The following is a round-up of earnings updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Bluebird Merchant Ventures Ltd - South Korea-focused gold development company - Swings to pretax loss of $1.5 million in 2022 from a profit of $7.5 million in 2021. This is largely because of gaining nothing in acquisition of joint ventures in 2022 compared with $8.3 million in 2021. Chair Jonathan Morley-Kirk says: ‘Since my last report we have continued to make headway in all three of our projects, the Kochang gold and silver mine and Gubong gold mine in South Korea, and the Batangas gold project in the Philippines. The company successfully raised GBP 30,000 in the year ended 2022 and a further £1.2 million through our newly appointed broker SI Capital. Together with this and the good progress made re-establishing the projects, the company is in a better place than at the end of 2021. However, a great deal needs to be done during 2023 to make up for the lost time and achieving our objectives of advancing our South Korean and Philippine projects.’
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CATCo Reinsurance Opportunities Fund Ltd - Bermuda-based closed-ended fund - Net asset value per class 1 share at December 31 is $13.22, up from $0.34 a year earlier. NAV per class C share is $96.08 from $0.68. Net investment gain in 2022 is $6.4 million, swinging from a loss of $6.4 million in 2021. Total dividend is $0.51 from $0.86. Says it continues to return capital to shareholders, including $123.4 million 2022 or $413.9 million since 2019. Says while it is not possible to determine the ultimate future value of the remaining contracts, the investment manager is confident that it is likely that additional commutations will be achieved within the next six to 12 months.
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RBG Holdings PLC - London-based professional services - Pretax profit for 2022 rises to £9.7 million from £5.7 million, while revenue is up to £50.3 million from £42.0 million. Declares final dividend of 0.5p, taking total 2022 dividend to 2.5p, halved from 5p in 2021. Chair Keith Hamill says: ‘Through their successful integration, our leading law firm brands, Rosenblatt and Memery Crystal have strengthened performance capability within the group. Deal origination in Convex Capital remains positive in 2023, with a growing pipeline of potential opportunities.
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C4X Discovery Holdings PLC - Manchester, England-based drug discovery company - Pretax loss in the six months that ended January 31 is £5.2 million, falling from £5.5 million a year earlier. This is despite revenue multiplying to £1.7 million from £66,000. This is because research and development expenses rise to £5.2 million from £3.9 million. Chief Executive Officer Clive Dix says: ’C4XD has continued to make significant strides across our portfolio during the period, culminating in our third global out-licensing deal, this time with AstraZeneca for our NRF2 Activator programme worth up to $402 million. This external validation of our ability to generate high-quality small molecule discovery programmes builds on previous deals with globally recognised partners Sanofi and Indivior and brings our total potential deal value to $1.2 billion.‘ Adds: ’I’m excited that following a review of our expertise and previous successes, our strategy is now focused on treatments for immuno-inflammatory diseases. With our proven expertise in drug discovery and our rigorous approach to programme development, we believe that a more focused approach on immuno-inflammatory diseases will allow us to harness our skillset and take the development of our programmes further, providing greater value for shareholders.‘
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AEW UK REIT PLC - real estate investment trust for UK regional commercial property - NAV per share at March 31 is 105.48p, up from 104.93p on December 31, representing a NAV total return of 2.4% for the quarter. In the previous quarter, NAV total return was negative 12%. Declares interim dividend of 2.00p, as paid for the last 30 quarters and in line with its annual dividend target of 8.00p.
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