EARNINGS UPDATES: Devolver Digital and Jangada swing to interim loss

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

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Longboat Energy PLC - North Sea-focused exploration and production company - In the six months that ended June 30, pretax loss widens to GBP2.5 million from GBP1.5 million the previous year, as administrative expenses jump to GBP2.4 million from GBP1.5 million. Books no operating revenue either year. During the recent half, Longboat had an active drilling campaign which included the spudding of Ginny & Hermine, Kveikje, and Cambozola. It spent GBP17.7 million on exploration drilling costs and GBP13.5 million on exploration carry costs. Reports operational performance during the half-year was "good", with wells drilled within budget. Notes high commodity prices making the market challenging for buyers and sellers. Says patience will be required, given commodity price levels and competitive landscape.

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Devolver Digital Inc - digital publisher and developer of video games - Swings to a pretax loss of GBP11.6 million in the six months ended June 30, from a profit of GBP103.6 million the previous year, as one-off income primarily from disposals of GBP115.3 million a year before is not repeated. Notes a "challenging" first half. Revenue rises by 14% to USD53.0 million from USD46.4 million. Cost of sales rises 13% to USD34.7 million from USD30.7 million and administrative expenses by 9.1% to USD29.9 million from USD27.4 million. Maintains full-year guidance with revenue expected between USD130 million and USD140 million, implying year-on-year growth of over 30%. Adjusted earnings before interest, taxation, depreciation, and amortization is expected to be between USD27 million and USD32 million, implying year-on-year growth of 15%.

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NFT Investments PLC - invests in non-fungible tokens - Loss in the six months ended June 30 doubles to GBP4.2 million from GBP2.1 million the previous year. Posts no revenue in either period. At June 30, reports a net asset value of GBP30.1 million, or 3.01 pence per share. Notes "growing" global economic uncertainty and ongoing "turbulence" in the NFT and cryptocurrency sectors. "We remain very bullish on the long-term crypto market and the technology underlying it, but we have not yet seen signals from the market that we are at a bottom. We remain cautious and will use our conserved capital when we believe that the time is right," says Executive Director Jonathan Bixby.

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Jangada Mines PLC - Brazil-focused mining company - Swings to an interim loss of USD418,000 in the six months to June 30 from a profit of USD1.0 million the previous year. Says this resulted from the sell down of its investment in ValOre shares. Total assets at June 30 falls to USD5.5 million from USD6.4 million at December 31. Says during the period, it continued to develop its 100% owned Pitombeiras ferrovanadium project. Adds it has made "great progress" in this regard. Reports a total mineral resource estimate of 8.26 million tonnes.

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Tufton Oceanic Assets Ltd - investment company focused on second-hand commercial vessels - In the financial year that ended June 30, posts total net income of USD115.5 million, up 40% from USD82.5 million the previous year. Expenses surge to USD8.2 million from USD3.0 million. IRFS earnings per share rise to USD0.3617 from USD0.3070 cents a year prior. Net asset value per share at June 30 increases by 25% to USD1.450 from USD1.158 at the same time a year before. Total NAV return for the year was positive 33%. Notes a rise in container ship and bulker values in the year, as the market benefited from strong demand and inventory restocking in the second half. Container-ship market remained strong during the year due to port congestion and supply-side constraints.

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Caspian Sunrise PLC - Kazakhstan-focused oil & gas exploration and production company - In the six months to June 30, pretax profit surges to USD10.0 million from USD3.4 million the previous year. Revenue more than doubles to USD25.6 million. Firm says the results are "comfortably the best in the group's history." Cites increase in oil production volume and increases in price for the revenue rise. Cost of sales jump to USD6.7 million from USD2.3 million. Ups aggregate production in the half by 81% to 414,048 barrels from 228,387. Post period-end, production double to 2,264 barrels of oil per day from 1,124 bopd. Chair Clive Carver says the firm remains on track to pay its first dividend before the end of the year.

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LungLife AI Inc - clinical diagnostic solutions developer for the early detection of lung cancer - In the six months to June 30, narrows pretax loss slightly to USD4.5 million from USD4.6 million. Revenue falls to USD10,000 from USD107,000, and administrative expenses nearly double to USD4.3 million from USD2.2 million, but pays no costs of listing in the recent period, compared to USD2.1 million a year before. Chief Executive Paul Pagano says the firm's LungLB validation study is progressing well and adds that it is looking ahead to the process of pricing and coverage for the LungLB test. LungLB is a blood-based test that uses circulating tumour cells.

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Capital Metals PLC - Sri Lanka-focused mineral sands company - In the year ended March 31, reports a significantly narrowed pretax loss of USD1.9 million from GBP7.9 million the previous year. Chair Gregory Martyr says the period has been "extremely busy" and adds he is "delighted" at the activities undertaken. "The strong current and forecast prices for our minerals, coupled with the clear potential for further expansion of our high-grade resource, provides excellent potential to further enhance the economics of the project which are already compelling," he adds.

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Savannah Resources PLC - Europe-focused lithium development company - In the six months to June 30, posts a narrowed loss of GBP1.35 million from a loss of GBP1.43 million a year previous. Revenue remains at zero. Administrative expenses tick up to GBP1.9 million from GBP1.8 million. Company records a foreign exchange gain of GBP628,980 in the half. The previous year, it recorded a foreign exchange loss of GBP120,501. Chair Matthew King says the lithium market remains "highly encouraging" for new raw material producers like the company.

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By Heather Rydings; heatherrydings@alliancenews.com

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