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EARNINGS: AdvancedAdvT hails "good progress" after Capita deal

2nd Apr 2024 12:17

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:

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AdvancedAdvT Ltd - software solutions provider for healthcare compliance, and human capital management sectors - Reports revenue of GBP15.1 million in six months to December 31, against none a year prior. Swings to pretax profit of GBP3.3 million from GBP113,000 loss. In July, the firm acquired five software and services businesses from Capita PLC for GBP33 million. "In the five months since the group acquired the Capita businesses, it has made good progress. Our initiatives have encompassed a concerted effort towards standardisation and simplification, aimed at harnessing best practices to optimise go-to-market strategies and operational activities," AdvancedAdvT says.

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Deltex Medical Group PLC - Chichester, England-based manufacturer of blood circulation monitoring systems - Revenue in 2023 falls 28% to GBP1.8 million from GBP2.5 million. Pretax loss widens to GBP1.3 million from GBP1.1 million. Puts revenue decline to "unexpected delays in releasing the new TrueVue monitor and difficult market conditions". Chair Nigel Keen says: "2023 was a difficult year for the group; however, we have successfully refinanced the business and reduced our cost base substantially and I am pleased to be able to report that 2024 has started well."

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GCM Resources PLC - mining company focused on Phulbari coal and power project in Bangladesh - Pretax loss in six months to December 31 stretches slightly to GBP702,000 from GBP693,000. Reports exploration and evaluation costs of GBP15,000, hurting bottom line. Says operating environment during half-year "dominated" by run up to Bangladesh national election. GCM says: "The Bangladesh government has already taken steps to move away from its current 'net-energy-importing' situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that government policy will be forthcoming to finally enable extraction of the country's extensive long-term strategic coal energy assets, such as the Phulbari deposit, and move Bangladesh away from its exposure the long-term vagaries of the international energy market."

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Oriole Resources PLC - Gold and base metal explorer focused on West Africa - Pretax loss in 2023 widens to GBP2.4 million from GBP2.0 million. Reports GBP1.3 million "other" loss, including adverse foreign exchange movements and provision made against debt due from Thani Stratex Djibouti. It had reported an "other" gain of GBP654,000 in 2022. Reports no revenue, unchanged on-year.

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Red Rock Resources PLC - natural resource development company focused on portfolio of oil and gas projects principally in Africa and Australia - Pretax loss in six months to December 31 widens to GBP1.5 million from GBP1.3 million. Reports no revenue, unchanged on-year. "The company has continued to await positive developments in the DRC and in the listing of Elephant Oil. Both these developments, which would crystallise value and bring new cash to the balance sheet, have been slower than expected to eventualise," Red Rock adds. Elephant Oil has interests onshore Namibia and onshore Benin on the Nigerian border. "The listing has been delayed beyond our expectations, but what we now hope for is some increase in Elephant's breadth of operation and financial strength, before an IPO, to create a larger entity post-listing. This appears a sensible strategy but means that our hopes for a near-term IPO are deferred. We note that we have no control over EOC or the timing of its listing process," Red Rock says.

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Ironveld PLC - South Africa-focused mining company - Reports revenue of GBP440,000 in six months to December 31, against none a year prior. Pretax loss narrows to GBP385,000 from GBP522,000. Period saw first sales of metals from Rustenburg smelter to local buyers. "However, operational challenges and modifications delayed anticipated ramp up for the remainder of 2023," Ironveld adds.

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Tribe Technology PLC - Belfast-based developer and manufacturer of autonomous mining equipment - Reports no revenue in six months to December 31, against the nominal GBP17,000 it posted a year prior. Pretax loss widens to GBP2.8 million from GBP1.2 million. Tribe says: "Revenues during the period were lower than anticipated primarily due to delays to the TTDS GC 700 drill rig and sample system trials. However, the company expects to recognise its first revenues in the second half of this financial year."

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CVC Income & Growth Ltd - invests in sub-investment grade European corporate debt instruments - Net asset value total return for sterling shares in 2023 improves to 23%, from negative 6.8% in 2022. For euro shares, it improves to 22% in 2023, from negative 8.3% in 2022. NAV per sterling share rises 14% to GBP1.11 at end of 2023 from GBP0.98 at end of 2022. For euro shares, it climbs 13% to EUR1.01 from EUR0.89. It adds: "We have entered 2024 at a time of heightened geopolitical risks. Alongside the various conflicts that are unfortunately underway, 2024 is the year when a significant amount of the world's population votes for a new leader of their country. The impact of these risks and the uncertainty it brings is being seen in wide ranging issues from supply chains with the Red Sea access route being disrupted (shortly after the Panama Canal disruptions), oil price uncertainty and consequential impacts on capital allocators' investment strategies."

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By Eric Cunha, Alliance News news editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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