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EARNINGS: Jersey O&G and World Chess losses widen, Arecor narrows

14th Sep 2023 12:05

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

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Jersey Oil & Gas PLC - UK continental shelf-focused upstream oil and gas company - Pretax loss in first half of 2023 widens to GBP2.9 million from GBP1.2 million a year earlier, almost entirely tracked by changes in administrative expenses. Chief Executive Officer Andrew Benitz says: "The first half of the year has been a pivotal period in the history of the company. With the farm-out to Neo Energy completed, the [Greater Buchan Area] development solution locked down and the licences covering the area extended, we now have a clear pathway to monetising the resource base we have built up over recent years. We are encouraged by the collaborative progress being made by Nep and look forward to finalising the acquisition agreements for the [floating, production, storage and offloading vessel], creating additional value through securing further farm-outs and moving onwards with the various workstreams required to get to field development plan approval next year."

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Ecofin US Renewables Infrastructure Trust PLC - investor in US renewable energy assets - Net asset value per share at June 30 is 91.8 US cents, down from 94.3 cents on December 31. NAV total return in six months ended June 30 is 0.3% versus 1.1% in year to December 31. In the first half of 2023, losses on investments widen to USD2.1 million from USD1.8 million a year earlier, while pretax profit falls to USD429,000 from USD1.5 million. Declares dividend of 2.1 cents, saying it targets returning 3.5 cents across 2023. Chair Patrick O'Donnell Bourke says: "This has been a difficult first half for your fund. In common with much of the UK investment trust sector, RNEW's share price has been trading at a discount to NAV...a number of key drivers continue to create a strongly favourable outlook for the US renewable energy industry, particularly for solar and wind power...While the pipeline of investment opportunities for the company remains strong, we are currently fully invested, and the investment manager is focusing on asset management and operational improvements for the foreseeable future."

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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - In the first half of 2023, pretax loss narrows to GBP4.8 million from GBP5.2 million a year earlier, boosted by revenue more than doubling to GBP1.7 million from GBP693,000 and research & development costs falling to GBP2.9 million from GBP4.8 million. This was partially offset by sales, general and administrative costs almost trebling to GBP4.4 million from GBP1.6 million. Chief Executive Officer Sarah Howell says: "We have made further, strong progress across the business towards our ambition to transform patient care by enhancing existing therapeutic medicines and, in doing so, building a significant self-sustaining biopharmaceutical company...our belief in the growth potential of the business is reinforced by significant progress by our partners under license, as well as development progress across our in-house proprietary product portfolio....We look forward, with confidence, to further material progress in the near- and medium-term towards our long-term ambitions for the group."

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World Chess PLC - London-based organiser of chess-related entertainment, including Armageddon chess league - In the first half of 2023, pretax loss widens to EUR2.3 million from EUR884,850 a year earlier. Revenue falls to EUR1.2 million from EUR2.0 million, while administrative expenses rise to EUR2.0 million from EUR1.4 million. Looking ahead, World Chess says "multiple revenue stream are all developing". It believes chess gaming product FIDE Online Arena will attract increasing numbers of users over the coming months and into 2024. Chief Executive Officer Ilya Merenzon adds: "It's been a game-changing period for World Chess. A pivotal event was our successful listing on the Main Market of the London Stock Exchange, attracting new investors in the process who have shown great support for our plans.

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By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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