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Pin to quick picksMustang Energy Share News (MUST)

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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.

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IN BRIEF: Mustang Energy increases stake in VRFB Holdings to 50%

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21 Jun 2022 14:35

IN BRIEF: Mustang Energy widens loss in 2021 with revenue uncertain

Mustang Energy PLC - London-based special purpose acquisition company - Reports higher annual loss in 2021. Pretax loss widens to GBP902,624 from GBP231,901 in 2020. "The single most significant cash cost to the business is directors' remuneration," Mustang Energy explains. Firm pays GBP152,988 in 2021 to Managing Director Dean Gallegos, up from GBP55,000 in 2020. Mustang Energy increased monthly payment to Gallegos to GBP10,000 from GBP5,000 per month after 22% acquisition of VRFB Holdings Ltd in April 2021. Company started paying additional GBP6,500 in directors' fees every month after acquisition. Finance costs stand at GBP601,891 versus none in 2020. Most of finance cost is interest on loan notes of GBP491,631.

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IN BRIEF: Bushveld notes claims against VRFB over Enerox investment

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