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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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Hollywood Bowl Group PLC - Hemel Hempstead, England-based ten-pin bowling operator - Reports pretax loss of GBP14.5 million in the six months to end March, swinging from GBP15.2 million profit a year prior. Revenue sinks to GBP12.0 million from GBP69.2 million. Does not recommend an interim dividend. "The group's dividend policy is to grow the dividend broadly in-line with earnings. The group operates a highly cash generative business model, and therefore once the overall impact of Covid-19 and the subsequent recovery trajectory has been more clearly established, the board believes it will be in a position to return to paying dividends again," says Hollywood Bowl. Notes the opening of all English and Welsh centres on Monday, but says another lockdown this coming December and January is "plausible".
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Baillie Gifford European Growth Trust PLC - investment trust focussed on capital growth over the long term from European securities - Posts interim net asset value per share at March 31 of 135.48 pence, up 8.4% from 124.97p a year prior. NAV total return in the first half to March 31 is 8.7% compared with a total return of 12.2% for the FTSE Europe ex-UK index. Does not propose interim dividend, unchanged from the year prior. "Given the general performance of equities, it's inevitable that we are asked about valuations and whether the recent rotation from growth to value has inspired us to look for a few more 'defensive' companies. Our response, which shouldn't come as a surprise to anyone, is that we won't be changing our investment style just because it is at times out of favour with short-term market sentiment. If anything, we'll be looking for opportunities to add to existing holdings that have been unfairly sold off or follow up on growth companies that we've been waiting patiently to buy. We have to be cognisant of valuations, but our objective has always been to find growth that has been mispriced, and companies that can deliver at least a two-times return over a five-year period," trust says.
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Union Jack Oil PLC - UK onshore oil producer and explorer - Reports pretax loss for 2020 of GBP1.9 million, widening from GBP1.7 million a year before. Revenue rises to GBP158,004 from GBP136,959. Does not propose a dividend for the year, unchanged from 2019. "My confidence in respect of Union Jack's future remains highly positive," says Executive Chair David Bramhill. "The company, during 2020 and to date, has advanced its key projects, executed drilling, development and appraisal activity, supported by technical evaluation and analysis provided by our own highly competent technical team, that has resulted in an accretion in the company's asset value and provided greater clarity on the next steps towards commerciality."
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Beowulf Mining PLC - exploration and development of gold, copper, lead-zinc-silver and graphite with projects in Finland, Sweden and Kosovo - Reports pretax loss in 2020 of GBP1.3 million, widening sharply from GBP428,707 a year before. Operating loss widens to GBP1.1 million from GBP471,675. "We have started this year financially strong, with a renewed sense of purpose. We have an attractive portfolio of projects to explore and develop and we have big ambitions," Beowulf says, adding it will focus on the sustainability of its operations, including energy management, community relations and biodiversity impact.
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Cora Gold Ltd - West Africa-focused gold explorer - Reports narrowed loss in 2020 of USD727,000, halved from USD1.5 million a year prior. This is thanks to no impairment of intangible assets being recorded in the year, compared to a cost of USD796,000 a year before. Looking ahead, Cora has initiated a "new, much larger" drilling campaign in at Sanankoro gold project in Mali, aimed at increasing the mineral resource estimate and the rapid advancement of the definitive feasibility study, targeted for completion by the end of the year.
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Cornish Metals Inc - Vancouver, Canada-based mineral exploration company - Reports loss of CAD1.6 million in the financial year to January 31, narrowing from CAD4.6 million the year before. Books no revenue either year. Says it will be focusing on a drilling program at the United Downs copper-tin exploration project in Cornwall, England, and conducting initial field work on other high-priority exploration targets within transport distance of South Crofty, which is also in Cornwall. Says it continues to review financing options for South Crofty.
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Directa Plus PLC - London-based producer of graphene nanoplatelets-based products for consumer and industrial use - Reports pretax loss in 2020 of EUR4.7 million, widen from EUR3.4 million in 2019. Revenue multiplies to EUR6.4 million from EUR2.6 million. Employee benefits expenses increased to EUR3.8 million from EUR2.1 million, while "other expenses" also increase to EUR3.3 million from EUR2.3 million. Looking ahead, Directa Plus says: "In textiles our performance sports and outwear is gaining significant traction with consumers; and we have seen very promising developments in mask tech and expanding the use case through clinical certification."
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Emmerson PLC - Khemisset potash project in Morocco - Posts pretax loss of GBP1.5 million in 2020, widened from GBP1.1 million a year prior. Administrative expenses rise to GBP1.6 million from GBP985,000. Pays no dividend in 2020, unchanged from the year before. "The remainder of 2021 is set to be punctuated with milestone events which will materially de-risk our asset and clearly define Khemisset as a new world-class potash mine," says Emmerson.
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By Greg Roxburgh; gregroxburgh@alliancenews.com
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