EARNINGS UPDATES: Brave Bison notes first profit; Angle widens loss

Thu, 28th Apr 2022 16:10

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

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PetroTal Corp - Houston, Texas-based oil and gas company - Swings to net income of USD64 million in 2021 from a loss of USD1.5 million the previous year. Crude oil revenues more than double to USD159.2 million from USD76.6 million. Production averages at 8,966 barrels of oil per day, up 58% from 5,675 bopd in 2020. Sales average at 8,449 bopd, up 48% from 5,700 bopd. Company completes one deviated and two horizontal oil wells in the year as well as achieving "significant" infrastructure milestones. Re-opens its loading dock and says it is producing 18,200 bopd over the last 10 days. Adds it is preparing to drill well 11H in early May at an estimated cost of USD15.6 million, with completion anticipated in late June or early July.

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HeiQ PLC - Zurich-based materials developer - For 2021, pretax profit more than halves to USD2.7 million from USD7.2 million in 2020. Revenue rises to USD57.9 million from USD50.4 million, representing a 15% year-on-year. HeiQ adds this increase was ahead of expectations. Says trading in the firs quarter of 2022 is in line with expectations and ahead of the same period the previous year. Notes significant investment in the advancement of disruptive technology platforms in 2022. Adds it is investing USD2 million into a pilot commercialization plant for Hei1 grapheneX technology. Co-Founder & Chief Executive Carlo Centonze says: "The consolidated growth across our core products in existing and new markets has enabled us to be cash generative and will see us continue to invest in the advancement of our disruptive technology platforms and their commercialization. As a result, we will be targeting double digit growth across our existing products in 2022."

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Round Hill Music Royalty Fund Ltd - Guernsey-based investor in music copyright assets - Generates revenue of USD23.7 million in the period from incorporation in November 2020 to December 31, 2021. Deploys USD400 million across 49 catalogues in the period. Net asset value at December 31 stands at USD459.7 million. NAV returns was 17.6%. Chair Trevor Brown says: "The company has had an active and successful period since its initial admission. The investment manager has worked diligently to invest and commit the proceeds raised at IPO and subsequent fundraises into a variety of music rights in high quality Catalogues across genres, vintages, and income composition."

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Jersey Oil & Gas PLC - Jersey-based oil and gas company focused on the North Sea - Widens pretax loss to GBP4.2 million in 2021 against a loss of GBP2.8 million the previous year. Does not report revenue, unchanged from a year prior. Total assets increases 69% to GBP35.2 million at December 31 from GBP20.8 million at the same time the previous year. Chief Executive Andrew Benitz said: "2021 was an active and exciting year for the Company, most notably involving the commencement of our Greater Buchan Area farm-out process. Interest in developing the GBA has been strong and we are actively engaged with multiple serious counterparties." Developing the GBA is the company's number one priority moving forward, Jersey Oil & Gas adds.

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Angle PLC - Surrey, England-based liquid biopsy company - Widens pretax loss to GBP17.4 million in 2021 from a loss of GBP13.7 million a year prior. This loss reflects its planned investments in the year, Angle explains. Revenue rises 33% to GBP1.0 million from GBP762,000 in 2020, mainly from research use sales of its Parsortix system. Adds that research sales have continued to be impacted by the pandemic but reports "encouraging" improvement at the end of the year. Says it is in "regular constructive" dialogue with the US Food & Drug Administration and is currently awaiting a regulatory response. Receives reagents required to complete its ovarian cancer study. Adds that the strong operational momentum seen in 2021 has continued into 2022.

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Brave Bison Group PLC - London-based social and digital media marketing company - Returns to a pretax profit in 2021, swinging to GBP458,000 from a loss of GBP2.3 million in 2020. This is the company's first-ever pretax profit and in spite of acquisition costs of GBP700,000 during the year. Revenue rises 50% to GBP21.7 million from GBP14.5 million. Notes significant year-on-year growth in its digital media network as well as the increasing breadth of its digital advertising capabilities. Chair Oliver Green says: "We have made a strong start to 2022, with a number of new customer wins and a healthy performance across our digital media network. With the team and platform now in place, coupled with the potential for further tactical bolt-on acquisitions, we are on track to meet current market expectations for 2022 adjusted earnings before interest, tax, depreciation, and amortization of GBP2.7 million".

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CATCo Reinsurance Opportunities Fund Ltd - Bermuda-based close-ended fund - Increases net asset value per share to USD0.3389 at December 31 from USD0.2828 at January 1, 2021. Net assets fall to USD106.7 million at December 31 from USD111.8 million at the same time the previous year. Widens investment loss for the year to GBP6.4 million from USD3.1 million. Investment income falls sharply to USD657 from GBP53,416 the previous year.

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Minoan Group PLC - Surrey, England-based company focused on developing a tourism project in Crete - For the year ended October 31, narrows pretax loss to GBP749,000 from a loss of GBP876,000 a year prior. Does not report revenue, unchanged from the previous year. Reduces operating costs by 69% to GBP511,000 from GBP864,000 due to reductions in salary costs as well as legal and professional fees. Says it has progressed "significantly" on its Crete project during the year despite the backdrop of the pandemic. Adds it is in discussions with its lender to ensure it has sufficient working capital for the next year.

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Aquila European Renewables Income Fund PLC - Hamburg-based investor in renewable energy infrastructure in Europe - Swings to pretax profit of EUR26.6 million in 2021 from a loss of GBP1.2 million a year prior. Also swings to a gain on investments of EU19.2 million from a loss of EUR4 million in 2020. Expands portfolio to a total generation capacity of 332.3 megawatts at December 31, up from 301.3 megawatts at the same time a year ago. Reports net asset value per share of EUR1.026 at the year-end, up 2.6% against EUR0.9996 at the same in 2020.

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Cardiff Property PLC - Surrey, England-based property investment and development company focused in the Thames Valley in the south of England - Nearly triples its pretax profit to GBP1.1 million in the six months to March 31 from GBP365,000 the previous year. Earnings per share more than triple to 91.03p from 25.96p in the previous year. Revenue rises 8.1% in the half to 348,000 from 322,000. At March 31, net assets per share totals 26.30 pence, up from 24.43p at the same time the previous year. Net assets rises 0.8% to GBP29.1 million from USD28.8 million. Company declares an interim dividend of 5.5p, up from 5.0p the previous year.

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By Heather Rydings; heatherrydings@alliancenews.com