The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
----------
Zenith Energy Ltd - Calgary, Canada-based oil & gas company - For the year ended March 31, pretax profit jumps to C$64.7 million from C$3.5 million the year before, as a result of revenue hiking to C$8.2 million from C$596,000, driven by the production of 131.56 million cubic feet of natural gas, compared to 12.71 million cubic feet the prior year. Zenith also benefits from a C$75.9 million gain on the business combination of Ecumed Petroleum Tunisia Ltd and Canadian North Africa Oil & Gas Ltd, compared to a C$36.5 million gain the prior year.
----------
Thor Explorations Ltd - Vancouver-based mineral explorer with assets in west Africa - For the first half of 2022, swings to net profit of $6.3 million from $5.1 million loss the same period a year prior, following the generation of $66.2 million in revenue, driven by the production of 45,128 ounces of gold, and sales of 38,830 ounces. Looking ahead, revises 2022 production guidance to 90,000 ounces to 100,000 ounces of gold, compared to prior guidance of 85,000oz to 100,000oz.
----------
Bigblu Broadband PLC - Bicester, Oxfordshire-based rural broadband services provider - For the six months ended May 31, pretax loss widens to £183,000 from £67,000 the same period a year before, as a result of higher distribution and administration expenses at £5.2 million. This was in spite of revenue rising 14% year-on-year to £14.9 million from £13.1 million, due to a higher number of customers, and favourable foreign exchange rates. Like-for-like revenue growth on a constant currency basis is 11.5%. Looking ahead, Bigblu anticipates a strong second half, and remains comfortable with market expectations for the financial year as a whole.
----------
Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - For its maiden year ended March 31, reports pretax profit of $25.2 million, driven by a bargain purchase gain of $33.7 million through the acquisition of Ben’s Creek operating firms, as well as the generation of $5.4 million in revenue following the start of coal production. However, administrative costs rise to $9.0 million from $1.4 million the prior year. Looking ahead, the group expects to produce up to 80,000 clean tonnes of coal per month.
----------
Gensource Potash Corp - fertilizer development company based in Saskatchewan, Canada - For the first half of 2022, net loss narrows to C$1.5 million from C$1.9 million the same period a year prior, mainly due to a higher foreign exchange gain and a fall in share-based payments. Looking ahead, Gensource intends to raise funds to complete the financing of the Tugasake project, and the development of a second project.
----------
Arrow Exploration Corp - Calgary, Canada-based oil and gas company - For the second quarter of 2022, swings to net income of $768,318 from a loss of $734,317 the same period a year before, on revenue which hikes to $5.0 million from $941,620, as a result of total production increasing to 980 barrels of oil equivalent per day from 331 boe, and average prices rising 35% to $71.35 from $52.78. Looking ahead, Arrow expects to drill up to three further wells at Rio Cravo in Colombia and enact a two well program on the Carrizales Norte structure on the Tapir block.
----------
Yooma Wellness Inc - Toronto, Canada-based CBD and cannabis-related wellness products maker - For the first half of 2022, net loss narrows to $3.8 million from $5.6 million the same period a year before, on revenue which more than doubles to $6.5 million from $2.8 million, driven by the contribution from acquisitions completed by Yooma in 2021, which expanded the company’s platform, particularly in Europe and Japan. Looking ahead, expects reduced expenses for the third quarter, and the company will also explore new opportunities for the sale of assets or further acquisitions.
----------
Blackfinch Spring VCT PLC - Gloucester-based venture capital trust interested in technology businesses - Net asset value as at June 30 increases to 93.19 pence per share from 90.60p the same date a year before. During the period, makes eight new investments for a total of £4.5 million, five of which were follow-on investments into strongly performing portfolio companies. Total size of portfolio now stands at 16.
----------
Copyright 2022 Alliance News Limited. All Rights Reserved.
