Source - Alliance News

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

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Capricorn Energy PLC - Egypt-focused oil and gas exploration company - Reports pretax loss in 2023 narrows to $102.1 million from $148.5 million a year earlier, despite revenue falling 12% to $201.0 million from $229.6 million. The loss narrows due to falling costs, including general exploration costs down 45% to £26.9 million from £48.7 million and unsuccessful exploration well costs falling 65% to £20.5 million from £57.8 million. Capricorn Energy also proposes a $50 million special dividend to be paid in the second quarter of 2024.

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Crystal Amber Fund Ltd - invests in small and mid-cap UK equities - Net asset value per share rises 14% to 107.33 pence at December 31 half-year end, from 93.33p at end of June. ‘This strong absolute and relative performance continues the trend of the last three years,’ Crystal Amber adds. ‘During the period under review, the largest contributor to the increase in net asset value was the 79% rise in the share price of De La Rue. In September 2023 we reported that following a prolonged period of intense and successful activism at De La Rue, the fund purchased 15.3 million shares at a cost of £6.3 million, equivalent to 41.2p a share. Whilst the fund’s investment strategy remains to maximise value through returns of capital, this well-timed purchase demonstrates the benefit to shareholders of retaining a degree of flexibility in respect of existing holdings.’

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Schroder BSC Social Impact Trust PLC - investment firm focused on positive social impact as well as long-term capital growth and income - Net asset value total return in six months to December 31 weakens to 0.4%, from 1.7% a year prior. NAV per share declines 1.3% to 103.05 pence at December 31, from 104.90p at end of June. Company says: ‘The long-term effects of the recent economic instability are expected to continue, with real incomes remaining below pre-pandemic levels. The most vulnerable and disadvantaged people in the UK continue to be disproportionately affected, with an increase in social issues such as homelessness being recorded in 2023, continued pressures on affordability of essential goods and services, and prolonged pressure on public spending. This leads to continued and growing demand for the services that the company’s investments are offering.’

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Aurora Investment Trust PLC - London-based investment trust and alternative investment fund - Net asset value per share at December 31 year end improves 35% to 274.34 pence from 203.45p a year prior. Lifts final dividend by 16% to 3.45p from 2.97p. Reports NAV total return of 36%, beating FTSE All Share Index total return of 7.9%. ‘The portfolio saw strong performance across the board with no notable detractors in the major holdings above a 3% weight. Top contributors were Barratt Developments which contributed 6.9%, Frasers Group which contributed 6% and Hotel Chocolat which contributed 4%,’ Aurora adds.

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RegTech Open Project PLC - London-based technology business focused on automation and optimisation of regulatory compliance operations - Reports interim accounts covering four-and-a-half months to December 31. Revenue amounts to £370,000, while pretax loss totals £8.4 million. ‘The team has delivered significant operational enhancements in line with preparing for growth and operating as a listed company, and achieved growth in billed recurring revenues, all whilst maintaining strong customer retention and beginning to execute on the company’s strategic growth initiatives,’ Chief Executive Officer Ian Halliday-Pegg says. ‘With increased investment in the rest of 2024, we look forward to capitalising on the following winds and accelerating our growth to meet our vision.’ RegTech listed in London in August.

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Flex Labs Inc - Whistler, Canada-based AI software developer - Reports no revenue in six months to December 31. Posts pretax loss of C$693,853, around £407,232. Flex Labs listed on the Aquis Stock Exchange in December.

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Aukett Swanke Group PLC - London-based architectural and interior design services provider - Revenue in 2023 rises around two-thirds to £14.3 million from £8.6 million in 2022. Pretax loss narrows to £351,000 from £1.8 million. Reports a return to pretax trading profit of £28,000, from loss of £72,000. The figure does not include acquisition costs or goodwill impairments.

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Fragrant Prosperity Holdings Ltd - special purpose acquisition company - Pretax loss in year to March 31, 2023 narrows to £126,237 from £697,706 in the year ended March 2022. Other operating expenses down markedly to £98,689 from £673,033. Fragrant Prosperity had signed heads of terms with Hi 55 Ventures Ltd, a UK based fintech business, in relation to the potential refinancing of FPH and acquisition of Hi 55 by FPH for £47 million. ‘Unfortunately, due to adverse market conditions, the intended acquisition was not completed and negotiations ceased after the year end. The board continued to review a number of potential acquisition opportunities across the sector but none of which met the necessary criteria for selection as at the end of the year,’ Fragrant Prosperity says.

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Corcel PLC - upstream oil and gas company, with interests in battery metals, operating in Angola, Brazil and Australia - Partner Riversgold Ltd withdraws from Mount Weld earn-in agreement as it undertakes a ‘tenement rationalisation process’, Corcel explains. ‘This decision will leave the company with an 80% interest in the project, with the balance of 20% being held by Extraction Srl, an entity in which Corcel’s Executive Chairman Antoine Karam, owns 45%,’ Corcel adds. ‘With the current and future shareholdings now clarified, the company is assessing its options and next steps regarding further development of the project.’ In six months to December 31, Corcel’s pretax loss widens to £1.3 million from £700,000 a year prior.

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88 Energy Ltd - Alaska-focused oil exploration company - On Tuesday says flow testing of the Upper SFS reservoir in its Hickory-1 discovery well confirms light oil discovery. It says flow rates achieved from low volume frac over small 20 feet vertical interval are in line with expectations and results observed from other reservoirs on adjacent acreage. Managing Director Ashley Gilbert comments: ‘[It] confirms our understanding of the substantial potential of these reservoirs...We will now proceed to undertake flow testing of the shallower SMD-B reservoir over the coming weeks. This is a zone which has previously been successfully tested on adjacent acreage to the north.’ On Thursday says pretax loss in 2023 narrows to A$14.4 million, around £7.5 million, from A$70.7 million in 2022. Reports exploration & evaluation impairment of A$9.5 million, narrows markedly from A$68.6 million.

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