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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Roquefort Therapeutics PLC - London-based biotechnology company - Says in 2023 its pretax loss was £1.9 million, widened from £1.6 million a year prior. The company delivered £200,000 in revenue versus no revenue in 2022. Basic losses per share were 1.35 pence, narrowed from 1.56p. Administrative expenses increased to £1.5 million from £1.3 million. During the year, the company also signed its first licence agreement with Randox Laboratories for ten-years to utilise Midkine antibodies in medical diagnostics. Chief Executive Officer Ajan Reginald says: ‘In 2023 we delivered on our strategy by meeting our pre-clinical milestones and significantly advancing our entire portfolio. We also strengthened the portfolio with additional patents by creating a new novel family of mRNA therapeutics, which is a highly attractive new field of medicine.’
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abrdn European Logistics Income PLC - London-based investment trust focused on European warehouse properties - Says net asset value per share at December 31 was 93.4 cents, down 21% from 118.9 cents a year prior. abrdn European says the decrease was ‘primarily driven by market-wide outward yield movements as a result of the higher interest rate environment’. The trust’s IFRS net asset value total return for the year was minus 17.1%, compared to a loss of 3.8% in 2022. Losses per share for the year were 19.8 cents, widened from 4.5 cents. Chair Tom Roper says: ‘While the market looks set to improve in the second half of 2024 and into 2025, and the post period transactions and letting activity achieved by the investment manager supports this, challenges will remain for the real estate sector, primarily as a result of higher for longer interest rates.’
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Cindrigo Holdings Ltd - Guernsey-based renewable energy company focused on geothermal power and waste-to-energy projects - Signs a term sheet in respect of the acquisition of three new geothermal energy projects in Germany from Zukunft Geowarme GmbH. Says these projects, situated in the upper Rhine valley, ‘represent a strategic entry into one of Europe’s most promising geothermal markets’. The projects will have an initial target of around 30 megawatts each, and a combined target installed capacity of over 400MW. CEO Lars Guldstrand says: ‘Our strategic entry into Germany aligns with our focus on European renewable energy projects in low risk and stable jurisdictions with well-established governance, bolstering our current operations.’
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Aura Energy Ltd - minerals company focused on advancing its Tiris uranium project, Mauritania - Says the front end engineering design study at Tiris confirms ‘excellent economics supporting the near term development of Tiris, into a globally significant uranium operation’. The project has an estimated net present value of $366 million, and a 34% post-tax internal rate of return. First production is expected in 2026. The extensional drill programme at Tiris also demonstrated ‘significant resource growth potential’, with extensive mineralisation identified at both the Hippolyte South and Sadi areas. As at March 31, the company says it had A$19 million, £9.9 million, in cash.
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Taylor Maritime Investments Ltd - London-based investor focused on dry bulk shipping - Says its NAV per share at March 31 was $1.48 per share, up from $1.36 per share. NAV total return was 10.5% for the quarter, driven by ‘improving freight rates and strong appreciation in asset values underpinned by positive forward sentiment’. The company is targeting a total NAV return of 10% to 12% in the medium to long-term. Company declares an interim dividend of 2 cents per share for the quarter, in line with its annual target of 8 cents. Chief Executive Officer Edward Buttery comments: ‘Due to our active chartering strategy we straddled the expected seasonal softening in the market and then took opportunities to fix period charters as rates improved. Asset values strengthened considerably and contributed to our solid performance.’
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Berkeley Energia Ltd - Madrid-based clean energy company focused on bringing its wholly-owned Salamanca uranium project into production - Says Chief Operating Officer Francisco Bellon has stepped down as a director for personal reasons. Bellon will continue to serve as COO.
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DP Aircraft I Ltd - Guernsey-based company focused on acquiring and selling aircraft - Says its pretax loss for 2023 was $2.5 million, swung from $7.7 million profit in 2022. Lease rental income was $8.7 million, down 47% from $16.5 million a year prior. Net finance costs increased to $8.7 million from $4.7 million. Net asset value at the end of the year was $0.17645, down from $0.18692 at the end of 2022.
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Globalworth Real Estate Investments Ltd - real estate investment firm - Successfully refinances its €550.0 million 2025 notes due March 2025, of which €450.0 million were outstanding, and its €400.0 million 2026 notes due in July 2026, of which €400.0 million were outstanding. Says the new notes will be 6.25% notes due in 2029 for an amount of €307.1 million and 6.25% notes due 2030 for an amount of €333.4 million. Globalworth says the refinancing will result in ‘significant benefits’, including an improved debt maturity profile given the later maturity dates for the new notes. CEO Dennis Selinas says holders of the 2025 and 2026 notes holders showed strong support and participated in the exchange offer at levels above 84% and 86%, respectively.
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Carnival PLC - Miami-based cruise vacation company - Closes previously announced offering of €500 million 5.75% senior unsecured notes due 2030. Says it will use net proceeds to redeem its €500m 7.625% notes due 2026. The company has also closed its previously announced repricing of around $1.75 billion senior secured term loans under its loan facility maturing in 2028, and around $1 billion of loans under its facility maturing 2027. As part of the repricing, Carnival has made a partial repayment of $500 million under the 2028 facility, and $300 million under the 2027 facility.
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Bisichi PLC - London-headquartered mining company focused on coal mining in South Africa - Says pretax profit in 2023 was £0.6 million, down from £38.0 million a year prior. Reported earnings before interest, tax, depreciation and amortisation were £3.4 million, down from £40.0 million, while earnings per share dropped to 2.43p from 164.96p. Bisichi blames its weak results on lower export sales, due to the performance of Transnet, the South African state rail provider and lower coal prices achievable by Sisonke Coal Processing, the Group’s South African coal processing operation.‘ The company adds that low mining production at Black Wattle Colliery also contributed to its low earnings for the year. Bisichi proposed a final dividend of 4p per share, down from 12p at the end of 2022. This takes the yearly dividend to 7p, down from 22p.
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Fidelity Special Values PLC - investor in UK-listed companies - Says its NAV return in the half-year ended February 29 was 4.0%, compared to a 3.9% return for the FTSE All-Share Index. Mergers and acquisitions contributed to the portfolio’s performance in the period, FSV says, ’with five of the top ten contributors to performance attracting bids‘. The company declares an interim dividend of 3.24p per share, 28% higher than its last interim payment of 2.53p.
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AltynGold PLC - exploration company focused on sites in Kazakhstan - Says pretax profit in 2023 was $11.3 million, down from $13.2 million in 2022. Revenue rose slightly to $64.0 million from $62.0 million. Ebitda increases to $22.3 million from $21.9 million. Annual gold sales were 32,765 ounces, down from 34,499 ounces. Mined ore increases 33% to 701,465 tonnes from 527,035 tonnes.
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