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TRADING UPDATES: Jardine Matheson net assets rise, Oberon loss widens

Fri, 28th Jul 2023 16:34

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

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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Net asset value per share at June 30 rises to USD100.01 from USD99.47 a year earlier. First half gross revenue falls to USD54.78 billion from USD55.99 billion a year earlier, while pretax profit falls to USD1.96 billion from USD2.10 billion. Interim dividend rises to 60 US cents from 55 cents. Executive Chair Ben Keswick says: "The group delivered a strong overall performance in the first half of 2023, as the business continued its post-pandemic recovery, with overall results exceeding pre-Covid levels seen in 2019...We are encouraged by the results from most of our businesses in the first half and are optimistic that earnings growth will continue in the remainder of the year. The group has a strong balance sheet and will continue to focus on opportunities in its core, growing markets in Asia, to create sustainable long-term growth."

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Oberon Investments Group PLC - investment management, wealth planning and corporate broking group - In the financial year that ended March 31, pretax loss widens to GBP3.9 million from GBP580,814 a year earlier. Turnover falls to GBP5.0 million from GBP6.7 million, while administrative expenses rise to GBP8.7 million from GBP7.5 million. Says it has been a year of investment for the company. Looking ahead, says: "We remain aware of the challenges of a stressed macro-economic environment and all the challenges the UK faces in a period of high inflation and rising interest rates, but we view the Oberon businesses as extremely well-positioned to grow in any market conditions and has the right team and strategy to deliver for shareholders and employees and other stakeholders in 2023 and beyond."

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DP Poland - London-based operator of Domino's pizza stores and restaurants in Poland and Croatia - Non-Executive Director Andrew Rennie to resign with effect from October 1 after his appointment as chief executive officer at Domino's Pizza Group PLC from August 1. Begins a process to identify a replacement non-executive director. As part of his resignation, says the board have agreed Rennie will no longer subscribe for 3.2 milllion second subscription shares, as planned following the acquisition of All About Pizza DOO in July last year. Says Rennie will "remain a committed and supportive shareholder in respect of his current 2% shareholding in the company".

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UniVision Engineering Ltd - Hong Kong-based company that supplies, designs, installs and maintains closed-circuit television and surveillance systems, and also sells security-related products - Receives petition brought by one of its subcontractors KML Engineering Ltd in the High Court in Hong Kong regarding Univision's outstanding debt of HKD2.1 million, or GBP209,863, to KML. KML wishes for UniVision to be wound up as a result. A hearing has been set for September 27. Univision says it continues to negotiate with KML and will defend and oppose the petition. Also notes previous announcement and says it remains in negotiations with potential investors who are looking to make a substantial investment in the company. If a substantial investment was to occur, UniVision says it is confident it will be able to meet the petition, "should this be necessary". Says further announcements will be made "if and when appropriate".

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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Assumes operatorship of licence PEDL343, which holds the Cloughton gas discovery, from Egdon Resources PLC. This follows approval from industry regulator the UK North Sea Transition Authority, effective from Thursday. Egdon also notes transfer of operatorship, which is "part of a process of ensuring that Egdon prioritises core projects whilst ensuring other potentially high value opportunities are progressed at pace". Partners in PEDL343 are now Europa at 40%, Egdon at 40% and Petrichor at 20%. Europa Oil & Gas says the Cloughton field was discovered in 1986 and encountered gas throughout the Carboniferous section. Notes the well tested at rates of up to 40,000 standard cubic feet per day on natural flow. Says: "however, with the right completion and production optimisation techniques, the company believes that a well could flow at 6 million standard cubic feet per day." Chief Executive Officer Will Holland says: "The Europa technical team is now working through the subsurface data to calculate a range of probabilistic recoverable gas volumes and will produce a conceptual development plan for the field, which we believe will demonstrate the material potential value of the licence. There is undoubtedly a significant volume of gas within the structure, which could be brought online relatively quickly and would displace imported gas volumes."

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Live Co Group PLC - Says while "good progress" is being made with its 2022 annual results, these accounts will not be published by Monday next week as previously indicated. Says it will update investors in due course. Last month, Live Co appointed MHA MacIntyre Hudson, part of Baker Tilly International, as its new auditors. At the time, it said that whilst the preparation of its 2022 financial statements have been ongoing, the accounts were unlikely to be published by June 30, as required by the AIM listing rules. Accordingly, the company shares were suspended from early July.

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Science in Sport PLC - London-based performance nutrition firm - Says 45% of shareholders reject annual general meeting resolution on receiving 2022 financial accounts. Meanwhile, 33% reject vote on authorisation to allot shares, 40% reject proposal on non-pre-emptive share issues and 41% reject vote on issuing shares for cash for capital investment. Science in Sport says the latter two votes did not pass as special resolutions. Says the board will engage in discussions "with certain of its major shareholders to better understand their views".

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nanosynth group PLC - London-based company specialising in the synthesis and application of nanoparticles to create new and improve existing products - Says Chief Executive Officer Mark Duffin resigns with immediate effect. Says Gareth Cave will succeed Duffin as CEO while the company continues to consider potential funding options for the business. Trading of its shares on AIM remain suspended. Says furtehr announcements will be made "in due course as appropriate". Last month, nanosynth said it would be unable to publish its 2022 results by June 30, the deadline under AIM rules. As a result, shares remained suspended.

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By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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