The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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North American Income Trust PLC - Edinburgh-based investor in US equities launched in 1902 - Net asset value per share improves 8.9% to 346.2 pence as at July 31 from 317.8p a year prior. NAV total return is 11.1% for the first half of 2024, a notch higher than the Russell 1000 value index in sterling terms with a return of 11.0%. North American IT declares an interim dividend of 2.70p, up 3.8% from 2.60p a year prior. Looking ahead, Chair Charles Park notes ‘a lot to be positive about in the US economy’, citing its new manager Janus Henderson. ‘Interest rates are expected to continue to decline, the consumer remains resilient, and companies across various sectors are finding new ways to leverage AI to improve efficiency and customer service and accelerate the pace of bringing new products and services to market,’ Park says.
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Ashington Innovation PLC - special purpose acquisition company - Pretax loss widens to £202,036 in the first half of 2024, from £121,440 a year ago. Ashington says it is in early-stage discussions with several potential targets and will provide an update when negotiations become suitably advanced.
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Eight Capital Partners PLC - London-based fintech - Swings to pretax loss of £1.3 million in the first half of 2024 from a profit of £1.3 million. Revenue dives to £3,000 from £572,000. The company reports a loss on investments at fair value of £390,000, compared to a gain of £1.7 million.
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t42 IoT Tracking Solutions PLC - provides real-time tracking and monitoring of shipping containers - Revenue grows 19% to £2.0 million in the first half of 2024 from £1.7 million. Chair Michael Rosenberg says: ‘This year, we have achieved over 100% growth in sales for the container market compared to the previous year. We are already engaged in discussions with clients to enhance existing supply contracts. It’s now clear that we are not just participating in this market-we are a key player.’ Adjusted loss before interest, tax, depreciation and amortisation narrows to $25,000 from $248,000. Looking ahead, Chair Rosenberg says: ‘We are taking the first steps on this journey-a long, challenging, and occasionally turbulent path, but one filled with excitement and potential. The opportunities ahead for T42 are vast and look forward to sharing our progress as we reach each major milestone.’
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TruSpine Technologies PLC - London Gatwick Airport-based medical device company - Pretax loss narrows to £701,694 in the financial year ended March 29, from £853,461 a year ago. Administrative costs decrease to £656,406 from £845,818. The company notes that after its next annual general meeting, Chief Financial Officer Norman Lott intends to retire. TruSpine’s last AGM was on June 7. Looking ahead, Chair Geoffrey Miller says: ‘The prospects for the business are as exciting as they were at the company’s admission to trading on Aquis, but even though the company has made a great deal of progress towards its objectives since that time, it is currently valued at a fraction of its market capitalisation at admission. This is of course a reflection of past mistakes, but with the re-set process underway, I believe the company is far better positioned today to achieve its goals than it was at admission.’
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US Solar Fund PLC - London-based investment company focusing on owning and operating solar power assets in North America - Net asset value per share edges down to 75 US cents as at June 30 from 78 cents at December 31.‘Risk free rate used in the discount rate for portfolio valuations is the US has increased by 40bps which was partially offset by a reduction in risk premia and the combined impact is a reduction to the NAV.’ The company declares a dividend of 0.56 cents per share. Looking ahead, US Solar Fund says: ‘The board will continue to monitor the market for similar assets as those held by the company with a view to the realisation of value from the company’s assets when the time is right.’
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