The following is a round-up of earnings of London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Aurora Investment Trust PLC - London-based investment trust and alternative investment fund - Net asset value as at June 30 rises to 225.6 pence per share from 203.5p at December 31. NAV total return in the six months is 12%, sharply outperforming its benchmark, the FTSE All-Share Index which returns 2.5%. Looking ahead, Chair Lucy Walker says: ‘After a difficult 2022, performance so far in 2023 has been promising. We believe there is significant untapped value in UK shares and, with the manager’s strategy to invest in great businesses at attractive prices, the company’s shares offer an excellent opportunity to access this.’
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Bay Capital PLC - Jersey-based investor in industrial, construction and business services sectors - Pretax loss in the first half of 2023 narrows to £171,789 from £108,394 a year prior. Looking ahead, Chair Peter Tom says the company has ‘continued to pursue its investment and acquisition strategy and is currently assessing opportunities across the industrial and construction sectors. The directors have identified, and continue to evaluate, a number of successful companies with high quality management teams that are seeking to partner with, and leverage the benefits of, the board’s experience and that of the wider Bay team. The directors look forward to updating shareholders on progress in due course.’ The company does not yet anticipate declaring any dividends.
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Chesnara PLC - Preston, England-based insurance company and pension consolidator - In the first half of 2023, swings to pretax profit of £16.0 million from a loss of £54.2 million a year prior. Insurance revenue grows 11% to £118.0 million from £106.7 million. Further, reports net investment return of £603.0 million, compared to a net investment loss of £1.59 billion year prior. Declares interim dividend of 8.36 pence per share, up 3.0% from 8.12p a year prior. Chesnara’s solvency II ratio as at June 30 improves to 205% from 197% at December 31, with its solvency surplus growing to £345 million from £298 million over the six months. Looking ahead, Chair Luke Savage eyes ‘strong’ future growth and a positive outlook for acquisitions. He says: ‘We continue to expect the market to be active and our strong and stable solvency, alongside the increased parent company cash balance, leave us well positioned to participate in that market.’
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Dunedin Income Growth Investment Trust PLC - Edinburgh-based UK and overseas companies investor - Net asset value per share as at July 31 climbs 3.1% to 312.17 pence from 302.80p at January 31. NAV total return over the six months of 5.5% outperforms its benchmark, the FTSE All-Share index, which returns 0.8%. Dividend for whole of first half totals 6.4p per share, up from 6.0p a year prior. Looking ahead, company says that economic challenges to global growth continue to build after rapid and sustained interest rate increases from central banks across the world, and headwinds in China. Chair David Barron says: ‘Despite some signs of easing, inflationary pressures remain significant in most economies and supply constraints are placing upward pressure on many commodity prices. In the UK, inflation remains too high and growth too low, albeit there are indications that a trough has been reached and perhaps somewhat ahead of other major economies.’
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India Capital Growth Fund Ltd - mid and small cap Indian companies focused investment company - Net asset value as at June 30 climbs 7.6% to 150.68 pence per share from 140.06p at December 31. ‘Broad based accelerating growth in India has led to strong earnings growth for many Indian companies, large and small,’ Chair Elisabeth Scott says. Scott adds that inflation is under control despite signs of rising food prices. Scott says: ‘There has been a revival of interest in Indian equities from international investors which, added to inflows from the domestic market, has contributed to the rise in the market.’ Looking ahead, company notes India’s self-sufficiency in agricultural commodities resulting in a lower risk for high inflation having a detrimental impact upon the Indian economy, compared to other countries.
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Manx Financial Group PLC - Isle of Man-based financial services firm - Pretax profit in the six months to June 30 climbs to £3.0 million from £2.3 million a year prior. Net interest income jumps 56% to £16.4 million from £10.5 million. Interest expense increases to £5.8 million from £2.7 million. Looking ahead, anticipates market conditions to improve in the second quarter of next year as it expects interest rates to start to abate. ‘This will improve disposable income levels for corporates and individuals alike. Some of the current inflation is not transitory and I expect inflation to remain higher for longer than some economists are currently forecasting. This will be positive for savers, and it should provide a period for lenders to bring their net interest margin back into its more traditional range,’ Executive Chair Jim Mellon says.
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Sound Energy PLC - London-based, Morocco-focused upstream gas company - In the first half of 2023, turns to pretax loss of £8.6 million from a profit of £8.6 million a year ago. Reports impairment loss on development assets of £4.2 million, swinging from a reversal of impairment of £5.4 million. Highlights development of Moroccan Tendrada production concession, where at its Micro liquefied natural gas project expects phase 1 LNG delivery to start in 2024. Further, reports receipt of binding conditioned term sheet in June for the phase 2 gas pipeline development at the project. The term sheet is for project financing from Attijariwafa bank, Morocco’s largest bank.
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