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(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
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Surgical Innovations Group PLC - Leeds, England-based surgical and medical instrument manufacturer - Pretax loss for 2024 widens to GBP2.1 million from GBP728,000 a year prior, as revenue edges down slightly to GBP11.9 million from GBP12.0 million. Operating loss grows to GBP791,000 from GBP596,000, while impairment costs of GBP1.2 million weigh on results. Adjusted earnings before interest, tax, depreciation and amortisation narrows to GBP50,000 from GBP200,000, and adjusted loss per share rises to 0.07 pence from 0.05p. Net cash position turns negative to GBP311,000 at December 31 from a positive GBP360,000 the year before, with gross cash resources of GBP1.2 million. Says 2025 has started strongly, with sales tracking in line with expectations, driven by sustainability-led demand and 12% growth in Europe and APAC. Highlights new product launches in the obesity market and expanded distribution agreements. "The combination of sustainability-driven market expansion, targeted distribution partnerships, and innovative product launches will reinforce the company's competitive edge," says Chair Jonathan Glenn. Reaffirms focus on profitability and long-term growth.
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Arrow Exploration Corp - Calgary, Canada-based mining company with Colombian oil assets - Revenue for the three months to March 31 grows 36% year-on-year to USD19.5 million from USD14.4 million, as average corporate production rises 50% to 4,085 barrels of oil equivalent per day from 2,730. Net income falls to USD2.7 million from USD3.2 million, with diluted earnings per share steady at 1 US cent. Operating netback slips to USD38.66 per boe from USD50.10, reflecting lower oil prices and higher water production. Net debt widens to USD11.5 million at March 31 from USD9.6 million a year before. Capital spending in the quarter totals USD11.4 million, and cash at May 1 stands at USD24.0 million. Enters two-year prepaid oil sales deal worth up to USD35 million with an integrated energy major in Colombia. Expects 2025 output to be "significantly higher than current levels," supported by new wells and water disposal infrastructure. "The facility provides Arrow with significant financial flexibility," says Chief Executive Officer Marshall Abbott. "Our focus for the remainder of 2025 will be to grow production."
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Global Connectivity PLC - Isle of Man-based broadband provider to rural areas in the UK - Reports pretax profit of GBP5.0 million for 2024, up from GBP2.9 million in 2023, driven by higher gains on financial assets, particularly its investment in Rural Broadband Solutions Holdings Ltd. Net asset value per share rises to 3.81 pence at December 31 from 2.16p a year prior. Basic and diluted earnings per share grow to 1.39p from 0.81p. GCON highlights continued progress at investee Voneus Ltd, a rural broadband provider, and new investments in copper cable extraction firm PLUG Group Ltd, acquiring a 6% stake by April 2025. GCON says it may support PLUG’s international growth and resume an active operational role. "If PLUG develops on budget, GCON will have sufficient cash flow and the option…to regain the ownership that it has surrendered," it notes.
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Ukrproduct Group Ltd - dairy and food manufacturer in Ukraine - Swings to a pretax loss of GBP1.9 million for 2024 from a GBP486,000 profit in 2023, as finance costs surge to GBP2.8 million from GBP781,000 following deferred loan charges by the EBRD. Revenue remains flat at GBP37.1 million, while Ebitda falls 29% to GBP1.7 million. Administrative and other operating expenses increase amid war-related challenges. Company cites fragile outlook for 2025 due to conflict and ongoing financial pressures. Says it will continue to follow a "cautious capital allocation policy" while seeking to preserve liquidity and restructure debts.
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Cel AI PLC - London-based provider of beauty advice and product recommendations using artificial intelligence - Narrows pretax loss for six months to February 28 to GBP129,750 from GBP603,619 a year prior, reflecting significant cost reductions. Administrative expenses fall sharply to GBP149,638 from GBP627,078. Reports no revenue in period, compared with GBP17,941 a year ago. Notes strategic investment in Solana and launch of bitcoin treasury reserve strategy. Post-period, raises GBP250,000 in institutional placing to fund digital asset purchases and operations. Chair says the firm is well positioned for the future with disciplined cost control and innovation in treasury management.
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Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys, and oxides - first-quarter pretax loss widens to USD2.5 million from USD1.1 million a year prior, driven by a USD1.1 million loss from fair value adjustment to derivative liability. Total expenses rise to USD1.3 million from USD1.0 million, largely due to higher general and administrative costs. Reports a foreign exchange gain of USD8,043, compared with a loss of USD6,882 a year ago. After-tax loss totals USD2.4 million, of which USD2.3 million is attributable to common shareholders. Basic and diluted loss per share widens to 0.0074 cents from 0.004 cents.
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Primorus Investments PLC - London-based investor in small and mid-cap companies - Swings to profit in 2024 with pretax earnings of GBP2.7 million, reversing a GBP2.4 million loss in 2023, supported by a GBP3.2 million realised gain on financial investments. Basic and diluted earnings per share total 1.92 pence, compared with a 1.68p loss the year prior. Operating expenses rise to GBP720,000 from GBP504,000. Total assets at December 31 increase to GBP5.93 million from GBP5.34 million, though cash falls to GBP42,000 from GBP775,000. Paid a special dividend of 1.5p in March 2024. Says it remains focused on achieving liquidity events and value crystallisation across core investments, while continuing to divest legacy holdings.
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By Eva Castanedo, Alliance News reporter
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