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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River Global PLC - London-based asset and wealth management firm formerly known as AssetCo PLC - Narrows pretax loss to £1.6 million in the six months to March 31 from £2.6 million a year before, as administrative expenses fall to £9.2 million from £10.9 million and loss before interest, tax, depreciation, and amortisation shrinks to £200,000. Revenue dips to £6.4 million from £6.9 million. ‘Profitability for the consolidated group is tantalisingly close but frustratingly still just out of our grasp,’ says Executive Chair Martin Gilbert. Separately says it will acquire Devon Equity Management Ltd for up to £2.5 million in shares, depending on revenue. Acquisition expected to be earnings enhancing after one year. No longer expects to reach run-rate profitability this year. Devon managed £835 million in assets as of May and generated £2.1 million in operating profit in 2024.
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SIMEC Atlantis Energy Ltd - Scotland-based owner and developer of sustainable energy projects - Swings to pretax loss of £12.6 million in 2024 from a £22.8 million profit in 2023, largely due to £24.9 million in non-cash project revaluations and deferred tax liabilities. Revenue slips to £14.4 million from £15.3 million. Earnings before interest, tax, depreciation, and amortisation fall to £7.9 million from £8.3 million. Ends year with £6.0 million in cash, up from £4.2 million. Maintains debt at £13.7 million. Highlights operational progress at Uskmouth sustainable energy park, including full ownership of the flagship 240MWh AW1 battery project, and advances at MeyGen tidal array, which reached over 6MW in offshore generation and surpassed 79GWh in output. Post-period, secured £8.5 million loan for AW1 and entered joint venture with Econergy for 500MWh AW2 project. Chair Duncan Black says battery strategy will be ‘transformational’ for the business. Chief Executive Officer Graham Reid says the business ‘has met or exceeded all of its objectives’.
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Secure Property Development & Investment PLC - South eastern Europe-focused commercial property investor - Reports pretax profit of €13.2 million for 2024, up from €9.4 million in 2023, despite a fall in operating income to €1.3 million from €1.4 million. Says final step in multi-year Arcona Property Fund NV transaction was completed, receiving APF shares valued at €12.5 million. Last prime Ukrainian asset transferred in December. Focus now shifts to monetising remaining properties and reassessing growth strategy.
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Power Metal Resources PLC - metals exploration company with projects in North America, Africa, Saudi Arabia and Australia - Swings to pretax profit of £3.9 million in the 15-month period to December 31, from a loss of £1.3 million the prior financial year ended September 30, 2023. Revenue increases to £200,000 from £78,000, while fair value gains on investments rise to £8.9 million from £1.6 million. Operating expenses widen to £8.0 million from £2.8 million. Says performance reflects successful implementation of its incubator model focused on project generation and value crystallisation. Highlights operational progress across its global portfolio, including uranium in North America, lithium in Saudi Arabia, and gold and base metals in Africa and Australia. Says the board ‘remains confident that with ongoing operations and forecast improvements in the junior resource and commodity market conditions, the company is in an excellent position to deliver value to shareholders.’
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Angus Energy PLC - UK-focused onshore oil and gas developer - Reports pretax profit of £757,000 for the six months to March 31, down from £5.8 million a year prior. Revenue declines to £11.3 million from £12.1 million, with Ebitda at £6.9 million. Production comes from Saltfleetby Gas Field and Brockham Oil Field, with booster compressor installation improving output. Says it is in early discussions regarding a potential reverse takeover and is negotiating debt restructuring with Trafigura. Chair Krzysztof Zielicki says the company is progressing both organic and inorganic growth opportunities and aims to stabilise and optimise production.
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OptiBiotix Health PLC - York, England-based life sciences firm - Narrows pretax loss to £1.9 million in 2024 from £2.0 million a year earlier, as revenue climbs 35% to £870,000 from £644,000. Order intake for 2024 totals £1.0 million. Sales rise across Ecommerce, India and Asia, while operating costs remain stable. Company anticipates lower marketing spend in 2025 and reports first quarter of financial 2025 order book already ahead of first-half financial 2024 sales. CEO Stephen O’Hara says growth momentum is building, supported by new product launches, geographic expansion and a strong balance sheet, adding: ‘All parts of the business should become profitable and the group generate positive cashflow.’
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Shuka Minerals PLC - Africa-focused mine operator and developer - Posts widened pretax loss of £2.0 million for 2024, from £1.7 million in 2023, as revenue plunges to £2,305 from £194,346. Cost of sales narrows to £196,596 from £369,182. Performance reflects continued operational challenges at the Rukwa coal mine in Tanzania and strategic restructuring at the board level. Company highlights progress toward restarting production at Rukwa and advancing the proposed acquisition of Leopard Exploration and Mining, which owns the historic Kabwe lead-zinc-silver-vanadium mine in Zambia. Chair Quinton Van Der Burgh says: ‘2024 was certainly a challenging period... but outweighed by the strong steps taken to refocus the company for the future.’
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Great Western Mining Corp PLC - Nevada-focused gold, silver and copper explorer - Posts widened pretax loss of €1.8 million in 2024 from €989,812 the year prior, including an impairment charge of €781,610 on relinquished claims. Reports no revenue for the year, unchanged. Administrative expenses edge down to €971,913 from €994,246. Says recent share placing raised £1.25 million to fund new exploration campaigns across its copper, gold and tungsten prospects. Executive Chair Brian Hall says company is ‘now in a position to reset our exploration programme’ following the fundraising and looks ahead to drilling at Rhyolite Dome and West Huntoon copper.
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