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TRADING UPDATES: Agronomics NAV up; Churchill China hires new CFO

20th Dec 2022 14:32

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

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Agronomics Ltd - Isle of Man-based cellular agriculture investment firm - Net asset value per share on November 30 is up 19% to 14.85 pence from 12.51p a year earlier. Pretax profit in the financial year that ended June 30 is GBP8.4 million, multiplying from GBP1.0 million. Net income is down 40% to GBP6.4 million from GBP10.7 million, while foreign exchange gains are GBP6.5 million, swings from a loss of GBP107,275. Executive Director Jim Mellon says: "Looking ahead, the industry recently saw the first approval of cultivated meat product in the US by the FDA. This was a landmark event for the field of cellular agriculture and moves us further along the path to full scale commercialisation. We look forward to further approvals from within Agronomics' leading portfolio of companies and we expect to start seeing regulatory approvals across our portfolio in major protein categories from 2024."

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Artemis Alpha Trust PLC - London-based investment trust focusing on the UK - Net asset value per share on October 31 is 315.08p, down 14% from 367.65p on April 30. Says NAV total return in the six months that ended October 31 is negative 13.4%. Says FTSE All-Share Index total return outperforms it at negative 5.8%. Pretax loss widens by 63% to GBP16.6 million from GBP10.2 million a year earlier. Declares an interim dividend of 2.33p, up from 2.14p a year earlier and in line with company policy. Chair Duncan Budge says: "Despite the challenging macro-economic conditions, our investment policy remains one of picking individual stocks without the constraints of any formal benchmark. Our investment manager believes strongly in the prospects for, and value currently offered by, the companies selected for the company's portfolio."

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Savannah Energy PLC - London-based, Africa-focused energy company - Total revenue in the 11 months that ended November 30 is USD256.7 million, up 27% from USD201.4 million a year earlier. Expects 2022 revenue to exceed USD270 million, up 26% from previous expectations of USD215 million. Chief Executive Officer Andrew Knott says: "We are pleased to be updating our 2022 financial guidance this morning, driven by the significant year-on-year increase in production volumes that has been delivered in Nigeria - the fourth year in a row. Looking forward to 2023 we are excited by the opportunities available to the business in all the four countries in which we operate in across Africa in both the hydrocarbon and renewable energy sectors and look forward to updating investors further next year." Operates in Nigeria, Chad, Cameroon and Niger.

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Aquila Energy Efficiency Trust PLC - London-based closed-ended investment companies focusing on small-to-medium-sized energy efficiency projects - Increases commitments to GBP87.3 million on December 19, up 57% from GBP55.5 million on August 31. Increases total income-generating, deployed capital by 69% to GBP54.4 million from GBP32.1 million. Expects to achieve an average gross project yield of 8.0% over all investments made to date. Approves further commitments of GBP8.7 million, which are awaiting financial close. Expects around 80% of capital available for investment to be deployed by the end of the first quarter in 2023.

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Churchill China PLC - Stoke-on-Trent, England-based ceramic products manufacturer for hospitality markets - Hires advanced materials manufacturer Surface Transforms PLC chief financial officer Michael Cunningham as new CFO. Says joining date will be confirmed in due course. Says appointment follows planned succession of departing finance director and company secretary David Taylor. Says Cunningham brings expertise to the board of Churchill China, with over 20 years of financial experience including senior positions at quoted and private businesses. Chair Alan McWalter says: "We are delighted that Michael will be joining the business next year and have no doubt he will make a considerable contribution to the development of the business."

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By Greg Rosenvinge, Alliance News reporter

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