The following is a round-up of earnings for London-listed companies, issued on Monday, Tuesday and not separately reported by Alliance News:
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Baronsmead Venture Trust PLC - venture capital trust - Net asset value at September 30 was down 1.1% year-on-year to 56.6 pence per share before dividends, from 57.2p. NAV total return is 421.5p for every 100.0p invested at the trust’s launch in April 1998. Proposes a final dividend of 2.0p per share, up 13% from its interim dividend of 1.75p but down 22% year-on-year from 2.5p. Total dividends for the year are 3.75p per share, down 13% from 4.25p the year before. Chair Fiona Miller Smith says: ‘As we look beyond the turn of the year, the geopolitical and economic uncertainties which have prevailed for the past few years see no signs of abating. The cautious optimism of just a few months ago would appear to have been replaced by the prospects of trade disputes and a subdued UK economic recovery. The portfolio remains highly diversified and the hybrid nature of our investment portfolio helps to mitigate those uncertainties.’
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Baronsmead Second Venture Trust PLC - venture capital trust - Says NAV at September 30 was down 1.5% year-on-year to 59.2p before dividends, from 60.1p. NAV total return is 337.7p for every 100.00p invested at its launch in January 2001. Proposes final dividend of 2.25p per share, up 25% from its interim dividend of 1.75p but unchanged year-on-year. Total dividends for the year are 4.00p per share, down 12% from 4.5p last year. Chair Sarah Fromson says: ‘The geopolitical and economic outlook is expected to remain challenging, with the impact of higher inflation and interest rates likely to continue to affect business and consumer confidence for some time. We anticipate that these forces will drive periods of sentiment-driven volatility in equity markets well into next-year. While we view this outlook with suitable caution, we also expect heightened volatility to create attractive long-term investment opportunities, and we remain vigilant for evidence of mispricing which can be used to the company’s advantage.’
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Mendell Helium PLC - Perth, Scotland-based company switching to a helium production focus from health and wellness products - Pretax loss for the six months that ended September 30 narrows to £506,000 from £528,000 last year. Revenue grows 2.4% to £169,000 from £165,000 the year before, while cost of sales reduce 4.1% to £96,000 from £100,000. Administrative expenses decrease 2.8% to £570,000 from £586,000. Mendell Helium has been in discussions for a potential takeover of Kansas-based M3 Helium Corp since June. ‘Through the farm-in agreement with Scout Energy, M3 Helium has the ability to develop further ’Nilson-type’ wells that can be tied into processing infrastructure within a short period of time of each well being completed. Each new well has a guaranteed offtake of all production,’ says Chief Executive Officer Nick Tulloch. ‘In the short term, we will focus on bringing the Rost well into production.’
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TruSpine Technologies PLC - London Gatwick Airport-based medical device company - Pretax loss for the six months that ended September 30 widens to £409,626 from £362,833 the year before, due to administrative expenses increasing 16% to £409,530 from £348,300. Finance expenses reduced to £538 from £14,533 last year and finance income was £442, compared to none last year. ‘The company is reviewing equity and debt financing options available to it, and the directors expect a successful resolution in securing adequate funding to meet the company’s working capital requirements in the near-term,’ it said. The firm is currently working towards the commercialisation of its intellectual property. Consolidated net assets stood at £2.3 million on September 30, down 8.3% from £2.5 million in 2023.
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Roadside Real Estate PLC - Abingdon, England-based investor - Pretax loss for the year that ended September 30 narrows to £6.2 million from £7.8 million the year before. Revenue multiplies to £431,000 from £60,000, while movement in the the fair value of investment property slims to a loss of £355,000 from a £2.6 million loss last year. Administrative expenses reduce 37% to £2.0 million from £2.9 million. ‘I am delighted with the significant progress we have made in realigning our business to focus on creating, managing and growing an exciting £250 million portfolio of roadside real estate assets in desirable locations catering for local communities and businesses,’ says Executive Chair Charles Dickson. ‘Over the last 13 months, the [joint venture with Meadow Partners LLP] has committed £86 million into real estate assets, including the acquisition of 12 Lidl stores under a sale and leaseback agreement with Lidl. We are on target to deploy £250 million by May 2026 and have a large pipeline of potential further acquisitions as we move into 2025.’
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Intuitive Investments Group PLC - Manchester-based life sciences and technology investor - Net asset value per share at September 30 is 154.00 pence, up 24% from 120.40p last year. Net assets on September 30 surged to £311.37 million from £10.46 million year-on-year. Pretax loss for the year that ended September 30 narrows to £2.3 million from £3.0 million the year before, despite administrative expenses accelerating 98% to £1.4 million from £477,000. The group continues to report no revenue. Losses on investments at fair value reduce to £913,000 from £2.6 million. Chair Nigel Rudd says: ‘The past year has been transformative for Intuitive Investments Group. Our strategic investment in Hui10 Inc is a groundbreaking opportunity with the potential to deliver long-term value for our shareholders. With a strengthened leadership team, I am confident that the foundations we have laid will drive sustained growth in the years to come.’
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Chenavari Toro Income Fund Ltd - invests and trades in public and private asset backed securities as well as direct origination - Profit grows 14% to €24.3 million during the year that ended September 30, from €21.1 million the year before. NAV per share at September 30 is 2.0% higher year-on-year at 65.86 euro cents, compared to 64.54c. Total income increases 21% to €31.9 million from €25.9 million last year, and total operating expenses are up 44% to €7.5 million from £4.8 million. A final dividend of 1.65c per share was paid on December 6, up from its interim dividend of 16.2c, bringing total dividends declared for the year to 6.58c. NAV total return with dividends reinvested is 12.76%.
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Pretax loss widens to £1.5 million during the six months that ended September 30, from £508,739 the year before. Administrative expenses increase 10% to £566,623 from £511,978 and share-based payments go up 56% to £276,331 from £154,899. It reports no revenue, unchanged from last year. Its share of a loss from an associate sees a one-off payment of £831,819. CEO Bernard Aylward says: ‘The signing of the memorandum of understanding with the Mali government provides certainty of state support and will ensure the ongoing stability of Bougouni as we enter the critical production phase. Kodal remains in a strong financial position that will allow us to continue to explore our gold projects in Mali and Cote d’Ivoire as well as to review opportunities that offer further growth and expansion opportunities for the company. The Bougouni Lithium project remains a focus for Kodal as we work with our operating partner to complete construction and commence production over the next few months.’
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