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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MySale Group PLC - Australian online retailer - Revenue falls 6% to A$59.7 million - around £34.1 million - in six months to December 31 from A$63.8 million year-on-year and pretax loss widens to A$4.5 million from A$1.0 million. On current trading, says revenue has remained subdued in the third quarter due to Omicron in Australia. ‘In light of these trading conditions, the group’s inventory balances remain higher than anticipated and the subdued consumer demand continues to place pressure on the cash resources of the group,’ it says. In separate release on Thursday, says it has raised A$2.3 million in cash through issue and subscription of convertible loan notes. ‘To ensure that the group is able to continue to operate as a going concern and advance its ANZ First Strategy, the net proceeds of the loan note issue will be used to fund the continued development of the group’s marketplace technology platform and general working capital,’ it says.
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Inspirit Energy Holdings PLC - London-based heat and power appliances manufacturer - Pretax loss for half-year to December 31 £137,000, widened from £64,000 year-on-year. No revenue recorded for either period. During the half, firm says it develops its microCHP boiler, Marine engine and Waste Hear Recovery applications and was also in discussions with a British certification company, Enertek International Ltd. Says that in February 2022, its team visited Poland to secure supply lines and personnel for Volvo marine engine project. ‘Our shipping agent was met with some import/export complexities in relation to shipping our equipment and components to Poland. This has caused a minor delay and we now see having the Volvo Marine application available for demonstration in Q2 of 2022,’ company says.
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Atlantic Lithium Ltd - developing Ewoyaa lithium mine in Ghana - Pretax loss widens to A$13.8 million in half-year to December 31 from A$1.4 million, with firm registering no revenue versus A$50,000 a year before. Books A$8.8 million write-down on demerger, having taken no such cost a year before. IronRidge Resources re-branded Atlantic Lithium following the demerger of gold projects in Ivory Cost and Chad into a new unlisted public company Ricca Resources Ltd. ‘The demerger was intended to enable the Company to realise its full value potential through the development of the Ewoyaa Project. The process has been a great success and, alongside the advancement of the Project, has put Atlantic on excellent footing going forward,’ says Chair Neil Herbert.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Net asset value per share falls to $1.71 at end of December from $1.96 a year ago. This 13% decline in NAV per share compares with Nasdaq Biotech which rises 1% and Russell 2000 Biotech which falls 27%. ‘The largest detractor to the NAV was the share price performance of Rocket, which fell heavily in line with the gene therapy sector as a whole as investors priced in delays to clinical trials. This was partially offset by the better performance of our private companies, particularly JIXING, and the IPOs of Landos, Immunocore, Prometheus, GH Research, Monte Rosa, Tenaya, Ventyx and acquisition of Inivata,’ it says.
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Ironveld PLC - South Africa-focused exploration and development company - Pretax loss for six months to end of December 31 £382,000, widened from loss of £79,000 a year before. While administrative expenses fall, firm books nothing under ’other’ gains, compared to a boost of £386,000 a year before. Stripping this out, operating loss slims to £384,000 from £458,000. Says overheads incurred during the period reflected ‘continued low level of activity’ as firm awaited Grosvenor Resources Pty Ltd transaction to proceed to completion. ‘The announced transactions with Grosvenor will, when completed, represent a transformational change for Ironveld, bringing a significant and well-connected South African partner to the share register. The board is in regular communication with Grosvenor, regarding its funding process and the institutions involved and we look forward to completion soon,’ says Chief Executive Martin Eales.
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Mila Resources PLC - London-based gold company focused on Australia - Six months to end of December 31 sees pretax loss widen to £760,806 from £122,037 a year before. This reflects higher administrative expenses as well as £493,232 share warrant and options expense, a cost not booked a year before. Says it is firmly focused on realising ‘significant value potential’ of Kathleen Valley. ‘Through our targeted drill programme and utilisation of electromagnetic exploration techniques (a methodology also successfully applied by Bellevue Gold) we are focussed on substantially growing the resource zone and building commercial confidence. Given the positive results within three months of drilling, I am hopeful for what the future may hold,’ firm says.
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SLF Realisation Fund Ltd - realising all remaining assets in portfolio of ordinary share class and 2016 C share class - Net asset value per share stands at 19.15p per ordinary share and 31.56p per 2016 C share at end of December, versus 26.19p and 59.71p respectively at end of June. Says realisation programme makes satisfactory progress in half-year, with returns of capital having been made during the period of 6p per ordinary share and 28p per 2016 C share. ‘Whilst the realisation program has got off to a good start, we are cognisant of the greater risk that remains in the balance of the portfolio, as whatever remains in the portfolio has not yet achieved a satisfactory exit. The board continues to work on achieving positive outcomes, but the majority of remaining assets are more difficult assets to deal with,’ it says.
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Wildcat Petroleum PLC - targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry, including the use of blockchain within the sector - Pretax loss for six months to end of December £147,000, versus £460,000 for period stretching January 8, 2020 to June 30, 2021. During period says it was ‘severely restricted’ in efforts to secure a suitable hydrocarbon asset by continuing travel restrictions caused by Covid. ‘The company was however able to lay the foundations of a deal pipeline for when travel restrictions end. To this end a number of oil consultancy firms were appointed. In November 2021 the services of MDOIL and SIMCO were engaged and in December Striped Horse Resources Ltd was engaged to specifically source opportunities in Angola and Namibia. Hopefully in 2022 the efforts of these will bear fruit,’ firm says.
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Schroder BSC Social Impact Trust PLC - investment firm focused on positive social impact as well as long-term capital growth and income - Net asset value per share 104.66p at end of December, up slightly from 104.30p at end of June. NAV total return for six-month period 0.9%, resulting in NAV total return since inception - being December 2020 - of 7.0%. ‘Once the portfolio is fully invested, we have a target NAV total return of Consumer Price Index plus 2%, averaged over a rolling three- to five- year period. The investments made in the period contribute to our strategy to deliver this financial return combined with high social impact,’ it says.
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Aptamer Group PLC - York-based provider of custom services, diagnostics and therapeutics for biotechnology and pharmaceutical firms - Revenue for six months to the end of December rises to £1.4 million from £484,688 year-on-year. Pretax loss stable at £1.2 million. Says revenue growth in half driven by record increases in contracts won across all business units and good operational performance to progress custom services. ‘The strong performance of the business, together with key R&D initiatives and the group’s strong financial position following IPO, mean that Aptamer group is trading in line with Board expectations for the full year,’ it says.
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Corcel PLC - London-based mining and mineral resource development company - Pretax loss for six months to December 31 £614,000, widened from £526,000 year-on-year. Total assets end period at £5.3 million versus £5.5 million at end of June. ‘Following the development of the business over the last two years and specifically the Wowo Gap acquisition, Corcel is positioned to significantly benefit from recent market developments. It is therefore moving to accelerate the development of its two nickel deposits in Papua New Guinea,’ it says.
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