(Alliance News) – The following is a summary of results and trading updates from London-listed companies released on Thursday and not separately reported by Alliance News:
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Shuka Minerals PLC – London-based mining company with operations in Africa – In 2023, pre-tax loss narrows to £1.7 million from £1.8 million the previous year. Turnover increased slightly to £194,346 from £183,448 the previous year. The basic and diluted loss per share fell from 7.97 pence to 4.11 pence. “2023 was certainly a challenging time for the company on the ground from an operational perspective, but it was offset by the significant steps taken to refocus the company on the future. We believe the recent raising of funds, together with the investment strategy described above, will lead to a period of success for the company in 2024 and beyond,” the company states.
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TechFinancials Inc – Investment entity since 2022 after closing operating entities in Israel – In 2023, the pre-tax loss narrows to $166,000 from $269,000 in the previous year. The basic loss per share is 19 US cents, compared to 32 US cents in the previous year. No revenue was disclosed, as expected. No dividend was declared, as expected. “2023 was a year in which the company focused on finding new ways to increase its shareholder value. The board of directors decided to continue to invest a portion of its cash in listed companies. The company continues to look for new ways to increase its value.”
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Enwell Energy PLC – Ukraine-focused oil and gas exploration and production company – announces that the Geological and Underground Service of Ukraine on Wednesday issued orders to cancel the suspensions of the Vasyschevskoye production license and the company’s Svystunivsko-Chervonolutskyi exploration license in Ukraine. As a result, the company is now able to resume operational activities on these licenses.
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Genflow Biosciences PLC – London-based biotechnology company – Launched a feasibility study with Exothera SA to assess the ability to produce its future MASH clinical batch in accordance with Good Manufacturing Practices. Additionally, Genflow is also in the process of selecting contract research organizations to conduct its upcoming clinical trial in dogs, aimed at studying its promising drug candidate, GF-1004. Separately, Genflow states that it received research advice as part of the FDA’s initial targeted engagement for regulatory advice on CBER products. The FDA encouraged Genflow to continue its plans to identify suitable animal models through proof-of-concept pilot studies.
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Mindflair PLC – investment company specializing in artificial intelligence – Net asset value at 31 December: 2.13 pence per share, down from 4.28 pence a year earlier. In 2023, the pre-tax loss increases from GBP 366,000 to GBP 2.7 million. The basic loss per share was 1.44 pence, up from 0.20 pence. “We believe our portfolio provides excellent exposure to companies at the forefront of the AI revolution, with significant growth potential and the ability to generate real returns for shareholders,” the company says.
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NAHL Group PLC – Kettering, a UK-based provider of consumer marketing services focused on the legal services market – has issued a trading update ahead of its annual general meeting on Thursday. In the five months to 31 May, its law firm, National Accident Law, performed well as it continues to mature, with expectations that this will ultimately generate higher profits for the group. NAL paid 19% more claims than in the equivalent period in 2023 and generated £3.3m of cash from settlements, an increase of 56%. However, the recovery of National Accident Helpline will be slower and costs will remain higher for a longer period. “Although the board expects these headwinds to be short-lived and the personal injury business to at least break even in 2024, its revenue and profit for the year are expected to be significantly lower than previously forecast and will therefore have a material impact on current market expectations for the full year for the group.” The critical care business performed in line with expectations in the first five months of the year, the company said.
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Longboat Energy PLC – Issued update ahead of Thursday’s annual general meeting. Says has received approval from the Norwegian Ministry of Energy to sell its 50.1% stake in Longboat Japex Norge AS to its joint venture partner Japan Petroleum Exploration Co Ltd, as well as approval from lenders under the ease of financing exploration. All that remains is to transfer the third-party contracts and these approvals pave the way for the transaction to be completed early in the third quarter.
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Atome PLC – Leeds-based green manure company – In 2023, pre-tax loss widened to US$6.9 million, compared to US$5.6 million the previous year. Atome states that these results reflect “demonstrable positive progress towards our goal of reaching the final investment decision on our flagship Villeta project and the start of construction by the end of the current year”. Atome hopes to make further significant progress over the remainder of 2024.
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Cloudcoco Group PLC – London-based provider of managed IT services and communications solutions – Revenue rose 11% to £14.3m in the six months to 31 March from £12.9m in the prior year, with 62% of that generated by managed services, down from 70%. MoreCoCo’s e-commerce revenue more than doubled to £3.6m from £1.6m. Pre-tax loss narrowed to £1.2m from £1.3m. “We have made progress in terms of sales acceleration and excellent levels of customer support during the year, and this work will continue. In addition, we have identified a number of operational efficiencies and savings that have been implemented and that will help reduce our costs and, in turn, improve cash flow to help strengthen our financial position. We will continue our efforts to grow and improve the business by building on the foundations we have created so far,” the company said.
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By Jeremy Cutler, Alliance News reporter
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