The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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One Heritage Group PLC - UK-based residential developer focused on the north of England - Revenue in year ended June 30 surges to £15.6 million from £1.7 million. Pretax loss flat at £2.1 million. Revenue hike ‘driven by 71 sale completions during the period’. CEO Jason Upton says: ‘It has been a milestone year for the Group as we delivered our first wave of practical completions. The group has also seen strong revenues, with the majority of units sold, whilst sales channels are focused on the remaining unsold residences. The group is also poised to complete all self-delivered projects in the short term, which have been problematic with cost control, and has now commenced all new projects using fixed price contracts to remove this risk. Our focused strategy, coupled with significant investment in experienced property development skills and resources, gives us confidence that current and future development projects will be delivered on a timely and cost-effective basis. The North of England continues to prove itself as an attractive region for property investors given the growing demand for quality, affordable housing, which we are delivering. We look forward to continuing delivery of our strategic objectives in this coming year.’
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Grit Real Estate Income Group Ltd - Pan-African property investment and management company based in Mauritius - EPRA net reinstatement value per share falls to 72.8 US cents per share at June 30 year end, from 79.4 cents a year prior. Trims dividend to 2.50 cents from 4.50 cents. Chief Executive Officer Bronwyn Knight says: ‘The financial year to 30 June 2023 was a transitory year for the group characterised by disposals of non-core assets, reducing debt and debt refinancing risks and substantial progress on the acquisition of a majority interest in GREA, the group’s development associate. Global interest rate volatility provided headwinds to our strong property portfolio operating performance.’
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Custodian Property Income REIT PLC - real estate investment trust - Net asset value per share at September 30 second-quarter end falls to 95.9 pence from 98.6p at end of June. ‘The disconnect between the occupational and investment markets in UK real estate continues to persist. While the impacts of high inflation and interest rates appear to weigh heavily on investor sentiment, perhaps the greater influence has been the marked re-rating of valuations in the final quarter of 2022, which still seems to colour investors’ attitude to real estate investment. However, since the start of 2023 valuations have been reasonably stable across the market, with some sub-sectors showing signs of recovery while others continue to drift. The outcome for the NAV of Custodian Property Income REIT has been a marginal decrease of 3.9% over the past three quarters,’ it adds.
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IamFire PLC - London-based investment issuer focused on opportunities in the social commerce, life sciences and natural resources sectors - Pretax loss for year ended April 30 widens to £1.5 million from £424,822. Books £754,673 loss on revaluation of investments at fair value, up markedly from £14,844. Posts no revenue, unchanged year-on-year.
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Tintra PLC - London-based firm that uses artificial intelligence to help people in emerging markets transfer money - Pretax loss in half-year ended July 31 widens to £1.4 million from £444,000 a year prior. Total administrative expenses amount to £1.5 million up from £465,000. Chair Roger Matthews says: ‘These six-monthly unaudited results are uneventful but are in line with what the board expected and estimated, with no income generation as the company focuses entirely on developing and building its technology and infrastructure for what we hope will be the first of a global network of blue green banks.’ Back in September, it agreed in principle a possible cash offer. Takeover tilt is by LRB 35 Ltd, an unquoted special purpose vehicle, currently controlled by its directors, Tariq Al Abdulla and Andrew Bascombe, but with backing from other existing non-management shareholders of Tintra. Bid values each share in Tintra at 150 pence per share with a share exchange alternative.
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Vast Resources PLC - mining and resource development company with interests in Romania, Tajikistan and Zimbabwe - Tonnes mined Baita Plai polymetallic mine in Romania at in third-quarter of 2023 rises to 25,600 from 23,372 in the second quarter. Dry metric tonnes concentrate produced totals 559, up from 468.
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Helium Ventures PLC - special purpose acquisition vehicle - Pretax loss in year ended April 30 narrows to £429,657 from £516,174 the year prior. Administrative expenses slim to £389,404 from £452,160. Posts no revenue, unchanged year-on-year.
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