The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Mobeus Income & Growth VCT PLC - venture capital trust focused on ‘younger growth capital investments’ - Net asset value per share is 58.43 pence on December 31, resulting in an NAV total return of 6.1% and share price total return of 5.7% for 2023. Total return includes 9.50p in total dividends paid for 2023, which the VCT notes is more than double its annual dividend target of at least 4.00p. NAV total return last year compares to a negative 16% return in 2022. The portfolio value on December 31 is £64.1 million, up 17% from £54.7 million a year before. Mobeus Income & Growth makes £5.7 million in new investments during 2023 and realises £2.7 million in investments, bringing net realised gains of £400,000. ‘Overall, the portfolio remains diversified and well-funded; however there is a degree of concentration in that the top ten assets now represent about 75% of portfolio value,’ the company comments. ‘As is the nature of growth assets, the risk of company failures is ever present. However, the upside for successful investments can be significant which is resulting in value concentration amongst these larger and more stable assets.’
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Savannah Resources PLC - developing Barroso lithium project in Portugal - Pretax loss widens to £3.5 million in 2023 from £2.7 million in 2022. Savannah records no revenue in either year, and the wider loss is mostly due to a swing to a £81,116 foreign exchange loss from a £814,468 gain. Savannah adds Chief Executive Officer Emanuel Proenca to the board as an executive director, saying he had completed his six-month probation, having been appointed in September. Savannah says it expects to complete the definitive feasibility study for Barroso by the end of the year.
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Itaconix PLC - London-based company whose plant-based polymer technology is used to produce ingredients for consumer products - Pretax loss narrows to $1.5 million in 2023 from $2.5 million in 2022, as revenue increases to $7.9 million from $5.6 million. However, Itaconix repeats warning that revenue will be lower in 2024 due to ‘not reaching satisfactory commercial terms’ with an existing North American customer. ‘We are pursuing growth from other existing customers and from new accounts with a view to replenishing this revised expectation with higher margin revenues,’ says CEO John Shaw.
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Engage XR Holdings PLC - Waterford, Ireland-based spatial computing and metaverse technology - Pretax loss narrows to €4.1 million in 2023 from €6.0 million in 2022, despite slightly lower revenue, at €3.7 million from €3.9 million. Engage XR nearly halves its cost of sales despite the higher revenue, and it also cuts administrative expenses by 17%, crediting reduced headcount and strong cost control. ‘2023 was a year in which the company successfully strengthened its balance sheet but was also a year that saw many ups and downs,’ CEO David Whelan says. ‘We are now focused on the aspects of the business that have a long-term future, namely the education and training sectors within both the education and enterprise markets.’ Engage XR says it booked record revenue in the first quarter of 2024, with just over €2 million in contracted revenue, Some 70% of this is in the professional education sector, which the company says is making up for reduced revenue from enterprise customers, whose employees are returning to the office and require less support for remote events and collaboration.
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