The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
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Kendrick Resources PLC - London-based, Scandinavia-focused mineral exploration and development company - Pretax loss narrows slightly to £238,867 in the six months to June 30 from £243,534 a year prior. Kendrick has no revenue either period. Basic and diluted losses per share are unchanged at 0.10 pence. Net asset value at June 30 is £4.30 million compared with £4.58 million a year before. ‘There appears a new realisation that if clean energy targets are to be met then critical mining has to take place. Indeed, the southern coast of Norway is becoming known as the ’Battery Coast’ by industry pundits, and the board believes we have a good portfolio in the much sought after commodities at a time when Scandinavia may well undergo a mining renaissance.’
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Emmerson PLC - Morocco-focused resource development company - Pretax loss is unchanged at £1.6 million in the six months to June 30 when compared to a year prior, despite rise in administrative expenses to £1.5 million from £1.4 million. Benefits from forex gain of £38,000 compared with a loss of £43,000 a year before. Emmerson has no revenue. Loss per share is 0.15 pence, improving from 0.16p a year ago. Says Chief Financial Officer Jim Wynn will leave at the end of September after accepting a position elsewhere. Chief Executive Graham Clarke says: ‘We have continued to prioritise engagement with the Moroccan authorities towards the granting of the ESIA approval.’ Clarke adds: ‘We understand that the approval process is reaching its conclusion, and we are hopeful to be able to announce the outcome, which we are confident will be favourable, within this quarter.’
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Ceres Power Holdings PLC - Horsham, England-based clean energy technology developer - Pretax loss narrows to £10.8 million in the first half of 2024 from £26.2 million a year before, as revenue more than doubles to £28.5 million from £11.7 million, while cost of sales rises 26% to £5.6 million from £4.4 million. Notes ‘record order intake from signing new contracts of £46.9 million in H1, growing to £103.3 million since the start of the year to [August 31]’. Says due to ‘natural reduction in investment requirements from historical peak levels’, management is implementing a cost base rationalisation that will reduce overall expenditure by around 15%. Confirms upgraded revenue guidance of £50 million to £60 million for 2024, based on contracts secured so far.
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Symphony International Holdings Ltd - Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors - Pretax loss narrows sharply to $2.5 million in the six months to June 30 from $80.3 million a year prior. Reflects $3.9 million fair value gain compared with loss of $73.2 million. Basic loss per share improves to 0.49 US cents from 15.64 cents. Net asset value per is $0.74 at June 30 unchanged from December 31. ‘Barring any geopolitical shocks, Symphony’s portfolio stands to gain from the evolving interest rate cycle in the US and Europe. Asian currencies and risk assets, which have generally underperformed over the past 18 months, are expected to appreciate,’ company says.
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OptiBiotix Health PLC - York-based life sciences firm - Pretax loss widens to £2.8 million in the six months to June 30 from £1.9 million a year prior, as revenue drops 21% to £276,000 from £351,000. Cost of sales falls to £165,000 from £193,000 but administrative expenses rise to 1.2 million from £918,000. Also hurting the bottom line, a loss on fair value of investments totals £1.7 million up from £1.1 million. ‘We are confident that our strategy will deliver an improved sales performance for the rest of this year, and will continue in 2025, and look forward to demonstrating the long-term growth potential of the group,’ company says.
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ValiRx PLC - Hatfield Heath, England-based life sciences company focused on early-stage cancer therapeutics and women’s health - Pretax loss narrows slightly to £1.1 million in the six months to June 30 from £1.2 million a year prior. Has no revenue, unchanged from a year ago, but R&D expenses reduced to £121,490 from £207,721. Basic and diluted loss per share are 0.74 pence compared with 1.03p. Feels the commercial and technical progress made in the first half has been ‘positive despite funding restrictions and difficult market conditions, which remain challenging’. Anticipates additional short-term income from both service and product offerings through Inaphaea. Plans to ‘implement further cost savings through streamlining and resource management to ensure its cash is focused on supporting its development assets.’
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Cadence Minerals PLC - investment and development company - Pretax loss widens to £2.5 million in the six months to June 30 from £2.0 million a year prior. Loss on investments rise to £1.9 million from £1.5 million, while foreign exchange loss is £1,000 versus gain of £407,000. Basic loss per share is 1.39 pence compared with 1.16p. ‘Despite the poor commodity and macro backdrop, our primary investment, the Amapa iron ore project, has progressed well. The three targets we set for the year are either completed or scheduled to be completed by year-end,’ company says. Explains the immediate focus is to finance the next stage of Amapa’s development. ‘We are actively working towards this goal and are currently discussing with potential joint venture partners’. Stresses these processes ‘take time’ with extensive due diligence and contract negotiations. Sees positive indications in the lithium market, with market commentators forecasting improvements in 2025 and supply shortfalls in the 2030s. ‘However, it should be noted that we should not expect lithium prices to return to levels seen in 2022 in the short to medium term. Lithium demand is still growing significantly, so prices should improve over the coming year.’
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Roquefort Therapeutics PLC - London-based biotechnology company focused on developing medicines for hard-to-treat cancers - Pretax loss narrows to £702,781 in the six months to June 30 from £937,436 a year prior. Reports no revenue compared with £200,000 a year ago, but administrative and R&D expenses fall. Basic and diluted loss per share is 0.45 pence compared with 0.64p. ‘Remains committed to securing other therapeutic licensing deals and is in active discussions in this regard,’ company says.
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