The following is a round-up of earnings reports by London-listed companies, issued on Monday and not separately reported by Alliance News:
----------
Longboat Energy PLC - North Sea-focused exploration and production company - In the six months that ended June 30, pretax loss widens to £2.5 million from £1.5 million the previous year, as administrative expenses jump to £2.4 million from £1.5 million. Books no operating revenue either year. During the recent half, Longboat had an active drilling campaign which included the spudding of Ginny & Hermine, Kveikje, and Cambozola. It spent £17.7 million on exploration drilling costs and £13.5 million on exploration carry costs. Reports operational performance during the half-year was ‘good’, with wells drilled within budget. Notes high commodity prices making the market challenging for buyers and sellers. Says patience will be required, given commodity price levels and competitive landscape.
----------
Devolver Digital Inc - digital publisher and developer of video games - Swings to a pretax loss of £11.6 million in the six months ended June 30, from a profit of £103.6 million the previous year, as one-off income primarily from disposals of £115.3 million a year before is not repeated. Notes a ‘challenging’ first half. Revenue rises by 14% to $53.0 million from $46.4 million. Cost of sales rises 13% to $34.7 million from $30.7 million and administrative expenses by 9.1% to $29.9 million from $27.4 million. Maintains full-year guidance with revenue expected between $130 million and $140 million, implying year-on-year growth of over 30%. Adjusted earnings before interest, taxation, depreciation, and amortization is expected to be between $27 million and $32 million, implying year-on-year growth of 15%.
----------
NFT Investments PLC - invests in non-fungible tokens - Loss in the six months ended June 30 doubles to £4.2 million from £2.1 million the previous year. Posts no revenue in either period. At June 30, reports a net asset value of £30.1 million, or 3.01 pence per share. Notes ‘growing’ global economic uncertainty and ongoing ‘turbulence’ in the NFT and cryptocurrency sectors. ‘We remain very bullish on the long-term crypto market and the technology underlying it, but we have not yet seen signals from the market that we are at a bottom. We remain cautious and will use our conserved capital when we believe that the time is right,’ says Executive Director Jonathan Bixby.
----------
Jangada Mines PLC - Brazil-focused mining company - Swings to an interim loss of $418,000 in the six months to June 30 from a profit of $1.0 million the previous year. Says this resulted from the sell down of its investment in ValOre shares. Total assets at June 30 falls to $5.5 million from $6.4 million at December 31. Says during the period, it continued to develop its 100% owned Pitombeiras ferrovanadium project. Adds it has made ‘great progress’ in this regard. Reports a total mineral resource estimate of 8.26 million tonnes.
----------
Tufton Oceanic Assets Ltd - investment company focused on second-hand commercial vessels - In the financial year that ended June 30, posts total net income of $115.5 million, up 40% from $82.5 million the previous year. Expenses surge to $8.2 million from $3.0 million. IRFS earnings per share rise to $0.3617 from $0.3070 cents a year prior. Net asset value per share at June 30 increases by 25% to $1.450 from $1.158 at the same time a year before. Total NAV return for the year was positive 33%. Notes a rise in container ship and bulker values in the year, as the market benefited from strong demand and inventory restocking in the second half. Container-ship market remained strong during the year due to port congestion and supply-side constraints.
----------
Caspian Sunrise PLC - Kazakhstan-focused oil & gas exploration and production company - In the six months to June 30, pretax profit surges to $10.0 million from $3.4 million the previous year. Revenue more than doubles to $25.6 million. Firm says the results are ‘comfortably the best in the group’s history.’ Cites increase in oil production volume and increases in price for the revenue rise. Cost of sales jump to $6.7 million from $2.3 million. Ups aggregate production in the half by 81% to 414,048 barrels from 228,387. Post period-end, production double to 2,264 barrels of oil per day from 1,124 bopd. Chair Clive Carver says the firm remains on track to pay its first dividend before the end of the year.
----------
LungLife AI Inc - clinical diagnostic solutions developer for the early detection of lung cancer - In the six months to June 30, narrows pretax loss slightly to $4.5 million from $4.6 million. Revenue falls to $10,000 from $107,000, and administrative expenses nearly double to $4.3 million from $2.2 million, but pays no costs of listing in the recent period, compared to $2.1 million a year before. Chief Executive Paul Pagano says the firm’s LungLB validation study is progressing well and adds that it is looking ahead to the process of pricing and coverage for the LungLB test. LungLB is a blood-based test that uses circulating tumour cells.
----------
Capital Metals PLC - Sri Lanka-focused mineral sands company - In the year ended March 31, reports a significantly narrowed pretax loss of $1.9 million from £7.9 million the previous year. Chair Gregory Martyr says the period has been ‘extremely busy’ and adds he is ‘delighted’ at the activities undertaken. ‘The strong current and forecast prices for our minerals, coupled with the clear potential for further expansion of our high-grade resource, provides excellent potential to further enhance the economics of the project which are already compelling,’ he adds.
----------
Savannah Resources PLC - Europe-focused lithium development company - In the six months to June 30, posts a narrowed loss of £1.35 million from a loss of £1.43 million a year previous. Revenue remains at zero. Administrative expenses tick up to £1.9 million from £1.8 million. Company records a foreign exchange gain of £628,980 in the half. The previous year, it recorded a foreign exchange loss of £120,501. Chair Matthew King says the lithium market remains ‘highly encouraging’ for new raw material producers like the company.
----------
Copyright 2022 Alliance News Limited. All Rights Reserved.
