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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Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Reports net asset value at September 30 was 50.4 cents, halved from 100.8 cents the year prior. The reduction reflects the negative net present value associated with completing the 200 MW DC solar construction project in Rewa Ultra Mega Solar Park in India; a reduction in the Philippines wholesale electricity spot market price forecasts; updated generation, operating cost and tax assumptions; methodology and modelling updates; removal of carbon credits; and higher discount rates across the portfolio.
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Tandem Group PLC - Birmingham, England-based sports and leisure product retailer - Says revenue for the year ended December 31 is expected to be between £22 million and £23 million. Explains the delivery of the higher end of this range is subject to expected freight-on-board orders being shipped in December. As a result, expects pretax loss for the year between £900,000 million to £1.3 million, below current market expectations. Notes the economic environment in the consumer sector continues to pose significant challenges, reflecting the broader issues faced by many UK businesses and in the closing months of the year, the domestic sales market has proven to be more challenging than had previously been anticipated, with the impact of suppressed consumer spending further complicating the landscape. Bicycle sales, including electric bikes, remain significantly ahead of the prior year but the Home and Garden division has continued to face notable challenges throughout 2023, largely attributed to the adverse weather conditions.
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Vela Technologies PLC - Early stage-focused technology investor - Reports the value of Vela’s total assets (including cash) increased during the quarter ending September 30 by £942,000 (16%) to £6.8 million from £5.9 million at the end of June. Notes the fair value of the investment portfolio was £6.8 million at the end of September, up from £5.8 million at the end of the prior quarter.
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NWF Group PLC - Cheshire, England-based distributor of fuel, food and feed - Provides trading update for the half year ended November 30. Reports overall profitability for the first half was, as expected, behind the prior year as conditions in the Fuels and Feeds markets continue to normalise, following an extended period of volatile underlying commodity prices which had contributed to elevated returns. The Food business, in part offsetting the less supportive market conditions in Feeds and Fuels, delivered a strong performance in the period, with trading ahead of the prior year and continued growth momentum providing opportunity for further expansion. Expects results for the first half to be in line with the board’s expectations. Expectations for the full year are unchanged, with a more significant second-half weighting than last year.
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Shires Income PLC - London-based investment trust - Reports net asset value of 252.20 pence at September 30, down 2.2% from 257.92p at March 31, but up from 238.20p the year prior. Declares second interim dividend of 3.2p and proposes a further interim payout of 3.2p.
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Schroder UK Mid Cap Fund PLC - London-based mid-cap focused investment trust - Reports net asset value at September 30 was 618.32 pence rising from 541.89p the year prior. Notes a NAV total return for the year of 17.6%, outperforming the company’s benchmark (the FTSE 250 ex Investment Trusts Index), which produced a total return of 13.6% over the year. Views this as a very encouraging level of outperformance. Declares final dividend of 15p per share for the year ended September 30. This proposed final dividend brings total dividends for the year to 20.5p per share, a level covered by current year earnings, and an increase of 7.9% on the year before.
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Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Announces that further to the release on December 7, the company has completed the conversion of its 51% interest in the Dugbe Gold Project in Liberia, into a 51% controlling interest in TSX-V listed Pasofino Gold Ltd, to facilitate more efficient decision-making and project advancement.
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Neometals Ltd - London-based sustainable battery materials producer - Receives applications for 11.4 million shares at A$0.19 each, representing a 16.5% take up. Combined with the top-up facility, valid applications were A$3.1 million. New shares under the entitlement offer are expected to be issued on December 15.
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