The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
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Alpha Growth PLC - London-based financial advisory firm - Reports £323,588 pretax loss for first half of 2023, narrowed from £454,635 the prior year. Revenue increases 53% to £2.5 million from £1.6 million, with revenue from owned insurance companies up 52% to £2.2 million from £1.5 million. Operating expenses increase 87% to £1.5 million from £828,971. Company says loss reflects transition and integration costs associated with Alpha International Life Insurance Co, and these are now largely resolved. Expects cash flow to improve and does not expect a share placing to be necessary, except for strategic acquisition and growth purposes.
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MGC Pharmaceuticals Ltd - pharmaceutical company specialising in plant-derived medicines - Pretax loss for first half widens to A$21.1 million, around £11.2 million, from A$20.8 million the prior year. Revenue from contracts with customers falls 28% to A$3.4 million from A$4.7 million. Cost of sales fall 34% to A$1.9 million, while administrative expenses increase 25% to A$14.8 million. Company on Tuesday said it is at a ‘critical financial juncture’ and has proposed a restructuring plan, including a share placement at an 80% discount to its average stock price in Sydney.
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Celsius Resources Ltd - West Perth, Australia-based explorer focused on copper-gold resources in the Philippines - Pretax loss for year ended June 30 widened to A$5.8 million from A$3.9 million the year before. Cash and equivalents balance was A$5.0 million at June 30, up from A$1.3 million at the same time one year prior. Executive Chair Julito Sarmiento says financial 2023 was ‘challenging’ for Celsius, which ‘underwent major changes at the board level to ensure [its] sustainability,’ and notes the death of Chair Martin Buckingham in November 2022.
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Hiro Metaverse Acquisitions I SA - special purpose acquisition company sponsored by Hiro Sponsor - Reports pretax loss of £11.1 million in first half of 2023, compared with £5.3 million loss for the whole of 2022. Cash and equivalents at June 30 total £847,422, down from £1.2 million at December 31.
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Cadence Minerals PLC - London-based investor backing mineral resource assets - Pretax loss for first half of 2023 is £2.0 million, narrowed from £5.0 million. Operating loss narrows to £2.3 million from £5.1 million. Cash and equivalents balance at June 30 was £577,000, down from £2.0 million at the same time in 2022. Chief Executive Officer Kiran Morzaria says Cadence faced ‘unprecedented geopolitical challenges and challenging global markets’ during the period. Adds that developments at flagship Amapa project and investments in portfolio companies hopefully will be affected during the second half.
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Codex Acquisitions PLC - special acquisition company - Pretax loss for the first half of 2023 is £29,352, compared with £206,444 for the period from October 11, 2021 to June 30, 2022. Cash position was £604,000 at June 30, down from £654,000 at the same time in 2022. Says its near-term goal is still undertake one or more acquisitions in the clean and renewable energy sector, and is currently focused on evaluating opportunities.
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