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(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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Dunedin Income Growth Investment Trust PLC - Edinburgh-based UK and overseas companies investor - Net asset value per share ends July at 328.55 pence compared to 302.56p six months earlier. NAV total return in first half 11.1% versus FTSE All-Share Index, its benchmark, rising 12.6%. Declares interim dividend of 3.0p, in line with year before. Chair David Barron says: "Market conditions have been relatively buoyant since the end of January, continuing the strong returns seen following the approval of effective Covid vaccines in November 2020. For much of the period, market leadership was taken by companies rebounding as sectors hit hard by the pandemic recovered, such as airlines, hotels, banks and oil companies. Typically these are areas in which the Investment Manager has limited exposure given its quality focus and, as a result, the portfolio did lag the benchmark somewhat during this recovery period."
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APQ Global Ltd - Guernsey-based emerging markets investor - Book value ends June 30 at USD26.6 million, or 33.89 cents per share, compared to USD31.2 million, or 39.88 cents, six months earlier. Withholds dividend in first half versus 1.50 pence payout year before.
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Marwyn Value Investors Ltd - investment firm - Net asset value per share ends June at 184.10 pence compared to 163.09p at end of 2020. NAV total return in first half 15.9% versus FTSE All-Share rising 11.1%. Expects 2021 total dividend of 9.06p. Chair Robert Ware says: "We are pleased with the progress that's been made in the period, particularly with the confirmation of the Zegona Communications capital return which positions the fund well to support the pool of exciting executive talent, currently working with the manager, and which we hope to announce joining our recently launched vehicles in due course."
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Secure Property Development & Investment PLC - Nicosia, Cyprus-based commercial property investor - Net income from operations jumps 64% in six months to June 30 to EUR657,443 from EUR399,986 year before. As a result, improves to pretax profit of EUR287,631 from EUR369,014 loss year before. Administration expenses drops to EUR553,530 from EUR680,837. Chief Executive Lambros Anagnostopoulos says: "When set against a recovering market, impacted by the effects of Covid-19, we are delighted to report a strong improvement in our trading performance. The group continues to own and manage a valuable property portfolio in South Eastern Europe which is predominantly let to blue chip tenants on long and recently renewed leases. With all our income generating properties now based in Romania we are pleased to see a continued growing economy in the country. Despite the recent uptick, we continue to remain frustrated at the large discount SDPI shares trade at and look forward to updating our shareholders on our progress with Arcona."
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OptiBiotix Health PLC - York, England-based developer of compounds to treat obesity, high cholesterol, diabetes and skincare - Improves to pretax profit of GBP14.3 million in six months to June 30 from GBP614,909 loss year before. Books GBP14.1 million gain on investments in first half and revenue improves to GBP1.1 million from GBP744,821. Administrative expenses rises to GBP1.1 million from GBP896,269. Chief Executive Stephen O'Hara says: "This has been another period of progress for OptiBiotix with strong sales growth and improving margins allowing the group to build a recurring revenue base providing a foundation on which to build a profitable and valuable business. We believe new product launches in July 2021, the extension of territories with existing partners, the prospect of agreements with large partners in key strategic markets, and the growing realisation of our development pipeline, allow us to look forward with confidence to further commercial progress of the group in the current year and beyond."
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Physiomics PLC - oncology consultant based in Oxford - Pretax loss in year ended June 30 widens to GBP336,930 from GBP133,706. Revenue slips to GBP702,314 from GBP799,055. Net operating expenses rises to GBP1.1 million from GBP976,034. Chair Paul Harper says: Despite Covid related headwinds, the company has hit the trading targets and careful cash management has meant that the company finished the year with over GBP1 million of cash. In addition to adding new clients Astellas Pharma Inc and Numab Therapeutics over the course of the year, the Company initiated a number of longer-term value-generating activities including an expanded agreement with ValiRx and new personalised medicine partnership with US company TabulaRasa Healthcare's subsidiary DoseMeRx."
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Rosslyn Data Technologies PLC - London-based cloud enterprise data analytics platform - Pretax loss in year ended April 30 widens to GBP2.5 million from GBP1.9 million year before. Revenue improves to GBP7.4 million from GBP7.1 million. Administrative expenses rises to GBP8.5 million from GBP7.8 million. Chief Executive Paul Watts says: "Trading and the business at the start of FY22 is performing in line with management's expectations. We are cautiously optimistic that this trend will continue and build momentum through into the second half of the year. Recent successes have included signing a 5 year deal with an American multinational pharmaceuticals group for the procurement spend analytics solution and the continued growth of our CustomsCloudTM customs product."
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Valereum Blockchain PLC - AQSE-listed Gibraltar-based blockchain technology builder - Pretax loss in six months to June 30 widens to GBP501,478 versus GBP61,968 year before. Administrative expenses rises to GBP519,532 from GBP59,555. Generates GBP11,210 in revenue in first half from zero year before. Chair Richard O'Dell says: "This period covers a hugely active period in your company's development. During the first quarter we announced a new strategy based on digital finance and also changed the name of the company to Valereum Blockchain to reflect this new focus. We have refined this strategy to focus on a fully regulated structure creating a bridge between the worlds of fiat and digital currencies and assets. We call this strategy 'The Bridge', which ensures that if conventional securities are traded in crypto currency through Valereum's systems then the crypto purchaser will have verifiable title to the underlying fiat securities or assets. We will make further announcements on this as soon as regulations permit."
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Northbridge Industrial Services PLC - Burton-on-Trent-based specialist industrial equipment manufacturer - Improves to pretax profit of GBP434,000 in six months to June 30 from GBP7.7 million loss year before. Revenue improves to GBP19.6 million from GBP16.0 million. Operating costs rises to GBP6.9 million from GBP6.4 million. Chair Peter Harris says: "We are delighted to report on a period of growth for Northbridge, with our position in the electrical power reliability market in particular driving growth and margins and both divisions contributing to strong cash generation. As trends towards long term sustainable power generation and a connected, data driven society take centre stage worldwide, our global footprint and technological excellence give us confidence in sustaining this momentum through the fourth quarter of 2021 and into 2022."
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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss in six months to June 30 narrows to USD39,458 from USD457,687 year before. Total administrative expenses rises to a USD90,449 benefit from USD377,036 charge year before as company books USD519,912 positive VAT provision in first half. Chair & Chief Executive Jeremy Asher says: "The first six months of 2021 have been very positive for our company, in marked contrast to the first six months of 2020, and the progress we have made during this period has, so far, been carried through the third quarter. We were very gratified by the decision of the Upper Tier Tribunal, which we received in May, to uphold the First Tier Tribunal's 2019 decision in our favour regarding our eligibility for VAT and our entitlement to refunds of input VAT, which HMRC now accepts." To make decision on Algoa-Gamtoos license 3D seismic acquisition in coming months.
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Shefa Gems Ltd - Israel-based formerly gemstone mining company, now cash shell - Operating loss in six months to June 30 widens to ILS1.4 million, about USD433,000, from ILS407,000 year before. General & administrative expenses grows to ILS1.4 million from ILS407,000. During period, transferred mining operations to fully-owned subsidiary as it becomes a cash shell seeking acquisition opportunities in the web technology and software space. Chair Alon Shany says: We believe that this company as a cash shell is exceptional for itself, in terms that allow a common ground between Israel and London - so we expect interesting opportunities in the future, in the web technology and software space, and aim for acquiring a company with a strong potential for profitability and benefit for the company and its shareholders. We are working hard to find the best company for the future of the company as we see it."
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Premier African Minerals Ltd - southern Africa-focused miner - Improves to pretax profit of USD3.9 million in six months to June 30 from USD613,000 loss year before. "This is due to the reversal of the impairment of the evaluation and exploration assets of Zulu Lithium," company explains. Adds: "Premier received continued financial support from its shareholders throughout the period." Administrative expenses rises to USD737,000 from USD567,000. Does not generate revenue in either period.
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Empire Metals Ltd - gold and copper miner with assets in Australia, Georgia and Austria - Pretax profit in six months to June 30 grows to GBP682,770 from GBP256,515 year before, as net gains rises to GBP1.8 million from zero on account of selling its investment in Georgian Copper & Gold JSC. Administrative expenses rises to GBP913,009 from GBP223,013. Does not generate revenue in period versus GBP1,204 from year before. "The various developments during the period have served to provide Empire with a solid financial and operational springboard for the future. Our Eclipse and Central Menzies projects have provided us with a foothold in one of the most productive gold regions globally and we intend to capitalise on this position in order to build tangible value in these initial projects, and also expand with the addition of other value-accretive properties," Chair Neil O'Brien says.
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Arkle Resources PLC - gold and zinc explorer focused on Ireland - Improves to pretax profit of EUR37,000 from EUR226,000 loss year before. Administrative expenses falls to EUR148,000 from EUR226,000. Does not generate any revenue in either period. Books EUR185,000 gain from fair value volatility of warrants in first half. Chair John Teeling says: "We believe the current high prices for gold and zinc are being overlooked by investors particularly in AIM shares. Gold at USD1,740 per ounce, or over USD55 US per gram, is very attractive to miners. Zinc is over USD3,000 per tonne. This is very profitable for existing zinc mining and is an incentive to explorers, against the economic turmoil of recent years which has significantly reduced exploration activities." Adds: "The future looks bright. We are going to continue our investment in gold and zinc exploration. We have adequate funds to meet current and expected exploration expenditure."
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Amur Minerals Corp - natural resources explorer with assets in far-east Russia - Improves to pretax profit in six months to June 30 of USD236,000 from USD1.5 million loss year before. Books fair value gain on evaluation of assets of USD1.0 million. Administrative expenses slips to USD1.2 million from USD1.3 million. Does not generate revenue in either period. Chair Robert Schafer says: "The company's principal objective is to work towards the full registration of its reserve, compilation of its operational design and the conversion of the Russian based work for incorporation in a western bankable feasibility study. The BFS is itself a considerable undertaking and the Amur team has been working on the detailed planning and costing of the BFS programme. This has required considerable interaction with both Russian and international organisations qualified in compiling both Russian and western BFS level work."
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Echo Energy PLC - Latin American focused upstream oil & gas company - Pretax loss in six months to June 30 narrows to USD1.3 million from USD5.7 million year before. Revenue rises to USD5.9 million from USD5.6 million and cost of sales dips to USD5.5 million from USD7.3 million. Total net aggregate first half production of 304,639 barrels of oil equivalent. Chair James Parsons says: "The first six months of 2021 have seen Echo Energy emerge from the previous year's challenges both operationally and financially stronger. The company moved swiftly to successfully restructure its debt, continue to conserve cashflow, begin to reinstate previously shut in production wells, and refocus its portfolio on progressing cashflow enhancing rapid return production opportunities. We have executed our strategy of moving away from high-risk exploration spend into lower risk-production opportunities with attractive pay back periods."
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Goldstone Resources Ltd - gold exploration and development in West Africa - Pretax loss in six months to June 30 widens to USD548,628 from USD292,098 year before. Administrative expenses rises to USD548,628 from USD266,156. Does not generate revenue in either period. Chief Executive Emma Priestley says: "The advancement to gold production from the Homase mine within the company's Akrokeri-Homase gold project in Ghana remains Goldstone's priority, and significant progress was made in this regard during H1 2021." Adds: "Whilst the Company is ramping up stacking and production, it has paused the update of the definitive economic plan, announced May 13. The company expects to complete the update in early 2022."
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San Leon Energy PLC - oil and gas producer in Nigeria - Improves to pretax profit in six months to June 30 of USD8.5 million from USD19.5 million loss year before. Administrative expenses drops to USD5.9 million from USD7.7 million but books USD7.7 million profit on equity accounted investments compared to USD14.1 million loss year before. Does not generate revenue in either period. Chief Executive Oisin Fanning says: "The company is well-positioned either to pursue the proposed transaction with Midwestern, or to continue with its existing assets and strategy and await receipt of the remaining substantial Loan Notes repayments. Whichever route is taken, the progress on the ACOES system is expected to be of substantial benefit."
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Mustang Energy PLC - special purpose acquisition company set up to invest in manufacturing assets involved in the energy transition process - Using UK regulations to delay interim results by up to one month. Managing Director Dean Gallegos says: "We appreciate shareholders patience at this current time. The company has been in active discussions with the counterparties to the transaction announced on April 27. In addition, we continue to progress the previously articulated strategy of exploring further investments in the energy storage value chain and renewable energy projects development space and how these might facilitate a relisting of the company's shares."
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Ridgecrest PLC - cash shell - Delays annual results. Company says: "The company expects to be able to finalise and publish these results in the coming weeks. The delay is due to a more protracted audit process arising from the disposal of the company's recruitment businesses earlier in the financial year and which requires certain information to be provided by the acquirer of those businesses."
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By Paul McGowan; paulmcgowan@alliancenews.com
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