The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Allied Minds PLC - intellectual property commercialisation company - Posts jump in revenue to $1.5 million for the six months ended on June 30, from just $219,000 a year ago. This increase is primarily attributable to ‘revenue from existing and new contracts entered in 2022 at BridgeComm’, it explains. BridgeComm was a portfolio company of Allied Minds that develops high-speed optical wireless communications. Pretax loss, however, widens to $7.1 million from $1.5 million. It made no half-year gain on de-consolidation of a subsidiary during the period, compared to $14.2 million a year ago. Looking ahead, it remains positive of its prospects.
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Hurricane Energy PLC - Surrey-based oil and gas producer in fields offshore west of Shetland - Achieves a 27% rise in revenue to $159 million for the six months ended on June 30, from $125 million a year ago. Pretax profit increases by 45% to $62.4 million from $42.9 million. General and administrative expenses decrease to $3.1 million from $21.3 million a year ago. Says Lancaster field has performed well and within guidance, delivering 9,000 barrels of oil per day in the first half of 2022.
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Eurasia Mining PLC - Russia-focused mining and mineral exploration company - Swings to pretax profit of £3.9 million for the six months to June 30, from a loss of £3.1 million a year ago. Revenue, however, falls to £101,836 from £2.3 million. Books a net foreign exchange gain of £6.1 million against nothing the previous year due to the revaluation of monetary items expressed in Russian rubles. ‘We continue to advance our plans at both operations in the Urals and Kola Peninsula, adding value to both projects while pursuing a potential sale of assets as previously announced,’ Chief Executive Officer James Nieuwenhuys says.
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Rural Broadband Solutions PLC - Isle of Man, UK-based broadband provider - Says revenue increases 74% to £688,000 in the six months to June 30, from £395,000 a year ago. Pretax loss, however, widens to £728,000 from £401,000, as cost of sales rise to £278,000 from £149,000 a year earlier. Administrative expenses widen to £1.1 million from £602,000. ‘The main reason for the year-on-year increase in costs continues to be staff related expenses, marketing costs and additional depreciation,’ it explains. Looking ahead, it says the process of closing infrastructure funding is at a very advanced stage.
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