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EARNINGS UPDATES: Europa Oil & Gas swings to loss as costs rise

24th Apr 2023 17:48

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

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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - In the six months that ended January 31, swings to pretax loss of GBP1.3 million from a profit of GBP743,000 a year earlier. Revenue is up 68% to GBP3.7 million from GBP2.2 million, while exploration costs multiply to GBP1.7 million from GBP360,000 and administrative expenses almost double to GBP846,000 from GBP463,000. Management says it looks to the second half with confidence and says it is "ideally placed" to explore further opportunities to develop and acquire high potential assets "which could facilitate the energy transition and generate additional value for our shareholders".

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Baker Steel Resources Trust Ltd - Guernsey-incorporated firm investing in equities, loans or related instruments of natural resources companies - Net asset value per share at December 31 is 79.4 pence, down 19% from 98.4p from a year earlier. Net loss on financial assets at fair value for 2022 is GBP19.0 million, swinging from a gain of GBP2.3 million in 2021. Interest income halves to GBP549,607 from GBP1.2 million. Says invasion of Ukraine impacted its operations and that its outlook remains uncertain.

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Chelverton Growth Trust PLC - seeks income through investments in mid- to small-cap UK companies - NAV per share on February 28 is 52.40p, down 3.4% from 54.24p on August 31 and down 9.7% from 58.02p a year earlier. Notes AIM All-Share index fell 2.7% over half-year period. Considers first half performance to be "robust" after the "market turmoil following the autumn 'mini budget' and the more recent volatility caused by the collapse of the Silicon Valley Bank and the distressed emergency takeover of Credit Suisse". Says it is formulating proposals to return funds to shareholders and will send details for them to consider.

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Frenkel Topping Group PLC - professional and financial services firm operating in the personal injury and clinical negligence space - Pretax profit for 2022 is GBP2.4 million, down 11% from GBP2.7 million in 2021. Revenue rises 35% to GBP24.8 million from GBP18.4 million, while direct staff costs rise 52% to GBP13.7 million from GBP9.0 million and administrative expenses up 32% to GBP8.2 million from GBP6.2 million. Ups total dividend to 1.37p in 2022 from 1.36p in 2021. Says "robust" trading in 2023 is cause for optimism, Expectations for full-year 2023 remain unchanged.

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Blackfinch Spring VCT PLC - Gloucester-based venture capital trust interested in technology businesses - NAV per share on December is 90.85p, down 2.4% from 93.08p a year earlier. Return on investments in 2022 also falls 30% to GBP438,000 from GBP622,000 in 2021. Non-Executive Chair Peter Hewitt says: "Despite the global challenges of the last year, the company has continued to make very good progress towards its objectives. Going into 2023 with a UK recession forecast and record high inflation, the macro-economic environment is likely to be no less testing. However, many innovative technology-enabled companies can deliver value to customers whatever the economic circumstances, and they can succeed regardless. With a strong portfolio, exciting new potential investments in the pipeline, and healthy inflows, the prospects for the next year remain positive."

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By Greg Rosenvinge, Alliance News reporter

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