TRADING UPDATES: Serica production slips; Epwin confident for future

(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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Serica Energy PLC - upstream oil & gas company - Pretax profit drops to GBP12.5 million in 2020 from GBP108.8 million in 2019. Sales revenue down sharply to GBP125.6 million from GBP250.5 million. Average net production falls to 23,800 barrels of oil equivalent per day from 30,000 boe per day in 2019 - reflects caisson repairs and other field maintenance work in the first half. Average 2020 sales price down to USD20 per boe from USD30 per boe in 2019. Declares maiden dividend of 3 pence. Chief Executive Mitch Flegg says: "We are reporting solid results after a challenging year and a severe industry downturn. Despite the many obstacles 2020 presented, Serica has continued to strengthen its financial and operational foundations and also to deliver returns to its shareholders. Covid-19 caused disruption to global markets and threatened operations during 2020 but Serica responded rapidly to protect its personnel and ensure continuing supplies of oil and gas into the British market. The impact of a substantial fall in commodity prices during the year plus a 45-day shut-in of BKR production in H1 to repair a damaged caisson on the Bruce platform was mitigated by the flexible structure of the BKR net cash flow sharing arrangements and the group's gas price hedging programme. This financial and operational resilience enables the recommendation of an increased dividend of 3.5 pence per share."

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Aberdeen Standard Asia Focus PLC - invests in smaller, listed companies in Asia and Australasia, excluding Japan - Net asset value per share ends January 31 at 1,319.9 pence compared to 1,106.5p at July 31. NAV total return in first half 21% versus benchmark, MSCI AC Asia Pacific ex Japan Index total return, gaining just under 20%. Chair Nigel Cayzer says: "Global stock markets enjoyed a remarkable rebound in the six months to 31 January 2021, following the Great Lockdown of 2020 which aimed to contain the Covid-19 outbreak. The prospect of a global economic recovery came with a greater risk appetite for Asian small caps, which began to rise faster than large caps during the review period. This reversed the trend of the past three years, when Asian small caps rose by 14%, trailing their larger counterparts which gained 27%."

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PureTech Health PLC - clinical-stage biotherapeutics company - Net loss narrows to USD6.1 million from USD46.1 million loss in 2019. Total revenue grows to USD11.8 million from USD9.8 million and general & administrative expenses fall to USD49.4 million from USD59.4 million. Notes strong capital base and cash runway extended into the first quarter of 2025, with level cash and cash equivalents at March 31 of USD443.4 million versus USD349.4 million at end of 2020 and consolidated cash and cash equivalents of USD486.5 million at March 31, up from USD403.9 million at December 31, 2020. Founder & Chief Executive Daphne Zohar adds: "We are well-positioned for an exciting year ahead, which we expect will include multiple value drivers across our Wholly Owned Programs and our Founded Entities, including at least ten expected clinical trial initiations and nine expected readouts."

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Epwin Group PLC - Solihull, England-based building products manufacturer - Pretax profit for 2020 drops to GBP1.9 million from GBP12.4 million in 2019. Revenue slips to GBP241.0 million from GBP282.1 million, but noted revenue grew 4% year on year in the second half. Dividend falls to 1.00 pence from 1.75p in 2019. Says second half recovery continues into 2021, with stronger than expected demand in the first quarter and revenue in the first three months up versus same period in 2020 and 2019. Chief Executive Jon Bednall says: "Our performance this year and the strong underlying demand from our markets have been encouraging against the backdrop of the disruption caused by the pandemic."

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NB Distressed Debt Investment Fund Ltd - Guernsey-incorporated closed-ended fund invests in distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets and on North America and Europe - Ordinary share class NAV per share ends 2020 at USD0.8420 versus USD0.9086 at same point year before. Extended life share class NAV per share falls to USD0.7889 from USD0.9266 and Global share class NAV per share down to USD0.7767 from USD1.1047. Chair John Hallam says: "We did, of course, suffer financial setbacks but were able to deliver further capital distributions to the shareholders of the NBDX and NBDG share classes consistent with the well-established and orderly realisation of the portfolios. The process of realisation has slowed as we have continued with this disciplined approach. With each share class in its harvest period, we continue to seek to balance the pace of exits and the value achieved for shareholders as we return capital to our investors. As a reminder, the Ordinary class shareholders will no longer receive capital distributions until such time as all final assets attributable to them have been realised to ensure compliance with UK regulations."

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APQ Global Ltd - Guernsey-based emerging markets investor - Book value ends 2020 at USD31.2 million, or 93.19 cents per share, compared to USD72.9 million, or 39.88 cents, the year before. During the first quarter of 2020, due to significant drawdown in the book value, firm temporarily suspended regular 1.5 pence quarterly dividend. As of December 31, 2020, the dividend remains on hold until further notice. Chair Wayne Bulpitt adds: "2020 was undoubtedly a challenging year; however, I am pleased to report that the company has emerged from that period resolute, with growth in its Liquid Markets Portfolio, while maintaining a measured risk exposure, and continuing to build its Direct Investment Portfolio."

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By Paul McGowan; paulmcgowan@alliancenews.com

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