The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Andrada Mining Ltd - raw materials producer with mining and exploration assets in Namibia - Pretax loss narrows to £8.9 million in the financial year ended February 29, from £9.0 million a year prior. Revenue surges 83% to £18.0 million from £9.8 million. Cost of sales increase 55% to £16.2 million from £10.5 million. Administrative costs come in 34% higher at £10.0 million from £7.5 million. Finance costs balloon to £1.7 million from £669,824. Calling financial 2024 a ‘challenging but successful year,’ Chair Glen Parsons says: ‘With a strong leadership team and solid business foundations in place, we look forward to similar success in FY 2025. Specifically, we will strengthen our production capabilities and bring our lithium offering to market as we advance towards initial production of petalite concentrate through the integration of the current plant.’
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Beowulf Mining PLC - Nordic-focused mineral resource developer - Reports pretax loss of £909,184 in the first half of 2024, narrowed from £1.8 million a year prior. Beowulf says the company has made ‘significant progress’ as it ramps up activities at the Gallak or Kallak iron ore project in Sweden. Further, in Finland, it highlights test-work was initiated in preparation for an enhanced pre-feasibility study on the graphite anode materials plant. Beowulf expects conclusion of the pre-feasibility study by the end of 2024. Chief Executive Officer Ed Bowie says: ‘Equity markets remain challenging and the company’s share price has performed poorly. We remain focused on further derisking the company’s assets, demonstrating their true value and closing the market disconnect.’
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Bigblu Broadband PLC - London-based broadband solution provider in the Nordic and Australasia regions - Pretax loss widens to £1.2 million in the six months to May 31, from £1.1 million a year prior. Revenue falls 14% to £11.2 million from £13.0 million. Looking ahead, Bigblu says: ‘The board believes that the group is well placed to manage its business risks and longer-term strategic objectives successfully. The latest management information shows a strong net cash position, and in terms of volumes, average revenue per user and churn, we are in fact showing a strong position compared to prior year and budget and indeed the business is seeing an increase in demand in Australia. Accordingly, we continue to adopt the going concern basis in preparing these results.’ Chief Executive Officer Frank Waters says: ‘As we enter the second half of the financial year, we remain optimistic that opportunities remain to deliver improved shareholder value from our remaining business interests.’
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Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on South Africa, Namibia, and Guyana - Operating loss widens to $1.1 million in the first financial quarter ended June 30, from $812,895 a year prior. President & Chief Executive Officer Gil Holzman says: ‘Our active farm-out processes in both Namibia and Guyana have seen Eco actively engaged with a number of potential high-calibre partners as we work to monetise these licences as fast as is practically possible for the benefit of all involved. We look forward to providing updates on material developments to all our stakeholders over the coming months.’
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Inqo Investments Ltd - South Africa-focused social impact investment firm - Noting that it has been impacted by the Covid pandemic with reduced earnings and the implementation of cost saving measures, turns to a pretax loss of R 6.3 million, or around £269,684, in the financial year ended February 29, from a profit of R 2.6 million a year ago. Revenue jumps 76% to R 20.6 million from R 11.7 million. Cost of sales increase 60% to R 2.4 million from R 1.5 million, while personnel expenses are 10% higher at R 6.4 million compared to R 5.8 million. Notably, costs regarding impairment and fair value adjustment balloon to R 1.9 million from R 107,993. Other expenses increase 37% to R 12.8 million from R 9.3 million.
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ProBiotix Health PLC - Wakefield, England-based life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions - Revenue jumps 82% to £1.0 million in the first half of 2024, from £552,000 a year prior, while cost of sales increase 53% to £442,000 from £288,000. Pretax loss narrows to £268,000 from £512,000. ProBiotix says it maintains a positive outlook, noting ‘solid’ commercial performance amid a cardiometabolic health supplement market that it says continued to track attractive growth rates of around 8%. ‘Our efforts to increase liquidity in ProBiotix shares through working with AQUIS and exploring opportunities within other markets, including AIM, as well as improving investor communication, will continue,’ the company says.
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Sivota PLC - London-based investment vehicle focused on later-stage Israeli technology companies - Pretax loss narrows to $830,000 in the first half of 2024, from $2.9 million a year prior. Revenue falls 50% to $1.6 million from $3.1 million, however expenses more than halve to $2.4 million from $6.0 million. Looking ahead, Sivota says it continues to evaluate investment opportunities.
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