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EARNINGS: Smithson says net value up, Orcadian narrows operating loss

Tue, 27th Feb 2024 17:38

(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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abrdn UK Smaller Companies Growth Trust PLC - Aberdeen, Scotland based investment fund - Net asset value total return for six months to December 31 is positive 7.3%. Deutsche Numis Smaller Companies plus AIM (ex-investment companies) Index returns positive 5.5%. NAV per share at December 31 was 508.95 pence, up 5.4% from 482.95p at June 30. Company posts interim dividend of 3.70p, up from 3.00p the previous year. Company says it remains well-placed to achieve long-term capital growth despite a "very uncertain" outlook, with the case for interest rate cuts offset by the geopolitical situation.

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Smithson Investment Trust PLC - London-headquartered trust focused on long-term investments in small to mid-sized companies worldwide - NAV per share at December 31 was 1,598.0p, up from 1,410.7p one year prior. NAV total return for year to December 31 is positive 13.3%, compared with negative 28.1% in 2022 and versus positive 9.1% from MSCI World Small & Mid-Cap Index. Declares no dividend, unchanged from prior year. Shares portfolio manager's "significant optimism for the future, reflecting their view that the portfolio positioning is the best they believe it has ever been, and that the interest rate cycle is almost certainly at its peak".

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Orcadian Energy PLC - North Sea oil and gas developer - Pretax loss for six months to December 31 is GBP488,125, compared with GBP489,503 loss the previous year. Operating loss narrows to GBP436,260 from GBP455,196. Says period was "transformational" due to signing sale & purchase agreement on December 7 for an 81.25% interest in licence P2244 with Ping Petroleum UK PLC. Administrative expenses decrease to GBP260,180 from GBP455,196.

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European Smaller Cos Trust PLC - London-based FTSE-250 investor backing small and medium-sized companies in Europe - NAV total return for six months to December 31 is positive 4.7%, while benchmark MSCI Europe ex UK Small Cap Index delivers positive 7.1%. NAV per share at December 31 was 189.29p, up from 184.26p at June 30. Declares interim dividend of 1.45p for the year to June 30, 2024, unchanged from the prior year. Remains "confident that the company will be able to deliver a healthy dividend as the underlying portfolio companies continue to generate steady cash flows". Sees "scope for interest rates to drop meaningfully" going forward, and expects "growing optimism" to "reach the smaller companies sector in due course".

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By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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