EARNINGS SUMMARY: Gulf Keystone swings to loss; Gulf Marine optimistic

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

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Beowulf Mining PLC - Sweden, Finland and Kosovo-focused mining company - Pretax loss in the first half of 2023 widens to GBP1.8 million from GBP683,607 a year prior. Beowulf does not yet generate revenue. Further, company says it appointed Ed Bowie as chief executive officer from August 7.

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Gulf Keystone Petroleum Ltd - operator of the Shaikan Field, one of the largest developments in the Kurdistan region of Iraq - As oil price declines, in the first half of 2023, swings to loss of USD2.5 million from a profit of USD162.6 million a year prior. Revenue drops sharply to USD79.6 million from USD263.6 million. Company does not provide data for realised oil price yet for the half-year to June 30. In the three months to March 31, it declined 39% to USD51.3 per barrel from USD84.3 in the half-year to June 30. Chief Operating Officer John Hulme says: "Looking ahead, we see strong demand for Shaikan crude providing opportunities to increase local sales further, although the outlook for sustainable volumes and prices remains unpredictable. We continue to retain significant flexibility to dial operational activity up or down, and if we are unable to maintain sustainable local sales, we would consider additional opportunities to reduce costs. However, these could potentially delay a timely return to full production."

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Gulf Marine Services PLC - United Arab Emirates-based lift boat company - In the first half of 2023, pretax profit falls to USD10.0 million from USD14.6 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation rise 19% to USD44.3 million from USD37.3 million. Revenue grows to GBP74.3 million from GBP66.4 million. However, finance expenses balloon to USD18.2 million from USD7.3 million. Looking ahead, expects 2023 adjusted Ebitda between USD77 million and USD85 million, upgraded from its previous estimate of USD75 million to USD83 million and at least 7.7% higher than USD71.5 million in 2022. Executive Chair Al Alami says: "We are pleased to forecast an increased EBITDA guidance for the current year, driven by robust utilization, enhanced rates and a solid performance in the first half of the year. It is worth noting that these positive prospects coexist with the risks we face daily, being operational challenges, inflationary pressures, and the burden of debt service charges, all of which are being monitored closely. The group reiterates its commitment to continue its deleveraging journey."

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Integrated Diagnostics Holdings PLC - Jersey-based consumer healthcare firm - Net profit in the first half of 2023 falls 52% to EGP211 million, around GBP5.4 million, from EGP439 million. Revenue declines 4.2% to EGP1.87 billion from EGP1.95 billion. Cost of sales increase 8.2% to EGP1.21 billion from EGP1.12 billion. Looking ahead, expects revenue growth of May and June to carry into the second half of the year.

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Nippon Active Value Fund PLC - Japanese small-cap-focused investment trust - Net asset value per share as at June 30 rises 21% to 146.72 pence from 121.03p a year prior, and is up 4.5% from 140.46p at December 31. NAV total return per share for the first half of 2023 is positive 6.7% compared to negative 11% a year prior, and outperforms its benchmark, the MSCI Japan Small Cap Index, which returns positive 0.4%. Nippon Active declares no interim dividend, unchanged from a year prior. Noting that the end of Japan's deflation is "positive for the economy," Chair Rosemary Morgan says: "During the period under review, the Japanese market rallied to the highest level since 1990 in local currency terms, though the continuation of loose monetary policy contributed to further weakness in the yen." Looking ahead, firm aims to invest in "a small number of deeply undervalued companies." Chair Morgan says: "Even if global investors' focus shifts away from Japan, we are confident that an activist approach will continue to perform well."

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Oxford Cannabinoid Technologies Holdings PLC - cannabinoid medicine-focused pharmaceutical company - In the year ended April 30, pretax loss widens to GBP7.0 million from GBP5.5 million a year prior. Looking ahead, company is optimistic. "Our lead drug candidate, OCT461201, is poised to complete its phase I clinical trial in Q3 2023. This milestone is not just a step in the regulatory process; it is a beacon of hope for countless patients with unmet needs in pain management." The drug candidate is focused on potentially treating chemotherapy-induced peripheral neuralgia, which has symptoms such as pain, numbness and tingling in the extremities.

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By Tom Budszus, Alliance News reporter

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