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EARNINGS UPDATES: Ironveld sees interim pretax loss widen on costs

30th Mar 2023 18:39

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

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Ironveld PLC - South Africa-focused exploration and development company - For six months ended December 31, reports pretax loss of GBP522,000, widened from GBP382,000 year-on-year. Administrative expenses for the period were GBP581,000, widened from GBP384,000 a year prior. However, maintains first sales are on track for the second quarter of 2023, in line with original plans. Chief Executive Officer Martin Eales says: "I am very pleased with the progress we made over the half year period to December 2022 and have already made so far this year. The coming months are due to bring many more positive developments as we build up production at the smelter and make progress with our other projects."

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Gabelli Merger Plus+ Trust PLC - London-based dedicated merger fund which invests globally, but has emphasis on US-traded securities - Post net asset value per share as at December 31 of USD9.99, up from USD9.83 year-on-year. Declares fourth interim dividend for the year of USD0.12. Looking ahead, the board says it will continue to review its distribution policy.

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Mosman Oil & Gas Ltd - Oil exploration, development and production company - Posts revenue of AUDD936,187 for six months ended December 31, up 26% from AUD745,790 a year prior. Pretax loss for the period was AUD665,096, widened from AUD498,940 year-on-year. Cost of sales were AUD653,184, widened from AUD557,303, while administrative expenses were AUD280,957, widened from AUD148,375. However, notes significant progress at Cinnabar in East Texas, with a development drilling programme leading to initial production in December 2022.

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India Capital Growth Fund Ltd - Investment company focused on long-term investment opportunities in companies based in India - Reports NAV at December 31 of 140.06p, up 3.9% from 134.74p a year prior. Posts NAV total return of 3.9% for 2022, versus its benchmark BSE Midcap TR Index, which delivered a return of 3.2%. Says it believes the firm will generate positive investment returns over time.

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ACG Acquisition Co Ltd - Special purpose acquisition company looking to benefit from favourable price conditions for new economy metals and other mining materials - For six months ended December 31, posts pretax loss of GBP6.7 million, widened from loss of GBP2.7 million a year prior. Says it intends to acquire a target company within 12 months from October 2022.

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Mineral & Financial Investments Ltd - Cayman Island-based investment company focused on the natural resources sector - Reports NAV per share on December 31 of 22.03p, up 18% from 18.62p a year prior. Posts pretax profit for the period of GBP750,000, up from GBP142,000 the previous year. Looking ahead, the firm believes copper supply will grow more slowly than demand and that the outlook for copper "is better than it has been for some time".

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Renalytix PLC - London-based kidney health-focused diagnostics company - Reduces pretax loss to USD22.6 million for six months to December 31 from USD26.8 million a year prior. Posts revenue of USD2.2 million for the period, versus USD1.3 million the previous year. Outlines numerous operational goals for the year ahead, notably obtaining Food and Drug Administration approval for its De Novo application.

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PetroTal Corp - Calgary, Canada-based, Peru-focused oil and gas development and production company - Delivers 2022 average production of 12,200 barrels of oil per day, up 36% from 2021. Reports net income of USD188.5 million, up from USD64.0 million in 2021. Also drilled and completed four highly productive horizontal oil wells in 2022, with wells 10H and 11H delivering initial production rates in excess of 10,000 barrels. Fourth quarter revenue increases to USD37.2 million, versus USD6.8 million year-on-year. Reinstates USD0.015 per share quarterly dividend.

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Bivictrix Therapeutics - Biotechnology company applying a novel approach to develop next-generation cancer therapies with improved tolerability and anti-cancer activity - For the year ended December 31, sees pretax loss widen to GBP3.0 million from GBP2.5 million a year prior. Research and development costs for the year rise to GBP2.1 million from GBP711,000 year-on-year. Posts closing cash balance of GBP3.3 million, from GBP6.1 million year-on-year. Chief Executive Officer Tiffany Thorn says: "We have made signficant progress over the past year with our lead programme, BVX001, advancing this candidate towards the clinic. In addition to identifying a development lead for BVX001, at the beginning of this year we reported a highly favourable safety profile in a preclinical study comparing two doses of BVX001 to the only currently approved ADC indicated for AML."

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By Holly Beveridge, Alliance News reporter

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