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EARNINGS SUMMARY: Vulcan Industries and Wildcat Petroleum narrow loss

1st Nov 2022 14:48

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

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Bowleven PLC - Africa-focused oil and gas exploration firm focussed on Cameroon - Pretax loss in the financial year that ended June 30 widens to USD2.5 million from USD2.0 million a year prior. Posts no revenue, unchanged. Reports a negative finance & other income of USD108,000, swinging from a gain of USD820,000 a year ago. Looking ahead, firm says it is currently discussing debt and equity issues and hybrid debt instruments to raise more funding during early 2023. Bowleven ends its financial year 2022 with USD1.3 million of cash and a financial investment of USD2.2 million.

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International Biotechnology Trust PLC - London-based investment trust managed by SV Health Managers LLP - Net asset value per share at August 31 falls 11% to 697.2 pence from 782.4p a year ago. NAV total return turns to negative 6.9% from positive 9.8% a year prior. Chair Jim Horsburgh announces his retirement at the conclusion of the annual general meeting on December 6 after nine years at the board. New chair will be Kate Cornish-Bowden, who has been on the board since 2020. "With the fundamentals for the biotechnology sector looking attractive, I am optimistic that the company can look to the future with confidence," says outgoing Chair Horsburgh.

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Vulcan Industries PLC - London-based engineering services firm - Pretax loss in the half-year that ended September 30 narrows to GBP547,000 from GBP609,000 a year prior. Revenue jumps to GBP1.2 million from GBP491,000. Cost of sales widen to GBP929,000 from GBP436,000. The company believes the planned acquisition of Peregrine X Ltd will help Vulcan become a profitable trading business in the next years. On October 14, Vulcan said it will buy the developer of an analytical tool and algorithms for a total consideration of GBP5.0 million.

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Wildcat Petroleum PLC - Uxbridge, England-based company targeting investment opportunities in the upstream sector of the petroleum industry, namely the exploration, appraisal, development and production of oil and gas - Pretax loss in the financial year that ended June 30 narrows to GBP305,744 from GBP459,646 a year prior. Notes that it raised money in its financial fourth quarter "to fund its ongoing and project start-up costs". Further, on Thursday last week firm said it is placing 18.0 million new shares at 1.25 pence each to raise GBP225,000, or net GBP211,970. The placing is for strengthening its balance sheet "in difficult market conditions," Wildcat Chair Mandhir Singh says.

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By Tom Budszus; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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