EARNINGS: Eden Research loss widens on GBP5 million impairment

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

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Verditek PLC - London-based solar panel producer - Revenue in the first half of 2023 rises to GBP254,958 from GBP178,502 a year earlier. However, pretax loss widens to GBP970,989 from GBP636,798. Direct costs increase to GBP319,233 from GBP256,953 and administrative expenses jump to GBP881,218 from GBP666,030. Looking ahead, Chief Executive Rob Richards says: "Despite recent challenges, we continue to see positive opportunities develop for Verditek and believe the significant investment into the development of our flexible, lightweight solar panels will bring about meaningful financial reward."

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Sealand Capital Galaxy Ltd - Asia-focused digital investor that offers financial and strategic support to entrepreneurs - Revenue in the first half of 2023 falls to GBP61,198 from GBP76,071 a year ago. Pretax loss widens slightly to GBP204,256 from GBP201,526. Looking ahead, says it remains "optimistic" about future and identifying new growth opportunities. Chair Nelson Law says: "The group's focus on expanding its presence in the e-commerce sector in China has been a key priority. Significant resources have been allocated to this endeavour, recognizing the vast potential of this market. In addition to the existing presence on Tmall, the group is actively working to collaborate with other platforms, aiming to reach a wider customer base and increase market share in online retail."

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Empire Metals Ltd - London-based minerals explorer and developer - Operating loss in the six months ended June 30 widens to GBP1.0 from GBP565,626 a year ago. Pretax loss widens to GBP1.0 million from GBP588,808. Says that 2023 has been a "remarkable" year so far. Chair Neil O'Brien explains: "This performance can be attributed to what we believe is one of the most exceptional mining discoveries of recent years; a giant titanium-enriched mineral system at our Pitfield Project in Western Australia."

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Adalan Ventures PLC - Russia-focused fintech company, formerly known as Zaim Credit Systems PLC - Pretax loss in the first half of 2023 narrows to GBP10,000 from GBP125,000 a year ago. Administrative expenses fall to GBP10,000 from GBP180,000.

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Eden Research PLC - Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology - Revenue in the first half of 2023 rises to GBP1.1 million from GBP1.0 million a year earlier. Pretax loss widens to GBP6.2 million from GBP1.3 million. Notes an impairment on intangible assets of GBP5.0 million, versus no impairment a year ago. Says impairment had arisen "primarily due to an increase in the discount rate used and increased forecast development costs." Looking ahead, Eden says it is on track to meet 2023 market expectations for product sales revenue and Ebitda.

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TruSpine Technologies PLC - London Gatwick Airport-based medical device company - Operating loss in the year ended March 29 narrows to GBP845,818 from GBP937,641 a year earlier. Pretax loss narrows to GBP853,461 from GBP940,806. The company says it continues to be in a pre-revenue development phase and remains loss making at this stage of its development. Adds that it continues to carefully manage its working capital position.

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By Sophie Rose, Alliance News reporter

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