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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CATCo Reinsurance Opps Fund Ltd - closed-ended mutual fund company - Reports total net asset value climbed to $14.5 million at December 31 compared to $9.0 million a year prior. Explains the increase in NAV is due to further upside recorded relating to a positive development on the 2018 and 2019 reinsurance portfolios plus interest income.
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Amala Foods PLC - cash shell - Announces further update following the temporary suspension of its listing on the Standard Segment of the Official List of the Main Market, first announced on November 9, 2023. Says the announced transaction continues to progress. Amala has made further prospectus submissions to the Financial Conduct Authority and anticipates its next submission within the coming weeks once the audited numbers of the target company are available. As previously announced the target company is a newly formed healthcare group, Healthcare Medical Plus Pte Ltd with a Philippine subsidiary, Dialysis Care Plus Inc. Aims to complete deal in the summer.
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Ondine Biomedical Inc - Vancouver-based life sciences company - Issues trading update. Says in 2023, revenue doubled to $1.2 million from $600,000 in 2022, driven by significant growth in the number of hospitals deploying Steriwave. Ends the year with 16 hospital deployments, up from six at the prior year-end. This momentum continues, with eight additional hospital deployments in the first quarter, bringing the total to 24 hospitals, up 50% from a year prior, and four times the number at the beginning of 2023. Ondine says it is also benefitting from significantly reduced sales cycle times, lower new client acquisition costs and improved margins resulting from lower cost of goods and higher product pricing. Further, receives approaches from several multinational companies in the hospital supply, wound care, and infection control industries. Ondine is currently progressing discussions on distribution collaborations with potential partners. Stresses there is no guarantee that an agreement will materialise.
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Star Energy Group PLC - onshore energy company - Reports revenue in 2023 of £49.5 million, down from £59.2 million a year prior. Pretax loss narrows to £5.5 million from £11.8 million. Net debt falls to £1.6 million from £6.1 million. Says net production, beat guidance averaging 2,100 barrels of oil equivalent per day in 2023, rising from 1,898 boepd in 2022. Anticipates net production of around 2,000 boepd and operating costs of around $41 boe in 2024.
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Panther Metals PLC - Isle of Man-based investor in and acquirer of companies within the natural resource sector - Reports pretax profit in 2023 of £269,184 compared to pretax loss of £952,896 the year prior. Nil revenue, unchanged from the year before. Basic earnings per share are 0.29 pence compared to loss per share of 1.22p. Administrative expenses fall to £454,330 from £526,522.
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Red Capital PLC - Jersey-based acquisition company - In 2023, reports pretax loss of £215,031, little changed from £207,660 a year prior. Administrative expenses total £219,092 compared to £207,914, interest receivable rises to £4,061 from £254. Basic and diluted loss per share are 2.15 pence compared to 2.08p. Chair David Williams says: ‘Markets in the last few years have been shocking for smaller companies, but there are signs that things are stirring, and we have definitely seen an uptick in opportunities to consider these past few months.’
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Acceler8 Ventures PLC - Jersey-based acquisitions company - In 2023, pretax loss narrows to £55,236 from £185,117 a year prior. Administrative expenses reach £156,347, down from £185,232. Basic and diluted loss per share totals £0.07 compared to £0.25.
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Bay Capital PLC - Jersey-based investor in industrial, construction and business services sectors - In 2023, pretax loss widens to £1.3 million from £251,321. Reflects jump in administrative expenses to £1.4 million from £253,635. Basic and diluted loss per shares totals 1.87 pence compared with 0.36p. Chair Peter Tom says: ‘We remain positive about the prospects of our sectors of focus across the broader industrials market, particularly given the current trough in the economic cycle we find ourselves in. This continues to present a series of opportunities at potentially interesting entry points, which if secured, we believe have the potential to create shareholder value.’
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Sound Energy PLC - AIM-listed transition energy company - Swings to pretax loss of £7.2 million in 2023 from pretax profit of £6.6 million a year prior. Reflects foreign exchange loss of £2.8 million in 2023 compared to a forex gain of £5.5 million in 2022. Administrative expenses fall to £2.4 million from £3.2 million. Basic and diluted loss per share are 0.38 pence compared to EPS of 0.28p.
Says it is well positioned for significant operational and financial progress through development of pivotal Moroccan Tendrara Production Concession, with rig activities from June and plant commissioning planned by year-end. Processed gas is expected at the plant by end 2024 with LNG sales thereafter, company says.
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Nichols PLC - Merseyside, England-based soft drink manufacturer - Issues trading update for three months to end March ahead of Wednesday’s annual general meeting. Says trading in 2024 has started in line with management expectations reflecting continued strategic progress. Notes strong growth in the UK packaged business was offset by an anticipated decline in International revenue due to the phasing of shipments and strong prior year comparatives as well as the continued rationalisation and focus on profitability in the Out-of-Home business. As a result, says revenue decreased 5.9% on-year to £38.8 million. UK packaged revenues increased by 6.8% to £20.4 million, International packaged revenue fell 23% to £9.8 million, OoH revenue fell by 6.2% to £8.6 million. Says expectations for adjusted pretax profit remain unchanged.
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MyCelx Technologies Corp - Georgia, US-based clean water and air technology company - Provides update on its recent business development with focus on accelerating its marketing and sales plan for the Perfluoroalkyl and Polyfluoroalkyl Substances remediation and Enhanced Oil Recovery markets. Says the initial result of this renewed strategy is starting to materialise. Reports successful completion of treatability study paving the way for inclusion in a multiple technology, four-month pilot trial treating PFAS contamination at a municipal wastewater treatment facility. The trial is expected to commence in the first quarter of 2025. Highlights talks on a number of other projects within PFAS in the US and notes material up tick in media sales for PFAS system in Australia. In EOR, notes a pilot trial in Canada in May which could potentially result in $2 million project award.
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US Solar Fund PLC - London-based investment company focusing on owning and operating solar power assets in North America - Intends to undertake a fixed-price tender offer, at a price of $0.764 per share. Shareholders may choose to tender for sale some or all of their shares, subject to an upper limit of $19 million being returned to shareholders. As a result of the tender offer, decides it is prudent to reduce the target dividend for 2024 to $0.0225 per share from $0.0566 per share in 2023. Will revise the dividend target for 2025 in light of any improvement in the coverage as a result of successfully completing a refinancing. Further, intends to carry out a potential refinance through the long-dated financing available in the US private debt markets. Believes that the US private debt market could provide an attractive source of debt capital.
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