The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Cellular Goods PLC - London-based cannabinoid skincare manufacturer and carbon sequestration service developer - Says products in its ’Look Better’ skincare range are now available for shipping to the Netherlands, Denmark and Belgium. Also says its Rejuvenating Face Serum has been nominated for a beauty industry award.
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Arkle Resources PLC - exploration company with principal assets in Irish gold and zinc exploration licences - Completes initial prospecting programme on its recently acquired Aughrim block of licences in County Wicklow. Says pegmatites have been discovered on new exploration ground, and samples sent for analysis for lithium. Aughrim block is contiguous to a joint venture area held by International Lithium Corp and Gengfeng Lithium Co Ltd.
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Mosman Oil & Gas Ltd - Sydney-based, Australia and US-focused oil and gas company - Raises £250,000 from placing of 2.00 billion new shares at 0.0125 pence each. Placing was via CMC Markets and Mosman intends to use proceeds for technical work at the Stanley and Cinnabar leases. Grants one warrant per two new shares at 0.025p per share exercise price with a two-year expiry. Mosman also has reviewed its business plan and intends to selectively develop then monetise producing oil assets in the US. Also plans to maximise the helium, hydrogen and hydrocarbon opportunity at exploration permits in Australia. Believes Cinnabar should be the focus area in 2024, due to its upside potential.
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Northern Bear PLC - Newcastle, England-based building services firm - Pretax profit for the six months that ended on September 30 increases 23% to £1.7 million, from £1.4 million the prior year. Revenue increases 8.7% to £36.9 million from £34.0 million, while operating profit rises 21% to £1.8 million from £1.5 million. Basic earnings per share rise 12% to 6.7 pence from 6.0p. Says during the period it paid a 2.0p per share ordinary dividend and a 1.0p special dividend, up from no payouts the year before. Confirms trading as of Wednesday is in line with management’s expectations and that its forward order book remains strong. Claims potential for full-year results to surpass those reported for financial 2023. Also reports results of tender offer announced in late October. Says offer was oversubscribed with valid applications respecting 7.8 million shares. Northern Bear will purchase 5.0 million shares, the maximum number that can be purchased pursuant to the offer. Says this will return £3.1 million to shareholders.
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88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Announces successful oversubscribed placment to raise A$9.9 million, approximately £5.2 million. Issue price is A$0.0045 or 0.23 pence per share, and includes one option or warrant for every three placement shares. Warrants have an exercise price of £0.39p each. Says it is now fully funded for its upcoming flow test programme at the Hickory-1 well at Project Phoenix. Proceeds will also fund initial farm-in exploration activities at its recently acquired Owambo Basin. Hickory-1 flow test work remains on track for programme operations during the first quarter of 2024.
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Esken Ltd - Liverpool-based infrastructure, aviation and energy services provider - Pretax loss widens to £60.8 million in the year that ended on August 31, compared with the previous year’s loss of £15.0 million. Revenue decreases 37% to £9.1 million from £14.6 million. Finance costs surge to £47.2 million from £10.6 million. Company also incurs £5.3 million in one-off impairments and £2.2 million in restructuring costs. Net debt at August 31 was £307.7 million, up from £290.1 million at February 28. Says residual cash from the planned disposal of Esken Renewables will provide short-term working capital.
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