TRADING UPDATES: Sportech, GYG trade well, Supply@ME loss widens

Tue, 31st May 2022 16:18

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

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Borders & Southern Petroleum PLC - London-based independent oil and gas exploration - Pretax profit for 2021 remains largely flat at USD1.0 million. Reports no revenue, unchanged from the year before. Cash balance as at December 31 falls to USD714,000 from USD2.2 million on the same date a year before. Says it continues to be debt-free. Plans to focus on the development of its Darwin project.

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Baron Oil PLC - oil and gas exploration company with assets in the UK, Peru and Timor-Leste - Pretax loss in 2021 widens to GBP1.1 million from GBP920,000 the year before, as administrative expenses jump. Recognises no revenue in the year, unchanged from the year before. Says it is "highly encouraged" by the progress being made with its Chuditch and Dunrobin projects. "We see considerable potential for shareholder value in these key assets and the company is focussed on delivering that value through 2022 and beyond," company says.

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Beowulf Mining PLC - natural resource developer and explorer focused on the Nordic region - Pretax loss narrows to GBP318,007 in the first quarter ended March 31, from GBP526,578 in the same period a year before, as administrative expenses fall. Says it had a "very strong" start to 2022 with good progress in Finland with the GVA10/50 anode materials project. Says it has received an exploitation concession for Kallak North and has high expectations for the drilling at Kosovo.

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GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Says trading in the first quarter was "strong" and in line with its expectations. Plans to focus on improving profitability levels and margins through "operational and strategic efficiencies". Warns of external pressures such as the conflict in Ukraine. Continues to monitor these. Confident in meeting its performance objectives for 2022.

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Tower Resources PLC - Africa-focused oil and gas company - Swings to a pretax profit of USD47,299 in 2021 from a loss of USD1.4 million in 2020, due to a credit of USD1.5 million of VAT provision write-backs. Records no revenue in 2021, or the comparable period. Says it is currently in discussions regarding the final financing for its NJOM-3 well.

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Supply@ME Capital PLC - London-based inventory monetisation platform - Widens pretax loss to GBP12.2 million in 2021 from GBP2.8 million in 2020, as costs jump. Revenue falls to GBP538,000 from GBP1.1 million. Blames this on reduced Inventory Monetisation revenue. Explains that this is the result of "delays experienced by the group in facilitating the first inventory monetisation transaction and increased time and effort being spent on the development of the platform and the associated operational processes and procedures." Continues to explore opportunities to adopt blockchain and digital tokenisation into its systems, to support the delivery and the scalability of its business model.

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Sportech PLC - London-based betting technology company - Says trading has been in line with expectations for the first five months of the year. Continues to record a high rate of growth. Notes that the record online growth in pari-mutuel betting seen during the pandemic has "receded slightly". Confident it will achieve the projected overall improvement in its Venues business to support a positive group earnings before interest, tax, depreciation and amortisation this year.

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Norcros PLC - kitchen and bathroom products supplier - Completes acquisition of Granfit Holdings Ltd, following the receipt of shareholder approval at its annual general meeting on Monday.

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Galantas Gold Corp - Northern Ireland-focused gold producer - Records a net loss of CAD1.4 million in the first quarter ended March 31, widened from CAD639,963. Records no sales revenue in the period. Concentrate sale provisional revenue falls to USD219,000 from USD567,000. "Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets," the company says.

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Zambeef Products PLC - Zambia-focused cold chain foods and retail business - Expects total basic earnings per share for the half-year ended March 31 to surge, year-on-year. Remains on track to deliver full-year results ahead of market expectations. Expects revenue to be 10% above market forecasts and earnings before interest and tax and adjusted pretax profit to be 15% to 25% ahead of market forecasts. Its financial year ends September 30.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com