30th May 2024 20:09
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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EnQuest PLC - oil and gas company with operations in UK and Malaysia - Output averages 43,595 barrels of oil equivalent per day in the first four months of the year, in line with guidance of 41,000 boepd to 45,000 boepd. "We continue to achieve top quartile production efficiencies across the portfolio, while our high performing decommissioning team continues to deliver sector leading performance, having completed ten well plug and abandonments in 2024 across Heather and Thistle," Chief Executive Amjad Bseisu says. "Following the commencement of EnQuest's inaugural shareholder returns programme in April and with the foundations set for a pivot to growth during 2024, we are focused on delivering that growth through transformative acquisitions; utilising our differentiated operating capability and advantaged tax position to accrete value."
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Lowland Investment Co PLC - invests in "broad spread of predominantly UK companies" - Net asset value per share at March 31 half-year end totals 136.3p, down 3.3% from 131.9p a year prior. NAV total return in six months was 7.5%, beating FTSE All-Share Index benchmark return of 6.9%. Lifts half-year dividend by 4.9% to 3.20p from 3.05p.
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JPMorgan Japanese Investment Trust PLC - invests in Japanese companies - Net asset value per share at March 31 half-year end totals 591.1p, rising 17% on-year from 505.8p. Declares no interim dividend, unchanged on-year. The firm adds: "The most important positive influence on the outlook for Japanese equities remains the ongoing reform of the corporate sector. There has been significant progress to date, and, with the encouragement of the government, regulators, and shareholders, Japanese companies are adopting ever higher standards of independence and transparency and implementing best practices in their capital allocation decisions."
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JPMorgan Asia Growth & Income PLC - investor in Asia-Pacific firms - Net asset value per share at March 31 half-year ended declines 4.0% to 388.4p from 404.6p a year prior. Dividend for first half amounts to 7.6p per share, down 5.0% from 8.0p. "The Asian equity markets remain extremely attractive in absolute terms and relative to other markets, there are reasons to be optimistic about the outlook as the global backdrop is supportive. Inflation is gradually receding in the US and other developed markets, the US economy is doing better than expected and appears to have avoided a hard landing, and the US Federal Reserve and other central banks seem likely to cut interest rates later this year," it adds.
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Kelso Group Holdings PLC - investor in London-listed companies - Non-Executive Chair Nigel Knowles hails "successful" first full year of operation. "We delivered an IRR of 55% on our investments, significantly surpassing our 25% target," the chair adds. Kelso says UK markets "beginning to bounce back" and close "the valuation gap".
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Majedie Investments PLC - invests in public equities, "hard-to-access special investments" and specialist external funds - Net asset value per share at March 31 half-year end rises 12% to 270.0p from 241.7p at end of September. "We are pleased with the performance in the first half of the year, which is driven by our exposure to external funds, but where all three elements of our portfolio have contributed to the growth in NAV and strong total shareholder returns," says Dan Higgins, partner at Majedie's investment manager Marylebone Partners. "Despite some potential risks such as a record number of global elections, some signs of stress in commercial real estate and the geopolitical situation in the Middle East, the financial backdrop is broadly supportive. However, inflation is seemingly under control, the global economy is in reasonable shape and corporate earnings are fairly robust and we can see why markets could rise further over the course of 2024."
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Alkemy Capital Investments PLC - focused on investing in critical minerals sector - Pretax loss in year to January 31 narrows to GBP2.1 million from GBP2.6 million the year prior. Administrative expenses rise 12% to GBP1.5 million from GBP1.3 million, but project development expenses down roughly half to GBP634,288 from GBP1.3 million.
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Helios Underwriting PLC - investment vehicle, which provides shareholders with participation in the Lloyd's insurance market - Gross premiums written up 26% to GBP307.8 million in 2023 from GBP244.6 million in 2022. Swings to pretax profit of GBP22.7 million from loss of GBP4.0 million. "Helios is the smartest way to invest at Lloyd's of London and the excellent 2023 financial performance reflects the strength of our unique proposition, our continued strategic delivery and some of the best underwriting conditions the market has experienced in a generation," Chief Executive Martin Reith says. "Looking ahead I am excited by further unlocking the potential of Helios and I am confident in our ability to capitalise on the market opportunities and continue to offer uncorrelated returns by generating long-term growth and regular income for our investors." Doubles final dividend to 6p from 3p. Says total capital return to shareholders for 2023 amounts to 19p per share.
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Anglo-Eastern Plantations PLC - palm oil producer with plantations across Indonesia and Malaysia - Production of fresh fruit bunches decreases 5% on-year to 232,000 metric tonnes in first-quarter of 2023. "Lower production trends were experienced in all regions except for Bangka and Kalimantan. In Bangka matured plantings were higher in 2024 with ideal weather conditions as well as in Kalimantan where matured plantings were also higher with most trees reaching peak production age," Anglo-Eastern says. Says crude palm oil price averaged USD1,004 per metric tonne in first three months of 2024, down 1% on-year. "The average price was however better than USD935/mt at the start of the year," it adds.
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Learning Technologies Group PLC - London-based digital learning and talent management company - Has "cautious stance" for 2024, amid tricky backdrop, but says "well placed to return to organic revenue growth as the economy improves". Chair Andrew Brode says: "The strength of our balance sheet, supported by good cash generation, will provide the group with enhanced capital allocation optionality, in line with our long-term strategic objectives."
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Sunrise Resources PLC - focused on industrial mineral projects in Nevada - Pretax loss in six months to March narrows to GBP66,113 from GBP145,911 a year prior. Pre-licence exploration costs fall to GBP678,000 from GBP2.3 million. Reports no revenue, unchanged on-year.
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Integrated Diagnostics Holdings PLC - diagnostic services provider with operations in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia - Revenue in first-quarter of 2024 rises 28% on-year to EGP1.17 billion, around GBP19.4 million, from EGP915 million. Net profit improves markedly to EGP402 million from EGP168 million. "Revenue growth continued to be supported by increased test volumes and higher average revenues per test," IDH says.
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Verici Dx PLC - developer of advanced clinical diagnostics for organ transplants - Reports revenue of USD1.0 million in 2023, against none in 2023. Pretax loss narrows to USD8.7 million from USD11.4 million. "2023 was a transformational year for Verici Dx with excellent strategic progress resulting in the successful transition from a research-focused entity to a commercial-stage company, with two clinically validated products and substantial opportunities for further value creation," Chief Executive Officer Sara Barrington says. "We believe the steps Verici Dx has taken to strengthen its balance sheet means we are now very well positioned to progress our strategic ambitions. The focus throughout the rest of 2024 is therefore to advance multiple growth and value creation initiatives, whilst maintaining our strong financial discipline. I look forward to providing further updates in due course."
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Aurrigo International PLC - Coventry, England-based provider of "smart airside solutions" - Revenue in 2023 rises by a quarter to GBP6.6 million from GBP5.3 million. Pretax loss, however, widens to GBP4.0 million from GBP2.5 million. Administrative expenses rise 38% to GBP6.3 million from GBP4.6 million. "I am very pleased with the significant progress the group has made throughout 2023. We have accelerated our partnership with Singapore Changi Airport Group and additionally won new customers internationally," CEO David Keene says.
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By Eric Cunha, Alliance News news editor
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