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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Argo Group Ltd - London-based alternative investment manager - For the first half of 2021, swings to pretax loss of USD201,000 from profit of USD194,000, due to higher bad debt provision and one-off management fees. This is on revenue up 21% at USD1.7 million from USD1.4 million, driven by the achievement of USD283,000 in performance fees. As at June 30, net assets dip to USD22.6 million from USD22.8 million at the end of December. Assets under management drops 2.8% to USD126.7 million from USD130.4 million. Looking ahead, will seek to increase its assets under management to lift profit.
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Airea PLC - West Yorkshire-based floor coverings manufacturer - For the six months ended June 30, swings to pretax profit of GBP464,000 from loss of GBP54,000, as operating profit rises fourfold to GBP574,000 from GBP137,000 despite pressure on product margins. Revenue grows 4.7% year-on-year to GBP7.4 million from GBP7.1 million, on recovering home sales. Declares no interim dividend, in line with year prior, and expects continued recovery in UK sales, also European sales but at a slower pace.
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AIQ Ltd - Cayman Islands-based firm focused on acquiring and developing e-commerce sector businesses - For the six months ended April 30, pretax loss widens to GBP915,425 from GBP612,993 a year before, driven by rising administrative costs and foreign exchange losses. In addition, revenue drops 52% year-on-year to GBP12,079 from GBP25,409. Looking ahead, despite a gradual rise in revenue run rate, expects revenue for the year to be lower than the prior year's GBP154,649.
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Fulcrum Utility Services Ltd - energy and multi-utility services provider - For the year ended March 31, swings to pretax loss of GBP11.5 million from profit of GBP1.3 million, driven by one-off costs of GBP6.4 million, including an asset impairment of GBP4.9 million incurred in response to a proposed tender offer from Harwood Capital LLP. Revenue grows 2.2% year-on-year to GBP47.1 million from GBP46.1 million, despite effect of Covid-19.
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Tungsten Corp PLC - London-based electronic invoices and purchase orders - For the year ended April 30, pretax loss widens to GBP34.6 million from GBP26.0 million the year before, driven by impairment charges as the group looks to sublease its office space and find a smaller office space. New sales billings grow 7% to GBP3.6 million from GBP3.3 million, however revenue drops 1.9% year-on-year to GBP36.1 million from GBP36.8 million.
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Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on Guyana and Namibia - For the year ended March 31, net loss narrows to USD3.7 million from USD20.1 million the year before, due to a sharp fall in operating costs. For Orinduik Block offshore Guyana, all seismic data processing has been completed and multiple light sweet oil drilling prospects are being reviewed. Target selection is expected to take place in the third quarter of 2021.
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Sure Ventures PLC - investor in early stage software companies - Swings to loss before tax of GBP35,000 for year ended March 31 from a GBP445,000 profit the year before. Net income drops by more than a half to GBP322,000 from GBP765,000 the prior year. Does not propose a dividend for year, as with 2020.
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Anglo African Oil & Gas PLC - AIM-listed cash shell - Posts pretax loss GBP319,000 for first half ended April 30, widens from GBP210,000 year before. Interim turnover falls marginally to GBP788,000 from GBP793,000 the previous year. In separate news, announces resignation of Non-executive Chair David Lenigas with immediate effect. Andrew Monk is appointed chair in the interim.
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PHSC PLC - Aylesford, Kent-based company that provides health & safety consulting - On Thursday posts sales revenue for year ended March 31 of GBP3.3 million, down 25% from GBP4.4 million the previous year. The level of revenue achieved "exceeded management’s initial expectations at the start of lockdown", company notes. Pretax profit widens to GBP190,000 from GBP5,000 the year before. Final dividend of 0.5 pence proposed, making total of 1.0p for year to match last year.
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Law Debenture Corp PLC - London-based investment trust - Posts pretax profit for the half-year ended June 30 of GBP112.2 million, narrows from GBP142.8 million year before. NAV total return for the six months grows 17%. Interim total income up 27% year-on-year to GBP35.2 million. Declares interim dividend of 6.875p per share, up 5.8% annually. Outlines intention to increase 2021 dividend compared to total 2020 payout of 27.5p pence per share.
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By Will Paige; willpaige@alliancenews.com and Dayo Laniyan; dayolaniyan@alliancenews.com
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