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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Round Hill Music Royalty Fund Ltd - Guernsey-based investor in music copyright assets - Pretax profit for 2022 is USD493,797, swinging from a loss of USD2.4 million in 2021. Revenue is USD34.9 million, up 28% from USD27.2 million, while total operating expenses rise 3.9% to USD29.6 million from USD28.5 million. Final quarterly dividend is USD0.01125, unchanged from the previous two quarters, but down from USD0.01500 in the first quarter of the year, taking total 2022 dividend to USD0.045. Chair Robert Naylor says: "Globally, 2022 was a challenging year for financial markets, with inflation and interest rates on the rise and events, including the horrific war in Ukraine, taking their toll. Despite these macro challenges, the music sector continued to thrive and the outlook for the music industry continues to be positive across leading reports and sector research [...] We are confident that, even in challenging market conditions, Round Hill Music Royalty Fund is well positioned to continue to deliver sustainable revenue and value growth."
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Jadestone Energy PLC - London-based oil and gas production company, focused on the Asia-Pacific region - Pretax profit for 2022 is USD62.5 million, swinging from loss of USD4.3 million a year earlier. Revenue is up 24% to USD421.6 million from USD340.2 million. Expects to recommend a final dividend for 2022 when its audited results are released in late May. Interim dividend in 2022 was 0.65 US cents per share. Chief Executive Officer Paul Blakeley says: "2023 should be a promising year for Jadestone with the Akatara project in the Lemang PSC on schedule and within budget, an exciting four well programme at East Belumut, closing of Sinphuhorm and the potential to add to the portfolio through further acquisitions [...] It has been a challenging year, lessons have been learned and implemented, but we look forward with renewed confidence to the future."
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Tern PLC - London-based investor focused on the internet of things technology business - Says portfolio company InVMA Ltd, which trades as Konetkio, completes GBP300,000 equity fundraise. Tern has invested GBP100,000 in the Konetkio fundraise, alongside converting GBP500,000 of convertible loan notes in Konetkio. Remaining GBP200,000 in fundraise was provided by Konetkio's other institutional investors. Tern Chief Executive Officer Al Sisto says: "The macroeconomic backdrop remains difficult, with high inflation and high interest rates weighing heavily on the technology ecosystem. The landscape for technology company valuations has therefore deteriorated dramatically within the last year [...] Our direct and hands-on support of Konektio is delivering results, and the business continues to make progress [...] The investor group are keen on continuing this progress and look forward to the ability of the business to become self-supporting."
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GCP Asset Backed Income Fund Ltd - UK asset backed loan investor - Net asset value per share on March 31 is 95.13p, up 0.2% over three-month period from 94.90p after the payment of dividends. Says the positive NAV performance for the period was driven by an increase in the weighted average annualised yield on the investment portfolio to 8.4% as at 31 March 2023 from 8.0% as at 31 December 2022, and from the continued share buyback programme. Says this expected increase in portfolio yield arose from higher yielding loans originated in the fourth quarter of 2022 and from the rate protection mechanics in the existing loan book. Declares dividend for the fourth quarter of 2022 of 1.58125p per share, in line with its total 2022 target dividend target of 6.325p. Says: "Whilst work continues to resolve five problem loans that represent 4.4% of the fair value of the investment portfolio, the investment manager continues to see positive investment opportunities at prevailing rates into attractive sectors including further investments into nurseries, property investment and energy infrastructure."
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Kropz PLC - South Africa-focused phosphate producer and developer - Announces further sales of 43,886 tonnes of phosphate concentrate from Kropz Elandsfontein (Pty) Ltd in April. Makes third drawdown of around ZAR30 million from ZAR285 million bridge loan facilities entered into in mid March.
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UK Oil & Gas PLC - UK-focused oil and gas exploration and production company - Completes 107 metre open hole swab test over Pinarova-1's secondary target, the uppermost Hoya limestones, with the rig now preparing to drill 8.5 inch hole ahead into the underlying primary Hoya objective. Says initial Pinarova-1 swabs are "inconclusive, neither confirming nor wholly refuting whether the oil shows seen from 358 metres downwards represent an oil pay zone". Says the top of the primary target is coincident with the uppermost and strongest of a series of seismic amplitude anomalies observed within the core of the Pinarova geological structure. Drilling is expected to resume on Wednesday.
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By Greg Rosenvinge, Alliance News reporter
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