UK EARNINGS SUMMARY: Trans-Siberian Profit Down On Covid-Related Costs

Tue, 29th Sep 2020 15:50

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

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Trans-Siberian Gold PLC - the gold ore mining company in Kamchatka, Far East Russia - For the first half of 2020, pretax profit down 61% to USD3.3 million from USD8.5 million, due to a rise in administrative costs, and exceptional expenses related to Covid-19. Revenue dips to USD29.9 million from USD30.0 million the prior year. Gold sales fall by 22% to 17,194 ounces, while silver sales drop 31% to 47,989 ounces. Looking ahead, is on-track for annual production guidance of 38,000 to 42,000 ounces.

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Dolphin Capital Investors Ltd - investment firm - Over the first half of 2020, net asset value per share as at June 30 of EUR0.18, down from EUR0.19 the same date the year before and at December 31. Total net assets before company's deferred tax liability EUR174 million, a 3.5% drop from EUR181 million at the end of December.

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Ceiba Investments Ltd - investment in Cuban real estate and tourism - As at June 30, total net assets of GBP143.6 million, down 8.9% from GBP157.7 million at the end of December. Net asset value per share at the end of June 104.3p, down 8.9% from 114.5p as at December 31. NAV drop attributed to a fall in the valuation of assets, mainly from hotels due to the lack of trading and uncertain road to recovery.

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Active Energy Group PLC - London-headquartered biomass-based renewable energy business - For the first half of 2020, loss narrows to USD593,914 from USD1.8 million the year before, on revenue up nearly fivefold year-on-year to USD499,893 from USD99,830. Revenue growth attributed to increased lumber operational activity, following the acquisition of the joint venture stake in Renewable Energy Systems in March.

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Great Western Mining Corp PLC - mineral explorer with assets in Nevada - For first half of 2020, pretax loss widens to EUR487,441 from EUR425,723 the year before, due to higher administrative expenses and lower finance income. During the period, the group acquired the option to purchase the Olympic gold project and has progressed the exploitation of precious metals at Mineral Jackpot. Post-period, has started work at Olympic, and has produced its first ever gold.

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Adriatic Metals PLC - Cheltenham-based exploration & development firm - For the year to the end of June, pretax loss widens to GBP6.8 million from GBP2.2 million the year before. General and administrative expenses rise to GBP3.3 million from GBP1.7 million, while share-based expenses increase sharply to GBP3.4 million from GBP456,616 the prior year.

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Watchstone Group PLC - Hampshire-based insurance and healthcare technology business - For the first half of 2020, swings to pretax profit of GBP695,000 from loss of GBP4.7 million, mainly through gain made on sale of Healthcare Services business during the period. No revenue is made during the period. Insurance business ingenie posts improved trading despite effect of Covid-19 restrictions. Looking ahead, group is still committed to disposal of ingenie business to realise value from asset.

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Powerhouse Energy Group PLC - technology company turning waste plastics to hydrogen - For the first half of 2020, pretax loss widens to GBP894,022 from GBP865,408 the year before due to acquisition costs from the purchase of Waste2Tricity Ltd. Due to engineering services on Peel L&P Environmental Protos project, records revenue of GBP100,000.

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Eden Research PLC - biopesticides and plastic-free formulation technology company - For the first half of 2020, pretax loss widens to GBP1.0 million from GBP645,000 the year before due to higher administrative expenses. However, revenue grows 28% to GBP746,000 from GBP581,000, on new product sales from the Human Health & Biocides.

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Invinity Energy Systems PLC - vanadium flow batteries manufacturer - For the first half of 2020, pretax loss widens to GBP5.0 million from GBP3.9 million the year before, due to costs from the completed merger between redT Energy and Avalon in April. Revenue increases by 30% to GBP249,000 from GBP192,000, due to the sale of inventory stock. Looking ahead, remains focused on manufacture and commissioning of the Energy Superhub Oxford project and 1.7 megawatt hours of orders received during the period.

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Mortgage Advice Bureau Holdings PLC - Derby-based mortgage adviser - For the first half of 2020, pretax profit drops by 15% to GBP6.1 million from GBP7.2 million due to costs from the acquisition of First Mortgage in July 2019. On an adjusted basis however, pretax profit increases by 6% to GBP7.9 million. Revenue grows 4% to GBP63.5 million from GBP60.9 million, as mortgage completions grow 8% year-on-year. Looking ahead, expects adjusted pretax profit to be significantly ahead of market expectations. Remains committed to paying final dividend for 2020. Also announces that Australian Finance Group Ltd has become new joint venture partners for MAB Broker Services Pty Ltd in Australia.

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AfriTin Mining Ltd - tin miner with asset in Namibia - For the six months to the end of August, pretax loss widens to GBP1.0 million from GBP627,113 the year before, due to higher administrative expenses. Achieves revenue of GBP1.1 million, through the sale of tin and sand. Continues ramp up of phase one pilot plant achieved production record of 37.5 tonnes of tin concentrate in August. Looking ahead, expects to complete plant ramp-up to steady production of 60 tonnes per month by the end of 2020.

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Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - For the first half of 2020, pretax loss widens to GBP12.2 million from GBP11.6 million, due to rise in finance costs. Reports strong advancement in completing first operational LIGHT system capable of accelerating protons at 230 megaelectronvolt.

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Mereo Biopharma Group PLC - London-based clinical-stage biopharmaceutical company focused on oncology and rare diseases - For first half of 2020, pretax loss widens sharply to GBP126.1 million from GBP18.7 million the year before, due to sharp rise in finance charges to GBP97.6 million, on the change in the fair value of embedded derivatives as a result of the remeasurement of the conversion feature of loan notes. Looking ahead, is on-track to initiate a phase 1b/2 combination study of etigilimab with anti-PD-1 in a range of tumour types in the fourth quarter of 2020.

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By Dayo Laniyan; dayolaniyan@alliancenews.com