(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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PetroTal Corp - Houston, Texas-based oil and gas company - In the first quarter of 2022, achieves record quarterly production of 11,746 barrels of oil per day and record quarterly sales of 15,518 barrels of oil per day, up 60% and 80% respectively against the previous year. Says this was achieved despite production being constrained or completely shut down during six weeks of the quarter due to social protests. Average production was 15,778 barrels of oil per day, based on 67 production days in the quarter. Quarterly income surges to USD64.5 million from USD30.8 million.
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Edinburgh Investment Trust PLC - invests primarily in UK securities - Net asset value per share at March 31 stands at 686.69 pence, up 9.3% from 628.29p at the same time a year ego. NAV total return stands at 14.1% in the year ended March 31, up against the FTSE All-Share Index return of 13.0%. Says return was boosted by the effect of its borrowing and buybacks. Revenue return per share rises 38% to 22.41p at March 31 from 16.21p at the same time the year prior. Biggest contributors to performance were Anglo American PLC and BAE Systems PLC. Largest negative contributor was Mondi PLC.
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Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Swings to a pretax loss of GBP3.6 million in 2021 from a profit of GBP7.7 million in 2020. Net assets per share at December 31 falls to 29 pence from 37p year-on-year. Says all trading businesses have been disposed. Trial relating to its claim against PwC expected to begin in January 2023. Claim is for damages or equitable compensation of GBP63 million. Its claim against former auditor KPMG regarding its 2013 audit is not expected to go to trial before 2024.
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RA International Group PLC - Africa and Middle East-focused construction and support services provider - In 2021, swings sharply to a pretax loss of USD32.2 million from a profit of GBP6.6 million the previous year. Cites non-underlying charges relating to its Mozambique project for the drop in earnings. Explains the area was subject to an insurgency attack in March and says the local situation has yet stabilised enough to restart commercial activity. Revenue falls 15% to USD54.6 million from USD64.4 million, in line with guidance in its most recent trading statement. Order book at the end of year stands at USD100 million, with USD40 million in new contracts. Company does not recommend a dividend for the year. Chief Executive Soraya Narfeldt says: "Looking ahead, it remains difficult to forecast with real authority how the current year will play out but we are continuing to stabilise the business post the pandemic and its effects, and see the scope for a return to accelerated contract awards as and when a more normalised operating environment returns."
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BMO Private Equity Trust PLC - investor in unlisted companies and specialist private equity funds - Swings to a pretax profit of GBP2.0 million in the first quarter of 2022 from a loss of GBP1.1 million the year prior. Net asset value per share at March 31 surges to 637.78 pence from 480.67p at the same time a year ago. NAV total return for the three months stands at 0.4%. Says five new commitments to funds were made during the quarter.
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Pembridge Resources PLC - London-based copper-focused mining company - In the three months ended March 31, reports record copper sales of 9.1 million pounds. This is up 71% against the 5.3 million pounds achieved in first quarter of 2021. Revenue more than doubles to USD53.3 million from USD25.5 million year-on-year. Quarterly mill feed improved 12% to 237,239 dry metric tonnes from 212,329 dry metric tonnes.
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Shires Income PLC - investment trust - Net asset value per share at March 31 rises to 278.29 pence from 262.41p at the same time a year prior. Produces a total NAV return of 11.4% in the year ended March 31. This lags the return of 13.0% from its benchmark FTSE All-Share Index. The company's revenue return for the year was 14.21p per share, compared to 12.33p per share for the previous year, representing an increase of 15%. Proposes a final dividend of 4.20p, bringing the total payout for the year to 13.80p. The previous year Shires Income's dividend for the year totalled 13.20p.
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Egdon Resources PLC - UK-focused oil & gas exploration and production company - In the three months from February to April, revenue totals GBP2.2 million, up from GBP310,000 in the same period the previous year. Company explains the revenue was primarily from the Wressle and Ceres field, with average oil prices during the period at USD106.67 per barrel of oil. Average gas prices stood at 217 pence per therm. Managing Director Mark Abbott says: "I am pleased to report that continuing strong production from Wressle and Ceres coupled with high oil and gas prices have translated into a robust year to date financial performance for Egdon."
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Facilities by ADF PLC - Bridgend, Wales-based provider of production and support vehicles for the TV and film industry - Swings to a pretax profit of GBP2.8 million in 2021 from a loss of GBP500,000 the previous year. Revenue soars to GBP27.8 million from GBP8.0 million in 2020. Notes significant revenue growth across Main Packages sales and Additional Sales in particular following the pandemic. Chief Executive Marsden Proctor says: "We are delighted to report on a strong year of trading, delivered in the lead up to our IPO on AIM, in which we experienced increasing demand for our offering." Company says it has a "robust" pipeline for 2022 and is confident its positive momentum will continue.
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Nostra Terra Oil & Gas Co PLC - London-based oil and gas company with operations focused in the US - Revenue in the first quarter of 2022 increases to USD810,699 from USD767,000 the previous quarter. Average net daily production falls 14% to 102 barrels of oil per day from 118 barrels of oil per day in the final quarter of 2021. Oil prices per barrel in the quarter rise to USD88.16 from USD70.46 the previous quarter. Company says current production is 140 barrels of oil per day.
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Triad Group PLC - Godalming, England-based software company - For the year ended March 31, pretax profit surges 69% to GBP1.2 million from GBP644,000 the year prior while revenue drops 4.5% to GBP17.0 million from GBP17.8 million. Revenue decline due to the reduction of lower-margin contractor assignment, company explains. Consulting revenue grows 70% against the previous year. Proposes a final dividend of 4 pence per share, bringing the total payout for the year to 6p. The previous year, the full-year dividend stood at 2p.
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Beowulf Mining PLC - natural resource developer and explorer focused on the Nordic region - Widens pretax loss to GBP1.5 million in 2021 from GBP1.3 million the year before. Total assets drop to GBP14.9 million at December 31 from GBP17.4 million at the same time a year prior. Company says it maintained momentum in the year despite the impact of Covid-19 restrictions. Finishes the year with "strong prospects" across its three business areas, it says. Company currently holds six exploration permits in Sweden and one exploitation concession.
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Picton Property Income Ltd - London-based real estate investment trust - Net assets at March 31 rises 24% to GBP657 million from GBP528 million at the same time the previous year. This translates into a net asset value per share of 120 pence, up from 97p year-on-year. Total return for the year stands at 24.3%, up from 6.6% the previous year. Total property return stands at 24.3%, outperforming the MSCI UK Quarterly Property Index return of 19.6%. Increases occupancy to 93% in the year from 91% the previous year. Property valuation surges to GBP849 million from GBP682 million. Chair Lena Wilson says: "We are delighted to announce a record set of results, which are reflective of the work and dedication of the team during a period which was still impacted by disruption caused during lockdown. We have restored the dividend to pre-pandemic levels and our recent acquisitions will further help to improve our earnings." Payout totals 3.4p per share in the year, up from 2.8p the previous year.
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Blackrock Frontiers Investment Trust PLC - invests in frontier markets such as Kazakhstan, Indonesia, Kenya and Philippines- Net asset value per share at March 31 rises to 128.50 pence from 122.50p at September 30. Net assets increase to GBP271,270 from GBP261,627 in the same time period. In US dollars, NAV per share rises to 169.19 cents from 165.18 cents. In the six months to March 31, company achieves a NAV total return of 3.6% in US dollars, underperforming its benchmark index which returned 10.7%. Total income in the half drops to USD5.7 million from USD6 million.
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By Heather Rydings; heatherrydings@alliancenews.com
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