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Share Price: 13.55
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UK EARNINGS SUMMARY: Rockhopper Loss Balloons, Confident In Sea Lion

Tue, 15th Sep 2020 19:19

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

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Rockhopper Exploration PLC - oil and gas exploration company - Interim pretax loss widens significantly to USD226.8 million from USD16.5 million year before. Exploration and evaluation expenses jump to USD223.6 million from USD1.1 million year before. Revenue in six months to June 30 halves to USD2.5 million from USD4.8 million year before. Confident in Sea Lion license in Falklands and is focused on completed Navitas farm-in in the fourth quarter of 2020. Rockhopper is fully funded for all Sea Lion development costs through to project completion.

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Good Energy Group PLC - renewable electricity supplier - Sinks to first half pretax loss of GBP1.1 million compared to GBP2.5 million profit year before. Revenue in the six months to June 30 rises to GBP67.5 million from GBP63.5 million. Administration costs rise to GBP13.9 million from GBP12.3 million. Cancels interim divided following 1.1 pence payout year before - expects to resume dividends in 2021. Underlying performance of the core business in line with management expectations, Good Energy says, adjusting for the impact of Covid-19

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Corero Network Security PLC - denial-of-service attack security provider - Half-year loss narrows to USD2.7 million from USD3.9 million year before. Revenue in six months to June 30 grows to USD6.2 million from USD4.2 million year before. Revenue from DDoS protection as-a-service contracts increases to USD1.2 million from USD500,000. Order intake increases by 58% to USD7.9 million. During the first half, Corero, through its SmartWall solutions adds 18 new customers. CEO Lionel Chmilewsky said he remains remain confident in the medium and long-term prospects of the company.

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Beeks Financial Cloud Group PLC - cloud computing and connectivity provider for financial markets - Annual pretax profit slips to GBP678,000 versus GBP1.0 million year before. Revenue in the 12 months to June 30 rises to GBP9.4 million from GBP7.4 million year before. Administrative expenses up to GBP3.6 million from GBP2.5 million. Total dividend unchanged at 0.35 pence. CEO Gordon McArthur said: "I am pleased to report on a year of considerable progress, in which the group has delivered against its strategic objectives; increasing the number of tier 1 customers, expanding its geographic presence and offering and completing the strategic acquisition of Velocimetrics." McArthur expects to grow company's existing Tier 1 accounts.

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Trinity Exploration & Production PLC - Trinidad & Tobago focused oil exploration and production company - Swings to interim pretax profit of USD942,000 versus USD572,000 loss year before. Operating revenue in six months to June 30 slips to USD21.5 million from USD32.2 million year before. Average net production up sharply to 3,282 bopd from 3,008 year before. But average realised oil price down 23% year on year to USD36.3 per barrel from USD59.1 year before. Executive Chair Bruce Dingwall said: "Everyone is aware of the exceptional circumstances - with Covid impacting both operational practices and the oil price. Despite these challenges, our financial resilience, emphasis on cost management and high operating standards have enabled the company to increase production and increase free cash flows, thereby further strengthening our balance sheet and establishing the necessary foundations for future growth both from existing and new opportunities."

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Octopus Renewables Infrastructure Trust PLC - closed end investment company focused on renewable energy assets in Europe and Australia - June 30 NAV per share 97.58 pence, with net assets of GBP341.5 million. Incorporated on October 11, 2019, with London IPO December 10. Total shareholder return since incorporation to June 30 at 12.2%. Dividend in period totals 1.06 pence per share. Has now committed 75% of net IPO proceeds. Firm's portfolio is forecast to generate 262 gigawatt hours of renewable electricity, equivalent to powering 59,000 homes with clean energy and avoiding emissions of 49,000 tonnes of carbon dioxide annually.

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Mobeus Income & Growth 4 VCT PLC - investor in UK unquoted companies - June 30 NAV per share 64.59 pence compared to 74.90p at December 31. Net assets dip over six-month period to GBP54.6 million from GBP59.5 million. Portfolio ends first half valued at GBP33.3 million compared to GBP36.1 million at same point year before. Blames drop in portfolio value on revaluations made following the Covid-19 pandemic."These adjustments were partly market related, but also partly in response to Covid-19's impact on specific market segments and investee companies. In this context it is fortunate that the company's portfolio has a relatively limited exposure to the travel and hospitality sectors," Mobeus adds. NAV total return in first half negative 0.4%. Declares interim dividend of 6.0p, maintains 4.0p annual dividend target.

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APQ Global Ltd - emerging markets income investor - December 31, 2019 book value USD72.9 million versus USD76.4 million at the start of 2019. Book value per share ended 2019 at 93.19 US cents versus 97.84 cents year before. June 30 book value USD24.8 million, with book value per share falling to 31.70 cents. Suspends dividend in cash prevention measure. "During the first quarter of 2020, the company experienced difficult trading conditions in its liquid portfolio due to large market movements in emerging markets currencies, bonds and equities, caused by the Covid-19 pandemic," APQ explains.

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Canadian Overseas Petroleum Ltd - Sub-Saharan African focused oil and gas company - Records net loss of USD919,000 in second quarter versus USD1.1 million loss year before. Net loss in first half narrows to USD1.2 million from USD2.2 million year before. Administrative expenses in six months to June 30 narrow to USD1.3 million from USD2.2 million. "In the second quarter of 2020, management progressed options to finance the company's continuing operation. The company continued to identify, evaluate and pursue exploration and development opportunities in African countries and elsewhere," Canadian Overseas said. Currently, the company does not have material cash inflows or adequate financing to develop profitable operations, it noted. The company is pursuing exploration projects and contracts that will require substantial additional financing before they are able to generate positive cash flows.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
22 Jan 2024 14:00

IN BRIEF: Rockhopper notes Navitas update on the Sea Lion asset

Rockhopper Exploration PLC - Salisbury, England-based oil and gas exploration company with key interests in the Falkland Islands - Notes Navitas Petroleum LP's update on the Sea Lion asset. Says Navitas has identified suitable and available existing floating production storage and offloading vessels, and is actively working with leading industry vendors to secure all long lead equipment, continuing to target Sea Lion phase 1 final investment decision in 2024 and first oil at the end of 2026.

Read more
20 Dec 2023 12:16

IN BRIEF: Rockhopper shares leap up on new monetisation deal

Rockhopper Exploration PLC - Salisbury, England-based oil and gas exploration company with key interests in the Falkland Islands - Enters agreement with a regulated specialist fund for monetisation of an arbitration award. Award, announced in late August, 2022, relates to arbitration against Republic of Italy relating to the Ombrina Mare oil field. Rockhopper will retain legal and beneficial ownership of the award, and the fund will make cash payments in up to three tranches. Will retain around EUR15 million of upfront payment of EUR45 million on completion, due to previous litigation funding agreement in 2017.

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28 Sep 2023 15:08

TRADING UPDATES: Rockhopper loss widens; Synectics inks new contract

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

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16 Aug 2023 08:42

Rockhopper names ex-Cairn Energy CEO as non-executive chair

(Alliance News) - Rockhopper Exploration PLC on Wednesday appointed Simon Thomson as its new non-executive chair, effective from October 1.

Read more
13 Jul 2023 13:54

IN BRIEF: Rockhopper makes progress in Italy dispute

Rockhopper Exploration PLC - Salisbury, England-based oil and gas exploration and production company - Says a provisional stay of enforcement will be lifted provided that it establishes an escrow account within the next five working days. This comes after Italy sought to annul an August 2022 award favouring Rockhopper under the Energy Charter Treaty. This resulted in an arbitration panel saying that Italy had breached its obligations under the award and thus owed Rockhopper EUR190 million in compensation.

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22 Jun 2023 15:44

UK shareholder meetings calendar - next 7 days

Friday 23 June 
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Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
30 May 2023 14:31

Rockhopper Exploration revenue falls annually amid lower gas prices

(Alliance News) - Rockhopper Exploration PLC on Tuesday reported a double-digit drop in yearly revenue as gas prices interfered with production.

Read more
23 Mar 2023 20:32

TRADING UPDATES: Fragrant Prosperity to buy Hi 55, Oscillate talks end

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

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TRADING UPDATES: Sunrise secures funds; Bango launches e-distribution

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

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31 Oct 2022 19:58

TRADING UPDATES: 4Global wins deal; James Cropper profit warning

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

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31 Oct 2022 11:23

AIM WINNERS & LOSERS: TP riss on takeover deal; Rockhopper vows fight

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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EARNINGS SUMMARY: HSS Hire reinstates interim dividend, revenue up

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

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23 Sep 2022 21:02

TRADING UPDATES: Neometals swings to loss; Funding Circle strikes deal

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

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23 Sep 2022 12:57

Navitas joins Rockhopper as new operator at Sea Lion

(Sharecast News) - Oil and gas explorer and producer Rockhopper Exploration announced on Friday that the transaction enabling Harbour Energy to exit the North Falkland Basin had been completed.

Read more
5 Sep 2022 10:36

Canaccord Genuity raises target price on Rockhopper Exploration

(Sharecast News) - Analysts at Canaccord Genuity raised their target price on oil and gas firm Rockhopper Exploration from 24.0p to 40.0p on Monday following the group's Ombrina Mare arbitration award success.

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