The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Avation PLC - Singapore-based aircraft leasing company - Says revenue decreased 17% to $46.3 million for the six months to December 31, from $55.7 million the prior year. Swings to pretax loss of $9.6 million, from profit of $7.1 million. Cash balance as of December 31 is $150.1 million, up 28% from $116.9 million at June 30. Says loss includes $2.9 million due to firm repossessing an aircraft from an India-based airline in default; the craft was then sold at a loss due to its physical condition. Company also incurred a $4.7 million amortisation expense from modification of senior note terms in 2021. Says calendar 2023 ‘was marked by strong industry-wide recovery’ and that it is ‘focussed on optimising its capital structure, refinancing and continuing to lower debt levels and is positioned to cautiously return to organic growth’.
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Alternative Income REIT PLC - London-based investor in commercial property assets - Announces swing to pretax profit of £600,000 for the half year to December 31, following a £7.3 million loss. Says however that rental and other income decreased 14% to £3.7 million from £4.4 million. Net asset value per share as of December 31 is 81.62 pence, down from 84.16p at June 30, while earnings per share fell to 2.75p from 3.45p. Profit includes a one-off £598,000 gain on disposal of investment property and a negative £2.2 million change in fair value of investment properties, reduced from negative £10.1 million. Dividends for the period total 2.85p per share, up 3.6% annually from 2.75p. Says it is on track to deliver its target dividend of at least 5.9p per share for the year to June 30.
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Creo Medical Group PLC - Chepstow, Wales-based medical device company focused on minimally invasive surgical endoscopy for pre-cancer and cancer patients - Says two physicians at the Royal Brompton Hospital in London recently became the world’s first specialists to perform a robotic guided microwave ablation of lung tissue in the same sitting as a diagnostic procedure, using Creo’s MicroBlate Flex device. Chief Executive Craig Gulliford says: ‘We are incredibly proud that our MicroBlate Flex technology has been able to make this world-first possible’, adding that it marks ‘the beginning of an exciting program’.
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Dar Global PLC - Dubai-headquartered luxury real estate developer - Chief Executive Officer Ziad El Chaar says firm ‘has had an outstanding year following our successful listing on the London Stock Exchange in February 2023’. Company reports $360.6 million in revenue for 2023, more than quadruple $80.0 million in 2022. Says it swung to pretax profit of $81.2 million following a $5.2 million loss. Notes that ‘customer demand for both newly launched and existing projects remains strong’ with particularly ‘robust activity’ in the Dubai residential market. Targets revenue of at least $700 million across the next two years, and for the rest of 2024 is ‘committed to consolidating its presence in the [Gulf Cooperation Council] region while actively pursuing expansion opportunities beyond’.
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Eco Atlantic Oil & Gas Ltd - Oil and gas exploration company focused on the offshore Atlantic margins in South Africa, Namibia, and Guyana - Says it had cash and equivalents of $2.2 million and no debt as of December 31, down 47% from $4.1 million at March 31. Reports revenue of $1,703 for the nine months to December 31, down 98% from $93,183 the prior year. Pretax loss for the period is $3.3 million, down 91% from $35.6 million. Chief Executive Gil Holzman reports ‘a great deal of interest from a number of oil and gas players’ in the Orinduik Block, offshore Guyana, as it continues the formal farm-out process. He also expects ‘further excitement and activity’ throughout 2024 regarding assets in Namibia.
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MobilityOne Ltd - e-commerce platform provider - Says its operating subsidiary in Malaysia, MobilityOne Sdn Bhd or ’M1 Malaysia’, has entered a supplementary agreement with Super Apps Holdings Sdn Bhd to amend their existing share sale agreement. SSA, announced in October 2022, concerns the proposed sale of M1 Malaysia’s 60% shareholding in OneShop Retail Sdn Bhd to Super Apps for MYR60.0 million aggregate, or approximately £10.0 million. This disposal is now complete. Completion was originally subject to that of a merger exercise between Super Apps and Technology & Telecommunication Acquisition Corp, but under the supplementary deal this is no longer required. Total consideration due to M1 Malaysia remains unchanged.
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