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EARNINGS UPDATES: Fidelity Special NAV up; Ferro-Alloy loss widens

Fri, 28th Apr 2023 18:26

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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Fidelity Special Values PLC - invests in "underappreciated" companies primarily listed in the UK - Net asset value per share at February 28 half-year end amounts to 308.56 pence, up 8.4% from 284.67p at end of August 2022. "UK equities advanced during the period despite an uncertain economic outlook. The positive performance was mostly driven by blue chip stocks, with the FTSE 100 Index reaching an all-time high in February 2023, surpassing its previous record from May 2018. However, returns from medium and smaller companies were more subdued and they continued to lag their larger counterparts," company says. Recommends 2.53p per share interim dividend, up 10% from prior year.

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Ferro-Alloy Resources Ltd - Balasausqandiq vanadium deposit in southern Kazakhstan - Revenue in 2022 rises 33% to USD6.3 million, from USD4.7 million in 2021. Pretax loss widens to GBP4.3 million from GBP2.8 million. "Although operations during the year were severely impacted by difficulties importing raw materials, the group has made significant progress with the development of the existing operation," Ferro-Alloy says. In addition, firm receives results from revised mineral resource estimate for ore body at Balasausqandiq deposit. Estimate includes indicated mineral resource of 32.9 million tonnes.

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Sylvania Platinum Ltd - South Africa-focused platinum miner - Net revenue in third quarter ended March 31 falls 28% annually to USD26.5 million from USD37.1 million. Net profit falls 55% to USD6.1 million from USD13.6 million. Says Sylvania Dump Operations produce 17,926 4E platinum group metals ounces in third quarter, down from 19,276 in second. Ups annual guidance to 72,000 to 74,000 4E PGM ounces amid "strong production to date".

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DG Innovate PLC - electric mobility and energy storage company - Reports revenue of GBP4.3 million in 2022, compared to none in 2021. Pretax loss widens to GBP7.9 million, from GBP700,138. Bottom-line hurt by GBP5.1 million worth of reverse acquisition expenses.

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AltynGold PLC - mining, exploration and development company, with assets in Kazakhstan - Revenue in 2022 rises 23% to USD62.0 million from USD50.3 million in 2021. Pretax profit, however, falls 27% to USD13.4 million from USD19.3 million. Administrative expenses rise 67% to USD8.6 million. Results for 2022 are so far unaudited. Company says unable to publish full audited report by April 30 deadline. Auditor PKF Littlejohn LLP requests additional time to complete audit. Shares will be suspended from Tuesday, but company expects to publish report a week from now.

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Impellam Group PLC - Luton, England-based staffing firm - Revenue in year ended December 30 increases 12% to GBP2.53 billion from GBP2.26 billion. Pretax profit doubles to GBP13.2 million from GBP5.6 million. Both measures include discontinued operations. Without these, pretax profit jumps 64% to GBP16.1 million from GBP9.8 million. Revenue improves 23% to GBP1.95 billion from GBP1.58 billion.

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Non-Standard Finance PLC - Wakefield, West Yorkshire-based consumer lending firm - Revenue in 2022 declines by 25% to GBP98.3 million from GBP131.4 million in 2021. Pretax loss widens to GBP56.4 million from GBP29.6 million. "The group continued to face significant regulatory and financial challenges in 2022, many of which have continued into 2023," Non-Standard says. Net loan book reduced to GBP177 million from GBP208 million, due to administration of the home credit division. "Despite the ongoing uncertain macroeconomic and regulatory environment, the net loan book of the branch-based lending division increased by 6% from GBP157.2 million to GBP167.0 million," company adds. In addition, company says a court grants an order allowing Everyday Lending Ltd to meet with creditors to vote on a scheme of arrangement. The meeting is expected to take place on June 12. Under scheme, announced last month, GBP14 million will be available for payment to customers with valid redress claims.

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London & Associated Properties PLC - Investor in shopping centres and other retail properties - Net asset value per share at end of 2022 rises 9.7% to 38.14p from 34.78p. Like-for-like rental income improves 0.4%. "In the continuing difficult trading environment, this is considered positive," it says. Opts against recommencing dividend payments amid "current uncertain economic environment".

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World Chess PLC - London-based chess organisation seeking to promote "the mass market appeal of chess" - Revenue in 2022 falls 13% to EUR2.8 million from EUR3.2 million. Swings to pretax loss of EUR2.8 million from EUR5.5 million profit. "The past year has been an incredibly exciting and evolutionary time for the group as it prepared for the London Stock Exchange listing, while also adapting to the prolonged and ongoing impacts ensuing from Covid-19 and the Ukraine conflict. We remain confident that chess as a sport is continuing to grow and that World Chess will continue to facilitate and support this growth by bringing new and engaging products to the market," Chief Executive Officer Ilya Merenzon says.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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