EARNINGS AND TRADING: Tatton profit up; Mycelx to miss expectations

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

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Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Completes Rio Cravo Este-6 well in the Carbonera C7 formation in the Tapir block in the Llanos basin of Colombia. Says the well penetrated a 16-foot pay zone in a high quality upper Carbonera C7 sand, with a porosity of 27%. Says that drilling has continued at the well, with testing at Ubaque zone showed production rate of 393 barrels of oil per day. Chief Executive Officer Marshall Abbott says: "The RCE-6 test results in both the Ubaque formation and Carbonera are material and exciting for the company. The results demonstrate that the Carbonera remains a solid high volume producer while the Ubaque formation has proven production that extends beyond the Carrizales Norte complex. Multiple development locations are anticipated based on current results, including horizontal drilling in the Ubaque reservoir in the Carrizales Norte field. Horizontal wells typically produce at higher rates, increasing recovery and the economics of heavy oil fields."

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Tatton Asset Management PLC - Cheshire-based on-platform discretionary fund management and independent financial adviser support service - Pretax profit in the six months to September 30 rose 17% to GBP7.7 million from GBP6.6 million a year prior, as revenue grew 10% to GBP17.5 million from GBP15.9 million the year before. Ups interim dividend by 78% to 8.0 pence from 4.5p in the first half of financial 2023. CEO Paul Hogarth says: "We look forward to making further progress over the rest of the year, while remaining acutely aware of the continuing macroeconomic turbulence and market volatility. The board remains confident in the future prospects of the group." Assets under management/influence improve 205 to GBP14.78 billion from GBP12.34 billion a year prior.

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Dunedin Enterprise Investment Trust PLC - Edinburgh-based UK and overseas companies' investor - Says net asset value at September 30 was 617.6p per share, up 1.4% from 609.2p per share at June 30. NAV total return was 1.4%

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Mycelx Technologies Corp - Georgia, US-based clean water and air technology - Awarded USD5.4 million deal for the deployment of its Regen media to an unnamed customer. Says that performance in the first half of 2023 was "robust", but due to "unforeseeable events" in the second half, now expects full-year revenue to be in the range of USD11.0 million - USD11.8 million, against market expectations of USD13.1 million. Also expects profit for 2023 to fall beneath market expectations. However, ups 2024 guidance to USD17.5 million from market estimates of USD14.9 million. CEO Connie Mixon says: "As a business, we continue to benefit from our proprietary technology that allows our clients to maximise their operational performance while minimising their environmental impact. These tailwinds leave us well positioned as we head into 2024, as we look to aggressively pursue projects where we have a differentiator, can leverage strategic partnerships and deliver value to our customers and stakeholders."

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Ondine Biomedical Inc - Vancouver-based life sciences company - Says study by Vancouver General Hospital, which has been published in the Canadian Journal of Surgery, shows reports a 67% decrease in spine surgery infection rates sustained over eight years with the use of its Steriwave nasal photodisinfection spray. The study involved 13,493 patients. Adds that VGH said that photodisinfection should be standard of care.

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By Sabrina Penty, Alliance News reporter

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