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EARNINGS: Argo loss widens; Mustang Energy swings to profit

30th Apr 2024 18:43

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

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Argo Group Ltd - AIM-listed alternative investment manager offering an investment platform in global emerging markets - Revenue in 2023 rises to USD3.1 million from USD2.5 million a year earlier. Pretax loss widens to USD14.4 million from USD3.4 million. Chief Executive Kyriakos Rialas says "2024 continues in positive territory."

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Graft Polymer (UK) PLC - London-based developer and producer of polymer modification and drug delivery systems - Revenue in 2023 rises to GBP587,000 from GBP542,000 a year earlier. Pretax loss GBP3.1 million, widening from GBP2.7 million. "Following an extraordinarily difficult two years for the group, resulting in a huge depletion of funds on account and severe constraints on the group's ability to continue trading, I joined the Board to oversee a strategic change and progress a short term fundraise," Non-Executive Chair Nicholas Nelson says. "Despite the upcoming period presenting challenges for the group the board are confident that with the correct management approach we can safely navigate back to prosperity and I look forward to keeping shareholders informed as developments unfold."

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Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Operating loss narrows to GBP391,758 in 2023 from GBP608,693 a year earlier. Swings to pretax profit of GBP169,534 from a loss of GBP558,898.

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Aseana Properties Ltd - Malaysia and Vietnam-focused property developer - Revenue in 2023 rises to USD1.2 million from USD980,000 a year earlier. Pretax loss narrows USD10.7 million from USD17.6 million. "Our focus has again been to minimise operating costs and net cash outflows at each of our properties whilst our Asset Divestment team seeks to dispose of them at reasonable prices. The sale of our Vietnam assets in 2022 significantly reduced our project debts, reducing our debt servicing costs even in the higher rate environment," the company says.

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Hydrogen Utopia International PLC - London-based company, which specialises in the conversion of waste plastic into hydrogen and other carbon-free fuels - Operating loss in 2023 widens to GBP1.6 million from GBP1.5 million a year earlier. Pretax loss stays same at GBP1.5 million. Non-Executive Chair Simon Mann says: "We continue to see strong support for the energy transition from governments around the world which should lead to an increase in the size and scale of hydrogen projects and further exciting opportunities for HUI."

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By Sophie Rose, Alliance News senior reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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