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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Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Raises $8.9 million through oversubscribed placing and subscription at 2.0 pence per share announced on Tuesday. Had hoped to raise $8.5 million. Chief Executive Mike Buck subscribes for new shares worth $100,000 and Petrovis, the company’s largest shareholder, subscribes for shares worth $1.0 million, as previously announced. Further, Petro Matad confirms retail offer at the same price to raise $500,000.
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Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - In 2023, reports pretax loss narrows to £789,795 from £1.3 million a year prior. Basic loss per share is 0.02 pence compared with 0.04p. Administrative expenses fall to £848,058 from £1.3 million. Calls 2023 a year of ‘notable progress’. ‘During the year, we successfully completed a number of key assessments for the proposed development of the company’s significant green hydrogen project in Pakistan. We also forged important relationships in Western Australia for the further exploration of our tenements situated there.’ Oracle says its strategy ‘is to progress and develop its various projects, thereby diversifying risk, and with a view to timely divestment when appropriate in order to maximising returns and shareholder value.’
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T42 IOT Tracking Solutions PLC - Israel-based firm, which provides container tracking and monitoring for the global shipping supply chain - In 2023, reports total comprehensive loss narrows $420,000 from $1.0 million a year prior. Revenue is little changed at $4.0 million but the cost of sales falls to $1.9 million from $2.4 million. General and administrative expenses also decline to $1.7 million from $2.3 million. Sales saw a greater contribution from supply chain solution products rather than vehicle tracking solutions, company says. Chief Executive Avi Hartmann says: ‘We are actively pursuing business opportunities in key markets such as South and North America, evident from recent agreements signed and the substantial business potential they represent.’ Expects further growth in revenue during 2024 based on the current pipeline of potential new orders.
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Spiritus Mundi PLC - special purpose acquisition vehicle focused on the clinical diagnostics sector in Europe and Asia - In the six months to March 31, reports pretax operating loss of £230,292, little changed from £233,132 loss a year prior. Net cash at March 31 is £275,469 compared with £739,812 a year ago. Net assets at March 31 fall to £213,563 from £712,686. Says proceeding with proposed reverse takeover of InReste ‘as quickly as possible’ although there is no guarantee it will be successfully completed. Shares remain suspended.
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Arkle Resources PLC - Irish-focus gold and zinc exploration company - In 2023, reports pretax loss of €297,021, little changed from €299,214 a year prior. Administrative expenses fall to €276,759 from €303,195. Bemoans a shortage of finance and hardening of attitudes towards exploration in Ireland. ‘Political support has withered, and extensive bureaucratic delays have occurred in licence renewals and other approvals,’ Arkle says. ‘Ireland has for long been a favoured destination. Not so now,’ it adds. This has led Arkle to examine opportunities elsewhere. Experience in Africa resulted in application for licences, likely to contain lithium, in Botswana and Zimbabwe, Arkle notes.
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First Property Group PLC - London-based investor and property fund manager - In the financial year to March 31 swings to pretax loss of £4.4 million from pretax profit of £.2.5 million a year prior. Diluted loss per share is 4.04 pence compared with earnings of 1.70p per share. EPRA net asset value per share is 39.41p, down from 46.50p. Chief Executive Ben Habib says: ‘The last year has been a challenging time for investing in commercial property.’ Habid highlights a combination of higher interest rates in the US, higher interest rates generally and weaker economies. Adds that a ‘burdensome regulatory environment with the drive to net zero has resulted in reduced occupancy demand, higher capital investment requirements, reduced values and an exodus of institutional investors from the markets. As a result, the capital values of our properties have been under pressure and leasing activity has not been as strong as we would have hoped and expected.’ Nonetheless, once US interest rates begin to ease ‘we would expect a recovery in the UK and Europe’.
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Creo Medical Group PLC - Chepstow, Wales-based medical device company - Issues update ahead of Wednesday’s annual general meeting. Highlights continued progress towards a goal of achieving cashflow break even in 2025.
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Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Signs new master license and marketing agreement with global mining company Caterpillar Inc covering the next five years. The existing agreement was set to expire in August 2024. As part of the revised deal, receives up-front license fee payment of $16.5 million related to Guardian technology. Company says the deal will ‘bolster our cash reserves and help deliver on our business plan as we move closer to achieving a cash flow break-even run rate in ’financial 2025].‘
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Tribe Technology PLC - Belfast-based developer and manufacturer of autonomous mining equipment - Raises £1.4 million via placing, subscription and issue of convertible loan notes at 4.50 pence per share. Placing will raise around £600,000, subscription will raise just under £200,000 and convertible loan notes will raise £600,000. Subscribers in the placing and the subscription will receive one warrant for every two ordinary shares subscribed for, with each warrant entitling the holder to acquire one new ordinary share at 5.40p.
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