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EARNINGS AND TRADING: Trident Royalties swings to profit

2nd May 2024 15:45

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Trident Royalties PLC - diversified mining royalty company - Operating loss in 2023 narrows to USD1.1 million from USD1.7 million a year earlier. Swings to pretax profit of GBP3.8 million from a loss of GBP4.6 million. "The last year has been challenging for the global financial industry: in 2022, geopolitical tensions rose with a war in Ukraine and then, in 2023, war broke out in the Middle East. Both have potential for escalation, as we have seen with the recent attacks on ships in the Red Sea," Trident says. "Within the mining industry, we experience these rising geopolitical tensions through an ever-shrinking field on which it is prudent to invest." Notes recent positive announcements by Anson Resources Ltd in relation to its Paradox Lithium project and its Green River Lithium project. Trident holds a 2.50% net smelter return royalty over Anson's projects in the Paradox Basin.

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Argentex Group PLC - international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals - Revenue in 2023 falls to GBP49.9 million from GBP41.0 million in the 9 months ended December 31, 2022. Pretax profit falls to GBP7.3 million from GBP7.8 million. Pays out total dividend of 0.75p per share, down from 2.25p per share for 9 months to December 31. Following the completion of its strategic review, Argentex said it is "excited by the multiple opportunities for future growth." It adds: "The business operates within a large addressable market and benefits from a strong brand and reputation, as demonstrated by the fact that we have continued to grow the number of active customers during the period." Says adverse market conditions experienced during 2023 continued into the first quarter of 2024, but felt "encouraged" more recently.

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UK Oil & Gas PLC - oil and gas with assets in UK and Turkey - Receives a notice from RiverFort Global Opportunities PCC Ltd and YA II PN Ltd that they have converted the 200.0 million equity shares issued at an average price of approximately 0.0405 pence per share. Also issues investors a further 152.8 million shares to repay a further GBP46,603 of loan. Principal balance now stands at GBP420,000.

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Personal Group Holdings PLC - Milton Keynes-based employee benefits and services provider - Says it has "enjoyed continued momentum" in first quarter of 2024. "The strong performance in new insurance sales in 2023 has continued into 2024, achieving year on year growth in key sales metrics. The Benefits division has won new customers and the migration of Sage customers onto the next generation of the Hapi Employee Benefits platform is complete. As previously announced in March, the group's Pay & Reward division secured its largest consulting contract to date with a global airline, both adding to the group's recurring revenues and increasing profile within its sector," the company says. Looking ahead, remains confident in ability to deliver profitable growth in the current year, in line with market expectations.

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Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa - Receives second tranche payment of ZAR48.8 million, about GBP2.1 million, for Glenover sale. Says a further ZAR5.7 million is due to be received in early May.

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IQ-AI Ltd - Medical services firm and parent company of Wisconsin-based healthcare imaging software firm Imaging Biometrics LLC - Wholly owned subsidiary Imaging Biometrics LLC receives Food & Drug Administration approval to proceed with an expanded access program for its lead therapeutic candidate, gallium maltolate. Says the EAP is for adult patients with recurrent/refractory glioblastoma who meet certain program eligibility criteria. "Considering the dismal prognosis of high-grade brain tumors, and following the encouraging safety profile and tolerance demonstrated in the ongoing phase 1 clinical trial at the Medical College of Wisconsin, we believe it is appropriate to initiate an EAP. This will enable more patients to potentially benefit from the treatment," says Trevor Brown, CEO of IQ-AI.

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Chariot Ltd - Africa-focused transitional energy company - Says drilling operations have commenced at the Loukos Onshore licence onshore Morocco, with the spud of the RZK-1 well on the Gaufrette prospect. "We are very pleased to commence this onshore campaign, kicking off the first of our exciting drilling operations for Chariot this year. We also continue to work up the prospectivity across this acreage as we see significant upside both in the vicinity of our high graded well locations and beyond," says Duncan Wallace, technical director of Chariot.

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By Sophie Rose, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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