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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Argentex Group PLC - London-based foreign exchange provider - Pretax profit in the first half ended September 30 climbs 48% to £6.2 million from £4.2 million a year prior. Revenue grows 75% to £27.4 million from £15.7 million. Administrative expenses increase 78% to £19.2 million from £10.8 million. Expects to exceed full-year expectations. ‘All pillars of our growth strategy have exceeded expectations, driving strong momentum into the second half,’ says Chief Executive Officer Harry Adams. Does not pay an interim dividend but intends to pay one for the nine months ending December 31.
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and in Labrador, Canada - Surrenders several Cyprus licences to focus on Westline & Orchard assets. Notes progress on sale of Canadian licences to Pacton Gold Inc. Further, reports a potential for large nearby cooper-zinc massive sulphide deposit at Westline. Says Cyprus plans include more drilling to test for massive sulphide. Adds that it is open to proposals for joint ventures or direct investment in Cyprus licences.
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Egdon Resources PLC - Gloucestershire, England-based energy exploration and production company - Swings to annual pretax profit in the year that ended July 31. Pretax profit is £2.4 million compared to a loss of £1.7 million in financial 2021. Revenue surges to £6.9 million from £1.1 million. Net production jumps to 84,894 barrels of oil equivalent from 32,686 a year ago. Cost of sales widens to £3.5 million from £1.8 million. Says revenue in first quarter to October is £2.1 million. Union Jack Oil PLC notes release as it holds material economic interests in Egdon assets, namely a 55% stake in Keddington, a 45% stake in Biscathorpe and a 40% stake in Wressle. Regarding Keddington, where Egdon owns the remaining 45% stake, Egdon says: ‘Keddington has continued to contribute tangible revenues during this time of high oil prices. A viable drilling location in the east of the field has been identified targeting up to 183,000 barrels of incremental production and this is likely to be drilled during the second half of 2023.’
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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company focused on tidal energy - Says it is progressing with the delivery of its commercial-scale tidal array, which it claims would be a world first, at its MeyGen site in Scotland. Explains that the next phase will see the delivery of an additional 28 megawatt of predictable renewable power. The company says it is on track to achieve a financial close of the MeyGen phase 2 project in 2024 with operation starting in 2027.
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