The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Getech Group PLC - geo-energy and green hydrogen company - Makes a ‘strong’ start to 2024. Revenue for the first two months of the year are about 40% ahead of the same period in 2023. In 2024 to date, Getech has secured contract wins totalling £900,000, including three new annual software subscription customers as well as the renewal of eight annual licences for the Globe geoscience platform and software products. Chief Executive Richard Bennett comments: ‘Getech has had a good start to 2024, and I am pleased by the improved financial position of the company. Importantly, prospects for the business continue to build as we retain our long-term clients, as well as attract new brands to our growing subscription base.’
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Aukett Swanke Group PLC - London-based architectural and interior design services provider - Acquires some assets of RTS Technology Solutions, which is in liquidation. RTS trades as Vanti and it provided smart building software to commercial properties in the UK. Pays initial £37,000 in cash, with additional £50,000 payable over next 18 months on performance conditions. In addition, Aukett raises £425,000 through equity issue. It says £275,000 raised by direct subscriptions by certain existing and institutional investors. Some directors and managers meanwhile, intend to subscribe for £150,000 worth of shares. The subscription shares total 42.5 million and will be issued at 1p each.
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Tribal Group PLC - Bristol-based educational software and services provider - Revenue in 2023 rises 2.3% to £85.7 million from £83.6 million. Pretax profit surges to £6.6 million from £400,000. ‘While there were several corporate developments at Tribal in FY23, our focus has remained resolute on delivering outstanding service to our customers around the world and providing our teams with a rewarding place to work. Our financial performance demonstrates the enduring strength of the group as we executed against our growth strategy, winning new customers, transitioning existing customers to the cloud, and successfully piloting our newly developed native cloud product, Tribal Admissions,’ Chief Executive Mark Pickett says. Says intends to pay a dividend, but defers decision on sum amid dispute with Singapore’s Nanyang Technological University. Tribal in February noted that in March last year, NTU decided to terminate its contract with Tribal and had reserved rights to claim damages. NTU demanded payment of $9.9 million for damages on account of alleged loss, costs and expenses. Tribal rejected this demand and has since been engaged in private settlement negotiations with the university. Tribal in February said NTU also demanded $377,724.
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Touchstone Exploration Inc - Calgary, Canada-based oil and gas exploration company - Revenue in 2023 rises 27% to $36.0 million from $28.3 million in 2022. However, swings to pretax loss of $12.7 million from profit of $1.5 million. Says reports exploration and evaluation asset impairment expenses of $32.6 million related to Chinook and Royston areas of Ortoire block.
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Gulf Keystone Petroleum Ltd - oil and gas exploration company, which operates the Shaikan field, one of the largest developments in the Kurdistan region of Iraq - Revenue in 2023 shrinks to $123.5 million from $460.1 million. Swings to pretax loss of $11.4 million from $265.8 million profit. Realised price in 2023 markedly lower at $40.9 a barrel, from $74.1 in 2022.
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Cornish Metals Inc - mineral exploration company focused on the South Crofty tin project in Cornwall - Reports no revenue in 2023, unchanged from a year prior. Pretax loss widens to C$2.9 million, around £1.7 million, from C$1.2 million. ‘The company is advancing the South Crofty tin project to a potential construction decision,’ Cornish says.
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First Class Metals PLC - Ontario, Canada-focused metals exploration company - Signs deal with Broken Rock Resources Ltd, allowing First Class right to earn 100% interest of Quinlan lithium property in Ontario. ‘The company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity,’ Chief Executive Officer Marc Sale says.
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Blue Star Capital PLC - London-based investment company focused on the esports and new technologies sectors - Reports a pretax loss of £6.3 million for the financial year that ended September 30, 2023, widening from £1.3 million in financial 2022. The main factors behind the significant loss were write down in value of the company’s investments in Dynasty Media & Gaming and Sthaler and losses incurred on the realisation of the company’s quoted investments. Net asset value per share shrinks to 0.11p from 0.23p. Executive Chair Tony Fabrizi says: ‘The last year was one of considerable disappointment for all those connected with Blue Star. The material and unexpected write down in value in our investment in Dynasty has had a significantly detrimental impact on the company’s net asset value and this has obviously impacted sentiment towards the company.’
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Mercia Asset Management PLC - asset manager focused on small and medium-sized enterprises - Secures two new British Business Bank fund mandates as part of UK Northern Powerhouse Investment Fund II initiative. The mandates represent a total of £153.0 million in new funds under management. Mercia says £100.0 million to be invested in Yorkshire & the Humber. That will be managed by Mercia Regional Ventures. Says £53.0 million will be lent in the same region, managed by Mercia Business Loans.
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Henderson Eurotrust PLC - European-focused investment firm - Net asset value per share at half-year ended January 31 rises 5.7% to 165.2 pence from 156.3p a year prior. Reports 4.5% NAV total return, beating 4.2% from benchmark, the FTSE World Europe (ex UK) Index in sterling.
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Dukemount Capital PLC - London-based property management company - Conditionally raises £300,000 through subscription of 750.0 million shares at £0.0004 each, with one for one warrant attached. Subscription is by director Paul Gazzard.
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Secure Trust Bank PLC - provider of savings accounts and lending services - Pretax profit in 2023 falls 24% to £33.4 million from £44.0 million in 2022. Operating income, however, increases 8.9% to £184.7 million from £169.6 million. Lending balances rise to £3.3 billion from £2.9 billion. Secure Trust lowers dividend by 29% to 32.2p per share, down from 45.1p. Chief Executive David McCreadie says: ‘Once again, we have demonstrated our ability to grow in 2023 and the group is well placed to realise our ambitions. We are well on our way towards our £4 billion net loan book target and delivery of our 14-16% return on average equity target. We remain confident about the future.’
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Literacy Capital PLC - London-headquartered trust focused on long-term investments in private UK businesses - Net asset value per share at December 31 financial year end increases 19% to 500.4 pence from 420.6p 12 months earlier. Reports net asset value total return of 19%, beating FTSE Investment Company Index’s 4.9% and FTSE All-Share Index’s 7.9%. Richard Pindar, chief executive of investment manager, says was ‘challenging to repeat’ level of net asset value growth delivered in 2021 and 2022. NAV grew 94% and 52% in 2021 and 2022, respectively.
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ECO Animal Health Group PLC - Surrey-based animal health pharmaceutical company - Says revenue in fourth-quarter ending March 31 in line with expectations. Expects to report in-line trading for full-year. Market expectations for revenue stand at £88.7 million, which would represent a 4.0% rise from £85.3 million in financial 2023.
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National World PLC - national, regional and local multimedia organisation - Revenue in year to December 30 rises 5.1% to £88.4 million from £84.1 million. Pretax profit declines, however, by 39% to £3.1 million from £5.1 million. Operating costs increase 6.6% to £78.6 million. ‘National World has continued to live up to its objectives in its third year of operation. Amidst further consolidation plus cost efficiency and productivity enhancements the pace of the operating model change has accelerated with initiatives embedded in both the heritage portfolio and newly acquired assets,’ Chair David Montgomery says. ‘The future model is based on original and expert content in specific sectors and genres to better serve both consumers and advertisers. Examples are business information, including events and the transformation of premium brands to populate all platforms reaching a wider, increasingly global audience.’ Declares 0.55 pence final dividend for financial 2023, a rise of 0.5p it paid in respect to 2022. The latter payout was its maiden one.
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