(Correcting date of issue)
(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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Scotgold Resources Ltd - Scotland-focused gold exploration and production company - Says pretax loss for financial 2020 ended June 30 narrows to USD2.5 million from USD3.5 million loss the year prior as administrative expenses fall 12% to USD462,151 from USD527,619. Also records total income of USD420,697, up sharply from USD6,314 last year. Adds phase 1 production at the Cononish gold and silver project in Scotland will commence Monday, targeting average annual gold equivalent production of 9,910 ounces. Brings forward phase 2 expansion of production at Cononish - targeting 100% increase in annual production to 72,000 tonnes of ore and average annual gold equivalent production of 23,500 ounces - by 11 months to May 2022. Cash held as at June-end was USD1.0 million, down from USD3.9 million at June 30, 2019.
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Sure Ventures PLC - investor in early stage software companies - Net asset value per share at half year ended September 30 was 95.79 pence, up 3.4% from 92.61p at the end of March. Net asset value total return for period was 3.4%. During the half-year, the company saw one significant uplift in an underlying portfolio valuation as a result of a completed funding round and booked profit on a partial holding of one its listed holdings as a result of selling stock at the value of the original investment. Looking ahead, says it does not expect to receive significant amount of dividend or income from its investments and therefore does not expect to pay a significant annual dividend, if any.
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Omega Diagnostics Group PLC - Scotland-based medical diagnostics company - For six months ended September 30, posts pretax loss of GBP1.8 million, widening from GBP331,026 the year prior. This is as revenue falls 29% to GBP3.2 million from GBP4.5 million. By division, Food Intolerance revenue decreased by 38% to GBP2.5 million and Global Health revenue increased to GBP580,000 from GBP380,000. Looking ahead, says it expects an improved second-half as trading in Food Intolerance is showing early signs of recovery.
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Panoply Holdings PLC - IT service management company - For first half ended September 30 swings to pretax loss of GBP1.6 million from pretax profit GBP81,000 year-on-year. This is despite revenue rising 58% to GBP21.2 million from GBP13.4 million the year prior. Says loss was a result of a GBP2.5 million fair value adjustment reflecting "additional share consideration payable to vendors as a result of their actual performance exceeding the initial accounting estimates". Administrative expenses were 82% higher at GBP8.9 million from GBP4.9 million. Declares maiden interim dividend of 0.2p per share. Looking ahead, Chief Executive Neal Gandhi says: The outlook for the group remains positive with our brand consolidation programme well underway and a number of significant new contracts being signed post-period end. We remain on track to achieve our commercial vision of both GBP100 million revenue and GBP12 million to GBP14 million adjusted earnings before interest, taxes, depreciation, and amortization on a run rate basis by March 31, 2023. Adjusted Ebitda for the first half ended September 30, 2020 was GBP2.9 million.
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CentralNic Group PLC - domain name registry and registrar services firm - For nine months ended September 30, posts pretax profit of USD9.1 million, up 86% from USD4.9 million the year prior as revenue more than doubles to USD168.5 million from USD77.1 million. Looking ahead, Chief Executive Ben Crawford says: "Our pipeline of future deals remains strong and our net debt level remains comfortable, particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions." Net debt at September-end was USD44.9 million, up from USD35.9 million at September 30, 2019. Cash held was USD63.7 million, up from USD19.0 million the year prior.
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Goldplat PLC - Africa-focused gold producer - For financial year ended June 30, posts pretax profit of GBP5.7 million, up significantly from GBP1.0 million recorded for financial 2019. This is as revenue rises 14% to GBP24.8 million from GBP21.8 million. Says performance was aided by the increase in gold price. Average gold price per ounce in financial 2020 was USD1,560, up from USD1,263 in financial 2019. Looking ahead, says it plans to improve operations to allow it to treat a wider range of lower grade materials as well as build strategic partnerships in the industry to increase the security of supply.
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Mineral & Financial Investments Ltd - Cayman Islands-based investment company specialising in junior mining companies - Net asset value per share at year-end of June 30 was 15.50p, up 6.9% from 14.50p. Net assets at the year-end was GBP5.5 million, up from GBP5.1 million and investment portfolio valued at GBP5.3 million, up from GBP5.0 million. Looking ahead, it states: " We expect equity markets to be highly challenged in 2021 when confronted with slow economic recovery, inflationary pressures, interest rates which are flat to rising very slightly and the prospect of increased taxation to fund the economic safety nets extended by virtually all of the governments of the G7. We believe commodity prices will be buoyed in 2021 by a growing shift from financial assets to hard assets and a weakening US dollar"
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Draper Esprit PLC - investor in digital technology firms - Says net asset value per share at first half ended September 30 up at 600p from 574p the year prior. Adds that despite Covid-19 challenges and even after cash realisations of GBP106 million, gross portfolio value at September-end was GBP702.4 million compared to GBP702.9 million on March 31. Looking ahead, Chief Executive Martin Davis says: "We believe there is significant opportunity to deploy further capital driven by a growing European venture capital market, and an accelerated transition to digital driven in part by the pandemic. However, we remain mindful of market uncertainty and increased pressures on the global economy resulting from the ongoing pandemic."
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Fiske PLC - stockbroker and investor - For financial year ended May 31, posts pretax loss of GBP127,000, narrowing from GBP381,000 the year prior as revenue rises 17% to GBP5.4 million from GBP4.6 million. Says revenue was driven by strong commission income during a period of market volatility in its final quarter amid the start of Covid-19 pandemic. States financial 2021 has begun with business levels in line with financial 2020. Cash held as at May-end was GBP2.2 million, up from GBP2.1 million at May 31, 2019.
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Dods Group PLC - business intelligence, media and technology resourcing - For first half ended September 30 posts pretax loss of GBP2.6 million, widening from a GBP303,000 loss the year prior as revenue falls 18% to GBP10.2 million from GBP12.5 million and administrative expenses rise to GBP3.4 million from GBP2.8 million. Across the Dods Intelligence division, revenues from Events plunged 95% to GBP200,000, Training revenues dived 51% to GBP400,000 due to the Covid-19 pandemic and government requirements on social distancing. Monitoring and Media revenues were down 5% and 11% respectively. Looking ahead, it states: "The new team is continuing to innovate, build recurring revenues, drive margin improvements and reduce costs to support the group's activities. Whilst it is impossible to predict the extent of the continued global uncertainty around the pandemic, the board remains confident in the medium to long-term prospects of the group." Cash held as at September-end was GBP4.1 million, down from GBP6.8 million at September 30, 2019.
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Victoria PLC - Worcestershire-headquartered flooring firm - Swings to pretax loss of GBP2.9 million for first half ended October 3 from a profit of GBP5.5 million the year prior. This is as revenue declines 2.2% to GBP305.5 million from GBP312.5 million and administrative expenses rose 3.8% to GBP57.0 million from GBP54.9 million. Turning to the impact on current trading on the company's future performance, Executive Chair Geoff Wilding says: The strong demand we are currently experiencing for our products is expected to continue due to consumers prioritising spending on their home environment, supported by some of the highest household savings rates on record. As a result, meaningful organic growth is expected to continue into the New Year." Cash held on October 3 was GBP134.0 million, up from GBP85.5 million at the end of its half year ended September 28, 2019.
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discoverIE Group PLC- Surrey-based customised electronics supplier - Declares interim dividend of 3.15p, up 6.0% from 2.97p paid the year prior despite a 26% drop in pretax profit. For the six months ended September 30, posts pretax profit of GBP7.7 million, down from GBP10.4 million the previous year on revenue of GBP217.9 million which is 6.1% lower than the GBP232.0 million recorded for the first half of financial 2020. Administrative expenses were GBP36.1 million, up from GBP35.3 the previous year. Looking ahead, Chief Executive Nick Jefferies says: "The second half has started well with orders ahead of sales and up on last year. With the Group's continued focus on the structural growth markets of renewable energy, medical, electrification of transportation and industrial & connectivity, we expect to continue to perform ahead of wider markets and make further progress on our strategic priorities."
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Highway Capital PLC - cash shell - For the six months to the end of August, pretax loss widens to GBP148,000 from GBP124,000 the year before. Looking ahead, expects to relist on public market shortly based on discussions with potential acquisition targets.
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Odyssean Investment Trust PLC - investment trust - As at September 30, net asset value per share up at 106.6 pence from 103.2p the same date the year before. For the six month period, net asset value total return was 18%, underperforming against the Numis Smaller Cos ex-Investment Trusts plus AIM Index, which made a total return of 28%.
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By Ife Taiwo; ifetaiwo@alliancenews.com
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