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EARNINGS: Mosman loss wider on production fail; PipeHawk "optimistic"

27th Mar 2024 12:04

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

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Artisanal Spirits Co PLC - Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies - For the year ended December 31, posts a pretax loss of GBP3.6 million, widened from GBP2.1 million a year prior. Revenue, meanwhile, rose 7.9% to GBP23.5 million from GBP21.8 million. Artisanal Spirits says this was "slightly ahead of expectations", and due in part to a significant growth in cask sales, offsetting a "challenging period of trading in China". Administrative expenses were GBP10.9 million, up 10% from GBP9.9 million the previous year, while finance costs were GBP1.5 million, up from GBP576,000. Looking forward, Artisanal Spirits says it is on track to meet revised expectations for 2024, and is positive about its ability to meet strategic goals.

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Mosman Oil & Gas Ltd - oil exploration, development, and production company with projects in the US and Australia - For the six months ended December 31, reports a pretax loss of AUD638,665, or GBP330,035.32, widened from AUD448,779 the previous year. Revenue worsened to AUD534,142 from AUD936,326, which Mosman says was down to "notably lower production" at Stanley and Cinnabar, where work "continues to resolve production challenges". No dividends were paid or proposed during the half year. Chief Executive Officer Andy Carroll says: "The board has been refreshed and the company has been re-organised with a lower cost base. In the US, we continue cost effective production optimisation to commercialise these assets and exploration work continues in Australia on the areas prospective for helium, hydrogen and hydrocarbons."

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Windward Ltd - Tel Aviv, Israel-based maritime predictive intelligence company - For the year ended December 31, posts a net loss of USD9.0 million, narrowed from USD19.2 million year-on-year. Operating loss was USD8.0 million, improved from USD15.5 million. Revenue came to USD28.3 million, up 31% from USD21.6 million, driven by 25% growth in the Gov ROW segment, 22% growth in the US Government segment, and 51% in Commercial segments. Total operating expenses fell to USD30.5 million from USD31.0 million, and financial expenses fell to USD1.3 million from USD3.9 million. Looking ahead, Windward says strong trading momentum has continued into the new year, and that it is confident in achieving 2024 results in line with market expectations.

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Nanoco Group PLC - Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials - For the six months ended January 31, posts pretax profit of GBP2.1 million, compared to a loss of GBP2.3 million the previous year. Revenue rose to GBP4.0 million from GBP1.6 million, driven by recurring intellectual property licence revenue. During the period, Nanoco also celebrated its first ever commercial orders, shipping two-first generation materials in November to be used in infra-red sensing applications in electronic devices. Basic earnings per share were 0.54 pence, swung from a loss per share of 0.64p year-on-year. Looking forwards, Nanoco says that it continues to make progress towards its goal of become cash breakeven in 2025, adding that its performance for financial 2024 is expected to meet market expectations.

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Kazera Global PLC - mining-focused investment company - For the six months ended December 31, posts a pretax loss of GBP1.3 million, widened from a loss of GBP481,000 a year prior, while foreign exchange loss was GBP400,000, versus a gain of GBP378,000. Revenue fell to GBP6,000 from GBP50,000, as other expenses rose to GBP493,000 from nothing the year before, and cost of sales increased to GBP73,000, also from nothing. Administrative costs, meanwhile, narrowed to GBP499,000 from GBP896,000. CEO Dennis Edmonds says: "Our focus during the period has been on utilising the funds from the ongoing sale of the Aftan Project to put in place the plant, people and equipment to facilitate the last crucial steps towards making Whale Head Minerals and Deep Blue Minerals cashflow positive and profitable...Whilst there have been some frustrations and delays, things are now progressing on all fronts and the board believes that 2024 is set to be the year in which Kazera starts to really hit its stride." Kazera is waiting on a national nuclear regulator permit decision by the end of April.

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Corero Network Security PLC - London-based cybersecurity provider specialising in distributed denial-of-service protection solutions - For the year ended December 31, posts a pretax loss of USD200,000, swung from profit of USD400,000 a year prior. Adjusted earnings before interest, tax, depreciation and amortisation, however, were USD2.2 million, up from USD1.7 million the previous year. Revenue rose 11% to USD22.3 million from USD20.1 million. Reflecting on the year ahead, Corero says that it has made a "strong start" to 2024, with a "robust" new business pipeline "already delivering results" in the first half. CEO Carl Herberger adds that a partnership with Akamai Technologies Inc is "already yielding positive contract momentum".

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PipeHawk PLC - Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries - For the six months ended December 31, posts pretax loss of GBP633,000, narrowed from GBP1.8 million a year prior. Revenue more than doubled to GBP4.6 million from GBP2.2 million. Chair Gordon Watt says: "We had worked hard to enter this six-month period with a record order book and have converted those orders into recognised turnover. However, without the steady flow of new orders coming in, our efficiency in utilisation of staff has been suboptimal." Nevertheless, the firm remained cautiously optimistic of returning to profitability, "after a two year 'hiccup' in our financial plans".

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By Holly Beveridge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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