27th Mar 2025 14:29
(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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Fidelity Japan Trust PLC - Investment trust focused on Japan - Reports NAV total return of minus 1.8% for 2024, underperforming its benchmark index, the TOPIX Total Return Index in sterling terms, which gained 10%. This compares to a 12% NAV return in 2023. Share price total return falls 5.7%, reflecting widening discount to NAV. NAV per share at December 31 stands at 200.78 pence, down from 204.46p a year earlier. Company proposes an unconditional tender offer of 100% of issued share capital, excluding treasury, following the three years to December 31, 2027, in response to underperformance. Portfolio Manager Nicholas Price to retire at end of 2025, with Assistant Portfolio Manager Ying Lu taking over from October 1. Fidelity says the Japanese market remains positively exposed to structural trends like artificial intelligence and capital efficiency reforms, with mid-cap valuations seen as compelling. Company repurchased 8.0% of issued shares in 2024 to support NAV, adding 1.3% to total return. Gearing rises slightly to 24% from 23% the prior year. Exposure to unlisted companies steady at 6.6% of net assets.
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Capital Ltd - London-based mining services provider - Reports pretax profit of USD34.3 million in 2024, down 32% from USD50.3 million the year prior, despite revenue rising 9.3% to USD348.0 million from USD318.4 million. Adjusted earnings before interest, taxes, depreciation and amortisation fall 13% to USD80.0 million from USD91.8 million, with margin narrowing to 23% from 28%. Declares a final dividend of 1.3 US cents per share, bringing the 2024 total to 2.6 cents, down from 3.9 cents in 2023. Cites impairments and non-cash provisions related to VAT and lab assets. Expects 2025 revenue between USD300 million and USD320 million, with stronger performance weighted to the second half. Plans to cut capital expenditure to USD45 million–USD55 million in 2025 from USD67.2 million in 2024. Executive Chair Jamie Boyton says 2024 was a "pivotal year of transition" and expects margins to recover after bottoming in early 2025.
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Ecora Resources PLC - South and North America-focused royalty and streaming company providing capital to the mining sector - Pretax profit grows 28% to USD5.9 million from USD4.6 million, despite a 3.7% revenue slide to USD59.6 million from USD61.9 million. Declares a second-half dividend of 1.11 US cents per share, bringing the total dividend for the year to 2.81 cents, down 67% on-year from 8.50 cents. Chief Executive Officer Marc Bishop Lafleche says: "We are well positioned for the year ahead and will continue to focus on further diversifying Ecora's short and medium-term revenue profile, supported by the expected meaningful balance sheet deleveraging over the next 12-24 months."
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Octopus Renewables Infrastructure Trust PLC - London-based investment company, focused on European and Australian renewable energy assets - Reports net asset value per share of 102.6 pence at December 31, down from 106.0p a year prior. NAV total return is positive at 2.5%, up from 2.1% in 2023. Declares total dividend of 6.02p per share for 2024, says fully covered by portfolio cash flows and up 4% year-on-year, in line with UK CPI. Revenue from operational assets rises 12% to GBP131.7 million, with earnings before interest, taxes, depreciation and amortisation up 16% to GBP85.5 million. Net assets fall to GBP570.4 million from GBP599.0 million due to capital return and running costs, despite gains from asset disposals and PPA contracts. Sells Ljungbyholm wind farm for EUR74 million, delivering an internal rate of return of 11%. Says share buyback programme has been extended by an additional GBP20 million in post-year end, and plans further asset sales in 2025 to manage gearing. Raises 2025 dividend target to 6.17p. Chair Phil Austin says ORIT remains well-positioned to benefit from the energy transition despite short-term market challenges.
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ADVFN PLC - Essex, England-based provides global stock market information to private investors in the UK, US, Brazil and Italy - Proposes delisting from London's AIM market, as it believes "the disadvantages associated with maintaining the admission of the ordinary shares to trading to be disproportionately high when compared to the perceived benefits of being quoted on AIM". Shareholder approval for the cancellation will be sought at a general meeting on April 25. Pretax loss narrows to GBP453,000 for the six months that ended December 31, from a restated GBP532,000 loss a year before. Revenue declines 13% to GBP2.0 million from GBP2.3 million, while administrative expenses are reduced by 11% to GBP2.5 million from GBP2.8 million. Chief Executive Officer Amit Tauman says: "Since the change in management and board in the second half of 2022, ADVFN has witnessed an increasingly challenging market environment... Nonetheless, we have made significant progress in optimising our cost structure and improving operational efficiency. This has been a long and challenging process, but we have successfully reduced annual costs from GBP8 million to approximately less than GBP5 million and have maintained this saving as more long-term projects take effect in Q1 2025."
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M&G Credit Income Investment Trust PLC - London-based debt investment firm - Reports net asset value total return of 8.1% in 2024, down from 10% in 2023. Declares total dividend of 8.53 pence per share, up from 7.96p, representing a yield of 8.8% on year-end share price of 96.6p. NAV per share at December 31 stands at 95.11p, down from 96.21p the year prior. Share price ends 2024 at a 1.6% premium to NAV, versus a 4.2% discount the year before. Chair David Simpson says portfolio remains defensively positioned amid limited compensation for credit risk. The company sees firm technicals in fixed income, but warns of UK economic headwinds including rising business taxes and global tariffs. Starts 2025 with a "healthy and diverse" pipeline of private credit opportunities and retains access to GBP25 million in undrawn credit for opportunistic deployment.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
Fidelity Japan TrustCapitalEcora Res.Octopus EnergyADVFNM&g Credit Inc.