The following is a round-up of earnings for London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:
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Orosur Mining Inc - South America-focused minerals explorer and developer - Net loss for the year to May 31 widens to $3.4 million from $1.8 million the year before, as asset impairment incurs a $1.8 million expense, up from nothing the year before. The company reports no revenue, unchanged from last year. Orosur Mining says: ‘Given the recent signing by the company of the agreement to acquire [Minera Monte Aguila] in Colombia and the encouraging results in Argentina, the company will focus its investment in these areas. We will also advance our project in Nigeria, which has returned strong results, albeit at a slower pace whilst lithium prices continue to recover. In Colombia, within the Anza project, the company is planning to recommence drilling at Pepas and to examine the potential of moving the APTA prospect to a maiden resource in the near term.’ It has also raised £835,000 through a 30 million share placing at 2.78 pence per share, which it intends to use to progress the Anza exploration project.
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XLMedia PLC - London-based sports digital media company - Statutory loss for the six months to June 30 widens to $7.7 million from $1.0 million year-on-year for the company’s continuing business, as total revenue for the group falls 47% to $15.6 million from $29.4 million the year before. During the six-month period, the group sold its Europe and Canada assets to Gambling.com Group Ltd for a total consideration of $42.5 million. The group’s remaining continuing business comprises its business in North America and a small residual income from an unsold legacy network business in Europe. Continuing business revenue comprises $10.4 million of the total interim revenue, in line with management expectations. However, adjusted earnings before interest, taxation, depreciation and amortisation for its continuing business falls 72% to $900,000 from $3.2 million. XLMedia says: ‘The usual acceleration in new customer acquisition at the start of [National Football League] season in September has been slower than anticipated. However, further acquisition budgets are expected to be released by some operators. Accordingly, the board remains of the view that adjusted Ebitda for the continuing business, excluding revenue and costs of the discontinued business, remains broadly in line with market expectations’.
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Electric Guitar PLC - London-based digital marketing and advertising company that provides first-party data solutions - Pretax loss for the year to March 31 widens to £1.4 million from £537,690 the year prior, due to one-off acquisition costs of £927,605, up from none the year before. Revenue falls 42% to £411,000 from £710,000 year-on-year. Chief Executive Officer John Regan says: ‘The past year has been one of transformation for Electric Guitar. The acquisition of 3radical and admission to AIM were pivotal moments for the company, allowing us to revitalise operations and accelerate innovation at 3radical. The subsequent launch of Voco Solutions Portal, recent strategic collaborations and a further acquisition, paired with the strength of 3radical’s unique data set, position us at the forefront of the evolving digital marketing landscape. We are now confident in our outlook as we continue to integrate new technologies, deepen customer engagement and pursue growth opportunities as part of our wider buy-and-build strategy.’
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Kanabo Group PLC - London-based distributor of cannabis-derived medical products - Pretax loss for the six months to June 30 widens to £1.8 million from £1.6 million the year prior, as cost of sales rises 78% to £661,000 from £372,000. Revenue grows 55% to £694,000 from £449,000 the year before. CEO Avihu Tamir says: ‘The first half of 2024 has been a key milestone for Kanabo Group as we continue to advance our strategic plan. Achieving a 55% increase in revenues underscores the strong demand for our digital health services and specialised medicines. After a period of infrastructure building, our development and clinical teams are now executing exceptionally well. Our expansion of in-pharmacy clinics and the launch of innovative systems, like our upgraded e-script and artificial intelligence-powered services, will greatly improve patient access and operational efficiency.’ Kanabo remains confident in both its short and medium-term growth prospects.
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Majestic Corporation PLC - Deeside, Wales-based recycler of precious and non-ferrous metals from used electronics and batteries - Pretax profit for the six months to June 30 grows 18% to $1.2 million from $861,851 last year, as revenue increases 92% year-on-year to $25.0 million from $13.0 million. Cost of goods sold for the six-month period rises 96% to $23.2 million from $11.8 million, whilst administrative expenses are up 38% at $539,520 from $390,528. CEO & Chair Peter Lai says: ‘Growth was driven largely from the performance of the UK market, our battery materials and solar recycling operations. As industries continue to prioritise sustainability and seek to secure control over critical resources, Majestic’s expertise in previous and industrial metals gives us a clear advantage. Whilst growth in the second half will not be of the same magnitude, the combination of our strategic agility and market insight ensures Majestic’s sustained growth and long-term success.’ The board remains ‘cautiously optimistic’ in its full-year outlook.
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Block Energy PLC - Resource exploration and production company focused on Georgia - Swings to a pretax profit of $2,000 in the six months to June 30 from a loss of $432,000 the year before, as cost of sales falls 21% to $2.2 million from $2.8 million. Revenue for the six-month period decreases 59% to $1.6 million from $3.9 million the year prior. CEO Paul Haywood says: ‘We continue to focus on the strategy we presented at the end of 2023 to develop our high-impact assets through asset level finance, and to ensure the underlying business remains cashflow positive. Production performance in the second half as improved following the workover of WR-34Z, and we have met our goal of remaining cashflow positive at current oil prices and production rates. The farm-out of Project III, and its 2.77 trillion cubic feet 2C contingent resources, is progressing. We have hosted multiple interested parties in the data room, with discussions continuing. The development of our carbon capture storage project is well underway.’
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Spectra Systems Corp - Rhode Island, US-based company developing systems to protect against fraudulent transactions - Pretax profit for the six months to June 30 rises 7.3% to $5.9 million from $5.5 million the year before, as total revenue nearly doubles year-on-year to $22.7 million from $11.6 million. Cost of sales rises almost threefold for the six-month period, growing to $10.0 million from $3.6 million last year. CEO Nabil Lawandy says: ‘The increased revenues in the first half are derived from the additional security printing turnover, pre-production sensor development contracts, sales of covert materials, and cost accounting-based initial revenue recognition on the $39.6 million manufacturing contract with a central bank customer. While all of this business growth is underway, we continue to be the most innovative company in the authentication sector with machine-readable sustainable polymer substrate using circular certified polymer and new breakthroughs in smartphone technology which we are confident has the potential to reenergise this part of our product offering. The board therefore believes that the company is on track to achieve record earnings and meet market expectations for the full year.’
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