27th Apr 2026 14:58
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued from April 20 to April 24 and not separately reported by Alliance News:
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Cadogan Energy Solutions PLC - Ukraine and Italy-focused energy company - Posts a decline in annual revenue, which falls 36% to USD5.8 million in 2025 from USD9.2m in 2024, reflecting a year of "consolidation" for the company. More positively, pretax loss narrows to USD1.1 million from USD5.5 million. Estimates an average realised price of USD46.75 per barrel of oil equivalent, down 34% from USD71.13 on-year, while oil production drops 9.2% to 117,408 barrels from 129,272 barrels. Stresses that it is no longer focused solely on oil and gas, but follows a "multi-energy" approach and has begun electricity operations. Proposes no dividend for 2025, unchanged from the previous year, but eyes growth in 2026 "from sustainable diversified cash-flow... with a focus on energy solutions and services with a reduced environmental footprint."
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Castelnau Group Ltd - Guernsey-based closed-ended investment company - Net asset value per share rises to 112.1 pence at the end of December from 98.3p a year prior, while pretax profit falls to GBP45.9 million in 2025 from GBP81.9 million in 2024. NAV total return for the year is 14.0%, compared to 24.0% for Castelnau's benchmark, the FTSE All-Share Total Return index. Looking to 2026, Castelnau says it will focus growth at investee Dignity PLC, the funeral business which made up around 85% of Castelnau's portfolio as of December 31, held through joint venture Valderrama Ltd, and which generated a 22.4% investment return in 2025. Castelnau also plans to prioritise "ownership of cash generative businesses" and using artificial intelligence to its advantage. Reports NAV growth in the first quarter of the new year, with NAV up to 111p per share at the end of March from 101p on-year.
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Kenmare Resources PLC - Dublin-based producer of titanium minerals and zircon in Mozambique - Says the company is on track to reach its 2026 targets, though heavy mineral concentrate production falls 30% on-year to 217,200 tonnes in the first quarter, "primarily due to the ongoing debottlenecking of wet concentrator plant A. Ilmenite production declines 38% to 125,900 tonnes, while total shipments decrease 10% to 277,900 tonnes, which Kenmare says is in line with the run rate of annual guidance for more than 1.1 million tonnes. Notes progress in debottlenecking and a recovery in zircon pricing, but a softer titanium feedstock market. Adds that it is in talks with the Mozambican government to renew Kenmare's licence at Moma, the company's flagship project. Also notes progress "on recovery of value from shipments made in Q3 2025 to a customer in financial distress". The company says: "At the end of Q1 2026, Kenmare is on track to achieve its 2026 guidance on all metrics and has drawn down 99,900 tonnes of its finished product stockpiles, in line with its value over volume approach. Production is forecast to strengthen from Q2 onwards, as WCP A increasingly operates at its nameplate capacity on a consistent basis. However, ongoing geopolitical volatility and the company’s prioritisation of liquidity is reducing operational flexibility and may impact Kenmare’s ability to react quickly to changing circumstances."
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Malibu Life Holdings Ltd - Cayman Islands-based life and annuity reinsurance investor via Third Point Offshore Fund Ltd - Pretax net income declines to USD25.0 million in 2025 from USD114.3 million in 2024. Says Third Point Offshore Fund returned 9.1% in 2025 vs 18% for S&P 500, reflected in a NAV per share of USD31.91 at Dec 31, up from USD25.43 at Jan 1. Books a net realised and unrealised gain from investment transactions allocated from Third Point Offshore Fund of USD48.8 million, down from USD116.1 million on-year. Swings to a net investment loss allocated from Third Point Offshore Fund of USD11.0 from a gain of USD2.2 million. However, notes that it ceased to be an investment company after the acquisition of Malibu Life, and has become a reinsurer. Posts USD57.8 million in revenue from reinsurance operations, versus none the year prior. Diluted EPS jumps to USD1.23 from none reported the year prior.
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REA Holdings PLC - Indonesia-focused palm oil company - Revenue rises to USD194.9m in 2025 from USD187.9 million in 2024, while pretax profit falls to USD24.0 million from USD38.9 million. Swings to a diluted loss per share of USD0.7 from earnings per share of USD41.6 YoY. Looking ahead, expects an increase in crops and extraction rates, with the "outlook encouraging for increasing returns from the agricultural operations, augmented by contributions from stone and silica sand". The stone segment of the business has begun production, and is confirming contracts for around 1 million tonnes in between 2026 and 2027. REA notes that current palm oil prices are above the levels seen in 2025, underpinned by the cost effects of conflict between the US, Israel and Iran.
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Acuity RM Group PLC - London-based risk management company - Estimates revenue of GBP441,000 in the quarter to the end of March. Says admin costs are down 37% on-year and values contracts won as of March 31 at GBP619,000 in total, including deals with the British government and a North American bank. Adds: "Acuity Risk Management Ltd, the group’s trading subsidiary has traded profitably month on month since 1 October 2025 and management remain confident this performance will be sustained through 2026."
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By Holly Munks, Alliance News reporter
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