25th Sep 2024 18:52
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Indus Gas Ltd - oil and gas explorer and developer with assets in India - Revenue in year ended March 31 declines 32% to USD42.9 million from USD63.0 million. Pretax profit falls 34% to USD36.1 million from USD54.9 million. It says: "The company continues to see disruption to the quantity of gas supplied to its ultimate customer's power plant due to ongoing maintenance of the turbine at the plant. The company will announce the PSC extension when granted." It cautions that it may seek "further external funding and/or shareholder funding" if needed amid the ongoing disruption of gas supply.
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Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Revenue in six months to June 30 up 7.1% to USD18.5 million from USD17.3 million a year prior. Pretax profit, however, slumps to USD2.9 million from USD7.9 million. "Completion of the sale of the MJF and South Yelemes structures and the acquisitions of the Block 8 and West Shalva contract areas would move the group forward and provide significant additional funding for other projects," it says. In May, it announced the conditional sale of the MJF and South Yelemes Structures for USD83 million to Absolute Resources LLP. Absolute Resources was handed a 90-day exclusivity. In July, it said the exclusivity was extended and the purchase price revised to USD88 million. It announced earlier in September it entered into a conditional and binding term sheet for the sale.
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Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Pretax loss in six months to June 30 widens to EUR630,000 from EUR602,000 on-year. General and administrative expenses increase to EUR578,000 from EUR564,000. No revenue recorded in either year. "During the period, we have focused on advancing our quicklime asset in Zambia, which presents immediate cash flow prospects and significant growth potential. This strategic decision, driven by quicklime's strong alignment with the robust copper market, will, we envisage, deliver considerable value creation for our shareholders," it says. Earlier in September, it noted investee Limeco Resources Ltd, developing a "significant quicklime project" in Zambia, was granted a 392.51 hectare exploration licence. The asset is adjacent to its current licence. Firering acquired 10% of Limeco in May. On Limeco, it says on Wednesday: "Importantly, even before the start of core quicklime production, Limeco is generating positive operational cash flow with the sale of aggregate, which commenced in October 2023, and a two-year logistics services revenue agreement signed in early August 2024. Other ancillary revenue streams are expected to come online in due course such as the sale of ash from the coal gasification process to the cement industry."
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Predator Oil & Gas Holdings PLC - oil and gas company with operations in Morocco, Ireland and Trinidad - Pretax loss in half-year to June 30 narrows to GBP1.0 million from GBP2.4 million a year prior. No revenue recorded for either period. Share based payments fall to GBP169,044 from GBP1.4 million. The firm is "fully funded to satisfy all commitments for the next twelve months". It adds: "We look forward over the next 12 months to continue making positive progress towards monetising our discovered gas in Morocco, potentially through a partial or complete divestment of the CNG project and in executing the MOU-5 drilling programme for the 'world class' multi-TCF MOU-5 structure."
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Great Western Mining Corp - Nevada-focused gold, silver and copper explorer - Pretax loss in half-year to June 30 narrows to EUR441,343 from EUR527,985 a year prior. No revenue reported for either period. "We are fully committed to creating a portfolio of assets with short, medium and longer-term inflection points, proving up the quality of our claims and realising value from our precious metals and copper opportunities," Executive Chair Brian Hall says. "We are focused on achieving our stated goals of generating cash flow from production, initially quite modest but which will help alleviate the usual working capital pressures associated with exploration companies, while forging a path to moving our copper prospects to the next stage."
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Pineapple Power Corp - special purpose acquisition company focused on assets in the renewable energy sector - Reports no revenue in half-year to June 30, unchanged year-on-year. Pretax loss narrows to GBP160,167 from GBP234,271. "The period under review was extremely busy as the company's management and Advisors continued with discussions and negotiations to advance the proposed reverse takeover transaction with the principals of Ilios Hydrogen," Pineapple Power says. It adds: "The RTO transaction with Ilios is proceeding, albeit in very difficult market conditions, but the project has aroused considerable interest and excitement in the UK and international financial communities."
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daVictus PLC - Subang Jaya, Malaysia-based investor, which is focused on Asia's food and beverage sector - Revenue in six months to June 30 totals GBP150,000, unchanged on-year. Pretax profit declines to GBP44,306 from GBP63,598. Operating expenses rise to GBP105,694 from GBP86,402. It says: "Davictus continues to offer comprehensive support to its existing franchisees in Malaysia and Thailand. The board is currently in the process of transitioning its franchise-based relationships to a broader model that encompasses business management and consultancy services. This shift could potentially lead to more efficient revenue generation from current franchisees. While the board remains cautious about expanding the franchise network in the region, it is exploring opportunities to diversify its revenue streams by engaging in non-franchise businesses, including sectors beyond food and beverage. This strategy leverages the board and management's extensive experience and expertise in corporate finance, business management, and consultancy, which are in high demand across various industries."
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Tekcapital PLC - London-based intellectual property investor - Net asset value per share at June 30 half-year end rises to USD0.35, from USD0.27 in December. "Our first half performance reflects strong commercial progress of the portfolio companies during the period. I'm delighted that each portfolio company has grown its respective revenues this year, validating our investment case for each company and the Tekcapital investment process," Chair Clifford Gross says. "As part of our strategy to create value from innovative technologies, we launched GenIP this summer. We feel its forthcoming IPO will provide UK-focused investors with a unique opportunity to secure exposure to the fast-growing generative AI analytics market. Elsewhere in the portfolio, Microsalt PLC and Innovative Eyewear Inc. have recorded significant milestones in 2024 and are well placed for further growth as standalone listed companies." Innovative Eyewear last week unveiled American National Standards Institute certified smart safety eyewear at an industry event in Las Vegas, Nevada. "The Armor line represents a breakthrough in safety and technology, offering wearers advanced eye protection as well as handsfree connectivity and smart functionality designed for professional environments. This product has the potential to open new commercial markets and retail segments for Innovative Eyewear, such as logistics and medical companies, as well as hardware retailers," Innovative Eyewear said.
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IntelliAM AI PLC - Sheffield-based software company serving manufacturing industry - Reports revenue of GBP105,510 in period from July 10, 2023 to March 31 of this year. Pretax loss totals GBP230,042. IntelliAM began trading on AQSE in July of this year.
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Goodwin PLC - Stoke-on-Trent-based engineer - Says profit and cash generation "is continuing to move forward". Goodwin Steel Castings unit wins more pacts to supply naval hull components, contributing to group workload which stood at GBP298 million as of end of August. "As a direct result of the workload at GSC to supply high integrity castings, which typically require a high degree of radiography non-destructive testing, the US government has agreed to fully fund the capital and training elements for a quantity of four High Power 9 Mev radiographic facilities that will be installed on GSC's site and in doing so has awarded GSC USD14.5 million of grant funding," Goodwin adds. Goodwin notes the commissioning of a polyimide production plant is "methodically underway and progressing". "his is a couple of months behind the internal schedule set 4 years ago. To date the system has been fully tested with water where it can be and is now being charged with solvents that will enable the testing of the back end of the system," it adds.
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De La Rue PLC - Basingstoke, Hampshire-based provider of authentication software and currency printing services - Says confident of achieving adjusted operating profit for current year "significantly ahead" of prior year. In year ended March 30, adjusted operating profit totalled GBP21.0 million, down 25% from GBP27.8 million in financial 2023. For the current year, it sees profit in the "mid- to high- GBP20 millions". For first half to September 28, it expects "adjusted operating profit to be in the low single digit range". De La Rue adds: "As in prior years, the group business performance will be H2 weighted, and this has been somewhat amplified by the timing of certain deliveries within the Currency division moving into the second half of FY25. Working capital will show an adverse movement in the first half as we build inventory to fulfil customer orders and await payment on a number of key customer contracts. We have also started to incur costs in relation to the separation process." As a result, it expects to report a chunkier net debt on-year. It says talks with parties in relation to the disposal of either of its divisions, Authentication and Currency, "have progressed significantly" since July. "We have also begun work on the physical and legal separation of the two divisions," De La Rue adds.
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By Eric Cunha, Alliance News news editor
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