Source - Alliance News

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

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Honye Financial Services Ltd - Cayman Islands-based company seeking acquisitions in financial services and financial technology - In the six months that ended January 31, pretax loss is £128,050 from £75,430. Chair Shaun Carew-Wootton says: ‘The company remains committed in the process of the reverse takeover transaction following the company’s announcement of signing non-binding heads of agreement with the shareholders of Zoyo Capital Ltd on June 9, 2021 and has established a wholly owned subsidiary, Honye Trading Ltd to assist with the process. Honye Trading Ltd has agreed contracts with a equities trading platform white label provider, allowing the company to gain beneficial market intelligence prior to launching the Zoyo app post RTO.’

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Africa Opportunity Fund Ltd - investment firm - Swings to loss of $2.4 million in 2022 from a profit of $10.7 million in 2021. Net gain on investment in subsidiaries is nothing in 2022, down from $11.2 million in 2021. Investment Manager Francis Daniels says: ‘We shall strive to preserve the value of the company in this fog of doubts and uncertainty. Although the realisation pace may slow, we continue to believe that the company’s holdings are undervalued. Our mission is to monetise that undervaluation through our realisation strategy.’

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Kavango Resources PLC - southern Africa-focused metals exploration company - Pretax loss in 2022 is $2.2 million, widening from $1.7 million in 2021. Chair David Smith says: ‘While we have yet to make our maiden discovery, we believe we have made considerable advances in our various exploration programmes, as well as achieving significant steps at a corporate level [...] The three drill programmes we conducted in 2022 have given us a far greater understanding of the geology, and prospectivity, of the licences we hold in Botswana. This has in turn shaped our programmes for 2023, in particular by enabling us to focus our efforts on what we believe to be some very specific and exciting opportunities [...] We are disappointed that our share price performance through 2022 did not reflect what we see as our achievements during the year. The volume of shares traded indicates that a substantial proportion of our shareholders have retained the bulk of their holdings despite the price having fallen back, and we truly appreciate their loyalty. We look forward to being able to repay that loyalty with a series of positive outcomes during the year.’

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Hydrogen Utopia International PLC - London-based company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials or distributed renewable heat - Pretax loss widens to £1.5 million in 2022 from £1.0 million from 2021. Executive Chair Guy Peters says: ‘In the course of the last year we have moved our listing to the Main Market of the London Stock Exchange, after initially conducting an IPO on AQSE, against a backdrop of very challenging geopolitical and economic circumstances. We have built our project pipeline further, agreed an option to lease a site which is expected to become HUI’s first operational full-scale waste plastic to hydrogen facility in Europe and agreed partnerships for both our flagship projects.’ Chief Executive Officer Aleksandra Binkowska adds: ‘Our long-term plan is to expand HUI across all European Union countries and Ireland was always a priority for us because of its proud history as an entrepreneurial and business-friendly nation. Ireland is currently our most important project and we had been searching for the right site for some time.’

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Supply@Me Capital PLC - London-based financial technology platform provider used by manufacturing and trading companies to monetise their inventory - Pretax loss in 2022 is £7.7 million, widening from £7.0 million in 2021. Revenue drops to £138,000 from £279,000. Warehoused goods monetisation pipeline at April 21 stands at £374.6 million, more than doubled from £164.8 million on May 24 last year. Says this pipeline key performance indicator ‘represents he current potential value of warehoused goods inventory to be monetised rather than pipeline revenue expected to be earned by the group (being the company and its subsidiaries). As such, this provides a good indicator of the level of demand for the group’s warehoused goods monetisation services.’ Chair Albert Ganyushin adds: ‘The first monetisation in Italy was crucial to providing potential partners with the reassurance that this is a model that works [...] While this will not be immediately visible, it will naturally follow the business developments that have taken place this year. Supply@ME has made progress in proving its concept, with a successful initial transaction, and has learned from the challenges which all start-up businesses face. The business is now actively pursuing clear opportunities for growth, with the support and backing of blue-chip global businesses.’

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Golden Rock Global PLC - Jersey-based firm seeking acquisition opportunities in the fintech sector - Pretax loss widens to £165,906 in 2022 from £93,256 in 2021. ‘Your board realises that this has been a frustrating year for shareholders and one that has been dominated by discussions with Bolt Global Ltd regarding an acquisition by way of a reverse takeover. Your board committed a significant amount of time and effort to these discussions over a prolonged period. However, despite its best efforts, it became clear earlier this month that the prospectus was unlikely to be completed and published within a reasonable timeline,’ says Chair Ross Andrews. ‘As a cash shell we had no trading income, normal operating costs were modest mainly comprising the regulatory costs of being a listed company [...] Considering the timeframe this process has taken to date, the cash position of the company and that the trading facility had been suspended for a prolonged period of time, your board decided it was in shareholders’ best interests to terminate discussions and allow the trading facility to be restored with effect from April 5 [...] Your Board has now turned its attention to seek other acquisition opportunities with a view to restoring shareholder value and will provide updates at the appropriate time.’

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