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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Pebble Group PLC - Manchester, England-based provider of products and services to the global promotional products industry - Reports 2023 pretax profit fell 24% to £7.4 million from £9.7 million the year prior. Basic earnings per share also fell 24% to 3.46 pence from 4.55p, revenue decreased 7% to £124.2 million from £134.0 million. Says Brand Addition revenue fell by 9% to £106.3 million from £117.4 million due to impact of reduced spend from the technology and consumer sectors. Despite drop in profit, doubles annual dividend to 1.2p per share from 0.6p and intends £5.0 million share buyback. Trading in the new financial year is progressing in line with management expectations.
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Mpac Group PLC - Tadcaster, England-based packaging automation company - Reports pretax profit in 2023 of £4.7 million, multiplied from £0.2 million the year prior. Revenue rose to £114.2 million from £97.7 million. Diluted earnings per share of 13.1p compared to loss per share of 2.2p. Explains improved sales and profit aided by the normalisation of margins throughout the year and record order intake. Orders intake soars to £118.5 million, up 41%, from £83.8 million. Starts 2024 positively, trading is in line with expectations, well positioned for the year ahead.
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Tufton Oceanic Assets Ltd - Guernsey, England based investment company specialising in second-hand commercial sea vessels - Says net asset value in the six months to December 31 rose to $1.452 per share from $1.402 the year before. Net income totalled $37.4 million, swinging from net loss of $4.3 million before. IFRS EPS reached 11.90 US cents compared to LPS of 0.85 cents. Two dividends of $0.02125 were paid during the period. Evaluates proposed one-off return of between 5% to 10% of NAV. Plans to evaluate a further return of capital annually using excess investible cash if no suitable investment opportunities are presented.
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First Tin PLC - London-based tin development company focused on advanced, low-capital expenditure projects in Germany and Australia - Announces that regional exploration conducted in parallel with the definitive feasibility study at its Taronga tin project in Australia, has shown excellent potential for satellite deposits in the large tenement holdings in the district. Chief Executive Bill Scotting comments: ‘While most of our effort during the past two years has been directed toward completing the Feasibility Study on our Taronga deposit, the First Tin team in Australia have also been progressing some of the nearby regional targets to make the proposed Taronga Tin Processing Facility a hub for several potential satellite deposits. This may enable both increased tin production and extend mine life beyond the life of the Taronga deposit itself.’
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Cobra Resources PLC - Australia-focused gold and rare earth exploration company - Enters option agreement to sell its non-core tenement EL 6016, Prince Alfred, to TC Development Corp Pty Ltd for up to £80,000 in cash. Cobra says will receive an option fee of £30,000 within 7 days in return for granting TC Development a 12-month exclusive right to acquire Prince Alfred. If the option is exercised prior to the expiry of the option period, TC Development may acquire Prince Alfred for £50,000. Cobra retains a 1% net profit royalty from any future production.
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Katoro Gold PLC - London-based gold and nickel exploration and development company - Says since February 12, Katoro has appointed Sean Wade as non-executive chair, and Louis Coetzee has moved from executive chair to executive director. Expects to name a new chief executive in the near term.
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Gelion PLC - London-based battery technology company - Announces that the recent test results display early validation of the primary elements of Gelion’s technology plan, building on its acquisition of a leading Li-S IP portfolio from Johnson Matthey, acquisition of OXLiD, and the JDA with IonBlox in 2023. Explains the performance of the OXIS GEN2 technology acquired from Johnson Matthey has been replicated and validated. Explains the ambition for its next generation platform is to unlock the potential of sulphur batteries for a wide range of global applications including electrical vertical-takeoff-and-landing, drone markets, electric vehicles, and stationary energy storage.
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Westmount Energy Ltd - oil and gas investment firm focused on high impact drilling outcomes in emerging basins - Reports that its investee Cataleya Energy Corp has redeemed in full $43.8 million in convertible loan notes. The loan notes have been redeemed via the repayment of $21.6 million in cash and the conversion of $22.2 million in shares. The transaction closed on the March 15 and CEC is now debt free. As a result of this loan note conversion, the noteholder has now become a significant shareholder in CEC, with a stake of around 21% of the enlarged CEC share capital.
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