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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Adnams PLC - Suffolk, England-based brewer - At annual general meeting, says company expects to update investors on strategic recommendations later in the summer.
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Xtract Resources PLC - Australian and Zambian-focused mining company - In 2023, pretax loss narrows to £172,000 from £1.9 million a year prior. Operating income totals £1.2 million, up from £667,000. Administrative and operating expenses fall to £1.1 million from £1.4 million, net assets edge up to £19.9 million from £19.7 million. ‘The perfect storm is brewing for copper and your company is well placed to take advantage,’ company says.
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Eden Research PLC - Oxfordshire, England-based company develops sustainable biopesticides and plastic-free formulation technologies for use in the global crop protection, animal health and consumer products industries - Says progressing well with the development of its insecticide product, and is pleased with the encouraging results from field trial results received to date. Notes in the more than 30 laboratory trials and more than 140 field trials run in Europe and the US, the developmental bioinsecticide product was tested against aphids, spider mites, whiteflies and other target pests at various stages of their development. Results showed strong efficacy against all life stages of these key pests and equivalent or superior performance when compared with registered biological reference products produced by some of the world’s leading biochemical companies. Chief Executive Sean Smith says: ‘These promising results further demonstrate Eden’s ability to develop market-leading biological formulations at a time when conventional insecticide products are being phased out due to regulatory action.’
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Genedrive PLC - Manchester-based point of care pharmacogenetic testing company - Acknowledges, as announced on April 3, that the UK’s National Institute for Health and Care Excellence has recommended in draft guidance that CYP2C19 genotyping should be used to guide clopidogrel use after ischaemic stroke or transient ischaemic attack, and that the Genedrive CYP2C19-ID test should be used as the test of choice for point-of-care strategies.
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Harmony Energy Income Trust PLC - Great Britain-focused investor in commercial-scale battery energy storage systems - Says net asset value at April 30 is 96.21 pence compared with 115.40p at October 31. Chair Norman Crighton says: ‘The company is working through a critical phase of its development cycle as an Investment Trust. Over the coming months, our final three assets will become fully operational, which will lead to a substantial increase in income, other things being equal. This factor...encourages the board that the worst is behind us and better, more profitable times lie ahead.’
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Fenikso Ltd - investor in Nigerian oil and gas assets, previously known as Lekoil Ltd - In 2023, reports pretax profit $161,000 versus loss of $15.4 million a year prior. Administrative expenses fell to $366,000 vs $1.5 million. Fair value gains on receivables is $2.1 million compared with loss of $20.7 million a year ago. ‘Looking forward to 2024 the board will start to look at possible options to best utilise the growing cash balance the company will have built up. Based on the performance of the loan during 2023 the company will soon be in a position to consider a number of different options that it can discuss with shareholders on how best to create value from the money on its balance sheet.’
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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - In 2023, pretax loss widens to £23.2 million from £18.5 million a year prior, although revenue rises to £22.0 million from £3.6 million. Cost of sales jumps to £25.4 million from £2.3 million while administrative costs edge up to £19.1 million from £19.0 million. Chief Executive Larry Zulch says: ‘Our impressive gains in 2023 delivered on the very high expectations we set for ourselves and established an appropriate foundation for a successful fundraise just completed. We welcome our new investors as we focus on progressing toward positive cashflow with a compelling new product and a low-capex strategy for delivering it at scale into a market hungry for energy storage.’
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Auction Technology Group PLC - JPMorgan says TA Associates plans to sell shares worth around 5.0% in company through a placing to institutional investors. TA Associates currently owns just under 18% of ATG, around 21.4 million shares. Pricing will be determined by way of an accelerated bookbuilding process. ATG will not receive any proceeds from the placing.
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Gulf Marine Services PLC - Abu Dhabi-based provider of self-propelled and self-elevating support vessels for offshore oil, gas and renewable energy projects - Zeus Capital Ltd says Seafox International Ltd, which holds just under 29% stake in company plans to sell around $10 million worth shares at a minimum price of 17 pence each. The shares will be sold via an accelerated bookbuild placing and represent around 4% of the issued share capital of GMS.
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Tate & Lyle PLC - London-based sweetener and food ingredients supplier - Completes sale of its remaining 49.7% interest in Primary Products Investments LLC to KPS Capital Partners. Receives cash proceeds of $350 million. As previously announced, the board intends to return the net cash proceeds received from this transaction to shareholders by way of an on-market share buyback programme. This buyback commenced on June 20.
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