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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Tullow Oil PLC - London-based oil and gas explorer - Issues trading statement ahead of Thursday’s annual general meeting. Says full year free cash flow guidance remains $200 to $300 million at $80 per barrel, with a weighting towards the second half of the year. Estimates an increase of $10/bbl across the year to $90/bbl would generate an additional $100 million of free cash flow. Says on track to reduce net debt to less than $1.4 billion by the end of 2024. Also on track to deliver around $600 million free cash flow over 2024 to 2025 at $80/bbl and sustainable free cash flow generation thereafter.
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Baillie Gifford European Growth Trust PLC - London-based investor in European securities - Says net asset value at book value rose to 111.6 pence per share at March 31 from 107.1p a year prior. NAV at fair value climbs to 115.8p per share from 112.2p.
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Polar Capital Global Health Trust PLC - investment firm - Net asset value per ordinary share rises 16% to 401.82 pence at March 31 from 345.66p at September 30. NAV per ZDP share rises 1.5% to 122.20p from 120.41p. Gearing falls to 8.42% from 9.37%.
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Primorus Investments PLC - London-based investor in small and mid-cap companies - Buys 250,000 shares in Virtualstock Holdings Ltd for £500,000. Funds this from cash resources. Notes the shares represent around 1.7% of Virtualstock’s issued share capital. In addition, Hedley Clark, non-executive director of Primorus, buys 75,000 shares in Virtualstock for £150,000. For the 11-month period ended February, Virtualstock had revenue of around £4.3 million and made a net income loss of around £400,000.
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The Conygar Investment Company PLC - property investment and development group - Net asset value falls to 153.0 pence per share at March 31 from 159.4p at September 30, and from 205.1p a year prior. Explains this is primarily due to operational, debt financing and administrative costs compounded by writing down £1.4 million of costs in connection with the proposed residential development at the Fruitmarket site in the St Philip’s Marsh area of Bristol. Revenue in the six months to March 31 slumps to £2.3 million from £11.4 million a year prior. Last year figure includes £9.7 million proceeds from sale of development and trading properties. Pretax loss widens to £3.8 million from £2.3 million. Chief Executive Robert Ware says: ‘Investment activity will take time to return to the levels seen before the market downturn. However, as inflation and interest rates recede, such that costs become more stabilised, the viability of funding opportunities should improve.’
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ValiRx PLC - life sciences company focused on early-stage cancer therapeutics and women’s health - Clarifies its cash position. Says at Wednesday, company’s cash position was around £1.1 million. This comes after company raised £1.8 million through the issue of new shares in January 2024.
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B90 Holdings PLC - Isle of Man-based company in the online gambling industry - Revenue in 2023 rises to €3.0 million from €2.1 million in 2022. But pretax loss widens to €5.5 million from €4.3 million as administrative expenses climb to €7.6 million from €6.4 million. ‘Looking ahead, we are very optimistic about the future of B90. Management delivered on several key operational milestones during 2023, which are expected to help the group achieve profitability in 2024,’ company says.
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Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan and Nigeria - Decides to proceed with a proposed voluntary delisting of the company’s ordinary shares from the Egyptian Exchange. This is subject to meeting certain conditions. ‘Whilst the EGX listing has helped the company to increase its local visibility in the market where it generates the majority of its business, we have unfortunately seen continuing low liquidity and trading volumes of the company’s shares on the EGX and the absence of any investment potential in maintaining the listing on this secondary market,’ company says. Stresses delisting will have no impact on the day-to-day operations in Egypt, the Middle East and Africa.
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Upland Resources Ltd - Jersey-based oil and gas company focused on Sarawak, Malaysia - Releases results for 18 months to December 31. Says pretax loss is £2.2 million in the 18 months compared with £494,295 in the year to June 2022. Loss per share is 0.23 pence compared to 0.07p. Block SK334, onshore Sarawak is expected to have good prospectivity. Believes resources spent on proving up Block SK334 have the potential to generate significant
returns for shareholders.
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Scirocco Energy PLC - investment firm, focused on European sustainable energy assets - Reminds shareholders that Thursday will be the last day of dealings in the company’s ordinary shares on AIM. Admission to trading on AIM will be cancelled on Friday.
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RegTech Open Project PLC - London-based technology business focuses on automation and optimisation of regulatory compliance operations - Reports progress on strategic initiatives announced in March. These include identifying and starting the recruitment process for senior key hires and reviewing its go-to-market strategy in China. Further says technical and commercial proposals are in place with an international, multi-class managing general agent for piloting the InsurTech solution. Also is in the final stage of negotiations with a leading Italian provider of ICT technology and services as a value-added reseller. In addition, RegTech looks at capital market alternatives for raising capital including through equity-linked instruments. However, notes it has not found counterparties willing to contract on terms acceptable to the company. Options include a placing. This comes due to delays to funding being received under an agreement with RegTech Italy. Also, announces plans to manage cashflow. These include raising prices by 10% and cutting fixed costs by 20%.
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