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TRADING UPDATES: GCM resources loss narrows; Kromek extends deal

19th Dec 2022 22:01

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

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GCM Resources PLC - Phulbari coal and power project in north-west Bangladesh - Pretax loss in the financial year to June 30 narrows to GBP1.7 million from GBP1.9 million a year prior. The company does not yet generate revenue. GCM notes: "Over the past decade, Bangladesh has demonstrated an ever-growing dependency on imported energy supplies. The world-wide energy and power crisis is now forecast to be protracted and has already become an enormous challenge for least developed countries economies. The Bangladesh government reacted quickly and opted for an "Austerity Strategy", i.e., restricting the import of energy to take pressure off Foreign Exchange Reserves. The downside has been a reduction in business activity and slowing of the economy. At the same time, the local currency depreciated some 35% against the US dollar, making imports in general and energy imports in particular even more expensive, leading to inflation and an ongoing significant rise in the cost of living."

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Geiger Counter Ltd - Jersey-based investor in uranium exploration and production stocks - Net asset value per share at September 30 rises slightly 47.46 pence from 46.44p a year prior. Annual pretax profit drops to GBP988,000 in the year ended September 30, from GBP28.2 million. Revenue falls to GBP2.6 million from GBP29.2 million. Looking ahead, Geiger says it confident in the long-term outlook for uranium. "Rising energy costs, which have accompanied the global energy crisis, have focused governments' minds on the inherent value of existing base load power generating capacity; particularly from the low-carbon-emitting nuclear sector. With good reason, established Western markets are now keener than ever to maintain nuclear power in the energy mix. The EU commission confirmed the inclusion of nuclear and natural gas in the EU taxonomy, a classification system that helps investors determine

which economic activities are environmentally sustainable," the company says.

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JPMorgan Global Core Real Assets Ltd - London, England-based trust - Net asset value per share at November 30 contracts to 102.92 pence from 108.00p at August 31. Total return for the quarter ended November 30 is negative 3.8%, total return for the year to November 30 is positive 12.6%.

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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Enters into further agreement with Smiths Detection Inc to distribute its solutions in the Middle East, Asia and Australasia. Kromek says it sold 1,000 of its detectors in North and South America under its partnership with Smiths Detection.

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LendInvest PLC - London-based technology asset manager - Enters into a GBP100 million financial partnership, which is "with a UK financial institution that, alongside LendInvest Capital SARL, will support the future growth of LendInvest's development finance programme."

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Tirupati Graphite PLC - Graphite and graphene mining and processing in Madagascar - Says will not assume any external debt regarding its acquisition of Suni Resources SA acquisition from Battery Metals Ltd. Tirupati adds that the agreed consideration of AUD12.5 million is the only cost in Suni Resources purchase.

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By Tom Budszus, Alliance News reporter

Comments and questions to [email protected]

Copyright 2022 Alliance News Ltd. All Rights Reserved.

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