The following is a round-up of earnings updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
----------
Dar Global PLC - luxury international real estate developer - In the six months that ended June 30, pretax profit multiplies to £20.8 million from £3.7 million a year earlier. Revenue also multiplies to £108.4 million from £27.5 million. Chief Executive Officer Ziad El Chaar says: ‘2023 has been a milestone year for the company with our successful listing on the London Stock Exchange in February representing a significant step forward in supporting our ambitious growth trajectory. The second half has started strongly and we are well positioned to weather some of the challenges facing the sector through the strength of our balance sheet, building partnerships with other global luxury brands and further expanding our pipeline of opportunities.’
----------
Hemogenyx Pharmaceuticals PLC - London-based biopharmaceutical company focused on treatments for deadly blood diseases - In the six months that ended June 30, pretax loss widens to £4.3 million from £1.1 million. Posts no revenue, unchanged, while administrative expenses widen to £3.9 million from £1.1 million. Chief Executive Officer Vladislav Sandler says: ‘While the placing of Hemo-Car-T on clinical hold was a setback, we are clear on the particular area in which additional information is required, and we are encouraged by the [US Food & Drug Administration]’s response to our plans to resolve the issues. We remain confident and committed to progressing Hemo-Car-T to clinical trials as the company’s next step. We have put measures in place to allow us to achieve this milestone, including the new agreement with Prevail InfoWorks and the investment by Prevail Partners, which gives a clear signal of the project’s value even at this pre-clinical phase. Meanwhile, the prospects for our other cutting-edge assets continue to be positive, and CBR in particular is beginning to attract real attention.’
----------
Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas company - In the six months that ended June 30, pretax loss widens to £16.1 million from £158,000 a year earlier. This is due to a one-off impairment of intangible assets of £15.9 million. Says it remains confident of amicable resolution with Ireland over Barryroe oil field, after receiving a letter in May from the Irish Department of the Environment, Climate & Communications, advising that the minister would not grant the lease undertaking, as sought, on grounds of financial capability. Says: ‘We continue to maintain that the failure to allow the Barryroe oil and gas field to progress to development is against the best interests of Ireland.’
----------
Metals One PLC - London-based mining company, which is focused on battery metals projects in Finland and Norway - In the six months that ended June 30, pretax loss narrows to £118,893 from £154,371 a year earlier, as administrative expenses narrow to £118,893 from £184,017. Chair Alastair Clayton says: ‘The six-month period...was incredibly busy for the company as it worked towards completion of its [initial public offering] and concurrent acquisitions of European brownfield battery metals projects which occurred after the reporting period. With European brownfield projects, experienced partners, and funded work programmes in place, our projects are well positioned for rapid advancement as we seek to establish ethically mined sources of critical minerals, including nickel, in Europe, close to future customers. Exploration in Norway is well underway with Kingsrose, whilst in Finland we are finalising plans to commence phase one drilling in the near future. We look forward to updating shareholders on further news as we continue our work programmes.’
----------
NetScientific PLC - London-based investment firm focused on life science, sustainability and technology companies - In the six months that ended June 30, pretax loss narrows to £1.6 million from £1.7 million a year earlier. Total income during the period was up to £1.2 million from £656,000 a year earlier, with revenue up to £770,000 from £391,000. Chief Executive Officer Ilian Iliev says: ‘During the first half of 2023 we have made significant progress and achieved important milestones as we continue to successfully execute on our ’evergreen’ strategy, covering core operating costs through a combination of corporate finance fees and value creation services fees via our wholly owned subsidiary, EMV Capital. We have also demonstrated our ability to generate profitable partial exits from our portfolio, even in the absence of a strong [mergers & acquisitions] or [initial public offering] market. This essential funding for our portfolio companies has helped to facilitate the execution of their growth strategies and preparations for forthcoming scale-up investment rounds as well as supporting the appreciating fair value of NetScientific’s direct holdings. In such a challenging venture capital landscape, characterised by macroeconomic volatility and industry fluctuations, our in-house fundraising capacity distinguishes us from many of our peers.’
----------
Copyright 2023 Alliance News Ltd. All Rights Reserved.
