The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Belluscura PLC - London-based medical device developer - Pretax loss widens slightly to $6.5 million on-year from $6.4 million for the six months to June 30, despite revenue multiplying to $1.3 million from $366,221 the year prior. This is the result of cost of sales rising 99% to $839,064 from $421,994 year-on-year and administrative expenses growing 6.7% to $6.4 million from $6.0 million. Chief Executive Officer Robert Rauker says: ‘We are delighted with the growth in sales and distribution over the past nine months for both the X-Plor and Discov-R portable oxygen concentrators. Whilst it has taken time to bring both products to market, and we are grateful for the patience of our shareholders, we now have two leading lightweight portable oxygen enrichment concentrators that meet the stringent requirements of the Food & Drug Administration, with the full commercial launch of Discov-R coming later in the year. We look forward to the remainder of 2024 and into 2025 with a real sense of confidence.’ Third-quarter sales currently stand at $1.6 million, up 40% from the second quarter.
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Zephyr Energy PLC - Rocky Mountain region-focused oil and gas company that aims for responsible resource development and carbon-neutral operations - Pretax loss narrows to $3.1 million on-year from $3.2 million in the six months to June 30, as revenue grows 1.5% to $13.6 million from $13.4 million. Net sales volumes for the first half of 2024 averaged 1,239 barrels of oil equivalent per day, for a total of 225,633 barrels of oil equivalent net to Zephyr for the six-month period. CEO Colin Harrington says: ‘The first half of 2024 was an active time for Zephyr, during which we invested a significant amount of capital into the Paradox project with the drilling of the State 36-2R well and the subsequent production tests. We were delighted with the results from this activity and over the coming months we will continue with the work required to transform the Paradox project into a revenue-generating asset. On a related note, we are in advanced conversations with US-based institutions regarding wellbore and asset-level investment opportunities, and look forward to updating the market in the near-term regarding our proposed next steps for the Paradox project. We have an exciting period ahead of us and I believe, more than ever, that we have the pieces in place to enable us to deliver on our strategic objectives successfully.’
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Phoenix Copper Ltd - US-focused base and precious metals producer and explorer - Pretax loss widens to $1.1 million from $625,369 for the six months to June 30, as administrative costs grow 82% on-year to $1.1 million from $617,788. The company generates no revenue, unchanged from the year prior. Its investment in Empire mine in Idaho increases 17% to $42.1 million from $35.9 million at the same time last year, whilst its loans to Idaho operating subsidiaries grow 27% to $37.5 million from $29.6 million. Chair Marcus Edwards-Jones notes ‘the achievement of several important milestones on [Empire’s] journey towards our first production’, reporting proven & probable mineral reserves of 10.1 million tonnes containing 109,487,970 pounds of copper, 104,000 ounces of gold and 4,654,400 ounces of silver, or 66,467 tonnes of copper equivalent metal.
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Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Pretax loss widens to €3.2 million from €2.4 million for the six months to June 30, despite revenue multiplying to €1.4 million from €145,293 the year prior. Cost of sales for the first half of 2024 surges nearly six times higher to €623,670 on-year from €109,528. The company expects to sustain improvement to gross margin for the whole of 2024 compared to 2023, resulting from its focus on improving rates, cost management and delivery excellence. CEO David Palumbo says: ‘Our performance for the first half of 2024 compared to the first half of 2023 demonstrates the impact of our strategic re-focus. Revenue has increased tenfold for the period, and gross profit has significantly improved, which is a direct result of our shift towards high-margin, IP-rich services and away from high-risk, capital-intensive development activities. We are operating in a competitive sector where many companies are still in the early stages of validating their technology without any real commercial application. In contrast, Eqtec’s technology is already commercially tested and delivering real-world solutions across multiple geographies. As we scale our business, our priority remains to strengthen our foundations, drive revenue growth, and maintain our leadership in the clean energy sector.’
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Trellus Health PLC - White Plains, New York-based digital health platform provider - Pretax loss widens year-on-year to $3.9 million from $3.6 million for the six months to June 30, as administrative expenses grow 7.9% to $4.1 million from $3.8 million at the same time last year. Revenue multiplies on-year to $50,000 from $14,000. The company is in discussion with potential partners for all of its commercial models. CEO Marla Dubinsky says: ‘Following the completion of our early pilot programmes, in the first half we signed a business-to-business-to-consumer contract with a large US health plan, which has made Trellus Elevate more accessible to inflammatory bowel disease patients. We continue to work closely with the health plan and are collaborating to enrol as many eligible members as possible onto the platform. Our content licensing agreements with two large pharmaceutical companies have also shown the value of our solution and a new revenue source. Trellus Elevate and our proprietary resilience-based assessments can provide significant value to pharmaceutical companies and within clinical trials, by enhancing medication adherence and reducing participant trial attrition and screening failures, and we intend on pursuing further agreements in these spaces in future. We remain focused on cash management with our disciplined approach extending our cash runway into the late third quarter of 2025.’
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Novacyt SA - Paris-based biotechnology group focused on clinical diagnostics - Pretax loss widens to £17.9 million on-year from £8.3 million for the six months to June 30, despite revenue more than tripling to £10.3 million from £3.3 million at the same time last year. This is partly the result of general & administrative expenses more than doubling to £10.9 million from £5.6 million. Group gross profit multiplies to £26.5 million from £1.7 million year-on-year as a result of the reversal of a £19.8 million product warranty provision following a settlement with the UK Department of Health & Social Care, or DHSC. CEO Lyn Rees says: ‘We made good progress during the first half of 2024, which saw encouraging growth in our reproductive health and non-invasive prenatal testing businesses and the delivery of £5.0 million of annualised cost savings. Whilst the continued reduction of our cost base remains our core priority, we are also investing for the future and bolstering our research & development team who are developing an exciting pipeline of new products, to expand our capabilities and meet the needs of our growing customer base, which we expect to bring to market over the next three years. The conclusion of the DHSC dispute has enabled the management to focus on driving the growth of the combined business and with our robust product portfolio, first-class team and strong cash position we are well-placed to deliver future growth.’
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