The following is a round-up of earnings updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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NB Distressed Debt Investment Fund Ltd - Guernsey-incorporated closed-ended fund invests in distressed, stressed and special situations investments - Net asset value per share on December 31 is $0.7730, down from $0.9028 a year earlier. Chair John Hallam says: ‘Currently we are in what we hope to be the final stages of harvesting a number of investments and we will keep investors informed as they occur, as appropriate when material. It is our intention to fully harvest NBDD during the next 12 months, subject to market conditions.’
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Graft Polymer (UK) PLC - London-based company focused on the development and production of polymer modification, biological supplements, and nano-drug delivery systems - Pretax loss widens to £2.7 million in 2022 from £954,000 in 2021. Revenue more than doubles to £542,000 from £219,000. Says it is ‘well prepared’ to capitalise on opportunities in 2023. Non-Executive Chair Roby Zomer says: ‘Our first year as a London Stock Exchange listed company has been one of significant achievement as we continued to build foundations that will enable us to deliver excellent performance across our divisions [...] There is an ever-increasing demand for polymer modifications across multiple industries and geographies, and as an established business with a six-year history and a management team with over 15 years’ experience, we are in a prime position to take advantage of this growth trend [...] We are optimistic about the projected uplift in the polymer market and are confident in our ability to meet the demands of this growing market. With our unique offerings, strong leadership, and key initiatives, we are well-prepared to capitalise on opportunities and achieve continued success in the coming year and beyond.’
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Brave Bison Group PLC - London-based social and digital media company - Pretax profit triples to £1.5 million in 2022 from £500,000 in 2021. Revenue rises to £31.7 million from £21.7 million. Net cash on December 31 is £6.2 million, up from £4.7 million a year earlier. Chair Oliver Green says: ‘We integrated four businesses in 2022 and are pleased with the outcome: a profitable and cash generative social and digital media company that operates from trend to spend for our customers. Our value proposition is now well-defined, and we are delighted to welcome a number of new enterprise customers to Brave Bison.’ Notes trading has become more challenging in the first half of 2023 as customer budgets have come under pressure. Expects to remain well capitalised with flexibility to pursue further opportunities in line with the company’s acquisition and integration strategy.
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United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Pretax profit rises to $7.5 million in 2022 from $5.5 million in 2021. Revenue falls to $15.8 million from $19.2 million, while various costs increase. Net averaged production in 2022 is 1,312 barrels of oil equivalent per day in 2022, down from 2,327 boepd in 2021. First quarter of 2023 oil production averages 841 bopd net, exit rate of 1,275 bopd net. Chief Executive Officer Brian Larkin says: ‘We remain committed to our growth ambitions with a focus for new ventures in the Greater Mediterranean and North and West African regions, where the Board and management’s experience and relationships can be leveraged. As such, United is well placed to execute our growth strategy, with a continued focus on disciplined capital allocation to generate the best returns for shareholders.’
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Novacyt SA - Surrey-based biotechnology group focused on clinical diagnostics - Pretax loss widens to £20.1 million in 2022 from £5.7 million in 2021. Revenue falls to £21.0 million from £92.6 million. Expects revenue for the first quarter of 2023 of £1.7 million, which it said it describes as ‘slower than expected start to the year particularly in instrumentation where we are seeing an over-hang of inventories that customers built up during the pandemic. Looking forward we expect the run-rate for both research-use-only test and instrument sales to increase and we should also observe sales from our clinical portfolio coming through towards the latter part of the year.’
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Red Capital PLC - Jersey-based acquisition company - Pretax loss in 2022 narrows to £207,660 from £220,843 in 2021. Chair David Williams says: ‘Despite continuing general macroeconomic and geopolitical uncertainty, we remain extremely positive regarding prospects within our chosen areas of focus across business services and technology sectors, and we look forward to updating shareholders in due course as our investment and acquisition plans develop during the new financial year.’
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