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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East Star Resources PLC - Kazakhstan-focused copper exploration and resource development company - Swings to pretax profit of £9,000 for the six months to June 30 from a loss of £260,000 the year prior, despite administrative expenses rising 48% to £385,000 from £260,000. Other income increases to £394,000 from nothing the year before. Non-Executive Chair Sandy Barblett says: ‘Kicking off the year with an endorsement and grant from BHP Xplor was a major catalyst for the company as we were one of only six successful selectees from more than 500 applications. We’ve grown bigger in terms of people and targets, and undoubtably the Company’s prospects have improved dramatically as a result of this programme. The Company has refined its focus to copper - a strategic transition metal which is facing a medium and long term supply deficit and is the subject of recent merger & acquisition actions by global majors. New sources of supply are urgently needed, and Kazakhstan is perfectly positioned to contribute.’
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Sealand Capital Galaxy Ltd - Asia-focused digital investor that offers financial and strategic support to entrepreneurs - Pretax loss for the six months to June 30 narrows to £162,174 from £204,256 year-on-year, as administrative expenses fall 27% to £199,758 from £275,488 the year before. Revenue rises to £71,631, up 17% from £61,198 at the same time last year. Executive Chair Nelson Law says: ‘We are actively pursuing more retail agreements to broaden our sales reach. Furthermore, we will explore opportunities to negotiate new brand partnerships to expand our product categories. The impact of the pandemic continues to be felt, exacerbated by rising interest rates and escalating raw material costs. This challenging environment affects not only our group, but the broader economy in which we operate. Many retailers in our region have struggled, with increased operating expenses leading to closures. In response, our group has implemented various support measures for our business partners, including a new partnership program with revised suggested retail pricing. Additionally, based on our renewed agreement with the brand owner, we are extending accounts receivable ageing period to help our retail partners improve their sales margins and navigate these tough conditions.’
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First Class Metals PLC - Blackburn, England-based metal discovery company - Pretax loss narrows to £556,685 for the six months to June 30 from £744,700 the year prior, as administrative expenses fall 17% year-on-year to £573,159 from £693,460. It reports no revenue for the six-month period, unchanged from last year. The company now expects a significant increase in activity across its portfolio of assets. Chair James Knowles says: ‘In the first half of the year, First Class Metals achieved a significant milestone with the successful asset sale to 79th Group Ltd, enhancing our financial position and providing resources for future growth. Our recent capital raises through share placements reflect our commitment to advancing our core portfolio and maximising shareholder value. We appreciate shareholders’ support as we continue to strengthen our position in the Canadian precious & critical metals exploration sector and work towards achieving our strategic goals.’
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CleanTech Lithium PLC - Chile-focused lithium exploration and development company - Pretax loss narrows to £2.9 million for the six months to June 30 from £3.3 million the year before, as administrative expenses also fall 12% year-on-year to £2.9 million from £3.3 million. It reports no income, unchanged from last year. Chair & Interim CEO Steve Kesler says: ‘The first half of 2024 has seen significant operational and strategic progress on our lithium projects in Chile. This includes the production of high quality lithium chloride eluate with low impurities from our DLE pilot plant, which has a capacity to produce one tonne per month of lithium carbonate equivalent. The company is also in the process of listing on the ASX exchange, which will support its future development, as it enters potential strategic partner discussions and progresses towards production. Whilst this process has been delayed, the ASX market is well-versed in the lithium sector and a meaningful number of the company’s existing shareholders have Australian links.’ CleanTech Lithium says it looks forward to the future with confidence.
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Agriterra Ltd - Mozambique-focused investment and sustainable development company - Pretax loss widens to $3.3 million for the year to March 31 from $2.2 million, as revenue falls 9.6% year-on-year to $10.4 million from $11.5 million. The group expects the macroeconomic environment to improve for its 2025 financial year, predicting that inflation will fall between 4-5%. It says the Central Bank of Mozambique is currently using interest rates to control inflation, and a decrease in the inflation will enable the bank to reduce the 22.4% prime lending rate. The group implemented a retrenchment programme last year, which it plans to utilise to align costs to business volumes in financial 2025.
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