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EARNINGS AND TRADING: Distil loss widens; Genflow welcomes grant

Wed, 12th Jun 2024 16:41

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

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Star Energy Group PLC - onshore energy company - Issues trading update ahead of Wednesday's annual general meeting. Chief Executive Ron Glover says: "We are maintaining strong momentum in production and it remains in line with guidance at [around] 2,000 [barrels of oil equivalent per day." "We will continue to optimise oil production from our existing well stock through investment in incremental opportunities which deliver quick payback and to seek further reductions in site operating costs. Initial discussions with potential farm down partners, which should enable quicker execution of our shovel ready oil and gas projects, have been encouraging and a formal process will commence in early Q3 2024." Adds: "Our intention is to exit our shale gas licence positions in order to save the costs of licence fees and to allow greater focus on our producing assets."

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Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and electric hybrid systems - Receives first follow-up order from H2tec AG for a HyCabinet S16, with integrated master controller and voltage distribution. The receipt of the follow-up order comes after two years of testing and validation of the first system ordered in November 2020. Proton Motor expects delivery of the system to take place by the first quarter of 2025.

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Value and Indexed Property Income Trust PLC - investor in UK commercial property - Net asset value per share falls to 213.53 pence at March 31 from a restated 244.42p a year prior. Recommends final dividend of 3.6p per share making total payout for the year 13.2p compared to 12.9p a year prior. Says the key to outperformance by property portfolios on both the income and total return fronts in this "tough economic climate, with public sector finances under serious long term pressure, is therefore still to stick to strong tenants, paying affordable rents on long, index-related leases for sustainable buildings in prosperous locations." Explains that means "avoiding" office investments for the foreseeable future.

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Distil PLC - London-based premium drink brand owner - In the financial year to March 31, pretax loss widens to GBP942,000 from GBP654,000. Revenue rises to GBP1.5 million from GBP1.3 million, basic and diluted loss per share is 0.16 pence compared with 0.11p LPS. Notes the market is showing "early signs of recovery."

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Genflow Biosciences PLC - London-based biotechnology company - Receives EUR395,847, representing 50% of the Exofastrack research grant from the Government of Wallonia in Belgium's advanced therapy medicinal products. Explains the grant, a non-reimbursable subsidy, supports Genflow and EXO Biologics' 3-year scientific program. Covering 80% of the expenses, the grant will be used for working capital. Chief Executive Eric Leire says: "This funding will significantly advance our research program focused on exosome-based therapies, potentially leading to groundbreaking treatments for liver fibrosis and Werner syndrome."

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Frontier Developments PLC - Cambridge, England-based video games developer and publisher - Reports provisional results for financial year ended May 31 ahead of expectations. Swings to earnings before interest, tax, depreciation and amortisation of GBP500,000 from GBP4.6 million loss a year. However, revenue falls to GBP89 million from GBP104.6 million. Cash position improves to GBP29.5 million at May 31 from GBP28.3 million a year ago. Comfortable with current consensus of analyst expectations for financial 2025 revenue of GBP87 million, and is confident of being able to achieve profitability through a continued focus on driving return on investment and tight cost control.

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Mosman Oil and Gas Ltd - US and Australia-focused natural resource development company - Says farm-in partner and operator of the EP 145 project in Central Australia awarded AUD100,000 co-funding grant. Grant will be used to fund an initial seismic line in EP145 as part of the upcoming 2D seismic program. Sees this as an exciting opportunity for Greenvale to become a supplier to the rapidly growing helium market, which is experiencing severe supply shortages and strong demand growth and pricing.

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Woodbois Ltd - maker of sustainable timber products - Says Chief Financial Officer Carnel Geddes to step down for personal reasons. Further, restructures Gabon operations. Withdraws from uneconomic and burdensome business activities and materially reduces local headcount and hence costs. Aims to complete new USD5 million trade finance facility on better terms than envisaged in February. In addition, completes sales of Mozambique operations for USD1.0 million.

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GreenRoc Mining PLC - developer of critical mineral projects in Greenland - Raises GBP100,000, through the placing of 5.3 million shares at 1.9 pence per share with an institutional shareholder.

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AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Raises GBP2.0 million from retail offer at 15 pence per share. Takes total fund raise to GBP15.8 million after already completed placing and subscription.

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Artemis Resources Ltd - London-based mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Announces positive results from a ground reconnaissance program testing gold targets within the company's tenure located in Western Australia. Says Nickol River Hill South delivers high grade gold assay of 6.93 gold grammes per tonne in rock chips, inclusive of a peak copper assay of 10.9%. Executive Director George Ventouras comments: "Numerous targets have been identified and we are planning to conduct further work around each of these as well as seeking to extend the known mineralised areas across the tenements. We believe further work will result in the delineation of additional prospects that will be developed into attractive drill targets."

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Belluscura PLC - London-headquartered medical device developer - Plans to raise GBP2.4 million by conditional placing of convertible loan notes. Says sales of the X-PLOR portable oxygen concentrator in the US in the three months to May were USD820,000, monthly sales having doubled over this period. Achieves sales of USD450,000 in May, its highest recorded monthly sales figure, across both direct to consumer and business to business channels. Anticipates demand for the X-PLOR to remain strong through the remainder of 2024. Adds sales in China continue to grow, with X-PLOR sales of over USD200,000 in May. As at May 31, the company's cash balance was USD1.1 million.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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EARNINGS AND TRADING: RiverFort Global net asset value decreases

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18 Jun 2024 09:06

AFC Energy delivers first high-power generator

(Sharecast News) - Shares in AFC Energy advanced on Tuesday after the hydrogen power-generation group announced the delivery of its highest rated zero emission power generator.

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11 Jun 2024 18:51

IN BRIEF: AFC Energy's placing and subscription oversubscribed

AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Raises GBP13.8 million by way of an oversubscribed placing and a direct subscription with certain directors of the company at 15 pence per share. In addition, plans to raise further GBP2.0 million via retail offer at the same price. Directors Gary Bullard, Adam Bond, Peter Dixon-Clarke and Monika Biddulph subscribe for total GBP100,000 worth of shares.

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10 Jun 2024 17:28

IN BRIEF: AFC Energy touts fundraise to fast track H-Power delivery

AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Announces proposed fundraising via placing of shares and direct subscription with certain directors to raise approximately GBP13.5 million at a price per share of 15 pence. Also announces a proposed financing on the "REX" platform to existing retail investors at the issue price to raise up to GBP2.0 million. No part of the fundraising is being underwritten.

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29 May 2024 15:45

EXECUTIVE CHANGES: Resolute Mining hires former Acacia exec as chair

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Tuesday and Wednesday and not separately reported by Alliance News:

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20 May 2024 14:44

AFC Energy inks deal to supply fuel cells to Niftylift

(Sharecast News) - Hydrogen power generation technology developer AFC Energy announced an agreement to supply its S Series fuel cell modules to Niftylift UK on Monday.

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20 May 2024 13:48

AFC Energy to supply Europe's largest mobile work platform maker

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17 May 2024 18:55

TRADING UPDATES: PetroTal buys Peru's Block 131 for USD5.0 million

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

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8 May 2024 14:20

AFC Energy chooses Illuming Power as manufacturing partner

(Sharecast News) - Hydrogen power generation technology specialist AFC Energy announced the selection of North American manufacturer Illuming Power as its primary producer of fuel cell plates and stacks for its 'S Series' air-cooled platform.

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EXECUTIVE CHANGES: Hydrogen Future Industries 25% shareholder made CEO

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

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UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
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Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
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Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
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International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
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Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
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Tissue Regenix Group PLCAGM
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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26 Mar 2024 20:40

IN BRIEF: AFC Energy revenue falls; loss widens

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TRADING UPDATES: FireAngel CFO resigns; ECR Minerals raises GBP585,000

(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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