The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Sound Energy PLC - Moroccan-focused upstream energy company - Enters deal to sell part of Moroccan assets to Managem SA for $45.2 million. Sound Energy will continue to hold 20% of Tendrara production concession and just under 28% working interests in each of Grand Tendrara exploration asset and the Anoual exploration permit. ‘Managem will provide funding for phase 2 development of [Tendrara], funding for two exploration wells in satisfying the work programmes under the permits, a contingent production payment and recovery of past expenditures,’ Sound Energy adds.
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Physiomics PLC - Abingdon, Oxfordshire-based mathematical modelling and data science for new medicines - Agrees with DoseMe to implement personalised dosing software offering on DoseMeRx platform. Will also look to ‘explore research collaborations’. ‘The Physiomics software will be made available to selected DoseMe clients, initially on a research basis, but with the objective of adding paid functionality later, in particular relating to the potential for the software to be able to provide decision support around the use of granulocyte colony stimulating factor,’ it adds.
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Puma Alpha VCT PLC and Puma VCT 13 PLC - venture capital trusts - Puma Alpha VCT’s net asset value per share at February 29 year-end falls 17% to 108.35 pence per share from 130.53p each the year prior. Puts NAV decline down to ‘decreases in investment valuations’. ‘2023-24 has been a very active year for the company with seven new qualifying investments having been made in the period, alongside other Puma managed funds,’ it adds. Puma VCT 13 NAV per share decline falls 6.4% to 124.48p per share, from 133.05p. It adds: ‘The period has clearly been one of significant strain for smaller companies in the UK, as indeed it has been for companies of all stages of growth plus households and consumers. The challenges facing those building a business are substantial from inflation to geopolitical conflict, supply shock, labour shortages, strikes, energy price spikes, the list could go on.’
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British Smaller Cos VCT PLC and British Smaller Cos VCT2 PLC - venture capital trusts - British Smaller Companies VCT net asset value per share at March 31 year end largely unmoved at 83.6p from 83.7p 12 months earlier. Total dividends for year amount to 4.0p per share, dwon from 8.5p. It adds: ‘Across this period the company has generated a 4.7% return on its opening net asset value in the year. Over the same period, the FTSE Small Cap rose by 4.4%, while the AIC’s index of generalist VCTs rose by 0.3% on a share price total return basis.’ For the quarter ended March 31, British Smaller Companies VCT2 reports its NAV per share falls 0.1% to 59.25p from 59.30p in December, faring better than the 0.6% fall in the FTSE Small Cap.
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Oxford Technology 2 VCT PLC - venture capital trust - Net asset value per share for most share classes increase. For OT4 class it rises 4.3% to 26.3p at May 31 first-quarter end. OT3 shares rise 4.0% to 23.3p, while OT2 rises 2.0% to 20.8p. However, NAV per share of OT1 class declines 2.9% to 38.5p. ‘The primary driver of these changes (net of running costs) was an increase in the share price of Arecor Therapeutics PLC following the release of excellent headline results from their phase 1 clinical trial of AT278 (its highly concentrated fast acting insulin) in overweight and obese people with Type 2 diabetes,’ it adds. However, it notes Arecor recent fundraising warning. Arecor on Monday said its working capital requirements have accelerated primarily as a result of the timing of potential pipeline revenue and an increase in costs. The firm now expects funding to be required in the third quarter of 2024.
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