TRADING UPDATES: Nostra revenue rises; Synergia eyes Cambay farm-out

Thu, 06th Oct 2022 17:17

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

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Nostra Terra Oil & Gas Co PLC - London-based oil and gas company with operations focused in the US - In the six months ended June 30, revenue more than doubles to USD2.0 million from USD963,000 a year prior. Pretax loss narrows to USD203,000 from USD269,000. Bottom line hit by USD813,000 in exploration costs written off.

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Synergia Energy Ltd - Perth-based developer of natural gas assets in India, Indonesia and the UK, formerly called Oilex Ltd - Engages "recognised oil and gas advisory firm to provide advisory services" provider for farm-out of 50% of Cambay. "The advisory firm has extensive Indian oil and gas industry experience as well as an international reach. The identification of a partner on the Cambay PSC is key to the company's strategy to embark on a full field development programme, which is targeted to commence in 2023," Synergia says.

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Ncondezi Energy Ltd - power development company - Pretax loss in six months to June 30 widens to USD743,000 from USD540,000 a year earlier. Posts no revenue, unchanged from prior year. "The first half of 2022 has seen limited progress at the company's Ncondezi project, driven by a lack of clarity from the sector's largest financier, China, on financing advanced stage coal projects abroad. However, during this period the company has taken proactive steps to identify other potential opportunities to unlock shareholder value through its wholly owned green energy subsidiary, NGP," company says.

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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company - Revenue in six months to June 30 falls to GBP1.3 million from GBP5.2 million a year earlier. Pretax loss narrows to GBP8.6 million from GBP10.7 million. "The reduction in loss compared to the corresponding period last year was mainly as a result of the restructuring implemented during the second half of 2021 that resulted in a significant reduction in costs and various asset impairments," SIMEC says.

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Ovoca Bio PLC - Dublin-based biopharmaceutical company focused on women's health - Pretax loss in six months ended June 30 widens to EUR5.7 million from EUR3.1 million a year earlier. Generates no revenue, unchanged from prior year.

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Graft Polymer (UK) PLC - London-based company focused on the development and production of polymer modification, biological supplements, and nano-drug delivery systems - Revenue in six months to June 30 rises to GBP331,000 from GBP226,000. Pretax loss widens to GBP815,000 from GBP407,000, however. Administrative expenses more than double to GBP783,000 from GBP365,000.

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GRIT Investment Trust PLC - invests in small and mid-capitalisation natural resources and mining companies - Swings to pretax loss of GBP89,000 in six months ended June 30, from GBP366,000 profit a year earlier.

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Livermore Investments Group Ltd - investment company focused on fixed income instruments - Net asset value per share at June 30 half-year end falls to USD0.79 from USD1.00 a year earlier. Slides from USD1.07 at December year-end. "The economic environment of 2022 can be characterized as a period of indigestion from the monetary and fiscal policy largesse in the previous years. Inflation has risen to multi-decade highs. The inflation situation has been further complicated by the energy cost shock emanating from sanctions applied to Russia on its war in Ukraine. Developed economy central banks are therefore being forced to apply the economic breaks and increase interest rates in a bid to contain inflation. Financial markets have tumbled, with both fixed income and equity markets recording significant losses in 2022," Livermore says.

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Amati AIM VCT PLC - Edinburgh-based investment company - Net asset value per share at July 31 half-year end declines to 146.5 pence from 215.4p a year earlier. Interim payout cut to 3.5p per share from 4.5p. "The six months to 31 July have been a difficult period for smaller company valuations. Inflation was already rising sharply as a result of continued quantitative easing measures being introduced in 2020. Those problems have been further compounded by the unconscionable invasion by Russia of Ukraine on 24 February which currently has no acceptable end on the horizon," company says.

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RiverFort Global Opportunities PLC - Wycombe-based investment adviser - Net asset value per share at June 30 half-year end declines 2.2% to 1.46 pence from 1.49p in December. "Going forward, we believe that the Company has an attractive portfolio of investments which not only has the scope to achieve income with downside protection but the significant upside potential to generate capital gains from appropriate pre-IPO investments. In particular, Smarttech247 is actively progressing a stock market listing in Q4 2022 which is expected to generate an attractive return on investment," Non-Executive Chair Philip Haydn-Slater says.

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M&C Saatchi PLC - London-based advertising agency - Last week Friday says Advancedadvt Ltd's takeover offer lapses. Taken together with the shares that Advancedadvt already owns in M&C, acceptances totalled just over 35%. AdvancedAdvT is M&C Saatchi's largest shareholder, and it is chaired by Vin Murria, a former member of M&C Saatchi's board. Under AdvancedAdvT's offer, shareholders in M&C Saatchi would receive 2.043 new shares in AdvancedAdvT and 40p in cash, or receive 2.530 new AdvancedAdvT shares.

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TPXimpact Holdings PLC - London-based IT consulting firm - Trading in half-year ended September "below our expectations", will hit annual outturn in the process. Management "underestimated" upheaval caused integration work. "This resulted in a Q1 order book lower than expected, impacting revenues in Q2," company says. "Q2, the group took action to reposition the sales, growth and bid management team into the specific divisions (largely the Consulting division) in order to bring them closer to the account management and delivery teams driving ongoing and upsell revenue." Investments have driven cost base higher. Now expects annual adjusted earnings before interest, tax, depreciation and amortisation of GBP7.0 million to GBP7.5 million. Chief Executive Neal Gandhi and Chief Financial Officer Oliver Rigby step down roles, with effect October 1.

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Agriterra Ltd - Guernsey-based agricultural investment company - Revenue in year ended March 31 falls to USD10.3 million from USD14.3 million. Pretax loss stretches to USD2.4 million from USD2.2 million. Revenue fall down to "influx of maize from Malawi and Zambia which saturated the Mozambique market".

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Mode Global Holdings PLC - London-based bitcoin banking app - Revenue in six months to June 30 declines to GBP535,000 from GBP814,000. Pretax loss narrows to GBP3.6 million from GBP3.9 million. Administrative expenses fall to GBP3.7 million from GBP4.0 million.

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By Eric Cunha; ericcunha@alliancenews.com