The following is a round-up of earning and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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African Pioneer PLC - Namibia-focused exploration and development company - In the six months to June 30, pretax loss narrows to £301,380 from £330,906 a year prior. Reports no revenue in either half-year. Looking ahead, African Pioneer says: ‘The major mining companies are seeking new projects for acquisition and all our projects have the fundamentals which may attract the attention of larger companies as reflected in the fact that as reported below under post period events we are in negotiations with First Quantum in relation to them exercising their options over certain of the Zambian projects. We feel that there is a strong possibility that the current inflationary pressures and higher interest rates may slow down stock markets but these conditions will be beneficial for the smaller metal producers who have historically outperformed under these economic conditions.’
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Black Sea Property PLC - property developer in Bulgaria - In the six months to June 30, pretax loss narrows to €74,412 from €553,150 a year prior. Revenue climbs 73% to €264,835 from €152,646. Property operating expenses however balloon to €283,729 from €132,856. Expects €28 million acquisition of 98.27% of Grand Hotel Varna AD to complete by October 30.
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CleanTech Lithium PLC - Chile-focused lithium exploration and development company - In the first half of 2023, pretax loss widens to £3.3 million from £1.2 million a year prior. Posts no income in either half-year. Administrative costs increase to £2.6 million from £1.2 million. Expects exploration mining concession applications registered at Salar de Atacama salt pan in Chile to be granted in around the first quarter of 2024. Licence area totals 337 square kilometres. Chief Executive Officer Aldo Boitano says: ‘It has been a period of transformative progress to date as we continue to explore and develop our lithium projects in Chile towards first production of sustainable battery grade lithium.’ Meanwhile, company notes progress at its key projects at Laguna Verde and Francisco Basin, in Bolivia, which CleanTech aims to bring into production in 2026.
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Eight Capital Partners PLC - London-based corporate finance advisory - In the first half of 2023, swings to pretax profit of £1.2 million from a loss of £506,000 a year prior. Revenue jumps to £572,000 from £58,000. Notably, gains £1.7 million from investments, compared to an investment loss of £46,000 a year ago. Looking ahead, says company is due to be repaid more than £30 million at the end of June next year, when the 1AF2 bond matures, which was £29.6 million, covered by a security package.
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Savannah Energy PLC - London-based energy company, with projects in Cameroon, Chad, Niger and Nigeria - For the six months to June 30, pretax loss widens to $56.9 million from $11.3 million a year prior. Revenue climbs 44% to $123.7 million from $85.8 million. However, expected credit loss increases to $33.8 million from $5.9 million. Finance costs increase 41% to $51.8 million from $36.8 million. Notably, Savannah incurs a foreign translation loss of $54.0 million in the first half of 2023, ballooned from $846,000 a year prior.
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Scirocco Energy PLC - Investing company targeting assets within the European sustainable energy and circular economy markets - Pretax loss in the first half of 2023 widens 54% to £834,000 from £542,000 a year prior. Revenue grows to £574,000 from £544,000 a year prior. Looking ahead, Chair Alastair Ferguson says the company looks forward to assessing range of opportunities open to it.
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Xtract Resources PLC - Australia and Africa-focused resources, development and mining company - Pretax profit in the first half of 2023 jumps to £622,000 from £24,000 a year prior. Revenue classified as ‘other’ grows to £1.7 million from £11,000, while revenue from gold sales falls to £393,000 from £972,000. Company expects results to improve ‘significantly’ after heavy rains, eyeing plant throughput of more than 40,000 tonnes per month, up from 30,000 tonnes per month in the first quarter of 2023. Further, it says: ‘Work is underway at the company’s new Kakuyu project in Zambia, with initial ground exploration defining large areas of prospective ground adjacent to the historic Kakuyu Hill open pit mine.’
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