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EARNINGS: Biome loss widens; Amicorp focused on growth post-IPO

27th Sep 2023 15:43

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

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Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology company - For the six months ended June 30, reports pretax loss of GBP1.1 million, widened from GBP667,000 a year prior. Meanwhile, revenue rises 47% to GBP3.6 million from GBP2.4 million. Highlights that Bioplastics revenue was up 50% to GBP3.1 million, from GBP2 million year-on-year. Adds that the division was the principal revenue generator during the half, and saw good demand from both new and existing customers, particularly in North America. Administrative expenses rise to GBP2.0 million from GBP1.7 million the previous year. Basic loss per share widens to 28 pence, from 17p. Looking ahead, Biome expects revenue for the second half to continue at a similar rate to that experienced in the second quarter. However, notes that "adverse exchange rates and the phasing of revenue from RF Technologies into 2024 will provide some pressure at the operating profit level and the board's outlook for the group's trading performance in 2023 is broadly in-line with current market expectations".

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RiverFort Global Opportunities PLC - Wycombe-based investment adviser - Posts net asset value per share at June 30 of 1.30p, down 3.7% from 1.35p at December 31. For the six months to June 30, investment income was GBP215,035, down from GBP417,476 on-year. While RiverFort's overall net asset position reduced slightly during the period, it says that a decrease in the value of the Pires investment was partially offset by the increase in the value of the company's holding in Smarttech247. Similarly, lower investment income was offset by administration and advisory costs. RiverFort maintains that it has continued to grow its cash balance during the period and is now "well positioned to focus on making new investments as attractive opportunities arise".

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Pennant International Group PLC - Cheltenham, England-based provider of training technologies and product support for the defence, aerospace and other industries - For the six months ended June 30, reports revenue of GBP7.1 million, up from GBP6.9 million year-on-year. Notes that 46% of revenue is generated from software licensing and associated activities, compared to 52% last year. Pretax loss narows to GBP4375,000 from GBP810,000, while earnings before interest, tax, depreciation and amortisation rise to GBP800,000 from GBP400,000 a year prior. Notes good progress on the GBP9 million Boeing Defence UK Apache upgrade programme, which is running "on time and on budget", with final deliveries scheduled for completion in September 2024. Also highlights acquisition of Track Access Productions Ltd in April 2023, which it says broadens Pennant's existing rail offering and customer base, and adds around GBP300,000 of subscription-based recurring revenue.

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Firering Strategic Minerals PLC - Abidjan, Ivory Coast-based exploration company - For the six months ended June 30, reports pretax loss of EUR602,000, widened from loss of EUR517,000 a year prior. General and administrative expenses increase to EUR564,000 from EUR415,000 the previous year. Post-period, Firering completes an oversubscribed placing raising GBP756,000 to support further definition of identified pegmatite targets with around 5,000 metres auger drilling campaign at Atex. Chief Executive Yuval Cohen says: "Our strategy has always been to increase shareholder value through the continued exploration of our flagship asset, Atex. To this end, and with the support of our JV partner, Ricca Resources, we spent a significant amount of time in the field since the start of 2023...After the period, and supported by the positive results from part one of the Phase II auger drilling campaign, we announced our intention to start a 3,000 metre RC drilling campaign at Atex, which we believe has the potential to become a significant lithium producer in [Ivory Coast]."

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Amicorp FS (UK) PLC - Financial services division of Hong Kong-based Amicorp Ltd that provides services to "start-up" asset managers - For the six months ended June 30, posts revenue of USD7.1 million, up 3.1% from USD6.9 million a year prior. Pretax profit fell 63% to USD1.0 million from USD2.8 million, decreasing as operating expenses increased to USD403,000 from USD230,000, and IPO expenses rose to USD1.2 million from USD502,000 the previous year. Amicorp listed on the Main Market of the London Stock Exchange on June 8, alongside a placing of new ordinary shares raising USD6.5 million before expenses, and a placing of existing ordinary shares of USD9.7 million. Non-Executive Chair Toine Knipping says: "Following our successful listing on the Main Market of the London Stock Exchange in June this year, the business has continued to perform well both operationally and financially, on the back of strong organic growth and further diversification, evidenced by the improvement in the Assurance and Governance Services part of the business."

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NARF Industries PLC - London-based cybersecurity group which specialises in high-end threat intelligence and critical infrastructure security - For the six months ended June 30, reports contract revenue of USD3.3 million versus USD1.4 million a year prior. Pretax loss was USD144,200, substantially narrowing from USD16.6 million the previous year. Looking ahead, NARF says it expects full-year revenue to be at least USD5.8 million. Executive Chair John Herring says: "This will be achieved through the growth we are experiencing in both our Government Solutions and Services and Government Research & Development business...This performance and growth are driven and sustained responsibly through internal cash generation and current credit facilities and is being achieved, in part, by our CEO Steve Bassi working to instil a culture of accountability, ambition and diligence throughout the organisation."

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Roquefort Therapeutics PLC - London-based biotechnology company focused on developing medicines for hard-to-treat cancers - For the six months to June 30, reports pretax loss of GBP937,436, widened from GBP762,281 a year prior. This came as administrative expenses increased to GBP765,611 from GBP485,530 for the same period a year ago. Meanwhile, revenue totalled GBP200,000, against none a year prior. Looking ahead, Roquefort says it is on course with targets for clinical readiness for one of its development programmes during the second half. Says its strategic goal is to take advantage of the paradigm shift that 90% of successful biotech programs are acquired by big pharma.

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By Holly Beveridge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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