The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Pretax profit in six month to June 30 jumps to $23.8 million from $7.5 million a year prior as praises performance in Pakistan, the Philippines and Ghana. Outstanding loan portfolio falls to $378.4 million from $415.0 million. Does not declare a dividend in 2022 but expects to return to its pre-Covid dividend policy of 30% in 2023, as long as operating and financial performance keeps improving. Emphasises high outstanding loan growth in Pakistan, the Philippines and Ghana. Notes challenging environments in India, Myanmar and Sri Lanka.
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Corre Energy BV - Groningen, Netherlands-based renewable energy storage solutions and green hydrogen producer - Pretax loss in the six months to June 30 balloons to €18.4 million from €1.9 million a year ago. No revenue versus €5,000. Finance expenses leap to €12.6 million from €18,000. ‘Given the dynamic and growing nature of the energy storage market we remain focused on delivery of the near-term projects and remain open to new opportunities for growth. Corre Energy is well placed to capitalise on these opportunities as we continue to deliver on our business strategy of developing a network of long duration energy storage facilities across Europe and beyond,’ says Chief Executive Officer Keith McGrane. Firm expects tailwinds from recent US and EU policy announcements, citing the ‘Biden administration’s increased focus on the development of renewable energy, of which storage plays a central role in the value chain’.
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CT Automotive Group PLC - Designer, developer and supplier of interior components to the automotive industry - In the first six months of 2022, swings to pretax loss of $9.2 million from a profit of $2.2 million a year prior. Firm cites lockdowns in China and the conflict in Ukraine as causing disruption to production. Revenue falls to $57.2 million from $74.7 million. Net debt narrows to $20.2 million from $56.6 million. Firm touts ‘cost saving activities implemented within the period will see benefits start to be realised in the second half of 2022’. Says that a new manufacturing plant in Mexico is on track to supply customers in the third quarter.
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KRM22 PLC - London-based technology and software investment company - In six months to June 30, pretax loss narrows to £1.2 million from £1.7 million a year prior, as administrative expenses fall. Revenue falls to £1.9 million from £2.2 million. Administrative costs narrow to £2.6 million from £3.5 million. ‘Overall, we are on the right path to achieve the objectives and internal key performance indicators set out at the start of 2022. These provide a strong foundation on which to build in 2023,’ says Chief Executive Officer Stephen Casner.
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Spectral MD Holdings Ltd - London and Dallas, Texas-based predictive analytics for wound care - Half-year income tax narrows as research & development revenue grows. Pretax loss in the six months to June 30 narrows to $620,000 from $878,000 a year prior. Research & development revenue climbs to $12.3 million from $7.0 million. General & administrative expenses increase to $5.6 million from $4.2 million. ‘In the second half of 2022, we look forward to building on the rapid enrolment progress we experienced in the first half. While the recent $8.2 million expansion of Option 1B of our current Biomedical Advanced Research & Development Authority contract will extend the clinical study into 2023, the company and BARDA are optimistic about its potential to accelerate the commercialisation of Burn DeepView technology in the US,’ Spectral says. Burn DeepView is a medical countermeasure imaging technology device that assists medical professionals in assessing and documenting patient burns and wounds, according to the firm.
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TruFin PLC - London-based financial technology firm - In the six months to June 30, pretax loss narrows to £4.8 million from £5.2 million a year prior. Revenue grows to £6.3 million from £4.9 million, citing increased revenue from Oxygen Finance Group Ltd, which grew by 36% to £2.5 million from £1.8 million. Expects loan book to increase by 50% in 2022 to £2.4 million from £1.6 million as at December 31, 2021. Anticipates new loan facilities to grow up to 80%. ‘It was exceptionally pleasing to welcome Lloyds Banking Group PLC as shareholders into Satago Financial Solutions Ltd and to report the signing of the five-year commercial agreement between Satago and Lloyds Banking Group. The new digitised proposition for Lloyds Bank will benefit thousands of Single Invoice Finance and Whole of Book Invoice Factoring customers - which will be especially valuable to these clients as we enter increasingly uncertain economic times,’ firm says. Trufin holds a 70% stake in Satago.
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