The following is a round-up of earnings updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Cobra Resources PLC - Gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia - Pretax loss in 2022 is £509,138, widening from £1.7 million in 2021. Posts no revenue, unchanged. Chair Greg Hancock says: ‘I am pleased to report on a year of exceptional advancement for Cobra, where we have not only expanded the extent of gold mineralisation outside of our existing gold resources, but defined a complementary opportunity in overlying rare earth mineralisation. The company is now in the enviable position to expand complementary gold and rare earth resources in a time where fiscal uncertainty is driving a rising gold market and the ethical sourcing of rare earths is critical to global decarbonisation through electrification. To have this opportunity in a single project benefitting from close spatial proximity of resources in an attractive mining jurisdiction is an advantage not many junior explorers can claim.’
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DP Aircraft I Ltd - Guernsey-based aircraft leasing company - Net asset value per share at December 31 is $0.19, up from $0.17 a year earlier. Swings to pretax profit of $7.7 million in 2022 from loss of $21.9 million in 2021. Revenue drops to $16.5 million from $18.4 million. Expenses drops to $4.1 million from $16.1 million. Says: ‘Due to less travel restrictions around the world in 2022 compared to 2021, there was an increase in air traffic. However, the airline industry is still struggling to get back to the 2019 levels. It is expected that the airline industry will regain profitability for the first time post Covid-19 but not to 2019 levels.’ Adds: ‘The Russian invasion of Ukraine and the subsequent sanctions imposed upon the country have brought with them myriad challenges for the aviation industry, just as it was recovering from the crippling effects of the Covid-19 lockdowns. As an associated result of the war between Russia and Ukraine jet fuel prices have increased. As such costs represent between 20% to 25% of total operational costs this has presented further financial challenges. The jet fuel price rose by more than 70% during the first 6 months of 2022, marking one of the steepest increases since 2002, and causing unprecedent pressure in terms of cost management for the airline industry. The cancellation of flights, the longer routes, the higher fuel costs and rising inflation are only some of the reasons behind the increase in air ticket prices.’
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and Labrador, Canada - Pretax loss widens to £4.0 million in 2022 from £900,636 in 2021. Posts no revenue, unchanged. Executive Chair Paul Ensor says: ‘During 2022, Chesterfield underwent a radical restructuring of our extensive exploration licence portfolios in Canada and Cyprus. These changes were made with the goal of reducing expenditure and hence shareholder dilution, while at the same time remaining committed and keeping exposure to our most promising assets in both locations. In parallel with these changes to our asset base, during the second half of 2022 we cut running costs back significantly. As a result of these changes the company is in a stable financial condition with much to look forward to in both Cyprus and Canada during 2023 and beyond.’
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Life Settlement Assets PLC - closed-ended investment company which manages portfolios of whole and fractional interests in life settlement policies issued by life insurance companies operating predominantly in the US - NAV per share at December 31 is $2.21, up from $2.19 a year earlier. Notes success of a US district court in Miami, Florida formally accepting sale of life policies portfolio to Acheron Portfolio Trust. Declares special dividend of 6.0209 US cents. Chair Michael Baines says: ‘The successful conclusion of your company’s long running litigation against MBC marks a significant development in our strategy of unlocking value for shareholders. It removes an important area of risk, builds value, and unlocks alternatives for the deployment of funds arising on the maturity of policies. It also means that the board’s attention can focus solely on the broader risk issues in the portfolio, including that of HIV mortality [...] Given that the non-HIV portfolio is now expected to mature faster than the HIV portfolio, we will continue to closely monitor research on mortality in general to guide future decisions. The past track record of assessing risk across the portfolio gives the board confidence that outcomes should be achieved which will continue to underpin the value proposition for shareholders.’
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Hemogenyx Pharmaceuticals PLC - London-based biopharmaceutical group developing new therapies and treatments for deadly blood diseases - Pretax loss narrows to £4.0 million in 2022 from £5.1 million in 2021. Records no revenue, unchanged. Chair Marc Feldman says: ‘During the year we focussed heavily on bringing our major development project, the key Hemo-Car-T product candidate, towards its investigational new drug application to enable us to move into clinical trials. At the same time, we also advanced the development of our other main pipeline assets, our CD3-FLT3 CDX antibody and the chimeric bait receptor platform.’
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