subsidiary allowing projects to progress.

Cambridge Cognition Holdings saw a rise of 12.7% to 137p after the company announced a £1 million contract for an autoimmune trial.

Phoenix Copper rose 12.5% to 58.5p on the back of a positive growth outlook for 2022 as the price of copper and precious metals is expected to increase.

AIM Fallers

The RTC Group led the fallers with an 18.5% decrease to 28.5p following a reported profit reduction to £0.3 million against £1.1 million in 2020.

The Tandem Group fell 14% to 430p on the back of a bleak outlook for 2022 following cancelled holidays and a weak order book for the year ahead.

Origo Partners saw a 10.7% decline to 0.1p per share after the Chinese-oriented investment company took a hit in China’s latest Covid-19 lockdown as companies in the region ground to a halt.

FTSE 100 gained 0.4% to 7,514 in early morning trade on Monday as investors looked to a potential ceasefire in Ukraine.

The Ukrainian President has signalled he is willing to explore options for peace and opened the door for negotiations with Russia.

In addition, fears around inflation subsided as oil fell after China announced the lockdown of Shanghai in a mass testing attempt to control the surge in Covid cases.

Brent Crude saw a 3.5% drop to $116 per barrel as investors feared production and imports on China’s end would be impacted with China’s largest city Shanghai under quarantine.

BP shares dropped by 0.5% and whilst Shell’s rose 0.1% as oil prices dipped.

“It almost feels like we’ve stepped back in time two years as lockdowns in China once again rock the markets,” says AJ Bell investment director Russ Mould.

“The two-day restrictions imposed in Shanghai are evidence that the pandemic is not yet over and inevitably, given the implications for global growth, have put oil prices under pressure.

“It was no surprise to see Asian stocks slump on the move as the region’s dominant economy is once again threatened by the sceptre of Covid-19.”

However, European markets seemed unfazed by the jump in China’s Covid cases and look to potential peace talks between Russia and Ukraine instead.

“The FTSE 100 is preferring to focus on renewed peace talks between Russia and Ukraine, amid hopes there can at least be a move towards an end in the fighting,” said Mould.

FTSE 100 Risers

IAG shares gained 2.9% to 141p as passengers returned to travel with summer approaching and Gatwick airport running 570 flights instead of 300 flights due to the reopening of its South terminal.

IAG is set to move from the North to the South terminal, aiding in flight frequency returning to pre-pandemic levels.

Reckitt Benckiser saw its shares increase by 2.7% to 5,600p as the company announced its divestment of Dermicool to Emami.

Natwest bought back 50% of its shares from HM Treasury, making them privately owned again, and the shares reflected a gain of nearly 2% to 225p.

“Elsewhere, Natwest is finally free of state control after well over a decade as the UK Government reduced its stake below 50%, though any champagne might have to be put on ice given the challenges facing the bank from the cost-of-living crisis and the risks of mounting bad debts.

“At least the company is having a happier Monday than its rival Barclays. The £450 million hit it announced after issuing too many financial instruments makes this a very expensive mistake and one which will both hit the company’s credibility and frustrate shareholders looking forward to a now delayed share buyback,” state Russ Mould.

AstraZeneca shares rose 1% to 9,950p following the latest announcement of Evusheld receiving market authorisation for the EU.

GlaxoSmithKline also saw a 1% rise to 1,640p with investors flocking to pharmaceutical shares as covid cases begin to rise again.

Aviva shares rose 3.1% to 451p on Monday morning as the Insurers stocks broke out to the highest levels since 2018.

FTSE 100 Fallers

Barclays saw its shares lose 3.2% to 161p after the bank announced to expect a £450m hit caused by the over-issuance of structured notes and exchange-traded notes.

Rolls Royce shares plummeted 9% to 99p on Monday morning after seeing prices as high as 110p on the close on Friday boosted by takeover rumours.

Alien Metals has begun drilling on the high-grade silver and copper-gold projects in Zacatecas, Mexico.

The drilling at the San Celso and Los Campos Silver Projects will focus on mineralised vein systems that have previously been mined for high-grade silver, with head grades of over 1,000 grammes per tonne silver previously reported.

The first holes will be drilled at the San Celso Silver Project.

For both sites, a detailed grid drilling programme is being planned to allow for future resource estimations, whereas these initial drill programmes are based on wide-spaced holes within the more detailed grids to determine initial mineralisation thickness, grade, and continuity.

Instead of merely testing one of the two very promising technologies at the outset, Alien Metal may test both projects cost-effectively as a first phase to aid next-stage planning and targeting based on the results.

Alien Metals is also drilling at the Donovan 2 Cu-Au Project, in addition to the high-grade silver projects.

Drilling at Donovan 2 will focus on a potentially large copper zone that has been linked to a 3.34% Cu sample retrieved from a Los Alamos water well. The company assessed the tests to be insufficient and will redo them.

An examination of the Donovan 2 drill core revealed a previously unknown zone of interest from drill hole DON21-003, which intersected an 11.5m zone of intense alteration with average Zn and Pb values of 0.4% each, at just 12.4m depth.

A study of hole DON21-001, which was the closest hole drilled to the Los Alamos target, revealed some excellent alteration, giving the researchers hope for future drilling.

Bill Brodie Good, CEO and Technical Director, Alien Metals, commented, “After a Covid-induced delay of two years, we are finally commencing the next round of exploration on our highly prospective Mexican assets.”

“Personally, I am very excited to be here in person to witness the start of a long-awaited maiden drilling programme. Over the last two years, the local team has worked very hard under difficult conditions to manage the programme and advance it to this stage.”

“We are also very pleased to be able to bring a local undergraduate into our team and provide some hands-on training and support her education costs. The drillers engaged are highly recommended by Mexico’s Environmental Agency for their quality of work, so it is a pleasure to be working with them.”

Alien Metals shares dropped 5.7% to 0.83p despite commencement of drilling in Mexico for high-grade silver and copper-gold.