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(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Zanaga Iron Ore Co Ltd - Republic of Congo-focused iron ore exploration and development company - Reports a pretax loss of USD350,000 in the first half of 2023, narrowed from USD526,000 the previous year. Chair Clifford Elphick notes that during the half-year, the company launched a process with an unnamed Chinese iron ore technical expert engineering firm to secure Chinese contractor pricing and to update the cost estimates of the 30 million tonnes per year feasibility study, while also considering the application of new iron ore processing technology to reduce estimated costs further. Looks forward to concluding the process by the year-end. Adds that following the full ownership of the Zanaga project it is now engaging with entities interested in participating in the project. Intends on securing a selected partner by the end of the first quarter of 2024.
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Barkby Group PLC - Abingdon, England-based investor in roadside property and in consumer and life sciences companies - Says revenue for the financial year ended June 30 plunges to GBP30,000 from GBP10.3 million a year prior. Loss from continuing operations before tax narrows to GBP2.1 million from GBP5.6 million the year before. Notes "good progress" regarding reorganisation of the company. Executive Chair Charles Dickson says: "Since the beginning of 2023, we have built a significant pipeline of high-quality modern sustainable roadside real estate developments which will comprise drive-thrus, trade counters, last mile logistics, convenience food, [electric vehicle] charging hubs and light industrial commercial uses. Continues to explore funding options to implement its strategy.
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MetalNRG PLC - London-based natural resources and energy-focused investor - Reports an operating loss before tax of GBP543,267 in the first half of 2023, narrowed from a loss of GBP999,949 a year prior, as administrative expenses are reduced by 46%. Says that, having addressed most of its legal issues, it can now concentrate on operational matters. Says there are only two legal processes outstanding currently. Adds that its strategic business review has been completed. Confirms its decision to concentrate growth and value creation efforts on the mining sector. "The initial focus will include gold and copper projects, alongside other precious and strategic metals, which face high demand due to global macroeconomic, energy transition, and technology trends," MetalNRG says. Adds that it has also identified a number of potential reverse takeover targets. Also announced on Thursday it will seek a dual listing on the Toronto Stock Exchange following a strategic business review, and will also seek to exit from the Eqtec Italia investment, as it is considered non-core.
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Keras Resources PLC - Surrey, England-based mine developer focused on West Africa and the US - Pretax loss in the first half of the year narrows to GBP255,000 from GBP467,000 a year prior as revenue rises by 87% to GBP397,000 from GBP212,000 the year before. This is attributed to a 58% reduction in the cost of production to GBP44,000. Looking ahead, remains "very positive" about the future of Diamond Creek mine in the US state of Utah and the fertiliser market macro-economic conditions that underpin its future. Chair Russell Lamming says: "We are mining an essential resource that can create value, be part of the greener economy and contribute to a more sustainable future. As a mining company we remain ever conscious of our obligations and commitments in line with best environmental, social and governance practice and will continue to take the initiative within this area."
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Ixico PLC - London-based precision analytics company delivering insights in neuroscience to help transform the advancement of investigational therapies for neurological diseases - Expects revenue for the financial year ending September 30 to fall 24% to GBP6.5 million from GBP8.6 million the year before, mainly reflected by the final year impact of the early cessation of large client trials, as well as delays in client trial initiations. Expects order book for financial 2023 to have grown to at least GBP14.5 million from GBP13.3 million a year prior. Anticipates full-year earnings before interest, tax, depreciation and amortisation to improve on current expectations of a GBP1.0 million loss, compared to a GBP1.5 million Ebitda profit in financial 2022. Chief Executive Officer Giulio Cerroni says: "I am proud of Ixico's achievements reflected by the strengthening of the orderbook since the half year. Given the significant and growing unmet need for new therapies across a wide range of neurological diseases, I remain confident of the runway for growth for Ixico's specialist neuroimaging services, underpinned by the increasing inclusion of imaging biomarkers in neurodegeneration clinical trials."
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MS International PLC - Doncaster, England based defence equipment manufacturer - Says South Carolina-based subsidiary MSI-Defence Systems US LLC receives a USD23.5 million contract from the US Navy for the supply of MSI-DS 30mm gun mounts. Says delivery of equipment is scheduled for no later than December 18, 2024.
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By Sabrina Penty, Alliance News reporter
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