The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Fidelity Japan Trust PLC - Investment trust focused on Japan - Says net asset value per share rises 5.3% during the six months that ended June 30. Pretax net return swings to £1.3 million from a loss of £98.9 million a year earlier. Gains on investments swings to £4.0 million from a loss of £85.7 million, while gains on derivate instruments swings to £8.3 million from a loss of £13.4 million. Says stock selection in semiconductor-related companies and digital content were the key drivers of returns, while the company remains overweight in the chemical, services and retail sectors and has increased exposure to electric appliances.
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OTAQ PLC - Lancaster, England-based marine technology company, focused on offshore oil and gas industries and aquaculture - In the first half of 2023, pretax loss widens to £759,000 from £594,000 a year earlier, alongside revenue of £1.8 million, down from £2.7 million. Notes ‘significant’ further orders for shrimp sonar devices which, if achieved in this financial year, will substantially enhance revenue expectations. Believes it is on track for revenue of at least £4.0 million across 2023. Chief Executive Officer Phil Newby says: ‘The board is satisfied with these results which are in line with our budget for the year. The group is now delivering on the strategic goals set for OTAQ to realise its full potential, significantly increase shareholder value and return the group to profitability. I am confident of achieving at least £4 million revenue in the current year and we have the potential to substantially exceed this based around the order enquiries we are currently receiving. Shareholders will be updated accordingly with developments.’
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Vulcan Industries PLC - London-based engineering services firm - In the first quarter ended June 30 of its financial 2024, pretax loss narrows to £210,000 from £1.4 million a year earlier, largely due to operating expenses falling to £215,000 from £1.1 million. Revenue multiplies to £231,000 from £46,000. Says it is in talks with funding partners for Lincoln project, with further projects expected to be brought into the group in ‘due course’.
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Falcon Oil & Gas Ltd - oil and gas company focused on Australia, South Africa and Hungary - Announces spudding of Shenandoah South 1H horizontal well in Beetaloo sub-basin in Northern Territory, Australia with joint venture partner Tamboran (B2) Pty Ltd. Says the well, which will include a horizontal section of approximately 1,000 meters and is the first of two horizontal wells to be drilled in 2023, will target the Amungee Member B-shale at an estimated target depth of 3,200 metres. This is around 700 metres deeper than the Amungee NW-2H well in exploration permit 98. Says the deeper reservoir in the SS1H well area of the basin is expected to deliver higher pressures, based on data from the two Santos-operated Tanumbirini wells in exploration permit 161. Falcon says it will participate in the SS1H well at its full participating interest of 22.5% which will, under the terms of the joint operating agreement, create a drilling spacing unit of 20,480 acres. Says it remains fully funded for its share of all costs associated with the drilling and testing of the SS1H well.
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Neometals Ltd - London-based sustainable battery materials producer - Successfully completes engineering cost study for the hydrometallurgical refinery section of the Primobius lithium-ion battery recycling facility, processing 21,000 tonnes per year or around 50 tonnes per day. Says the facility refines ‘Black Mass’ produced from Primobius’ shredding plant, producing crystalline nickel, cobalt and lithium products for use in making new lithium-ion batteries. Says study capital costs were around €274 million, including 15% contingency, with an annual operating cost of around €56 million estimated to a plus or minus 25% accuracy. Managing Director Chris Reed says: ‘Successful completion of the hub ECS enables our current and future customers and partners to quantify the economic benefits of Primobius’ sustainable ’closed loop‘ LiB recycling plants...Primobius’ primary business model is for the sale of recycling plants under technology licensing agreements to generate a portfolio of battery material royalties. We retain the flexibility to enter into joint ventures where a customer also requires operation and maintenance services and can also provide complete ’closed loop‘ recycling as a service through our current Hilchenbach operation or a new dedicated plant.’
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