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(Alliance News) - The following is a round-up of earnings of London-listed companies, issued on Thursday and not separately reported by Alliance News:
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SDCL Energy Efficiency Income Trust PLC - investment company focused on assets in the energy efficiency sector - Says net asset value per share at March 31 year-end rises 5.8% annually to 108.4 pence each from 102.5p. Portfolio value climbs to GBP913 million from GBP553 million a year earlier. Lifts payout by 2.2% to 5.62p per share from 5.5p. For new financial year, SDCL targets a dividend of 6.00p per share, which would be a 6.8% climb from financial 2022. "In conclusion, we are pleased to report on another successful year for the company...The company is well positioned to deliver upon our stated investment objectives," Chair Tony Roper says.
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Chrysalis Investments Ltd - investor in technology and finance startups - NAV per share falls 16% to 211.76p in six months to March 31, from 251.96p at September 30 financial year end. Chrysalis puts this down to a "weakening valuations of listed peers in the tech space". Tech shares have come under pressure in recent months as central banks look to tighten monetary policy in a bid to contain inflation. "Approximately 40% of the portfolio is already profitable, including the major unit in Starling Bank; comments by Klarna, which accounts for 19% of the portfolio, in its 1Q22 report potentially indicates it is also driving towards break-even," Chrysalis says. Starling is a digital challenger bank, while Klarna provides 'buy now pay later' services. Chrysalis does not declare an interim dividend, unchanged from the prior year. "While we recognise the current share price discount to NAV is significant, and thus there is a valid question over the possibility of buybacks, the impact of undertaking the latter on the former must be considered," Chrysalis says a credible buyback would "put at risk our ability to fund our companies, which could prove highly damaging to the company's long term prospects."
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abrdn Private Equity Opportunities Trust PLC - Edinburgh-based investor in private equity funds focused on Europe - NAV per share rises 5.7% to 712.4p during six months to March 31, from 673.8p at September 30 financial year end. Total dividend for half-year period amounts to 7.2p per share, up 5.9% from 6.8p a year prior. "It is clear that the broader financial markets and the outlook for the global economy have shifted materially, with the developed economies of the world moving from a Covid-19 recovery phase in late 2021 to a much more challenging environment in early 2022. Both the board and the manager expect these tougher conditions to continue for the remainder of 2022, which will no doubt have an impact on the performance of the company as inflation impacts the margins of underlying portfolio companies and private equity valuations experience more pressure than we have seen in the recent past," abrdn Private Equity says.
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Civitas Social Housing PLC - social housing investor - NAV per share at March 31 year-end climbs 1.9% annually to 110.30p from 108.30p. Total dividend increases 2.8% to 5.55p per share from 5.40p. Civitas Social's net rental income is up 6.1% to GBP50.7 million from GBP47.8 million. Pretax profit increases 24% to GBP44.8 million from GBP36.1 million. "The sector in which the company invests offers many positive attributes, in an increasingly uncertain world. We benefit from high levels of intrinsic underlying demand for our properties. All of our leases benefit from [consumer price index] uplift on rents, some of which are subject to a 4% cap. Together with our partners, we enable the delivery of high quality, value for money care services for our tenants," the company says.
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React Group PLC - South Derbyshire, England-based cleaning, hygiene and decontamination firm - Revenue in six months ended March 31 more than doubles to GBP5.1 million from GBP2.5 million a year prior. However, it swings to an operating loss of GBP85,000 from a GBP49,000 profit a year earlier. Administrative expenses rise 27% year-on-year to GBP1.2 million and cost of sales surge to GBP4.0 million from GBP1.5 million. React says second half has "started well". "The long-term contracts won and mobilised during H1 are beginning to deliver revenue in H2 as expected," company says. "We are trading in line with management expectations and are pleased to report a solid outlook for the remainder of the year."
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Guild Esports PLC - London-based e-sports company - Revenue in half-year ended March 31 roughly trebles to GBP1.1 million from GBP368,990 a year earlier. Pretax loss widens to GBP5.0 million from GBP4.3 million a year earlier. Guild says it is "on track to deliver further strong revenue growth in the second half compared with H1, driven by contracted sponsorship deals signed previously". Says cost-cutting and achievement of "greater efficiencies" to cut annualised operating costs by roughly 20%.
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Blue Star Capital PLC - investment company focused on e-sports, payments and technology - Net assets fall 7.8% to GBP11.7 million at March 31 half-year end, from GBP12.7 million at September 30. Blue Star puts this down to "decrease in the mark-to-market value of the portfolio". Blue Star's portfolio includes Guild Esports. Adds: "The board believes that the company's portfolio has continued to achieve significant operational and financial milestones during the period. Importantly, the board maintains its confidence in the strong underlying trends across the sectors within which it is invested in and believes in the benefit of the portfolio approach when investing in early-stage companies out ways the inherent risks."
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Providence Resources PLC - operator of Barryroe oil and gas project offshore Ireland - Swings to pretax profit of EUR3.4 million in 2021 from EUR10.4 million loss in 2020. Improved bottom line stems from finance expenses falling to EUR888,000 from EUR8.3 million, while finance income jumps to EUR6.7 million from EUR361,000. Finance income increase largely down to a EUR5.6 million gain from fair value of warrants. It had posted a EUR7.6 million loss from fair value of warrants in 2020, the biggest contribution to its finance expense that year. Providence doesn't have any revenue in either year. "During 2021, the board undertook a strategic review of Barryroe. The outcome of this is that an appraisal well is planned to be drilled in 2023 preparatory to a phased development, with first oil production expected by the end of 2026 subject to ministerial approval," company adds. Providence holds an 80% stake in Barryroe.
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Lansdowne Oil & Gas PLC - Dublin-based oil and gas company with projects focused in the north Celtic Sea - The company, which holds the remaining 20% of Barryroe, says its loss narrows in 2021. Lansdowne's pretax loss shrinks to GBP131,000 from GBP407,000. It posts no revenue for the year, unchanged annually. However, administrative expenses fall to GBP82,000 from GBP348,000. Lansdowne labels 2021 "a year of transition for our company". The year saw a farm-out agreement for Barryroe terminated. Lansdowne notes it became clear that intended farm-out partner SpotOn "would not be able to deliver the funding as required under the farm out agreement".
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Arkle Resources PLC - Ireland-based gold and zinc explorer - Swings to pretax profit of EUR426,260 in 2021 from EUR1.1 million loss a year earlier. Posts EUR746,526 profit from fair value volatility of warrants, swinging from EUR441,829 loss in 2020. Arkle is not generating revenue yet. Arkle says it is "frustrating" being an explorer at present. "With zinc selling above USD3,700 a tonne and gold over USD1,800 an ounce it should be a good time for explorers. The future outlook for metals has rarely been better," Arkle says. "Yet there has been a substantial drop in exploration expenditure. We anticipate there can only be one outcome - higher prices. For those of us willing to take the chance the potential returns are greater."
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By Eric Cunha; ericcunha@alliancenews.com
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