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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Clean Power Hydrogen PLC - Doncaster, England-based green hydrogen technology and manufacturing company - Pretax loss widens to £2.7 million in the six months to June 30 from £2.1 million a year prior, as administrative expenses climb to £2.8 million from £2.3 million. Basic and diluted losses per share are 0.86 pence compared with 0.60p. CPH says: ‘We have reached our largest milestone yet, and the commercialisation of the MFE110 lays the foundation for the continued development of our flagship 1MW system, the MFE220. We now turn our attention to the next phase of growth, our Commerciality Phase, building on the positive momentum of our R&D Phase.’ Notes the energy transition and opportunity for hydrogen ‘continues to grow and we look forward to entering our next phase of growth with a commercialised technology which provides a compelling, disruptive and attractive offering.’
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EnergyPathways PLC - Worthing, England-based low-emissions energy company - Pretax loss widens to £550,159 in the six months to June 30 from £305,116 a year prior as administrative costs double to £508,421 from £253,869. Company says it is ‘aligned with the new government’s energy policy and aims to meet its expectations, targets and fiscal demands’. Explains the main focus is now to move straight to development of the upscaled MESH project rather than be limited by the fast track standalone development of Marram. ‘Based on our dialogue...we are confident that in MESH, we are tabling a compelling concept that will deliver not only broad environmental and social benefits to the UK...but also an economically attractive project that has the potential to generate significant cash flows and high yield returns with estimated rates of return of plus 20% over the project’s 20 plus year life.’ ‘We look forward to an eventful year,’ company says.
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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - Pretax loss for the first half of 2024 narrows to £11.1 million from £13.3 million the prior year. Revenue however plummets to £1.6 million from £14.8 million. Direct costs likewise nosedive to £2.8 million from £18.1 million. Says it plans to deliver against near-term corporate goals in the rest of 2024. Company also announces the sale of a 1.2 megawatt hour Mistral battery system to Gamesa Electric. Gamesa will integrate the system alongside solar and wind generation at a site in Spain. ‘There will be inevitable challenges to overcome as well but I am reassured that the launch of our next-generation product remains on track,’ company says.
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Trinity Exploration & Production - Trinidad & Tobago-focused oil exploration and production firm - Pretax profit climbs to $3.8 million in the six months to June 30 from $1.1 million a year prior. Revenue is unchanged at $33.8 million. Net sales volume are 2,595 barrels of oil per day, down from 2,861 bopd a year ago. Explains the decrease in production was largely a result of the failure to return a large producing Trintes well to potential production in July 2023 due to operational issues. Lowers 2024 net sales guidance to 2,450 to 2,550 bopd.
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Roebuck Food Group PLC - Dublin-based food supplier - Pretax loss from continuing operations narrows slightly to £325,000 in the six months to June 30 from $337,000 a year prior. Revenue jumps to £6.0 million from £1.7 million but cost of sales increases as well to £5.7 million from £1.6 million. ‘At this juncture, management believe we can build a business of significant scale and size over the next number of years and we are presently evaluating a number of significant investment opportunities,’ company says. No dividend declared.
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Condor Gold PLC - developing La India gold project in Nicaragua - Pretax loss narrows to £518,217 in the six months to June 30 from £965,815 a year prior reflecting more than halved administrative expenses. Has no revenue, unchanged from a year ago. Says there ‘continues to be significant interest in sale of company’s assets’, and ‘remains in talks with number of interested parties’. Notes ‘several new parties having expressed an interest’. Explains the heightened interest reflects the significantly higher gold price.
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Mindflair PLC - invests in next generation technology focused on artificial intelligence - Net asset value per share at June 30 is 2.70 pence, up from 2.13p at December 31. Swings to pretax profit of £1.6 million in the six months to June 30 from £512,000 loss. Basic earnings per share are 0.6p compared with LPS of 0.28p. ‘Going forward, we are looking forward to seeing some additional realisations or liquidity events from the investment portfolio in the short term, particularly given that SVV1 is very much in its realisation phase.’ ‘We believe that our AI focused portfolio should be attractive to investors wanting exposure to this exciting and fast-moving sector.’
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Eurasia Mining PLC - palladium, platinum, rhodium, iridium and gold miner - Pretax loss narrows to £571,703 in the six months to June 30 from £6.7 million a year prior. Zero sales unchanged from a year ago but bottom line suffers from rise in other losses to £6.4 million from £870,249 before. Strategy continues to focus primarily on the potential sale of the assets in Russia, namely the West Kytlim operating mine, the Monchetundra project mining license, the NKT brownfield project and the entitlement to the Nyud brownfield project. ‘Remains committed to this possible sale and, as ever, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale process.’
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Hemogenyx Pharma PLC - biopharmaceutical company focused on treatments for blood diseases - Pretax loss narrows to £2.8 million in the six months to June 30 from £4.3 million a year prior. Has no revenue, narrowed loss is due to lower administration expenses which fall to £2.4 million from £3.9 million. ‘We have now reached a pivotal stage where our lead product, Hemo-Car-T, is set to enter the clinic, a development that undeniably elevates us to a clinical-stage company. Meanwhile, our other product candidates are also making significant strides forward. We are confident in our ability to finance their development through a combination of equity capital, industry partnerships, and non-dilutive funding.’
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