30th Dec 2024 10:42
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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NARF Industries PLC - London-based cybersecurity firm - Widens its pretax loss in the six months that ended September 30 to USD1.9 million from USD1.0 million the year before, reflecting "temporary US government budget delays". Total revenue for the half-year plummets to USD1.2 million from USD3.1 million, as the firm shifts its focus towards long-term growth initiatives. "Despite the challenges, we successfully transitioned to a higher-value business model centred around our SocialCyber platform with recurring revenue potential. With significant contract wins and promising opportunities ahead, the company is well-positioned to deliver exceptional value through this innovative approach while maintaining disciplined financial management," says Executive Chair John Herring. Since September, the firm has secured a more than USD5 million multi-year contract with an existing government customer, with the award anticipated in the first quarter of financial 2025.
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Cel AI PLC - London-based provider of beauty advice and product recommendations using artificial intelligence - Reports a pretax loss of GBP1.8 million for the year that ended August 31 on discontinued operations, narrowing from GBP3.3 million last year, as the company exits the skincare sector and instead invests its available funds into the Solana cryptocurrency token. The group is now "actively seeking" artificial intelligence and AI agent opportunities. Administrative expenses decrease 57% to GBP1.9 million from GBP3.4 million during the year and, of the group's pretax loss, GBP583,624 results from a write-down in its inventory of skincare products. Revenue falls to GBP17,942 from GBP67,236. Chair Michael Edwards says: "The company's previous strategy resulted in the cash reserves being depleted at an unsustainable rate, so it was imperative that a change of direction was implemented. The current board has significant experience in the artificial intelligence and AI agent sectors and these generally require minimal operational expense beyond the normal running costs of a public company. The board retain a positive outlook regarding the crypto sector up to the medium time frame and as such are confident to retain its position in the SOL token for the time being. The company may sell some of these tokens going forward if a more value accretive opportunity presents itself".
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Power Metal Resources PLC - metals exploration company with projects in North America, Africa, Saudi Arabia and Australia - Swings to a pretax profit of GBP3.3 million during the six months that ended September 30, from a loss of GBP480,000 during the six months that ended March 31. This is due to fair value gains through profit and loss multiplying to GBP5.0 million from GBP1.1 million during the prior six-month period. Operating expenses increase 33% to GBP2.1 million from GBP1.5 million, and the group reports revenue of GBP526,000 from none during the previous six months. The group announced in October its year-end has changed to December 31 from September 30, extending its current accounting period to 15 months. Power Metal Resources intends to publish its full-year accounts for the 15 months to December 31, 2024, in June 2025.
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SulNOx Group PLC - London-based greentech innovation company helping industry reduce emissions, lower fuel costs and meet sustainability targets - Pretax loss narrows to GBP1.2 million from GBP1.9 million last year, as administrative expenses reduce 40% to GBP1.4 million from GBP2.1 million. Revenue falls 21% to GBP440,327 from GBP544,120. "During the period, we have consolidated and strengthened our relationships with existing clients, expanded the product pipeline and evaluations, and deepened our understanding on how to leverage SulNOx's product viability," says SulNox. "With a renewed focus on adaptability and strategic planning through our key growth drivers; cost and organisational effectiveness, client diversification, focused sales team, and sustainability, we emerge stronger from 2024 as we continue to leverage on the progress we have made to date."
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By Emily Parsons, Alliance News reporter
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