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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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Pershing Square Holdings Ltd - investment holding company focused on North American companies - Posts net asset value per share at December 31 of USD45.46, up 69% from USD26.94 a year prior. Paid a quarterly dividend of USD0.10 per share throughout 2020. Puts success partly down to the reinvestment of proceeds from hedges as the markets recovered from Covid-19. Gained entry into FTSE 100 in December last year. Says its shares are undervalued at current levels. Says its long-term outlook implies "signiï¬cant opportunity for continued earnings appreciation and margin expansion as it executes its multi-year business transformation".
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Ironveld PLC - owner of vanadium and titanium project in South Africa - Posts pretax loss of GBP79,000 in the six months ended December 31, narrowing 71% from GBP276,000 a year prior. Sees "other gains" increase to GBP386,000, while not featuring the year before. Does not produce revenue. "The six months to December 2020 ultimately proved frustrating and despite best efforts, we were unable to conclude the envisaged transaction with IIG. We have, however, made material progress on a possible alternative transaction in the early part of this year, which we hope to conclude in the coming weeks," says Ironveld. IIG was meant to acquire 440.2 million shares for 0.42 pence each.
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Bowleven PLC - Africa-focused oil and gas exploration firm - Posts pretax loss of USD934,000 in six months ended December 31, narrowing 33% from USD1.4 million a year before. Does not post a revenue, unchanged from year prior. Administrative expenses decrease 46% to USD1.3 million from USD2.4 million a year before. Does not declare an interim dividend. Says it plans to continue exploring "both commercial opportunities and related development engineering designs and costs" for the remainder of the year.
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Westmount Energy Ltd - invests in companies which operate in oil & gas related industries - Pretax loss widens 36% in six months ended December 31 to GBP1.3 million from GBP955,810 a year prior. Posts loss on financial assets held at fair value of GBP954,021, widening from a loss of GBP756,794 a year before. Says the current year is "shaping up to be a significant period for exploration and appraisal operations in the Guyana-Suriname basin with in excess of 12 exploration and appraisal wells scheduled for the Guyanese sector alone".
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Real Estate Investors PLC - Midlands-focused real estate investment trust - Posts underlying pretax profit for 2020 of GBP8.1 million, rising 1.2% from GBP8.0 million a year prior. Revenue falls to GBP16.4 million from GBP16.6 million. EPRA net asset value per share at December 31 falls year-on-year to 55.2 pence from 67.4p. Says valuation declines are symptomatic of market uncertainty and sentiment. Pays a full-year dividend of 3.0p per share. Says it remains well positioned to capitalise on a growing occupier demand for the convenience and neighbourhood assets and our out-of-town offices. Does not mention an interim dividend.
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Chelverton Growth Trust PLC - investment trust - Posts interim net asset value per share at February 28 of 49.60 pence, up 22% from 40.61p a year before. Says NAV per share has increased further and continues to confirm the its view that over the next period there is potential to see a significant increase in value. "The performance of the underlying investments has been encouraging, the sentiment towards UK publicly quoted equities, and in particular the small companies and micro-cap value companies, has by no means recovered to previous historic levels," says Chelverton.
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Michelmersh Brick Holdings PLC - Sussex-based brick manufacturer - Posts pretax profit for 2020 of GBP6.9 million, falling 34% from GBP10.4 million a year prior. Revenue falls to GBP52.0 million from GBP53.5 million. Administrative expenses increase to GBP12.8 million from GBP11.8 million. Resumes dividend payments with final single payment of 2.50 pence per share, up from 1.15p a year before. Says it is well placed to capitalise on the UK markets by notes continuing uncertainty caused by Covid-19.
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S&U PLC - Birmingham-based motor finance firm - Posts pretax profit for year ended January 31 of GBP18.1 million, falling 48% from GBP35.1 million a year prior. Revenue dips 6.8% to GBP83.8 million from GBP89.9 million. Cost of sales increases to GBP51.0 million from GBP37.1 million. Declares final dividend of 43 pence per share, down from 50p a year before. Total payout down to 90p from 120p. "Although uncertainty still surrounds the economic climate following Covid, the skies are definitely brightening. As I predicted last year the suppression of consumer demand and confidence is likely to be temporary and will not alter the fundamentals underpinning the demand for the vehicles and properties S&U finances," says Chair Anthony Coombs.
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Mpac Group PLC - Coventry-based packaging company - Posts pretax profit for 2020 of GBP2.9 million, falling 46% from GBP5.4 million a year prior. Revenue decreases to GBP83.7 million from GBP88.8 million. Does not declare a final dividend, unchanged from a year prior. "We entered 2021 with a stronger order book compared to the previous year and have been successful in further extending the diversity of customers and product ranges. 2021 has started well across all regions and the group's future prospects remain positive," says Chief Executive Tony Steels.
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By Greg Roxburgh; gregroxburgh@alliancenews.com
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