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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Shuka Minerals PLC - London-based mining company with operations in Africa - In 2023 says pretax loss narrows to £1.7 million from £1.8 million a year prior. Revenue edges up to £194,346 £183,448. Basic and diluted loss per share falls to 4.11 pence from 7.97p. ‘2023 was certainly a challenging period for the company on the ground from an operational perspective but outweighed by the strong steps taken to refocus the company for the future. We believe that the recent fundraise, together with the investment strategy outlined above, will lead to a successful period for the business in 2024 and beyond,’ company says.
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TechFinancials Inc - purely investment entity since 2022 after closing operating entities in Israel - In 2023, pretax loss narrows to $166,000 from $269,000 a year prior. Basic loss per share is 19 US cents compared with 32 US cents a year ago. No revenue disclosed, as expected. No dividend declared, unchanged. ‘2023 was a year in which the company focused on looking for new ways to increase its value for shareholders. The board decided to continue to invest some of its cash in listed companies. The company continues to look for new ways to increase its value.’
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Enwell Energy PLC - Ukraine-focused oil and gas exploration and production company - Announces that the State Geologic and Subsoil Survey of Ukraine on Wednesday issued orders to cancel the suspensions of the company’s Vasyschevskoye production licence and Svystunivsko-Chervonolutskyi exploration licence in Ukraine. Accordingly, the company is now able to resume operational activities at such licences.
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Genflow Biosciences PLC - London-based biotechnology company - Initiates a feasibility study with Exothera SA to assess the ability to produce its future MASH clinical lot in accordance with good manufacturing practices. In addition, also in the process of selecting contract research organizations to conduct its upcoming dog clinical trial, aimed at studying its promising drug candidate, GF-1004. Further, Genflow says it has received research guidance from the FDA’s Initial Targeted Engagement for Regulatory Advice on CBER products. The FDA has encouraged Genflow to proceed with its plans to identify appropriate animal models through pilot proof-of-concept studies.
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Mindflair PLC - investment company focused on artificial intelligence - Net asset value at December 31 us 2.13 pence per share down from 4.28p a year prior. In 2023, pretax loss widens to £2.7 million from £366,000. Basic loss per share is 1.44p compared with 0.20p. ‘We believe that our portfolio provides excellent exposure to companies at the forefront of the AI revolution with the potential for significant growth and the ability to deliver real returns for shareholders,’ company says.
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NAHL Group PLC - Kettering, UK-base consumer marketing services provider focused on the legal services market - Issues trading update ahead of Thursday’s annual general meeting. In the five months to 31 May, says its law firm, National Accident Law has performed well as it continues its development towards maturity, with the expectation that this will ultimately generate higher profits for the group. NAL settled 19% more claims than in the equivalent period in 2023 and generated £3.3 million of cash from settlements, a 56% increase. But says recovery at National Accident Helpline will be slower and costs will remain higher for a longer period. ‘While the board expects these headwinds to be short-term in nature and that the personal injury business will at least be breakeven in 2024, its revenue and profit for the year are anticipated to be significantly lower than previously expected and will therefore have a material impact on current full year market expectations for the group.’ The Critical Care business has traded in line with expectations during the first five months of the year, company says.
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Longboat Energy PLC - Issues update ahead of Thursday’s annual general meeting. Says has received consent from the Norwegian Ministry of Energy to sell its 50.1% holding in Longboat Japex Norge AS to its joint venture partner Japan Petroleum Exploration Co Ltd along with approval by the lenders under the Exploration Finance Facility. With only the transfer of third-party contracts remaining, these approvals pave the way for transaction completion early in the third quarter.
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Atome PLC - Leeds-based green fertiliser company - In 2023, says pretax loss widens to $6.9 million from $5.6 million a year prior. Atome says these results reflect ‘demonstrable positive progress towards our goal of achieving Final Investment Decision on our flagship Villeta project and start of construction there by the end of this current year.’ Looks forward to delivering further material progress during the balance of 2024.
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Cloudcoco Group PLC - London-based provider of managed IT services and communications solutions - In the six months ended March 31, revenue increases by 11% to £14.3 million from £12.9 million a year prior, of which 62% was generated from Managed Services, down from 70%. E-commerce revenue from MoreCoCo more than double to £3.6 million from £1.6 million. Pretax loss narrows to £1.2 million from £1.3 million. ‘We have made some headway in terms of accelerating sales and delivering excellent customer support levels during the year and this work will continue. In addition, we have identified a number of operational efficiencies and savings that have been implemented that will help to drive down our costs and will in turn improve cashflow to help strengthen our financial position. We will continue our efforts to grow and improve the business by building on the foundations we have created to date,’ company says.
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