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(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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Boston International Holdings PLC - special purpose acquisition company - Pretax loss in the half-year to June 30 widens to GBP269,0000 from GBP187,000 a year prior. Makes no revenue either period. "During the period under review the directors have continued to actively review potential acquisition opportunities for the company, expanding its search for an appropriate acquisition target. A further announcement will be made at such time as the company is able to provide further details on any proposed transaction," Chair Christopher Pitman says.
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Gulf Marine Services PLC - United Arab Emirates-based lift boat company - Interim profit rises on higher day rates and improved utilisation. Pretax profit in the six months to June 30 surges to USD14.6 million from USD2.8 million a year prior. Revenue climbs by 29% to USD66.4 million from USD51.4 million. General & administrative expenses grow by 18% to USD5.8 million from USD4.9 million, and cost of sales increase 11% to USD39.0 million from USD35.0 million. Firm expects further improvements in day rates and utilisation, but at a slower pace than previously anticipated. Looking ahead, Chair Mansour Al Alami states: "As the Middle Eastern market continues to increase production, we expect an increase in demand for our sector, which in turn will lead to an increase in day rates and utilisation over time."
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Hermes Pacific Investments PLC - makes quoted or unquoted investments in South East Asia - In the financial year that ended March 31, loss is virtually flat at GBP105,000 from GBP106,000 a year ago. Posts no revenue in either year. Company announces new investment strategy. "The company's new investing policy is to invest principally, but not exclusively in the property sector within Europe and the Middle East...the investments to be made by the company may be either quoted or unquoted; in debt and/or in equity instruments, may be in companies, partnerships, joint ventures; or direct interests in property or property projects, either residential or commercial property. The company's equity interest in a proposed investment may range from a minority position to 100% ownership". Firm adds that there might be opportunities to invest in acquiring commercial or residential properties with may be undervalued or suitable for redevelopment to enhance capital value.
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Plant Health Care PLC - North Carolina, US-based agricultural products firm - Interim loss widens as administrative costs balloon. Pretax loss in the half-year that ended June 30 widens to USD6.3 million from USD2.4 million a year ago. Revenue grows by 60% to USD5.6 million from USD3.5 million. Administrative cost increase almost six-fold to USD5.7 million from USD1.0 million. Company expects a strong second half of 2022 with "material revenue growth". Touts its core protein-based biostimulant product Harpin aß, whose revenue increased by 37% to USD3.3 million from USD2.4 million. Harpin aims to improve yield and quality of crops.
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Steppe Cement Ltd - Kazakhstan-focused construction materials firm - Benefits from pricing as profit grows. Pretax profit in the six months to June 30 climbs 56% to USD12.0 million from USD7.7 million a year prior. Revenue grows 9.1% to USD43.1 million from USD39.5 million. Sells cement for about USD45 per tonne, up from USD39. Selling expenses per tonne decline by 20% in dollar terms, mainly due to more sales to markets closer to the factory. Expects to maintain local market share of 15% for 2022.
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US Solar Fund PLC - owns and operates solar power assets in North America - Net asset value per share at June 30 slips 0.8% to USD0.967 from USD0.975 at December 31. NAV total return swings to positive 7.8% from negative 0.3% a year prior. Pays 1.27 US cents quarterly dividend, up 1.6% from 1.25 cents a year ago. Aims for 5.58 US cents full-year dividend, up 1.5% from 5.50 US cents paid for 2021. "While the US solar market is going from strength to strength, the world - in terms of financial markets, geopolitics, and climate - has had a difficult year, so far, to say the least. We have seen extreme volatility in financial markets, the tragic action by Russia in Ukraine, and droughts and wildfires across the globe," says Chair Gill Nott.
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By Tom Budszus; tombudszus@alliancenews.com
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