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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EnSilica PLC - Oxfordshire, England-based semiconductor designer and supplier - Raises £1.1 million via placing at 50 pence per share. Says proceeds will provide additional working capital, alongside expected receipt of customer payments and R&D tax credits. Still plans to continue discussions for invoice financing facilities and potential debt funding of up to £1.0 million.
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Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Notes media speculation. Confirms in talks with the owner of Svenska Petroleum Exploration AB regarding a possible debt-free corporate transaction to acquire Svenska. Explains Svenska Petroleum Exploration’s primary asset is a 27.39% interest in Block CI-40, offshore Ivory Coast. This has a current working interest production of around 4,500 barrels of oil equivalent per day. Says should the acquisition proceed, it is expected to be funded by cash. Notes it is also expected to be subject to a number of customary closing conditions, including regulatory and government approvals.
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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Notes announcement from 78%-owned subsidiary, Jardine Cycle & Carriage Ltd. JCC holds 50% of PT Astra International Tbk. In the year to December 31, JCC posts revenue of $22.24 billion, up 3% from $21.57 billion in 2022. Underlying profit rose 6% to $1.16 billion from $1.10 billion, underlying earnings per share by 6% to $2.94 from $2.77. Raises dividend by 6% to $1.18 from $1.11. Chair Ben Keswick says: ‘The group posted another very strong overall underlying profit performance in 2023, principally reflecting Astra’s second year of record profit, despite softer commodity prices and moderating growth in the second half of the year. Our Vietnamese businesses, however, were adversely impacted by slower economic growth. The group’s businesses remain focused on their strategic priorities to build a solid foundation for long-term growth’.
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The Income & Growth VCT PLC - London-based venture capital trust - Issues management statement to December 31. Net asset value falls to 73.54 pence from 79.33p at September 30, down 7.3%. Pays dividend of 7.00p per share. Further, receives £3.9 million after realising its investment in Master Removers Group 2019 Ltd. Realises gain over cost during the life of the investment of £4.6 million, equivalent of 3.27p per share. Further sale and contingent proceeds of up to £0.7 million will be receivable in due course. Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC and Mobeus Income & Growth 4 VCT PLC also note realisation of Removers investment. Mobeus Income & Growth VCT receives £3.5 million in cash from exit, Mobeus Income & Growth 2 receives £2.1 million and Mobeus Income & Growth 4 £2.9 million.
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Alternative Income REIT PLC - London-based investor in commercial property assets - Reports net asset value per share of 81.62 pence at December 31, down 3.0% from 84.16p at June 30. Adjusted earnings per share in the six months to December 31 drop 12% to 2.96p from 3.35p the year prior. Dividend was increased 3.6% to 2.85p from 2.75p. Pretax profit totalled £600,000 compared to pretax loss of £7.3 million a year ago.
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Synectics PLC - Sheffield, England-based security and surveillance systems - Reports underlying pretax profit in the year to November 30 of £3.0 million, three times the £1.0 million posted the year before. Revenue rose to £49.1 million from £39.1 million, up 26%. Diluted earnings per share from continuing and discontinuing operations climbed to 12.8 pence from 8.7p, up 47%. Calls results ‘strong, exceeding market expectations, underpinned by growing demand from the oil and gas sector’. Notes a solid order book, reinforced by sound order intake and significant contract wins across all sectors, and continued momentum into 2024. This underpins the board’s confidence in the outlook for the medium term.
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Kitwave Group PLC - North Shields, England-based food wholesaler - Reports results for 12 months to October 31. Pretax profit increases by 40% to £24.9 million from £17.8 million the year prior. Revenue rises by 20% to £602.2 million from £503.1 million, diluted earnings per share climb to 26.0 pence from 20.5p. Recommends final dividend of 7.45p per share, rising from 6.75p a year ago. This takes the total payout to 11.20p per share, up 9.25p. Says all divisions have continued to grow while managing inflationary pressures. Expresses confidence in another positive trading period in 2024. Calls start to 2024 satisfactory.
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Webis Holdings PLC - Isle of Man-based gaming firm - Reports results for the half-year to November 30. Says turnover fell 4.8% to $5.9 million from $6.2 million the year prior. Cost of sales ease to £4.1 million from £4.2 million. Pretax loss widens to £541,000 from £325,000, however. Says its principal subsidiary, WatchandWager.com has a varied start to the first six months of the financial year. Notes trading was strong during the summer months but difficult during September to November - largely because of adverse weather conditions forcing a number of cancellations throughout the US. Remains optimistic that trading will improve in line with expectations.
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PCI-PAL PLC - formerly known as IPPlus PLC, a Suffolk, England-based cloud provider of secure payment solutions for business communications - Reports results for the six months to December 31. Statutory operating loss narrows to £0.4 million from £1.1 million the year before. Revenue rises 20% to £8.7 million from £7.3 million, gross margin improves 20 basis points to 89% from 87%. Highlights positive cash generation from operations in period and excellent progress being made towards its near-term objective of delivering sustained profitability. Says second half has started well with new business sales momentum continuing. Further, says Chief Financial Officer William Good intends to retire. Initiates process to appoint a successor.
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