Demand for liquefied natural gas (LNG) will climb even as overall gas use could fall in the coming years, although the outlook is less certain after 2030. British Gas owner Centrica (CNA) says a new deal for 1mn tonnes per annum of LNG from the US for 15 years will “future-proof the UK's energy supply and address one of the underlying causes of the energy crisis” by maintaining gas imports. The supply will arrive in 2027, as per the sale and purchase agreement.
The deal is with the developer of the Delfin deepwater port, offshore Louisiana. The company needs guaranteed sales to build the project, which has not reached the final investment decision point yet – this is expected by “mid-2023”, the company said. AH
Read more: Centrica offers safety in numbers
Kingspan shares jump on ‘record’ profits promise
Shares in Kingspan (KGP) surged 14 per cent this morning after the company forecast a “record” profit for the first half of 2023.
The building materials supplier will post its interims on 18 August, when it expects to state a trading profit in the region of €435mn, modestly ahead of the €434m reported for the first half of 2022".
However, the company gave no update on housing secretary Michael Gove's calls for the company to contribute financially to the UK housing market’s cladding problem. ML
Read more: Michael Gove's fire safety demands spell trouble for Kingspan
Galliford Try splashes the cash
Galliford Try (GFRD) shares received a fillip after the company said it expects full-year profit before one-offs to be at the top end of analysts’ expectations. The contractor, which targets work in the public and regulated sectors such as utilities, said that recent project wins on major frameworks had boosted its order book to £3.7bn, with 92 per cent of work for its current financial year secured.
It also plans to pay a special dividend of 12p a share after a historic contract dispute was settled, which led to it receiving a £26mn cash payment. Galliford Try’s shares rose by 4 per cent in early trading. MF
Chaarat Gold will miss $250mn investment target date
When miner Chaarat Gold (CGH) announced it had found a saviour that would pay $250mn (£194mn) for 60 per cent of a company with a market cap of under £100mn (with the current share count), it looked like all its Christmases had come at once. This is because the company will need to repay $32mn in convertible loan notes by 31 July, after lenders extended the deadline from the end of October last year.
Now it looks like another extension will be needed as the Xiwang investment will not be completed by 31 July, because of “minimum notice periods” for corporate and regulatory approvals. The two companies have not yet announced a new target date. Chaarat investors were not fussed by the delay and looming repayment deadline: the company’s share price was up 1 per cent following the news, at 8.6p. AH
