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EARNINGS: Ariana Resources profit shrinks; Tekcapital swings to loss

29th Sep 2023 11:31

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

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Ariana Resources PLC - London-based mineral exploration and development company with gold mining interests in Turkey, Cyprus and Kosovo - In the six months that ended June 30, pretax profit falls to GBP337,000 from GBP2.9 million a year earlier. This is because share of profit of associate accounted for using the equity method fell to GBP737,000 from GBP2.5 million, while administrative costs net of exchange gains were GBP666,000, swinging from a positive GBP611,000. Managing Director Kerim Sener says: "Looking back over the past six months, we have conducted significant operational activity, as highlighted above, which underscores the huge amount of work being undertaken across our projects. We have remained committed to our strategy to pursue targeted exploration and development programmes across our portfolio, systematically de-risking our pipeline of robust assets, and propelling them up the value curve. We look forward to providing company updates for the second half of the financial year, as we continue to operate an exciting pipeline of projects in gold and copper within southeast Europe and as we look to grow our portfolio further afield."

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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - In the financial year that ended June 30, pretax loss narrows to GBP4.2 million from GBP4.3 million a year earlier. Posts no revenue, unchanged, so loss arises from various costs. Managing Director Tony Gilby says: "The past year has seen the company make good progress toward the target of supplying electricity into the power grid in Botswana. The transmission line work is nearing completion, substations are in progress and new wells are being completed ahead of expected gas flow. It has not been easy and has taken a lot of time, effort and money to get to this stage. There remain significant challenges ahead. Nonetheless, I believe gas will continue to play a very important, if not vital role for many years to come in order to meet increasing energy demand in southern Africa. We look forward to moving Tlou Energy's Lesedi project into production."

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Neometals Ltd - London-based sustainable battery materials producer - In the financial year that ended June 30, pretax loss widens to USD36.2 million from USD16.2 million a year earlier. This is on swinging to an impairment expense on investment in associate of USD1.3 million from a reversal of USD7.1 million, alongside a one-off impairment expense on investment in joint venture of USD2.7 million and share of loss in joint ventures widening to USD7.3 million from USD872,667. Employee expenses widen to USD11.2 million from USD8.8 million. Chair Steven Cole says: "Strategically, the global drive to mitigate climate change has continued to put the spotlight squarely on sustainability, the energy transition and circular economics. The company's three core projects ([lithium-ion battery] recycling, vanadium recovery and lithium chemicals) are well positioned to be the beneficiaries of this drive, with myriad European and North American policy, regulation and industry tailwinds supporting the Neometals strategy."

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Secure Property Development & Investment PLC - South-eastern Europe-focused commercial property investor - In the six months that ended June 30, swings to profit before tax and foreign exchange differences of EUR214,409 from a loss of EUR669,641 a year earlier. Swings to pretax profit after foreign exchange differences of EUR180,023 from a loss of EUR680,706. Income grows to EUR788,075 from EUR509,750. Chair Micheal Beys says: "In 2023 to date, we have continued to make progress on the company's strategy of monetizing our assets. While the process of transferring several Ukrainian assets is progressing slowly, as a result of the ongoing war, we continue to work towards overcoming this and aim to finalise all transfers to close Stage 2 over the coming months. In addition, implementation of the announced [human resources] and office cost optimization measures has taken effect resulting in significant annual reductions in costs. As one of the largest shareholders in [Ukraine asset] Arcona [Property Fund NV] through the combination of asset portfolios, we continue to believe in the value being created for SPDI shareholders."

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MobilityOne Ltd - e-commerce platform provider - In the six months that ended June 30, pretax profit shrinks to GBP5,914 from GBP522,561 a year earlier, despite revenue rising to GBP121.5 million from GBP113.4 million. Cost of sales keeps pace with rising revenue, rising to GBP115.4 million from GBP107.1 million, while administrative expenses rise to GBP5.9 million from GBP5.5 million. Says: "The group's business activities are still predominately concentrated in Malaysia. Other than the group's main business activities of mobile phone prepaid airtime reload and bill payment in Malaysia, the group's other businesses are expected to remain insignificant in 2023." Also acquires 49% stake in Sincere Acres Sdn Bhd via its wholly-owned, Malaysia-focused subsidiary MobilityOne Sdn Bhd for MYR30.0 million, or GBP5.2 million. Sincere is an investment holding company with its sole business activity comprising of owning a 100% equity interest in Hati International Sdn Bhd. Hati is a healthcare information systems provider in Malaysia focused on healthcare software development and information technology. MobilityOne Group Chief Executive Officer Dato' Hussian A Rahman says: "I am confident of the synergistic benefits arising from the proposed acquisition and Hati's long-term prospects in the healthcare information systems industry."

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Tekcapital PLC - London-based intellectual property investment company - In the six months that ended June 30, swings to pretax loss of USD10.1 million from a profit of USD6.2 million a year earlier. This is due to changes in fair value on financial assets at fair value though profit or loss swinging to a negative USD9.3 million from a positive USD7.1 million. Revenue from services rises to USD349,515 from USD263,328. Chair Clifford Gross says: "We are glad to report continued significant development of the group's portfolio companies, all of which were built in-house. Whilst capital markets have been choppy in 2023 and this has resulted in unrealised depreciations in our portfolio, the view from the bridge is bullish, as we clearly see the potential for significant growth and performance of our unique and rapidly developing portfolio companies."

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By Greg Rosenvinge, Alliance News reporter

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