TRADING UPDATES: Flowtech revenue up; Velocys meets expectations

(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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Velocys PLC - Oxford-based sustainable fuel technology company - Says its performance for 2022 was in line with market expectations. At the end of 2022 it had a cash balance of GBP13.4 million, down from GBP25.5 million the year prior. Expects to report its annual results in May. During the year, it achieved a number of key milestones and objectives which put the company in a strong position to progress its reference projects through to key valuation inflection points and build its commercial pipeline, it says. "The progress we continue to make, supported by these new developments and the policy tailwinds, means we have a solid platform to deliver. Consequently, we are confident about the years ahead and our commercialisation strategy," Chief Executive Henrik Wareborn comments.

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GCP Asset Backed Income Fund Ltd - UK asset-backed loan investor - Net asset value per share in the quarter to December 31 is down 1.26 pence to 94.90 pence, after the payment of dividends. Also cites further reductions in the valuation of a Co-Living Group Loan, due to a reassessment of the estimates of the net realisable value of the underlying assets. Declares a quarterly dividend of 1.58125p per ordinary share for the period to December 31 from October 1. Says it is "well-placed" to deliver against its investment objectives, including regular and growing distributions.

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United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Production for 2022 averaged 1,312 barrels of oil per day net, in line with revised 2022 guidance of 1,300 to 1,325 boepd. Completes its work programme in Egypt, consisting of three development wells, two exploration wells, and eight workovers. Expects revenue in 2022 to amount to around USD16 million, down from USD19.2 million in 2021. Cash balances stood at USD1.4 million with net debt of roughly USD1.5 million as at December 31. "Operationally 2022 was a very active year for the company with an extensive work programme executed in Egypt, generating good operational cashflow despite mixed drill results. Over the three years that United has held Abu Sennan, the production base has generated material cashflows for the business. As the asset matures, it is transitioning to a phase in its development where operations are focused on maintaining and extending long term production rates to generate operational cashflows for many years to come. Egypt remains an integral part of our business providing operational cashflow which supports the wider asset portfolio of the company and our strategy to grow through M&A," CEO Brian Larkin comments.

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Harmony Energy Income Trust PLC - London-based investment company focused on energy projects - Net asset value per share as at December 31 stands at 124.92p. Its net asset value per C share stood at 98.61p on the same date. Triggers the process for converting its C shares into new ordinary shares. Sets the conversion ratio at 0.786735 ordinary shares for each C share. Expects to pay a dividend of 8 pence per share for the financial year that is ending on October 31.

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Flowtech Fluidpower PLC - supplier of technical fluid power products - Reports revenue of GBP114.8 million for 2022, up 5.2% versus GBP109.1 million in 2021. Net debt stood at GBP16.0 million, up 0.6% compared to GBP15.4 million the year before, it says. "I am pleased to report Flowtech has made good progress in 2022. Whilst very conscious of the actions needed to further improve, I am confident in our team and their capability. I remain optimistic for 2023 and beyond," Non-Executive Chair Roger McDowell says.

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By Abby Amoakuh, Alliance News reporter

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