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EARNINGS AND TRADING UPDATES: Oryx swings to profit on investments

Tue, 21st Nov 2023 18:19

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

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Accsys Technologies PLC - London-based wood building products manufacturer - Says placing and subscription of new shares will raise gross proceeds of around 34.2 million. Places 19.1 million new shares at 69.35 euro cents each to raise about EUR13.2 million. Current share price in Amsterdam is 71 euro cents. Further, issuance of convertible loan notes will raise about EUR21 million gross, of which EUR11 million is new money for Accsys. Expects admission of shares at Euronext Amsterdam to become effective Thursday.

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Conygar Investment Co PLC - London-based property investor and developer - Net asset value as at September 30 was 159.4 pence per share, down 24% from 208.9p a year prior. Declares no dividend, unchanged. Says outlook for UK economy has improved, with interest rates nearing their peak and inflation expected to fall. Chair Nigel Hamway says: "We are acutely aware of the impact that continuing economic and political uncertainty is having on the real estate sector and intend to maintain a disciplined approach to both our cash commitments and financial leverage to ensure our balance sheet remains robust." He adds that supply shortages are likely to support improved pricing.

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Dunelm Group PLC - Leicester, England-based home furnishings retailer - Chief Executive Officer Nick Wilkinson buys 10,843 shares at GBP10.91 each on Monday, for a total of GBP118,297.

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Marble Point Loan Financing Ltd - closed-ended investment company focused on dollar-denominated, broadly syndicated floating rate senior secured corporate loans - NAV per share as at September 30 is USD0.55, unchanged from December 31.

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Nostrum Oil & Gas PLC - Kazakhstan-focused oil and gas development, production and exploration company - In the three months to September 30, pretax loss widens 42% to USD24.7 million from USD17.3 million a year prior. Revenue falls 25% to USD36.0 million from USD47.7 million. Looking ahead, expects to continue until at least the end of 2024. "The group monitors on an ongoing basis its liquidity position, near-term forecasts, and key financial ratios to ensure that sufficient funds are available to meet its commitments as they arise and liabilities as they fall due," Nostrum Oil says.

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Oryx International Growth Fund Ltd - Guernsey-based investment fund - In the half-year that ended on September 30, NAV per share grows 7.0% to 220.88p from 206.43p at March 31. Swings to pretax profit of GBP14.5 million from a loss of GBP32.0 million a year prior. Income turns to positive GBP16.1 million from negative GBP30.5 million. Notably, reports net unrealised losses on revaluation of investments of GBP1.9 million, narrowed sharply from GBP34.2 million a year prior. Further, net realised gains on investments multiply to GBP15.2 million from GBP1.9 million. Looking ahead, Oryx says: "The market outlook remains underwhelming in the face of continued outflows from UK equities, a dearth of IPO's and increasing geopolitical and macroeconomic risk. On the positive side, as evidenced in our report, there has been continued interest in the acquisition of UK companies from overseas buyers and larger domestic competitors. This has created significant outperformance in the portfolio and we believe that several of our remaining holdings contain attractive assets to a potential buyer."

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Trifast PLC - Uckfield, England-based industrial fastenings firm - In the six months to September 30, pretax profit falls 33% to GBP2.0 million from GBP3.0 million a year ago. Noting lower demand in the distribution, general industrial and health & home sectors, revenue declines 2.2% to GBP117.6 million from GBP120.2 million. Cost of sales decrease 3.7% to GBP87.4 million from GBP90.7 million. Declares 0.60p per share dividend, down 20% from 0.75p a year prior. Looking ahead, Trifast says: "Macroeconomic environment will continue to put pressure on short-term trading especially in Asia. However, we are confident in our pipeline and self-help initiatives. The contract wins in the period are up from prior period, reflecting increased market share especially in the light vehicle sector. We are expecting the light and heavy vehicle sector wins to have a phased implementation with some starting production in Q4 of this financial year."

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By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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