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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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - In the six months ended March 31, widens its pretax loss to £1.4 million from £1.0 million the previous year. Revenue rises 26% to £911,000 from £721,000 as a result of production at the Horse Hill field and increased Brent crude prices. Net assets at March 31 rise to £36.1 million from £35.6 million at the same time a year prior.
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7digital Group PLC - London-based music licensing provider - Widens pretax loss in 2021 to £3.9 million from £2.3 million the year prior. Revenue climbs 3.4% to £6.7 million from £6.5 million. Company adds its largest contributor to revenue, its licensing business, saw good revenue growth in the year. It posted revenue of £3.8 million, up from £3.4 million the previous year, this accounted for 56% of 2021’s total revenue. Looking forward, Chief Executive Paul Langworthy expects to deliver ‘meaningful’ revenue growth in 2022, on the assumption of notable pipeline-to-contract conversions in the year.
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Verditek PLC - London-based company producing solar panels - In 2021, narrows its pretax loss to £1.1 million from £2.3 million the previous year. Revenue multiplies to £107,632 from £21,521. Says conversion pipeline during the year was lower than anticipated due to several customer projects being postponed or cancelled as a result of the pandemic. Consequently, production was scaled back in the year. Chief Executive Rob Richards says the year has been ‘frustrating’ but adds that the company nonetheless remains positive moving forward.
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Bluebird Merchant Ventures Ltd - British Virgin Islands-based gold development company focused on Korea - Swings sharply to a pretax profit of $7.5 million in 2021 from a loss of $899,673 the previous year. Posts a $8.3 million gain on acquisition of joint ventures. In November 202, the company acquired 50% of the Gubong and Geochang project joint ventures from Southern Gold Ltd. Net assets at December 31 multiplies to $18.8 million from $1.2 million at the same time the previous year. Chair Jonathan Morley-Kirk says: ‘2021 was a lost year in mining project terms, but I expect that normality will start to return during 2022.’
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PCF Group PLC - London-based specialist bank - Swings to a pretax loss of £7.5 million in the six months ended March 31 from a profit of £1.4 million the previous year. Cites lower net interest income due to reduced loans and advances and higher operating expenses for the drop. Net interest income falls to £10.0 million from £14.3 million, while net fees & commission income jumps to £290,000 from £30,000. Net loans and advances reduces to £321 million from £364 million. Looking forward, PCF anticipates improved stability in the second half of its financial year.
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Forward Partners Group PLC - London-based investment firm - Swings to a pretax profit of £16.5 million in 2021 from a loss of £4 million the previous year. At December 31, the company net asset value per share stands at 104 pence against an issue price 100p per share in July 2021. Ventures portfolio value grows to £117.1 million at year-end from £86.6 million at the same time a year prior. Its forward advances loan book grows to £2.3 million from £200,000 in the same time period. Company says 2022 is shaping up to be a challenging year, but notes continued positive momentum for its portfolio.
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Inland Homes PLC - Buckinghamshire, England-based housing plot developer - Widens pretax loss to £8.2 million in the six months ended March 31 from a £5.8 million loss a year prior. Loss includes an additional £4 million of expected costs relating to the completion of a partnership housing contract. Revenue climbs to £80.5 million from £78.0 million. Estimated gross development value of land portfolio rises to £3.2 billion at March 31 from £3.0 billion at September 30. Outlook for 2022 remains unchanged, but adds that predicting the future has become challenging as a result of rising inflation and interest rates.
Separately, Inland ZDP PLC, a wholly-owned subsidiary of Inland Homes which was incorporated solely to issue ZDP Shares and has never traded, reports accrued capital entitlement per ZDP share of 177.6 pence at March 31, up from 172.2p at September 30. Figure based on the original issue price of 100p per ZDP share on December 20, 2012. In the six months ended March 31, posts a pretax profit of £848,000, up from £805,000 the previous year.
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CYBA PLC - UK-based cyber security-focused special acquisition company - Widens pretax loss in 2021 to £1.5 million from £1.2 million the previous year. Net assets at December 31 rise to £1.6 million from £1.4 million. In June, company carried out a reverse takeover of US-based cybersecurity research and development firm NARF Industries Group. The reverse takeover marks the ‘completion of its mission as an investment company and the start of its future as an operating company,’ CYBA explains. CYBA will change its name to Narf Industries PLC.
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Cornerstone FS PLC - London-based cloud-based payment services provider - Widens pretax loss in 2021 to £4.2 million from £2.2 million the previous year. Company says the loss primarily reflects greater administrative expenses. Revenue rises by 38% to £2.3 million from £1.7 million, adds this reflects a very strong second half and growth in client generated revenue. Onboards 416 new clients, compared to 328 the previous year. Chief Executive Julian Wheatland says: ‘The strong trading momentum of 2021 has been sustained into the current year and through the first half... As a result, and combined with the contribution from the acquisition this year of Capital Currencies, the board continues to expect to achieve significant revenue growth for full year 2022, in line with market expectations.’
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Asimilar Group PLC - London-based investment firm - In the six months ended March 31, swings to a pretax loss of £10.6 million from a profit of £23.4 million a year prior. Cites the unrealised loss on the value of its holding in Dev Clever Holdings PLC. Dev Clever’s share price dropped to 27 pence at March 31 from 38.5p at September 30, it explains. Company’s net asset value per share falls to 25.3p at March 31 from 34.1p at September 30. Revenue stays flat at £7,000 while gain on sale of investments drops to £99,485 from £2.6 million.
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Edenville Energy PLC - London-based developer of Tanzania’s Brownfield Rukwa coalfields - In 2021, widens pretax loss to £1.5 million from £1.2 million the previous year. Revenue multiplies to £105,228 from £33,852. Says first half of year impacted by Covid-19 and reduced demand but an uptick in coal prices and demand in the later part of the year, translating into increased final quarter production and revenue for the year as a whole.
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Keras Resources PLC - mine developer focused on West Africa and the US - In the 15 months ending December 31, reports a widened loss of £1.9 million. Posts turnover of £425,000, adds this figure was constrained by the construction of a processing plant which was only operational in the final six months of the period. Looking forward, Chief Executive Graham Stacey says: ‘We will now focus on delivering on the current summer mining season at Diamond Creek to September 2022, continue to negotiate new offtake agreements with repeat customers and more importantly identify new outlets for our existing product mix.’
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Mercantile Ports & Logistics Ltd - Indian port and logistics facility developer and operator - Narrows pretax loss in 2021 to £6.0 million from £6.1 million a year prior. Revenue more than doubles to £1.8 million from £745,000. Net assets at December 31 stands at £100.2 million, up from £97.7 million at the same time a year prior. Says year was hampered by Covid-19, particularly as the second wave of the pandemic hit India harder than the first. Adds port is well on its way to ramp up capacity in order to achieve its targeted revenue.
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Jade Road Investments Ltd - pan-Asian diversified investment vehicle - Swings to a pretax loss of $38.4 million in 2021 from a profit of $1.6 million a year prior. Net portfolio income also swings to a loss, dropping to $35.7 million loss from a profit of $6.7 million. Net assets at December 31 fall 36% to $68.0 million from $106.5 million. Says company is set to pivot away from China and focus on the broader Asian small and medium enterprise sector moving forward. Cites unprecedented headwinds as a result of the pandemic in Asia for the major impairment across its portfolio during the year.
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