1st Mar 2024 13:34
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Avation PLC - Singapore-based aircraft leasing company - Says revenue decreased 17% to USD46.3 million for the six months to December 31, from USD55.7 million the prior year. Swings to pretax loss of USD9.6 million, from profit of USD7.1 million. Cash balance as of December 31 is USD150.1 million, up 28% from USD116.9 million at June 30. Says loss includes USD2.9 million due to firm repossessing an aircraft from an India-based airline in default; the craft was then sold at a loss due to its physical condition. Company also incurred a USD4.7 million amortisation expense from modification of senior note terms in 2021. Says calendar 2023 "was marked by strong industry-wide recovery" and that it is "focussed on optimising its capital structure, refinancing and continuing to lower debt levels and is positioned to cautiously return to organic growth".
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Alternative Income REIT PLC - London-based investor in commercial property assets - Announces swing to pretax profit of GBP600,000 for the half year to December 31, following a GBP7.3 million loss. Says however that rental and other income decreased 14% to GBP3.7 million from GBP4.4 million. Net asset value per share as of December 31 is 81.62 pence, down from 84.16p at June 30, while earnings per share fell to 2.75p from 3.45p. Profit includes a one-off GBP598,000 gain on disposal of investment property and a negative GBP2.2 million change in fair value of investment properties, reduced from negative GBP10.1 million. Dividends for the period total 2.85p per share, up 3.6% annually from 2.75p. Says it is on track to deliver its target dividend of at least 5.9p per share for the year to June 30.
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Creo Medical Group PLC - Chepstow, Wales-based medical device company focused on minimally invasive surgical endoscopy for pre-cancer and cancer patients - Says two physicians at the Royal Brompton Hospital in London recently became the world's first specialists to perform a robotic guided microwave ablation of lung tissue in the same sitting as a diagnostic procedure, using Creo's MicroBlate Flex device. Chief Executive Craig Gulliford says: "We are incredibly proud that our MicroBlate Flex technology has been able to make this world-first possible", adding that it marks "the beginning of an exciting program".
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Dar Global PLC - Dubai-headquartered luxury real estate developer - Chief Executive Officer Ziad El Chaar says firm "has had an outstanding year following our successful listing on the London Stock Exchange in February 2023". Company reports USD360.6 million in revenue for 2023, more than quadruple USD80.0 million in 2022. Says it swung to pretax profit of USD81.2 million following a USD5.2 million loss. Notes that "customer demand for both newly launched and existing projects remains strong" with particularly "robust activity" in the Dubai residential market. Targets revenue of at least USD700 million across the next two years, and for the rest of 2024 is "committed to consolidating its presence in the [Gulf Cooperation Council] region while actively pursuing expansion opportunities beyond".
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Eco Atlantic Oil & Gas Ltd - Oil and gas exploration company focused on the offshore Atlantic margins in South Africa, Namibia, and Guyana - Says it had cash and equivalents of USD2.2 million and no debt as of December 31, down 47% from USD4.1 million at March 31. Reports revenue of USD1,703 for the nine months to December 31, down 98% from USD93,183 the prior year. Pretax loss for the period is USD3.3 million, down 91% from USD35.6 million. Chief Executive Gil Holzman reports "a great deal of interest from a number of oil and gas players" in the Orinduik Block, offshore Guyana, as it continues the formal farm-out process. He also expects "further excitement and activity" throughout 2024 regarding assets in Namibia.
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MobilityOne Ltd - e-commerce platform provider - Says its operating subsidiary in Malaysia, MobilityOne Sdn Bhd or 'M1 Malaysia', has entered a supplementary agreement with Super Apps Holdings Sdn Bhd to amend their existing share sale agreement. SSA, announced in October 2022, concerns the proposed sale of M1 Malaysia's 60% shareholding in OneShop Retail Sdn Bhd to Super Apps for MYR60.0 million aggregate, or approximately GBP10.0 million. This disposal is now complete. Completion was originally subject to that of a merger exercise between Super Apps and Technology & Telecommunication Acquisition Corp, but under the supplementary deal this is no longer required. Total consideration due to M1 Malaysia remains unchanged.
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By Emma Curzon, Alliance News reporter
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