The following is a round-up of earnings by London-listed companies, issued last week and not separately reported by Alliance News:
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Apollon Formularies PLC - London-based medical cannabis pharmaceutical firm - Reports revenue of £47,551 for the six months ended June 30, down from £165,053 a year prior. Pretax loss widens to £763,796 from £212,436. Apollon says: ‘The first half of 2023 was a busy and successful period for Apollon, and we are excited about the company’s prospects as we look towards 2024. We are working extensively on ways in which to access the global market, by expanding our current capabilities to contract manufacturing in international GMP facilities in addition to the manufacturing, production operations and export opportunities we have currently in Jamaica. The company is working closely with our international partners to produce and distribute Apollon’s proprietary formulations. We will keep the market updated with any new developments.’
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Hot Rocks Investments PLC - natural resources-focused investor - Reports no revenue in year ended March 31. Swings to pretax loss of £367,811 from profit of £118,905. Reports £197,063 hit movement in fair value of financial assets, compared to £202,614 tailwind a year prior.
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Thalassa Holdings Ltd - investment holding company - Reports revenue of £118,673 in six months ended June 30, down marginally from £119,498 a year earlier. Swings to pretax loss of £526,156 from profit of £203,680. ‘We anticipate a further correction to US and European stock markets, and remain cautious on the macro-economic outlook, which we believe could deteriorate significantly this winter,’ Thalassa says.
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Alina Holdings PLC - formerly a real estate investment trust but now an investor focused on acquiring assets that can deliver ‘long term value’ - Gross rental income in six months to June 30 declines to £165,000 from £196,000 a year prior. Pretax loss widens to £821,000 from £327,000. ‘First half 2023 results were disappointing due to the negative impact of refurbishment delays at the Hastings property and the decline in Heiq shares. I am confident that once the refurbishment in Hastings is completed that the company will find a solid tenant for the vacant unit at market rates, above what the previous tenant was paying. Notwithstanding the cyclical nature of all chemical companies, Heiq performance has been more than disappointing, and the suspension of the company’s shares, due to delayed audit, is clearly very concerning,’ Alina says. HeiQ PLC is among Alina’s holdings. Materials innovation and hygiene technology company HeiQ says it expects to publish 2022 results, as well as numbers for the first-half of 2023, ‘shortly’. Its shares will recommence trading following those releases. HeiQ expects its gross profit for 2022 to be materially below previous market guidance. It adds: ‘Previous announcements detailed the challenging market conditions that HeiQ has been enduring, which have impacted top line performance and group profitability. Whilst management considers the company to be performing better than many of its peers, the significant disruption in market demand across HeiQ’s value chains has impacted the company’s financial performance.’
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Anemoi International Ltd - Holding company of financial services industry software provider id4 - Revenue in the six months to June 30 increases to £79,563 from £45,355. Pretax loss narrows to £351,828 from £450,795. Anemoi adds: ‘Revenue is not yet sufficient to support the cost of running a public company, notwithstanding a 15% reduction in general and administrative costs, resulting in a 31% reduction in operating loss for the period under review. Initiatives taken in the first half of 2023 should further reduce costs in H2 2023 and the board will continue to explore avenues to enhance shareholder value.’
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MBH Corp - invests in small to medium enterprises across multiple geographies and sectors - Revenue in six months to June 30 falls 9.4% to £66.2 million from £73.1 million a year prior. Swings to pretax loss of £409,000 from profit of £1.1 million.
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Igraine PLC - investor focused on life sciences and breakthrough technology - Reports no revenue in six months ended June 30, unchanged from a year prior. Pretax loss narrows to £122,590 from £128,223. Administrative expenses decline to £82,020 from £128,223. Company says: ‘Despite the economic headwinds, our maiden investment with Excalibur Medicines Ltd continues to progress positively. Igraine owns a 2% interest in EML that was awarded the exclusive commercial rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from Covid-19. The Excalibur team is actively engaged in commercialisation discussions, with a preference for a potential trade sale.’
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