The following is a round-up of earnings for London-listed companies, issued last week and not separately reported by Alliance News:
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AssetCo PLC - London-based asset and wealth management firm - Revenue in six months to March 31 down 2.8% to £6.9 million from £7.1 million. Pretax loss narrows to £2.6 million from £5.7 million. Total administrative expenses decline to £10.9 million from £14.0 million. Total assets under management at end of March amount to £2.48 billion, slipping from £3.26 billion. ‘While market conditions remain challenging, we remain on track to deliver significant cost savings from the group by calendar year-end. This, combined with the strong performance of many of our funds and the fact that we continue to see numerous avenues for profitable growth, give us continuing confidence in the future of the business,’ it adds. The firm proposes a name change to River Global PLC. It also outlines a series on future plans, in light of its business interests recently becoming more ‘simplified’. Its interests now consist of the wholly owned equities business, which trades under the River Global branding, and its stake in the Parmenion platform. ‘The board believes that the factors driving value in these two lines of business differ significantly in terms of both quantum and timing and that, as a result, they have the potential to appeal to quite different types of investor. In order to better reflect this, and to fully realise the benefit that might result from allowing new and existing investors to access these different value profiles directly, the board is planning to publish proposals for a share split shortly,’ AssetCo adds. ‘These proposals will give every shareholder a second class of share which will be designed to reflect the company’s economic interest in Parmenion. It is not expected that these shares will be traded on AIM but will be able to be traded on a matched bargain basis more suitable to the nature of the underlying interest. The company’s existing shares will as a result, track the interest in the equities business.’
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i(x) Net Zero PLC - investor focused on energy transition - Investment return in 2023 amounts to $84.9 million, rising markedly from $1.4 million in 2022. Pretax profit totals $79.2 million, swinging from loss of $6.9 million. The firm proposes an exit from AIM after undertaking ‘review to evaluate the benefits and drawbacks’. Notes limited liquidity of trading, and adds share price has fallen markedly in recent months. It also notes the ‘considerable cost, management time and legal and regulatory burden’ stemming from listing. ‘More generally, the directors believe that the UK small and micro-cap public markets have had a significant change in sentiment over the past few years and that the company’s current public market valuation does not reflect the underlying potential of the business with the result that growth prospects are more readily accessible and managed in a private market environment,’ it says. Its final day of trading is likely to be July 31.
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Becket Invest PLC - targeting acquisition in technology sector - Reports operating loss of £142,812 in six months to March 31. In year to September 30, its loss totalled £2.3 million. The firm began trading in London in early June 2023.
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Chrysalis Investments Ltd - investment firm - Net asset value per share at March 31 half-year end totals 147.46 pence, up 9.5% from 134.65p at end of September. ‘The first six months of the financial year saw improving market conditions, which supported an increase both in public and private asset valuations and M&A activity,’ it adds.
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Sancus Lending Group Ltd - London-based alternative financial services provider - Revenue in 2023 rises 23% to £12.3 million from £10.0 million in 2022. Pretax loss narrows to £9.0 million from £14.0 million. Chief Executive Officer Rory Mepham adds: ‘We remain committed to returning Sancus to profitable growth. During the year we have continued to focus on getting our operating platform functioning efficiently in our three core markets, the UK, Ireland and Channel Islands. Our strategic focus is clear - to become a private credit and property focussed asset and wealth manager - in which management, our shareholders and funders have specific sectorial expertise and deal flow.’
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Catenai PLC - London-based media and technology company - Revenue in 2023 totals £28,670, falling from £117,020 in 15 months to December 31, 2022. Pretax loss narrows to £261,318 from £545,533. Administrative expenses decrease to £392,488 from £662,553. Also boosting bottom line, posts reversal of provision of £102,500. Catenai had changed year-end date from September 30.
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Kondor AI PLC - London-based developer of artificial intelligence products to offer on software-as-a-service model, focused analysis of visual input - Pretax loss in six months to March 31 widens to £455,336 from £17,000 a year prior. Reports no revenue, unchanged year-on-year.
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One Media iP Group PLC - Buckinghamshire, England-based digital music rights acquirer, publisher and distributor - Revenue in six months to April 30 rises slightly to £2.8 million from £2.7 million. Pretax profit increases to £286,563 from £275,738. ‘As outlined in the 2023 annual results, the outlook for the music industry is positive, boding well for the investment proposition of our core business,’ it adds, looking ahead.
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Ovoca Bio PLC - Dublin-based, women’s health-focused biopharmaceutical company - Pretax loss in 2023 amounts to €5.1 million, narrowing from €5.6 million. Administration expenses decline markedly to €1.9 million from €5.4 million. Posts no revenue, unchanged from 2022. ‘The board’s focus is on investigating potential strategic opportunities, as well as monitoring the budgeted expenditure and revenue forecasts. The board notes the low expenditure requirements for 2024 due to the R&D activities being suspended. In these circumstances the board believes the company has sufficient funding to cover administrative and advisory fees expenditure as required,’ it adds.
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Bezant Resources PLC - copper and gold exploration company with projects in Africa, South America and the Philippines - Pretax loss in 2023 amounts to £6.1 million, swinging from profit of £1.4 million. Posts no revenue, unchanged on-year. Reports impairment of assets worth £4.8 million, against none year prior.
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Angus Energy PLC - UK-focused onshore oil and gas developer - Revenue in year to March 31 amounts to £12.1 million, down 26% from £16.5 million. Pretax profit tumbles to £5.8 million from £115.3 million, as prior year benefitted from £121.2 million derivative financial instrument gain.
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Ormonde Mining PLC - Dublin-based natural resources company with assets in Newfoundland and Scotland - Pretax profit in 2023 totals €337,000, swinging from loss of €1.1 million. Posts no revenue, unchanged on-year. It adds: ‘Whilst continuing to actively monitor the company’s investment portfolio, seeking to maximise the return from each of our investments for shareholders over the medium term, Ormonde is leveraging its highly accomplished internal technical resources to evaluate other investment opportunities and will update shareholders on developments in due course.’
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Wishbone Gold PLC - precious metals exploration company - Pretax loss in 2023 widens to £1.3 million from £1.1 million. Reports no revenue, unchanged on-year. Administration expenses total just under £1.3 million, rising from just under £1.1 million.
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Premier African Minerals Ltd - African-focused metals and mineral project developer - Pretax loss in 2023 totals $20.8 million from $5.8 million in 2022. Reports no revenue, unchanged from 2022. ‘2023 was a year of extremes. From the excitement of completing assembly of the Zulu lithium and tantalum project plant to the disappointment when the deficiencies in the ore sorting and comminution circuit became apparent. From completion of mine site infrastructures, civils, roads and access, tailings and water storage, in fact from a little bit of Zimbabwean bush to a complete mine in record time to the disappointment that has been covered in many announcements over the period and into events post December 2023,’ Premier African adds.
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Rockpool Acquisitions PLC - special purpose acquisition company - In year ended March 31, pretax profit widens to £505,677 from £297,089 the year prior. Administrative expenses total £505,275, up 70% from £296,411.
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Metals One PLC - battery metals explorer with projects in Finland and Norway - Pretax loss in 2023 totals £1.8 million. The firm listed back in July 2023. Reports no revenue. On Monday this week, it proposes a share reorganisation. It proposes each existing share is subdivided into one new one and one deferred share. ‘The deferred shares will have no right to vote or participate in the capital of the company and the company will not issue any certificates or credit CREST accounts in respect of them. The deferred shares will not be admitted to trading on any exchange,’ it adds. The reorganisation will not affect trading price, it says.
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