Source - Alliance News

The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Abingdon Health PLC - York-based developer and manufacturer of rapid diagnostics tests - Expects revenue to increase significantly in its second half, with annual revenue to improve from £2.8 million in financial 2022. Revenue for the six months to December came in at £1.1 million, down from £1.7 million. ‘The company has successfully transitioned its activities away from Covid-19 and is now operating as a fully integrated [contract development & manufacturing organisation] maintaining its full focus on lateral flow testing,’ firm explains.

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Beowulf Mining PLC - London-based mining company with iron ore, graphite, gold and base metal projects in Sweden, Finland and Kosovo - Pretax loss in 2022 widens 37% to £2.0 million from £1.5 million in 2021. Company does not yet make revenue. Citing the Kallak North Scoping study in Sweden, Beowulf says: ‘As part of the pre-feasibility study, planned to begin in the second quarter of 2023, these concepts will be developed further along with other innovations to maximise the value of the mined material, such as producing construction materials as by-products.’ Meanwhile, for Kallak North, Beowulf raises SEK80.8 million, around £6.4 million, via capital raise.

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Cap-XX Ltd - Sydney-based maker of supercapacitors and energy management systems - Reports disappointing interim results. In the six months to December 31, revenue plunges 36% to A$1.6 million from A$2.4 million the year before, and pretax loss widens to A$2.6 million from A$1.7 million. Product sales fall 40% from the previous year, but firm says it does not believe it has lost any significant business to competitors. ‘We are disappointed by the large drop in product sales for the first half of this financial year however the board is confident the company will see a rebound in the second half of this financial year,’ says Chief Executive Officer & Founder Anthony Kongats. Chair Patrick Elliott added that the company is confident that the short-term fall in sales will be reversed over the next six months, anticipating longer-term growth of sales for Internet of Things devices.

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Chamberlin PLC - Walsall, West Midlands-based castings and engineering company - Pretax loss in the half-year to November 30 widens to £467,000 from £86,000. Revenue grows 32% to £10.5 million from £8.0 million. Cost of sales however widen 37% to £9.1 million from £6.6 million. Looking ahead, Chamberlin says it is performing with market expectations. Chair Keith Butler-Wheelhouse says: ‘Chamberlin is now entering a period of continuous growth with all businesses profitable in January 2023 for the first time in many years and supporting the board’s expectations that group profits in FY 2023 will be second half weighted.’

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McBride PLC - Manchester-based manufacturing company - In the six months to December 31, pretax loss widens to £20.0 million from £16.8 million a year prior, citing higher input costs. Revenue climbs 32% to £426.3 million from £323.4 million. Cost of sales increase to £311.2 million from £233.2 million. Finance costs balloon to £17.4 million from £2.1 million. Looking ahead, the company is positive about its outlook but notes ongoing ‘and significant macroeconomic uncertainty, particularly around energy costs, high general inflation levels and the knock-on impacts of any escalation of the Ukraine conflict.’

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Metal Tiger PLC - Winchester-based investor in natural resource opportunities - Net asset value per share at December 31 falls to 18.9 pence from 22.9p a year ago. In 2022, turns to pretax loss of £6.7 million from a profit of £4.2 million in 2021. Posts a loss on sale of interest in explorations in Botswana of £833,000 in 2022, compared to a gain of £21,000 in 2021. Looking ahead, Metal Tiger expects the price of battery grade lithium carbonate to stay elevated, noting it has grown to over $70,000 per tonne from $8,000 in 2020.

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