The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and Wednesday and not separately reported by Alliance News:
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Africa Opportunity Fund Ltd - closed ended investment fund focused on Africa - Says net asset value per share as at December 31 was $0.86, down from $0.95 a year prior. Losses per share for the year were 11.4 cents, widened from 10.7 cents. Africa Opportunity describes 2023 as ‘a tough year for the fund’, given economic declines across the continent due to sovereign debt burdens and foreign exchange shortages. Looking ahead, the fund says ‘regional growth and inflation are trending in the right direction’, and it expects the market capitalisations of companies within its portfolio to improve in 2024.
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Pineapple Power Corp - special purpose acquisition company focused on assets in the renewable energy sector - Says pretax loss for 2023 is £510,417, widened from £367,956 a year before. Generates no revenue in the year, unchanged from 2022. losses per share widen to 0.63 pence from 0.57p. Pineapple Power says it is still advancing its agreement to buy Ilios Hydrogen Canada Ltd, announced in November, and will provide updates in due course.
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Nostrum Oil & Gas PLC - energy company operating in Kazakhstan - Says crude oil production for the first quarter of 2024 was 2,382 barrels of oil equivalent per day, down from 2,948 in the first quarter of 2023. Stabilised concentrate production drops to 1,934 boepd from 1,955. Liquid petroleum gas production rises to 1,858 boepd from 1,318, and dry gas reaches 5,769 boepd, up from 4,259 a year prior. Total daily production of 11,943 boepd for the quarter is up 14% from 10,479 the year before. Daily sales volumes average 10,022 boepd, up from 7,276. Nostrum says the improvement is the result of additional processing at the Ural Oil & Gas Rozhkovskoye field, and the successful launch of the company’s gas lift system expansion in July. Revenue for the quarter is $31 million, up from $17.4 million a year before.
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Cobra Resources PLC - rare earth minerals miner focused on assets in southern Australia - Says pretax loss in 2023 widens to £921,114 from £509,138. Losses per share for the year are 0.18 pence compared to 0.10 pence in 2022. Generates no revenue in 2023, unchanged from a year before. In November, the company purchased the remaining 25% stake of its flagship Wudinna project from Peninsula Resources Ltd, and says it is now focused on scaling the project.
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Phoenix Spree Deutschland Ltd - investor focused on the German residential property market - Says pretax loss for 2023 widens to €111.8 million from €17.5 million. Gross rental income rises 5.9% to €27.5 million from €25.9 million. Declares no dividend in respect of the year, compared to an 2.35 euro cents dividend in 2022. 255 leases were signed in the year, down from 319 in 2022. Says buyer sentiment and transaction volumes remain fragile, and that its portfolio valuation is €675.6 million as at December 31, down 13% from €755.9 million. Phoenix plans to pivot its business model to condominium sales in 2024, as prices and market volumes in the German condominium market ‘remain robust’.
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STV Group PLC - Glasgow-based broadcast television channel operator - Confirms that Simon Pitts will be resigning from his role as chief executive officer as of November 1. Says Pitts will focus on ‘the delivery of the Company’s strategy and targets and on ensuring the effective transition of his responsibilities’ until his departure. STV says that the process to appoint a successor to Pitts is underway.
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Sylvania Platinum Ltd - platinum group metals producer with assets in South Africa - Delivers $3.2 million in Ebitda in its third quarter ended March 31, down from $4.4 million a year prior. Net revenue drops to $20.3 million from $20.9 million between the second and third quarters. The Sylvania Dump Operations segment produces 17,232 ounces of platinum group metals in the quarter, down from 18,232 in the second quarter. Company maintains full-year guidance of 74,000 to 75,000 PGM ounces. As at March 31, Sylvania Platinum’s cash balance is $101.3 million, down from $107.2 million at the end of the second quarter. Declares a special dividend of 1p per share.
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