The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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abrdn Asian Income Fund Ltd - closed-end fund concentrated on Asian equities - Net asset value per ordinary share at December 31 falls 7.4% to 243.44 pence from 262.76p a year prior, citing inflation and the war in Ukraine, but touts optimism in outlook. NAV total return for 2022 negative 3.6%, outperforming its benchmark, the MSCI AC Asia Pacific ex Japan Index total return currency adjusted, which returned negative 6.8%. However, total payout grows 5.3% to 10.0p from 9.5p. Looking ahead, Chair Ian Cadby says that investing in Asia is ‘as compelling as ever for investors,’ noting that ‘long-term drivers of rising affluence, green energy and technology adoption provide opportunities for companies that have the ability to generate steady cash flow and pay stable dividends.’
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Aura Renewable Acquisitions PLC - acquisition company for businesses operating in the renewable energy sector - Posts maiden results for November 2021 to December 2022, with a pretax loss of £236,000. Chair John Croft says: ‘Since listing, Aura has been exploring targets in the UK and overseas which could provide an opportunity to create significant growth in this crucially important, exciting and fast-moving market sector.’ He adds ‘the widespread economic and political uncertainty caused by supply chain issues, inflation, interest rate rises, hostilities in Europe and further afield, the lingering impact of Covid and climate change, restricted capital market activity during 2022,’ but explains that the company is ‘more confident than ever that the renewable energy sector will offer excellent opportunities for acquisitive and organic growth.’
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Baillie Gifford China Growth Trust PLC - China-focused investor - Net asset value as at January 31 contracts 7.0% to 328.87 pence from 353.70p a year prior. NAV total return is negative 5.7%, underperforming against the MSCI China All Shares Index which has a negative return of 2.2%. Proposes final dividend of 1.70p per share, down from 4.60p a year ago. Total dividend for financial year 2023 that ended on January 31 is also 1.70p per share, down sharply from 7.15p in financial 2022. For the outlook, Chair Susan Platts-Martin says: ‘China’s macroeconomic, regulatory and pandemic policies are looking to align with a pro-growth stance, for the first time in three years. China is likely to be one of the very few major economies where growth could accelerate in 2023, enjoying a re-opening like much of the rest of the world experienced in 2022.’ She adds: ‘However, whilst China is a market where there is likely to be ongoing short term volatility, the prospects for significant long term growth remain.’
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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products and working capital to dealers and manufacturers - Says maiden 2022 results will ‘materially exceed’ management expectations, due to higher net interest income and cost management. Anticipates profitable growth moving forward. Says it is probable that it can use remaining tax losses in DF Capital Bank Ltd. Chief Executive Officer Carl D’Ammassa says: ‘We are delighted that our ambition to deliver a profitable run-rate has now been achieved, in spite of the many global economic and supply chain challenges. Reaching profitability only two years after receiving our banking licence is a significant milestone for the firm and gives us the solid foundation on which to now scale the bank and deliver further profitable growth having seen continued strong demand for our lending products so far this year. Company will release its 2022 results on April 19.
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Jade Road Investments Ltd - Hong Kong-based investment vehicle - Invests $500,000 in Heirloom Investment Fund SPC - Heirloom Fixed Return Fund SP, which offers a portfolio of primarily asset backed and/or income producing investments targeted to deliver a risk-adjusted return over the long-term.
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