The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Katoro Gold PLC - Tanzania and South Africa-focused minerals exploration and development company - Pretax loss narrows to £207,045 in the six months to June 30 from £311,094 a year prior. Benefits from drop in administration costs to £175,470 from £261,265. ‘Market conditions have been challenging for junior resource companies as shareholders are aware. As a result, many of our peers are relinquishing ground, or slimming business operations to focus on smaller portfolios. This presents a fast-moving acquirer with many opportunities and Katoro’s move into uranium exploration is a first example of this. It is, I expect, only the start, as we seek to further enhance our uranium exposure and also consider fresh and exciting opportunities in strategic and critical metal projects,’ Interim Chief Executive Officer Patrick Cullen comments.
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Ondine Biomedical Inc - Vancouver-based company specialising in photodisinfection-based therapies - Net loss narrows to $7.8 million in the six months to June 30 from $7.9 million a year prior as H1 revenue more than doubles to $859,000 from $428,000. Basic and diluted losses per share are $0.03 versus $0.04. Calls 2024 a ‘pivotal year’, with significant progress made on the commercial and clinical development fronts. ‘Looking ahead, we have an exciting and challenging chapter before us, one that will very much define us in the years to come. We are ready,’ company says. Chief Executive Carolyn Cross comments: ‘Our significant revenue growth and expanded hospital adoption of Steriwave are testaments to the technology’s efficacy as well as the need for simple solutions to prevent complex hospital infections.’ Adds: ‘We are excited about the road ahead and continued momentum in the second half of 2024.’
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STM Group PLC - London-based cross-border financial services provider, operating in the UK, Gibraltar, Malta, Spain and Australia - Pretax profit jumps to £1.5 million in the six months to June 30 from £100,000 a year prior as revenue climbs 15% to £15.2 million from £13.2 million. Administration expenses rise 6.7% to £12.5 million from £11.7 million. Cash at bank increases 5.8% to £14.6 million from £13.8 million. ‘The group’s businesses have continued to perform in line with management’s expectations, notwithstanding the uncertainty arising from the offer from Jambo [SRC Ltd] and the wait for regulatory change of control approvals,’ company says. No dividend declared, unchanged.
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Valereum PLC - focused on tokenised digital markets as an exchange and marketplace operator - Swings to pretax profit of £322,000 in the six months to June 30 from loss of £243,000 a year prior. Earnings before interest, tax, depreciation and amortisation are £873,000 compared to loss of £70,000 before. Reports net cash of £47,000, swung from net debt of £384,000. Chief Executive Nick Cowan says: ‘There is real momentum across the business and I am excited about the future as Valereum remains well-placed to pursue the opportunities that lie ahead. Our focus is on scaling the launched products and services during [the second half of 2024 and into 2025].’
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Provexis PLC - Reading, England-based producer of heart-health functional food ingredient Fruitflow - Reports underlying operating loss of £469,000 in the year ending March, widened from £348,000 a year prior, despite revenue more than doubling to £802,000 from £390,000. But cost of goods jumps to £518,169 from £95,497. Says it may need to raise funds in the future to meets its working capital requirements as remains in a loss-making position. Explains the company is dealing with numerous sales enquiries from existing and new customers for further direct sales of Fruitflow in 2025 and beyond, and the new production run is likely to require a significant cash outlay. Has ‘a reasonable expectation of raising sufficient additional equity capital or new loan finance to continue in operational existence for the foreseeable future.’
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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss narrows to $407,289 in the six months to June 30 from $530,780 a year prior. Basic losses per share are nil versus 0.01 US cents. Nil revenue, unchanged. Administrative expenses climb to $447,757 from $330,787. ‘The first half of 2024 has seen positive developments across all of our licenses, and we believe we are now close to finalising the financing for the NJOM-3 well in Cameroon,’ company says. ‘Additionally, we are also hoping that the discussions we and the operator NewAge are having regarding the Algoa-Gamtoos license in South Africa will enable us to move forward in acquiring 3D seismic data over our Outeniqua basin leads in 2026.’
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LifeSafe Holdings PLC - Essex, England-based fire safety technology developer - Pretax loss narrows to £638,000 in the six months to June 30 from £1.3 million a year prior, despite drop in revenue to £1.6 million from £2.9 million. Cost of sales falls to £546,000 from £1.2 million, administration costs drop to £1.7 million from £2.9 million. Highlights significant progress executing the company’s strategic plan, focusing on driving profitability and positive cash generation. Notes significant savings achieved at the gross margin level driven by reduced fulfilment and commission charges.
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Surface Transforms PLC - producer of carbon‐ceramic automotive brake discs - Pretax loss widens to £7.6 million in the six months ended June 30 from £5.6 million a year prior. Revenue rises 58% to £4.7 million from £2.9 million, while cost of sales increases to £2.1 million from £1.1 million. Expects third quarter revenue of £2.7 million, an improvement over the second quarter, but significantly behind plan. For the fourth quarter, expects revenue of £3.5 million, 40% lower than planned. Expects FY revenue of £11 million, which is ‘significantly’ under current market guidance of £17.5 million. Says gross profit margin declined to 56% due to increased outsourcing costs and product mix.
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