(Alliance News) - The following is a round-up of earnings reports by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Avation PLC - London-based aircraft leasing company - Pretax profit falls in the year ended June 30 to USD14.6 million from USD25.6 million. Revenue rises 14% to USD135.3 million from USD119.1 million. Says the result is satisfactory given the "volatile environment" and notes its resilience in maintaining profitability in a challenging time for both the airline and aircraft leasing sector. Pauses dividends temporarily. Says it has implemented a strategy to preserve liquidity and cashflow. Is optimistic about the long-term opportunity for airline travel particularly the turboprop and narrow-body aircraft sectors. Says it will position itself for a return to growth through opportunistic purchases and delivery of its orderbook in a post pandemic environment.
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Harvest Minerals Ltd - fertiliser producer and operator of Arapua project in Brazil - Pretax loss widens in the first half ended June 30 to USD1.8 million from USD910,044 a year prior. Revenue is down approximately 79% to USD299,499 from USD1.4 million a year before. Says it made significant inroads towards developing and expanding its customer base despite business confidence and operations being hit by the Covid-19 pandemic. Is unable to offer guidance due to the uncertainty posed by the pandemic.
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Secure Property Development & Investment PLC - eastern Europe focused property investor - Pretax loss narrows 20% in first half ended June 30 to EUR369,014 from EUR463,546 a year prior. Posts a net asset value at June 30 of EUR0.22 from EUR0.23 at December 31, 2019. Says Romania now become the single operating income source of the company. Says it experienced little no disruption from the Covid-19 as most of its income producing assets in Romania are let to blue-chip tenants operating in defensive industries, such as the food and the telco sectors.
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Upland Resources Ltd - oil & gas company - Pretax loss narrows in the year ended June 30 to GBP719,364 from GBP4.4 million a year prior. Does not declare a final dividend, equal to a year ago. Says it is pleased with the results given a particularly difficult period for the oil and gas sector and global financial markets. Says it is in a position to manage its business risks successfully within the expected economic outlook following an assessment by its directors. Says it has adequate resources to continue in operational existence for a period of at least 12 months.
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Pathfinder Minerals PLC - Mozambique-focused natural resources explorer - Pretax loss in the half ended June 30 narrows 19% to GBP228,000 from GBP282,000 a year prior. Administrative expenses narrow to GBP228,000 from GBP282,000 a year prior. Says remains adequately funded in the near to medium term to progress its legal remedies to regain its mining licences in Mozambique. Says it is entering into a new phase in the strategy to seek a return of the mining licences after its bid to regain an interest in the Mozambican 4623C mining concession failed in May. Pathfinder Minerals lost the 4623C licence in 2011 when mining concessions were consolidated and given to unaffiliated firm Pathfinder Mocambique SA. Later, in October 2019, Pathfinder said it had attended a number of meetings in South Africa and Mozambique in order to resolve issues with the licence.
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Lekoil Ltd - West Africa focused oil and gas explorer - Loss widens in the first half ended June 30 to USD10.1 million from USD1.2 million a year prior. Revenue falls 38% to USD13.9 million from USD22.3 million a year before. Says despite the challenges of the first six months of the year, it has navigated the demanding period with steady production and cashflow generation from Otakikpo, in Nigeria, while implementing a range of significant cost reduction initiatives across our operations. General & administrative expenses are down to USD8.4 million from USD9.3 million a year before. Is looking for direct investment into Otakikipo's OPL 276, a potential near-term producing asset with "significant resource potential".
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PetroNeft Resources PLC - Russia-focused oil and gas explorer - Revenue is up 20% in the first half ended June 30 to USD1.0 million from USD830,613 a year prior. Pretax loss widens to USD2.2 million from USD1.5 million a year before. Says first half presented many challenges to the company through the dual effects of the Covid-19 pandemic and turmoil in the world's energy markets. Says it has however seen increased stability through the third quarter and is optimistic that this will continue through to the end of the year and into 2021.
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DP Poland PLC - Domino's Pizza franchisor in Poland - Revenue is up slightly in the first half ended June 30 to GBP7.0 million from GBP6.9 million a year prior. Selling, general & administrative costs are flat to the year before at GBP1.3M. System sales are up year-on-year to PLN42 million from PLN41 million. Says with the delivery market growing and the use of digital and online payments increasing the company believes that it is well positioned at the moment.
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Falanx Group Ltd - cybersecurity and strategic intelligence services firm - Pretax loss widens 53% in the year ended March 31 to GBP2.9 million from GBP1.9 million a year before. Revenue grows to GBP5.9 million from GBP5.2 million. Administrative expenses rise to GBP5.1 million from GBP4.1 million a year before. Says whilst order levels for some of its professional services were much reduced in the first few months of the pandemic, they have now recovered and are running at approximately double their levels in the first quarter. Says it is well positioned to adapt to changes in the industry. Says it will continue to work towards improving efficiencies and maintaining tight cash control as well as strengthening our client relationships in order to deliver a successful end to the current financial year.
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Tasty PLC - London-based restaurant owner - Revenue drops 59% in the first half ended June 28 to GBP8.7 million from GBP21.1 million a year before. Operating expenses rise to GBP7.7 million from GBP714,000 a year prior. Says the outlook for the sector remains extremely challenging and uncertain. Says the actions that the company has taken to restructure, reduce the size of the estate and potentially reduce the group's rental cost base should ensure that we are in a better place for the future. Is currently trading from 48 of 55 restaurants with one recently closed due to localised lockdown. Says the six sites that have not reopened are at risk of permanent closure.
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Non-Standard Finance PLC - subprime lender - Pretax loss widens in the half ended June 30 to GBP102.7 million from GBP22.4 million a year prior. Revenue increases to GBP91.3 million from GBP87.1 million a year before. Says Covid-19 had a major impact on the group in the second quarter with low levels of lending and collections impacted by the forbearance measures put in place for customers affected by the pandemic. Cancels interim dividend, compared to 0.70 pence a year prior. Says trading since the end of June, loan volumes and collections at branch-based lending and home credit have been better than previously expected while the performance at guarantor loans is below expectations. Says overall financial performance is broadly in line with management's expectations.
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Victoria Oil & Gas PLC - natural gas producing utility operating in Cameroon - Operating loss in the first half ended June 30 narrows to USD3.1 million from USD6.8 million a year before. Revenue is up to USD12.6 million from USD10.7 million a year prior. Attributable condensate gas sales are down to 2,788 barrels from 6,166 barrels. Says Covid-19 barely affected operations as it was relatively contained in Cameroon.
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Bluebird Merchant Ventures Ltd - Korea-focused gold firm - Pretax loss narrows in the first half ended June 30 to USD638,051 from USD3.1 million a year before. Adminstrative expenses are down to USD336,970 from USD409,813 a year before. Says it saw steady progress on the two mines in South Korea over the half. Says it had been moving steadily towards re-opening these old mines but progress has been delayed by the joint venture partner Southern Gold Ltd who have been deemed to offer to sell its 50% interest in both of the projects to the company. Bluebird Chief Executive Colin Patterson said early October: "We are excited to swiftly conclude the sales process, increase our stake in the gold projects to 100% and commence work on the ground at Kochang and advance towards producing gold". Does not mention the price of the acquisition.
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By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Harvest Mi (di) (HMI)
Bluebird Mer (BMV)
Pathfinder Minerals (PFP)
Avation (AVAP)
Upland Resource (UPL)
Dp Poland (DPP)
Tasty (TAST)
Secure Prop (SPDI)