The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Tekmar Group PLC - Darlington-based offshore energy industry services - Revenue for 18 months to end of September £47.0 million versus £40.9 million in 12 months to end of March 2020. Swings to pretax loss of £5.8 million from profit of £2.0 million. Says it sees 2022 as ‘transition year’ and revenue for the financial year ending September to be ahead of the 12-month equivalent of around £32 million. Is cautious on near-term, but says outlook positive and is encouraged by operational progress. ‘We are encouraged by our own momentum, with our record order book of £20.3m, and the improving activity levels across the industry,’ adds Chief Executive Alasdair MacDonald.
Separately, Tekmar says it has conditionally raised £4 million via firm placing at issue price of 45 pence per share. Says funds to be used to provide working capital headroom to support new contract deployment, invest in operational efficiency improvements and strengthen balance sheet.
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Eco (Atlantic) Oil & Gas Ltd - London-based oil and gas company focused in Africa - Revenue in nine months to end of December falls to $8,435 from $41,779 year-on-year, though net loss slims to $990,217 from $2.1 million. Total assets $19.0 million at end of December, up from $16.9 million at end of March. ‘I am excited about the positive and busy start to the year we have made,’ says President & Chief Executive Gil Holzman. He adds: ‘Eco continues to assess both asset and corporate opportunities, as well as a number of meaningful catalysts that have the potential to deliver value for all stakeholders, and we look forward to updating the market further in due course.’
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Global Invacom Group Ltd - Whitstable, Kent and Singapore-based satellite communications equipment and electronics firm - Revenue in 2021 falls 20% to $82.5 million and firm swings to pretax loss of $28,000 from profit of $3.1 million the year before. ‘The combination of ongoing COVID-19 restrictions and the well documented global supply chain issues were key features in forming the broader trading conditions for the group throughout 2021,’ company says. Adds that current financial year remains challenging, and supply shortages and inflationary pressures will likely knock performance - though demand for products ‘strong’.
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Mobius Investment Trust PLC - invests in 20 to 30 small to mid-cap companies across emerging and frontier markets - Net asset value per share 153.4p at end of November, up 45% from 105.9p a year before. NAV total return for year 45%, accelerating from prior year’s return of 16%. Plans final dividend of 0.35p, versus nothing a year before. ‘MMIT’s portfolio has shown that it can perform strongly even at times of heightened volatility. The strategy offers access to a set of highly-innovative companies outside the benchmark universe. So, while uncertainties remain as to the pace of the global recovery, I do believe that we are well positioned to capture the right opportunities,’ company says.
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Gulf Investment Fund PLC - invests in companies in Gulf Cooperation Council countries - Net asset value per share stands at $1.8887 at end of December, up from $1.7552 at June 30. This 7.6% increase outpaces a 7.4% rise in the S&P GCC Composite Index. Says GCC markets benefited from improved oil prices in the period. ‘The GIF NAV continues to outperform its benchmark. Since December 2017, when the investment mandate widened to Gulf-wide, the NAV is up 107.5% versus the benchmark’s 80% rise,’ notes Chair Anderson Whamond.
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CQS New City High Yield Fund Ltd - investor in high-yield fixed interest securities - Net asset value per share 52.95p at end of December, up from 52.62p at end of June. NAV total return 5.5% over six-month period. ‘Broadly speaking, bond yields nudged a little higher over the six months under review. However, most bonds in your company’s portfolio have a short life span to maturity which largely protected them from the negative impact of rising interest rates,’ firm notes. Expects to ‘maintain or slightly increase’ the total level of dividends for the year. Based on annual rate of 4.47p, this represents dividend yield of 8.1%.
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Income & Growth VCT PLC - London Main Market-listed venture capital trust - Net asset value per share 107.41p at end of December, up from 100.45p at end of September. Says this ‘positive performance’ is ‘due to a continued rise in unrealised portfolio valuations’.
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Alpha Real Trust Ltd - Guernsey-based property finance investor - Net asset value per share stands at 212.2p at end of December, up from 208.5p at end of September. Adjusted earnings for nine-month period 3.0p per share, in line with figure for six months to September 30. ‘ART adopted a cautious approach to new investment and conserved cash as a result of the uncertainty that characterised the past financial year. As economies re-open post Covid-19, the company’s robust financial footing makes it well positioned to take advantage of new investment opportunities,’ company says. Says predominately floating rate loan portfolio to benefit from rising interest rates.
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European Opportunities Trust PLC - managed by Devon Equity Management Ltd and investing in European companies offering capital growth - Net asset value per share 928.1p at end of November, up 13% from 824.3p at end of March. NAV total return 13%, outperforming MSCI Europe Total Return Index in GBP which rises 3.8% over the six month period. ‘The biggest single contributor to performance was Novo Nordisk. Patience has been rewarded. Indeed, we believe that more rewards will follow from retaining our position in the company,’ firm says.
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