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EARNINGS: Hutchmed revenue surges, Craven House's loss widens

Wed, 28th Feb 2024 17:31

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


Hutchmed (China) Ltd - Hong Kong-based developer of treatments for cancer and immunological diseases - Says it swings to net income of USD100.8 million for 2023, from a USD360.8 million net loss in 2022. Revenue rises 97% to USD838.0 million from USD426.4 million, with Oncology/Immunology consolidated revenue more than tripling to high end of guidance, at USD528.6 million. Includes USD280 million of an upfront payment from deal with Takeda Pharmaceutical Co Ltd. Cash balance at December 31 is USD886.3 million, up from USD631.0 million one year prior. Company does not recommend a final dividend, unchanged from 2022. Guides for USD300 million to USD400 million in Oncology/Immunology consolidated revenue in 2024.


Cykel AI PLC - London-based artificial technologies firm, founded in August 2023 - Posts operating loss and pretax loss of GBP1.4 million for the period from August 22 to November 30. Cash balance at November 30 is GBP1.6 million. Says management team continues to develop and refine its task operating system, pending the expected reverse takeover by London-based special purpose acquisition company Mustang Energy PLC agreed in January.


Harmony Energy Income Trust PLC - Great Britain-focused investor in commercial-scale battery energy storage systems - Net asset value at October 31 is 115.40 pence per share, down from 120.55p one year previously. Reports adjusted NAV total return of positive 1.2% for the year to October 31, following a positive 23.4% return the year before. Pretax profit falls to GBP3.1 million from GBP48.4 million. Company increases total dividend for year to 8p per share from 2p, and says it is working hard to find solutions to its current challenges, including the "deteriorated" Great British battery energy storage systems or BESS market. Acknowledges however that due to "unexpectedly low" income its dividends were paid using VAT rebates, "which the board recognises is not what shareholders expect over the long term".


Craven House Capital PLC - London-based investment fund with minority shareholding in four Swedish-managed eCommerce and pharmaceutical businesses - Pretax loss for six months to November 30 is USD114,000, widening from USD72,000 the prior year. Assets at period end total USD1.16 billion, down from USD6.43 billion one year prior. Loss per share widens to 2.95 US cents from 1.86 cents. Says investees remain at 'pre-revenue' stage of business development.


Malin Corp PLC - Dublin-based investor in life sciences companies - Says cash at December 31 is EUR29.3 million, compared to USD173.9 million at the same time one year prior. This has grown to EUR34.5 million at February 26 due to receipt of a contingent milestone payment from a disposal to Sanofi SA in 2021. Estimated intrinsic equity value was EUR6.56 per share at December 31 and EUR7.91 at February 26. Company says it returns EUR140.7 million of capital to shareholders throughout 2023 with a tender offer and on-market buybacks. Company also says Executive Chair Liam Daniel's role will revert to non-executive chair from Thursday.


AIQ Ltd - company focused on acquiring and developing e-commerce sector businesses - Revenue for the year to October 31 falls to GBP207,209 from GBP496,296 annually. Pretax loss widens to GBP503,198 from GBP336,731. Says these results reflect challenging environment for non-fungible tokens and other blockchain technology-based products. Cash balance at October 31 is GBP135,445, down from GBP636,459 one year prior. Company says it continues to closely monitor its cash position and "is keeping all its strategic options open should the markets not turn favourable in the near-term".


Renewables Infrastructure Group Ltd - investor in wind, solar and battery storage projects in Europe, advised by InfraRed Capital Partners Ltd - NAV per share at December 31 is 127.7p, down from 134.6p one year prior. Says reduction was driven by lower power price forwards and higher valuation discount rates. Says portfolio revenue for 2023 was GBP793 million, down from GBP838 million in 2022. Portfolio earnings before interest, tax, depreciation and amortisation falls to GBP610 million from GBP677 million. Dividend for 2023 totals 7.18p per share, and company is targeting a payout of 7.47p per share for 2024. Adds that the macroeconomic environment looks more "benign" this year.


By Emma Curzon, Alliance News reporter

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