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EARNINGS UPDATES: Maiden Union Jack Oil profit; Kistos revenue jumps

Wed, 07th Sep 2022 11:21

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

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Union Jack Oil PLC - Bath-based UK-focused oil and gas company - Revenue for first half of 2022 jumps to GBP4.4 million from just GBP241,467 a year before. Swings to maiden pretax profit of GBP2.1 million from loss of GBP833,446. Says performance due to "consistent monthly cash flow", mostly from flagship Wressle development. Cash balances, receivables and liquid investments stand at GBP10.5 million as at Tuesday, it says, expects this "to continue to grow significantly during the next six months and beyond." "Union Jack continues to be cash flow positive covering all G&A, opex and contracted or planned capex costs, including any drilling activities for at least the next 12 months," it says.

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Vector Capital PLC - London-based commercial lending group - Revenue for six months to June 30 rises to GBP3.0 million from GBP2.5 million a year before. Pretax profit improves to GBP1.6 million from GBP1.3 million. Says loan book at end of period was GBP51.6 million, up from GBP46.3 million at end of December and GBP40.6 million a year ago. "Although the economic backdrop remains uncertain, we are still seeing a steady stream of good proposals coming through our broker network," says Chief Executive Agam Jain. "No doubt there will be some regional corrections in the property market during the coming months, however we expect to continue to deliver excellent growth and profits." Proposes interim dividend of 1.00p per share, up from 0.95p a year before.

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Tissue Regenix Group PLC - Leeds-based regenerative medical devices company - Revenue for first half of 2022 rises to USD11.8 million from USD9.4 million a year before, and pretax loss slims to USD1.6 million from USD2.5 million. Says BioRinse division recorded a 32% increase in revenue, while dCELL revenue rises 14% and joint venture GBM-V notches 13% rise. Cash position of USD6.2 million at June-end supports current business plan growth, it says. "The board remains optimistic about the future growth of the business and is encouraged by the increase in sales in H1 2022 in the face of this adversity, as well as the planned additions to the group's product portfolio that are expected to deliver growth and revenue opportunities in future periods," it says.

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Aura Renewable Acquisitions PLC - Targeting acquisitions operating in the global renewable energy sector supply chain - Pretax loss in period November 4, 2021, to June 30, 2022, amounts to GBP164,065, reflecting costs related to its initial public offering in April. Says it has "good visibility" for potential acquisition targets. "Since listing, Aura has begun to explore a range of potential targets in the UK and overseas which could offer the opportunity for significant growth in this exciting and fast-moving market sector. We have also been in discussions with the Board's extensive professional and business networks to raise the company's profile and highlight its intentions and objective to this large potential introducer base," says Chair John Croft.

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Kistos PLC - energy industry investor - Revenue in six months to June 30 jumps to EUR137.5 million from EUR6.6 million in the 37 weeks to June 30, 2021. Swings to pretax profit of EUR102.5 million from loss of EUR5.2 million. Pro forma average realised gas price was EUR82.65 per megawatt hour in the period, up sharply from EUR20.71 a year before. Says outlook "transformed" by acquisition of 20% interest in Greater Laggan Area, which completed in July. "This group of assets is contributing over half of the company's current output and the initial acquisition cost is expected to be recovered from gas produced in the first 8 months of the year. Importantly, this acquisition - like our acquisition in the Netherlands before it - offers significant upside potential for stakeholders," it says. Completed acquisition of Tulip Oil Netherlands in May 2021.

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BlueRock Diamonds PLC - diamond producer focused on South Africa - Revenue in six months to end of June GBP4.1 million, up from GBP2.8 million a year before. Pretax loss narrows to GBP23,285 from GBP512,914. Says revenue driven by higher diamond prices, with sales price up 48% to USD629 per carat. Helps to offset 7% fall in carats produced. "The supply side of rough diamonds has remained under pressure and is expected to continue to do so whilst the conflict around Ukraine exists. It is anticipated that the retail market could soften with the impact of inflation on disposable income, however, the Kareevlei's high-quality diamonds remains sought after and prices achieved in July and August have been encouraging," it says.

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ThomasLloyd Energy Impact Trust PLC - London-based Asia-focused renewable energy investment trust - Net asset value per share 99.9 cents at June 30, up from 92.1 cents at March 31 and 98.0 cents from IPO. To pay second quarterly interim dividend of 0.44 cents per share. Has committed two-thirds of its IPO proceeds from December float. "We are at an advanced stage of negotiations and due diligence on other investment opportunities, which will broaden our Investment Portfolio in terms of countries, currencies and technologies and provide further visibility on the revenue streams required to support our dividend targets. Accordingly, we expect that the remaining IPO proceeds will be substantially deployed shortly," Chair Sue Inglis adds.

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City of London Group PLC - operates Recognise Bank for UK small and medium enterprises - Total operating income for financial year ended March 31 rises to GBP1.8 million from GBP1.5 million. Pretax loss from continuing operations widens to GBP13.6 million, however, from GBP10.1 million. Says commercial activities are now undertaken through Recognise Bank, which was able to expand activities significantly in the second half of the year after receiving a full UK banking licence in September 2021. Says Recognise Bank's loss of GBP12.4 million reflects costs incurred developing the business, and was as expected.

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Mustang Energy PLC - London-based special purpose acquisition company - Pretax loss widens to GBP766,832 from GBP134,903 a year ago, due to higher administrative expenses and firm booking finance costs of GBP386,029 versus nothing a year prior. Is in process of preparing prospectus for VRFB-H deal to allow shares to resume trading.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
12 Apr 2024 12:26

Mustang Energy and Cykel extend GBP19.2 million acquisition deadline

(Alliance News) - Mustang Energy PLC on Friday said its acquisition of Cykel AI PLC has been delayed.

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15 Mar 2024 17:36

EARNINGS AND TRADING: Cykel and Mustang push back takeover deadline

(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:

Read more
16 Feb 2024 14:31

IN BRIEF: Mustang and Cykel agree to extend acquisition deadline

Mustang Energy PLC - London-based special purpose acquisition company - Announces with Cykel AI PLC that the pair have extended the deadline for Mustang to make a firm decision or offer for Cykel to March 15 from February 16. In January, Mustang entered into a non-binding heads of terms deal to acquire the entire share capital of Cykel, a London-based software firm specialising in advanced artificial intelligence products, through the issue of 1.844 new Mustang shares for each Cykel share. The deadline may be further extended at the request of Cykel, Mustang says.

Read more
19 Jan 2024 14:19

UPDATE: Mustang Energy inks deal to buy Cykel AI; interim loss widens

(Alliance News) - Mustang Energy PLC on Friday said it had struck a deal to acquire Cykel AI for GBP19.2 million.

Read more
19 Jan 2024 09:40

Mustang Energy inks deal to acquire Cykel AI for GBP19.2 million

(Alliance News) - Mustang Energy PLC and Cykel AI PLC made joint announcements of the proposed acquisition on Friday.

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4 Dec 2023 16:09

IN BRIEF: Mustang Energy opts against buying Acacia interest in VFRB-H

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Opts against acquiring Acacia Resources Ltd's minority interest in VFRB Holdings Ltd. Says this follows announcements in August and September, when it said it was in negotiations with the shareholders of VRFB-H, being Bushveld Minerals Ltd and Acacia, over renegotiating the terms in which Mustang would acquire their interests in VRFB. As announced two weeks ago, Bushveld was to begin a formal sale process for its interest in VRFB-H, which Mustang decided against participating in. As a result, Acacia and Mustang have now concluded that it is not in either parties' best interest to pursue the acquisition of Acacia's minority interest in VRFB-H. Says it continues to "actively consider" acquisition opportunities and that further announcements will be made in "due course".

Read more
12 Sep 2023 17:39

IN BRIEF: Mustang Energy agrees backstop fee payment to Bushveld

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Agrees with Bushveld Minerals Ltd on the sum of backstop fees owed as a result of redemption of the company's convertible loan notes, previously announced. The sum of GBP121,278.75 will be satisfied by the issue of 606,394 shares at GBP0.20 each. Also agrees to pay the USD420,000 working capital facility provided by Bushveld in January 2022 and January 2023. The facility matures on December 31 2023 or if the company completes an equity or debt raising of no less than GBP1 million. Further, continues to negotiate the terms of the acquisition of 100% of the shares in VRFB Holdings Ltd.

Read more
9 Aug 2023 14:36

Bushveld Minerals to receive 22% stake in VRFB after note redemption

(Alliance News) - Bushveld Minerals Ltd on Wednesday said holders of convertible loan notes in Mustang Energy PLC have elected to redeem their notes.

Read more
28 Jul 2023 13:04

Bushveld Minerals notes Garnet to take 60% stake in Enerox from VRFB-H

(Alliance News) - Bushveld Minerals Ltd on Friday noted that VRFB Holdings Ltd has received notice from Garnet Commerce Ltd regarding its option in Enerox Holdings Ltd, which wholly owns Enerox GmbH, the owner of the CellCube brand and energy storage system.

Read more
9 May 2023 17:59

IN BRIEF: Mustang receives Austrian approval for Enerox stake purchase

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Receives approval of the Federal Ministry of Labour & Economic Affairs of the Austrian government regarding the proposed change of control of Enerox Holdings Ltd, the owner of the CellCube brand, an energy storage system. In mid-April, it entered into a conditional agreement with Garnet Commerce Ltd and VRFB Holdings Ltd under which VRFB Holdings has agreed to acquire Garnet's 50% interest in Enerox. The total consideration to Garnet for its shareholding in Enerox is USD33.2 million.

Read more
12 Apr 2023 18:02

IN BRIEF: Mustang Energy set to acquire interest in Enerox

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Enters into conditional agreement with Garnet Commerce Ltd and VRFB Holdings Ltd under which VRFB Holdings has agreed to acquire Garnet's 50% interest in Enerox Holdings Ltd, the owner of the CellCube brand, an energy storage system.

Read more
28 Nov 2022 14:54

Mustang Energy to acquire Bushveld Energy's 51% stake in VRFB Holdings

(Alliance News) - Mustang Energy PLC on Monday said it entered into a deal with Bushveld Energy Ltd to acquire its 51% stake in VRFB Holdings.

Read more
10 Oct 2022 14:45

IN BRIEF: Mustang Energy to increase stake in VRFB-H to nearly 50%

Mustang Energy PLC - London-based special purpose acquisition company - Says finalisation and review of prospectus by Financial Conduct Authority has commenced. Prospectus concerns Mustang's share exchange agreement with Acacia Resources Ltd. Mustang intends to increase its stake in VRFB Holdings Ltd to 49.5% through the purchase of Acacia Resource's 27% stake, as announced in August. VRFB-H is a 50% shareholder in Enerox Holding Ltd, a special purpose vehicle which holds the entire issued share capital of Enerox GmbH, an Austrian-based vanadium redox flow battery manufacturer.

Read more
2 Sep 2022 10:55

IN BRIEF: Mustang Energy gets extension for VRFB-H purchase

Mustang Energy PLC - London-based special purpose acquisition company - Receives extension to buy 27% stake in VRFB Holdings Ltd.

Read more
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