TRADING UPDATES: Iofina interim profit doubles on higher iodine sales

Fri, 24th Sep 2021 11:01

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

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Iofina PLC - iodine production in US state of Oklahoma - For the six months ended June 30, pretax profit more than doubles to USD3.5 million from USD1.3 million a year before, on revenue which grew 27% year-on-year to USD19.9 million from USD15.7 million, driven by an increase in sales of iodine products, in spite of a drop in the price of raw iodine to USD33.45 per kilogram from USD35.49 a year prior. Iofina produces 249 metric tonnes of crystalline iodine, down 13% from 287 metric tonnes a year before. Looking ahead, company expects to meet its commercial expectations for 2021.

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Kingswood Holdings Ltd - London-based wealth manager - For the six months ended June 30, pretax loss narrows to GBP3.7 million from GBP6.1 million a year prior, on revenue which leapt year-on-year to GBP61.5 million from GBP8.3 million, following the consolidation of the group's US business after acquiring a 50% stake in Manhattan Harbor Capital in November 2020. Within the US business, EF Hutton Investment Banking revenue reaches GBP41.8 million on strong capital market activity.

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Fusion Antibodies PLC - Belfast-based therapeutic drug and diagnostic applications research organisation - Revenue growth has been consistent in its financial year-to-date and is in line with company expectations, while customer enquiries for all services remain robust. Financial year ends March 31, 2022. During the period, Fusion receives GBP150,000 milestone payment as a result of a humanised antibody project which was commercialised by a key client, the first payment gained by the company.

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Pembridge Resources PLC - London-based copper ores company - For the first half of 2021, pretax loss widens to USD2.5 million from USD993,000 a year before, due to a USD1.4 million revaluation of the Capstone Mining Corp liability. From subsidiary Minto Exploration PLC, 15,436 wet metric tonnes of concentrate was produced from the mine in Yukon, Canada, up from 13,795 tonnes, leading to higher mine revenue of USD48.3 million, up 90% from USD25.4 million.

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Panther Metals PLC - Isle of Man-based company focused on mineral exploration in Canada and Australia - For the six months ended June 30, pretax loss narrows to GBP88,465 from GBP388,126 a year prior, mainly due to a gain of GBP134,164 from a share-based payment credit from a charge of GBP135,806. Generates no revenue for the period, in line with a year before as none of the company's projects are in production yet. At Dotted Lake property in Canada, planned soil sampling programme commenced in mid-June.

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Argos Resources PLC - Falkland Islands-based exploration firm - For the six months ended June 30, loss from operations widened to USD200,000 from USD192,000 as a result of higher administrative costs. During the period, company noted a recovery in the oil industry with a rise in oil prices and increasing activity, but still hampered by continued Covid-19 restrictions. In response to this, Argos requested an extension to the term of licence PL001 to gain more time to recover from the downturn, which was granted to May 1, 2022.

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Nippon Active Value Fund PLC - Japan-focused investment firm - For the six months ended June 30, net asset value total return is 10.1%, outperforming the MSCI Japan Small Cap index, which returned 1.4%. NAV per share at the end of June is 123.20 pence, up 8.5% from 113.58p on December 30.

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By Dayo Laniyan; dayolaniyan@alliancenews.com