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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Vox Valor Capital Ltd - London-based technology investment company - Pretax loss widens to $3.2 million in 2022 from $2.5 million in 2021. Revenue almost doubles to $13.8 million from $7.0 million. Says results were impacted by Vox Capital Ltd reverse takeover. Chair John Booth says: ‘During 2022, we completed the reverse take-over transaction and divested Mobile Marketing LLC. The group has reported strong revenue growth and reached an operating profit. For the year ahead, we look forward to seeing Vox Valor grow further both organically and through mergers and acquisitions.’
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Bay Capital PLC - Jersey-based investor in industrial, construction and business services sectors - Pretax loss widens to £251,321 in 2022 from £309,084 a year earlier. Chair Peter Tom says: ‘Continuing macroeconomic and geopolitical uncertainty has undoubtedly fed into business confidence and a general slowdown in corporate activity, however with this comes opportunity, allied with a renewed market focus on high quality, asset backed cash generative companies. We therefore remain extremely positive about the prospects of our sectors of focus across industrials, construction and business services sectors, and look forward to updating shareholders in due course.’
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Marwyn Value Investors Ltd - Acquisition vehicle - Net asset value per share at December 31 is 176.80 pence. NAV total return in 2022 is 1.5%, outperforming FTSE All-Share total return of 0.3%. Maintains quarterly dividend of 2.265 pence per share, as paid in respect of the first three quarters of 2022. Total annual dividend is 9.06p, representing a yield of over 9.7%. Investment manager says: ‘In 2022, we delivered a modest positive NAV performance for ordinary shareholders of 1.5% amidst a difficult market environment, with the average UK small-cap declining by 22% [...] These market conditions are revealing the weaknesses in leveraged investment models, which we have consciously avoided, and are creating special situations that present attractive entry prices. With continued outflows from UK active equity funds, our focus remains on opportunities where we can act as the principal investor and funding source [...] We expect 2023 to be a very active year, we believe we have a fantastic group of management partners, and, as we found in the years following the financial crisis, we believe it is in these types of investing environments where our investment strategy comes to the fore.’
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Blackstone Loan Financing Ltd - invests in floating-rate senior secured loans and bonds and in collateralised loan obligations - NAV per share at December 31 is €0.68, down from €0.92 a year earlier. NAV total return in 2022 is negative 19%, swinging from positive 17% in 2021. Declares dividend of €0.08 per share, unchanged from a year earlier. Chair Charlotte Valeur says: ‘The board is cautiously optimistic for 2023, encouraged by recent improving macroeconomic data and falling energy prices. The board is also cognisant of the impact that ongoing interest rate hikes is expected to have on credit performance. The board gains comfort from the robust investment approach of the company’s portfolio adviser and their ability to select an underlying portfolio of high-quality borrowers, supported by strong underlying protections.’
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i-nexus Global PLC - Coventry, England-based software company - In the six months that ended March 31, pretax loss is £595,631, widening from £343,094. Revenue is up to GB1.7 million from £1.5 million, while administrative expenses rise to $1.8 million from $1.4 million. Chief Executive Simon Crowther says: ‘The market for i-nexus software continues to expand, with an increasingly remote or hybrid workforce across multiple industries driving the need for scalable, robust, digital strategy execution tools. We continue to steadily add to our customer base and have considerably improved the retention and expansion rates of our customers.’ Says it is on track to deliver double-digit net monthly recurring revenue growth in its financial 2023.
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GRIT Investment Trust PLC - invests in small and mid-capitalisation natural resources and mining companies - Swings to pretax net loss of £155,000 in 2022 from a gain of £97,000 in 2021. Gain on investments is nothing in 2022, down from from £488,000 in 2021. Chair Richard Lockwood says: ‘The company’s principal investment has been its 25% equity interest in and loans to Anglo-African Minerals PLC located in Guinea. However, it has become clear that following a military coup d’etat in Guinea in 2021, the prospect of selling AAM is extremely unlikely. Due to the long history of failed attempts to realise value from the company’s investment in AAM, we continue to adopt a prudent view and to reflect the company’s investment in and loans to AAM at a nil value [...]’. Looking ahead, wishes to seek a reverse takeover via ‘the acquisition of a business which enables the company to achieve an appropriate relisting on a public market’. Adds: ‘It is envisaged that the announcement of any such proposed transaction would result in the suspension of the company’s shares from trading on the Official List. If an RTO transaction can be achieved the board believes it will provide a platform for the future growth of the company and a positive outcome for shareholders.’
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VPC Specialty Lending Investments PLC - invests in asset-backed loans to businesses originated by non-bank lenders - NAV per share at December 31 is 98.19p, down from 114.19p a year earlier. Total NAV return in 2022 is negative 6.97%, while total shareholder return is negative 1.19%. Gross revenue return is positive 12.63%, while gross capital return is negative 15.13%. Declares quarterly dividend of 2.0p, unchanged from previous quarter, taking total 2022 dividend to 8.0p. Says it will put forward resolutions to allow managed wind-down of company. Says: ‘In 2023, VPC expects equity valuations will be flat or down, an environment that encourages companies to be measured on valuation expectations. As such, portfolio companies are de-prioritising growth and instead working to reduce operating expenses to extend cash runway and/or generate free cash flow.’
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Curzon Energy PLC - London-based investor and developer in US based natural gas projects - Pretax loss widens to $701,093 in 2022 from $860,463 in 2021. Chair John McGoldrick says: ‘During the course of 2022, the Company focused its efforts on completing a potential reverse takeover transaction with Poseidon Plastics Ltd, developer of an integrated process, based on its patented technology platform, to convert currently unrecyclable PET waste, into high value, enhanced recycled PET resin [...] The company has now formally exited this transaction [...] Currently, the company has begun due diligence on a TM2 nominated African lithium development company that seeks to achieve initial production in the medium term. Curzon expects to release more information and details on the ultimate target of the RTO transaction in due course.’
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