The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Capital Ltd - Africa-focused mining services firm - For 2021, pretax profit more than doubles to $82.0 million from $34.1 million the year before, on revenue which grows 68% year-on-year to $226.8 million from $135.0 million, due to a ramp up of the Sukari mining contract and new drilling contract wins over the period. Average rig utilisation increases to 75% from 59%, as the average fleet size enlarges to 104 from 98. Looking ahead, expects revenue to come between $270 million and $280 million in 2022.
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Vaalco Energy Inc - hydrocarbon exploration company - For 2021, swings to pretax profit of $59.8 million from loss of $20.4 million, on revenue which more than doubles to $199.1 million from $67.2 million. Total average production increases 46% year-on-year to 7,119 barrels of oil per day, leading to a 67% rise in sales volumes to 2.7 million barrels from 1.6 million in 2020. Looking ahead, expects 2022 production to be between 9,500 and 10,500 barrels per day.
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Oakley Capital Investments Ltd - investment trust - As at December 31, net asset value per share stands at 538.3 pence, up 45% from 403.1p the same date a year before. During 2021, the company invested £137 million and received proceeds of £212 million. Looking ahead, expects strong net asset value progression for 2022 due to high earnings rise from its portfolio and a promising pipeline of investments and realisations.
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Manx Financial Group PLC - Isle of Man-based financial services firm - For 2021, pretax profit increases 50% to £3.0 million from £2.0 million the year before, due partly to record lending from Conister Bank at £216.2 million from £167.2 million. Net interest income meanwhile rises 16% year-on-year to £18.0 million from £15.5 million. Declares dividend of 0.2443 pence per share, up 42% from 0.1724p the prior year.
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Polar Capital Global Financials Trust PLC - London-based financial investor - As at November 30, net asset value per share increases 24% year-on-year to 167.5 pence from 134.7p. For the year, NAV total return is 27.9%, compared to the MSCI ACWI Financials Net Total Return Index, which returns 27.0%. Declares dividend of 4.40 pence per share, in line with year before.
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FW Thorpe PLC - Worcestershire-based lighting systems firm - For the six months ended December 31, pretax profit increases 15% at £8.5 million from £7.4 million, on revenue which grows 13% year-on-year to £63.5 million. Revenue growth was due to strong orders and revenue growth from the Thorlux business particularly in Lighting, in spite of supply chain challenges. Declares ordinary interim dividend of 1.54 pence per share, up 3.4% from 1.49p. Also declares special dividend of 2.27p. Looking ahead, FW Thorpe expects a positive second half performance due to a strong order book.
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finnCap Group PLC - London-based stockbroker - Revenue for the year ending March 31 is on-track to beat its guidance range of £45 million to £50 million. ‘We have seen the real benefits of diversifying our products and customer base with a particularly good performance in ECM in complex markets and another strong half year in M&A,’ said CEO Sam Smith.
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Topps Tiles PLC - Enderby, England-based tile retailer - For the second quarter to date, two year-retail like-for-like sales grow 18%, while one-year Lfl sales increase 46%, fostering confidence of adjusted pretax profit for the financial year meeting expectations. Also announces the acquisition of 60% interest tile consumables and equipment supplier Pro Tiler for £5.3 million. Also holds option to purchase the remaining 40%, which it intends to do by March 2024.
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LMS Capital PLC - London-based investment company - As at December 31, net asset value per share rises year-on-year to 60.8 pence from 59.4p, on portfolio gains of £3.8 million, swinging from a loss of £2.1 million, due to a return from investment interest income on Dacian Petroleum. Declares final dividend of 0.625 pence per share, bringing total payout to 0.925p from 0.9p.
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Amte Power PLC - developer and manufacturer of lithium-ion and sodium-ion battery cells - For the six months ended December 31, pretax loss widens to £2.7 million from £1.5 million a year prior, on higher costs, more than offsetting a 31% year-on-year rise in revenue to £815,174 from £623,536, mainly on a rise in grant income. Looking ahead, through the development of commercial relationships and increasing cell production rates, expects significant milestones to be achieved in the 2022 calendar year. Amte also announces order by renewable energy and battery firm AceOn for 1,000 of Amte’s sodium-ion cells.
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Goodbody Health Inc - Cannabidiol products company formerly known as Sativa Wellness Group - Expects revenue for 2021 to reach £17 million, a sharp increase from £2.0 million in 2020, due to growth from PCR testing for Covid. For the first two months of 2022, generates £3.8 million in revenue, however expects to post a dip in revenue for the first half of 2022.
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Focusrite PLC - High Wycombe, Buckinghamshire-based music and audio products company - For the six months ended March 31, expects revenue to be at least £91 million, compared to £95.3 million the year before. Company suspends all sales to Russia and Belarus, which sales to Ukraine is not possible. However notes that trade in such countries make up a very small proportion of revenue, and is set to be replaced by demand from other regions. Also announces the acquisition of audio equipment manufacturer Linea Research Holdings Ltd for £12.6 million.
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Neometals Ltd - London-based battery materials from upstream extraction and downstream processing - For the six months ended December 31, pretax loss narrows to $3.5 million from $4.0 million, due to a $6.7 million gain on the reversal of an impairment in associate due to a rising market value in underlying shares, more than offsetting a rise in administrative and staff costs.
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SRT Marine Systems PLC - Bath-based provider of maritime surveillance - Says it plans to raise up to £4.9 million via a share placing, with proceeds to be used for working capital purposes. SRT will place 16.4 million new shares to institutional and other investors at a placing price of 30.00p each.
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Tern PLC - investor focused on the internet of things - Investee Wyld Networks AB receives purchase orders for its Wyld Connect IoT modules with a total value of $1.7 million over a four-year period, starting in April. Tern holds 58.7% of Wyld Networks’ issued share capital.
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Angus Energy PLC - UK-focused onshore oil and gas producer - Says work at 51%-owned Saltfleetby gas field is progressing. Says heat exchangers causing delay have now been secured and are being fitted to skids and sees no other significant long lead items which will delay the fabrication schedule. Also says settlement with financial services provider over Saltfleetby loan. As part of this settlement agreement, has issued 39.2 million shares, representing 3% of the enlarged issued and allotted share capital. Company also confirms that it is continuing due diligence with a number of parties under or alongside its formal sales process.
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Condor Gold PLC - mine developer in Nicaragua - Notes all assay results have now been received for an 8,004 metre infill drilling programme on the fully permitted high-grade La Mestiza open pit mineral resource at La India project, Nicaragua. Says results of the infill drilling programme are consistent with previous drilling grades and widths, demonstrating good continuity in gold mineralization between adjacent drill holes in the high-grade zones and therefore adding confidence to the geological model. The drilling programme has tightened drill pacing to 25 metres along strike and 50 metres down-dip in the zones that have the potential to support open pit mine development. Adds results of infill drilling are consistent with previous drilling grades and widths, demonstrating good continuity in gold mineralisation between adjacent drill holes in the high grade zones.
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Borders & Southern Petroleum PLC - London-based independent oil and gas exploration - Intends to raise a $1.2 million by way of an open offer of up to 69.2 million shares at 1.3p each. Qualifying shareholders will be given opportunity to subscribe for 1 open offer share for every 7 existing ordinary shares.
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Maven Income & Growth VCT 5 PLC - investment firm - As at December 31, net asset value per share edges upwards to 38.99 pence from 36.38p, due to solid uplifts in valuations, including recent AIM float GENinCode. Declares final dividend of 1.00 pence per share, bringing the total payout to 2.10p.
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