The following is a round-up of earnings by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Altona Rare Earths PLC - London-based exploration company - Pretax loss in the financial year to June 30 widens to £801,000 from £733,000 a year prior. Assets grow to £1.4 million from £460,000. Says 2022 drilling programme is completed on schedule and on budget. On track to publish maiden resources estimate in the first quarter of 2023, and a scoping study in the second quarter.
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Fletcher King PLC - London-based chartered surveyors firm - Pretax profit in the six months to October 31 grows to £32,000 from £11,000 a year prior. Revenue falls to £1.3 million from £1.4 million. Operating expenses classified as ‘other’ narrow to £496,000 from £643,000. Notes that outlook is impossible to predict due to global uncertainty. Adds that it continues to perform well on rent collection. ‘The good news is that our balance sheet is strong and our clients remain very loyal for which we thank them,’ Chair David Fletcher says.
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Libertine Holdings PLC - Sheffield, England-based developer of technology for power generation from renewable fuels - Notes higher loss due to higher cost of sales. Pretax loss in the half-year to September 30 widens to £1.8 million from £472,000 a year ago. Revenue multiplies to £648,000 from £64,000. Cost of sales balloon to £617,000 from £60,000. Looking ahead, says it is focused on long-term original equipment manufacturers partnerships. Company says: ‘Libertine has continued to deliver engineering services to customers across Europe and the US, with increasing engagement with prospective OEM clients and manufacturing partners in the UK, US, Europe and India. Libertine remains focused on securing long-term relationships with original equipment manufacturers, manufacturing and strategic development partners, and supporting OEM development programmes via engineering services ahead of licensing our technology for high volume manufacture.’
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Vela Technologies PLC - Bingley, England-based investing company focused on early stage and pre-IPO long term disruptive technology investments - Reports lower interim loss amid fair value movement on investments turning positive. Pretax loss in the six months to September 30 narrows to £127,000 from £496,000 a year prior. Fair value movements of investments turn to a gain of £55,000 from a loss of £377,000. Explains that the half-year was ‘extremely challenging for capital markets.’ However, firm notes: ‘Despite such negative effects we remain cautiously optimistic regarding the long-term future of the company’s overall investment portfolio and we remain committed to the company’s stated investing strategy.’
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Worsley Investors Ltd - Guernsey-registered closed-ended, self-managed investment firm - Net asset value at September 30 edges up slightly to 40.24 pence per share from 39.91 pence at March 31. NAV total return is positive 0.8%, outperforming its benchmark, the FTSE All Share Index, which returned negative 8.3%. Turns to interim loss of £173,000 from a profit of £335,000 a year prior. Says firm struggling indices provide opportunities for investment gains. Company explains its main asset: ‘The company’s main asset continues to be the Curno cinema... this is let under a long lease with a little less than 13 years unexpired to a subsidiary of UCI, one of the largest global cinema operators. The lease benefits from an annual upwards-only indexation to Italian consumer price index, which up to the end of November had risen by just over 11% since the end of 2021.’ Regarding the UK, Worsley says: ‘The prospect of rising taxes, lower growth and squeezed living standards will inevitably restrain general market performance.’ Further for its general outlook, the company says not much has changed since its last outlook posted in mid-July: The war in Ukraine continues, and China’s Covid policy impacts global supply chains, although China is slowly moving away from it’s zero-Covid strategy.
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