TRADING UPDATES: Glenveagh, IOG swing to profit; Faron loss widens

(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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Glenveagh Properties PLC - Irish housebuilder - Returns to profit in the first half of the year. Reports a pretax profit of EUR4.3 million in the six months ended June 30 from a EUR27.3 million loss the previous year and a EUR3.7 million loss two years earlier. Revenue rises sharply to EUR127.5 million, the company says, from first-half takings of EUR37.0 million in 2020 and EUR45.5 million in 2019. Chief Executive Stephen Garvey says: "Despite the major headwinds caused by Covid-19, we have returned to profitability and increased our output. We have sold, signed, or reserved the 1,150 homes that we expect to deliver this year with a further 300 homes already reserved for next year. We've seen growth across our three core business segments and have made major strides in building a strong platform for future growth."

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Faron Pharmaceuticals Oy - Finland-based biopharmaceutical company - Generates no revenue in the six months ended June 30, in line with the two previous years. Pretax loss widens to EUR10.6 million in the first half from losses of EUR7.3 million and EUR6.3 million at the same point in 2020 and 2019 respectively. Chief Executive Markku Jalkanen says the company: "Progressed our most advanced pipeline assets with bexmarilimab showing compelling antitumor activity as a monotherapy in heavily pre-treated patients across multiple solid tumor types and the initiation of the Hibiscus trial assessing Traumakine as a first-line treatment for hospitalized Covid-19 patients."

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IOG PLC - gas production focused on the UK's southern North Sea - Swings to pretax profit of GBP209,000 in the six months ended June 30, from GBP3.7 million loss the year before. Notes cash balance of GBP59.0 million and unrestricted cash of GBP3.4 million at June 30. Compares to a cash balance of GBP80.4 million and unrestricted cash of GBP67.0 million at the end of 2020. Expects first gas upon the completion of the Blythe well and onshore recommissioning activities in the final quarter of 2021. Anticipates completion of pipelay campaign in first quarter of 2020, to install 6km extension of the 24" Saturn Banks pipeline to the Southwark field. Forecasts first gas at Southwark field in the second quarter of 2022. Commits to net zero scope 1 and 2 emissions from 2021.

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Cadence Minerals PLC - investor in mineral resources - Notes pretax profit of GBP2.8 million in the six months ended June 30, compared to a GBP1.4 million loss in that period a year prior. Sees unrealised profit on investments reach GBP3.1 million from a GBP383,000 loss last year. Total assets hit GBP25.4 million on June 30, up 12% from GBP22.6 million at the end of 2020. Says large-scale open-pit Amapa iron ore project in Brazil continues to be its top priority.

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Anglo-Eastern Plantations PLC - palm oil and rubber producer in Indonesia and Malaysia - Income rises to USD201.1 million in the six months ended June 30, up 63% from USD123.1 million a year prior. In comparison the company posted revenue of USD97.9 million during that period in 2019. Sees pretax profit jump to USD54.2 million in the first half from USD17.1 million the previous year and a USD200,000 loss two years prior. Declares no interim dividend, as in 2020 and 2019. Expects crude palm oil prices to moderate in the second half of 2021. Welcomes lower palm oil export levy in Indonesia since the start of the second half. India also cuts taxes on crude palm oil and other palm oil product for three months from the end of June onwards. Says it has "policies in place and would be in a good position to mitigate" the risks of any new Covid-19 variants or related plant shutdowns.

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Scholium Group PLC - rare books, arts and collectibles company - Swings to a pretax loss of GBP437,000 in the financial year ended March 31, from a GBP25,000 profit the year prior. Revenue sank to GBP6.0 million, down 17% from GBP7.3 million the year prior and 15% below the GBP7.1 million reported two years earlier. Net asset value per share falls 4.2% to 68 pence from 71p in financial 2020. Says it has mitigated difficulties relating to the pandemic by moving much of its business online. Chair Jasper Allen says: "The board is continuing to search for further acquisitions in related areas and has identified a small number of companies with which it had preliminary discussions during the year."

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Goodwin PLC - engineer based in Stoke-on-Trent - Says it is co-operating with police investigation into death of employee at Hanley site on Wednesday. "We are giving our full co-operation and support to the investigation currently being carried out by the police and the Health & Safety Executive, but will be unable to comment further until that process has been completed," the company says.

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By Scarlett Butler; scarlettbutler@alliancenews.com

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