Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The following is a round-up of earnings for London-listed companies, issued on Thursday and Friday and not separately reported by Alliance News:
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Blencowe Resources PLC - mineral exploration and development company focused on developing the Orom-Cross graphite project in Uganda - Narrows its pretax loss for the year that ended September 30 to £961,641 from £1.4 million the year before. This was due to administrative fees & other expenses reducing 49% to £789,707 from £1.3 million last year, and exploration costs decreasing 77% to £23,668 from £53,347. It continues to report no revenue, and was also hit by a one-off impairment charge of £103,279. Chief Executive Officer Mike Ralston says: ‘Blencowe is emerging as a unique, differentiated mining and processing strategy and over the past year considerable effort has been placed on building a relationship with experienced parties that can assist the company to move into the downstream processing part of the graphite cycle. This is where the most substantial profits are made in this industry.’ The group pays out no dividends, unchanged from the year before.
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Ora Technology PLC - London-based retail carbon trading firm - Says its loss for the year that ended July 31 widens to £916,549 from £724,882 last year, as administrative expenses multiplied to £880,696 from £337,657. The company continues to make no revenue, and pay no income tax. It is also hit by a one-off amortisation loss of £35,853. Chair Michael Edwards says: ‘Changes in the political landscape, particularly in the USA, suggest that the regulatory environment for carbon credit offsets will not strengthen as was anticipated.’ As a result, Ora Technology decided to engage in discussions on a potential takeover by London-based software developer Kondor AI PLC. Kondor still has until February 7 to make a firm offer, and there is no guarantee the deal will complete.
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Gresham House Renewable Energy VCT 1 PLC - London-based venture capital trust - Narrows its pretax loss for the year that ended September 30 to £2.4 million from £4.6 million the year before, as its loss on investments narrows to £3.4 million from £4.9 million. Income for the year grows 52% to £1.7 million from £1.0 million last year. The trust will not pay a dividend for 2024, compared to a total dividend payout of 7.5 pence per share in 2023. The board intends to declare a dividend ‘as soon as practically possible’ following the disposal of its remaining portfolio, though notes it hasn’t been able to progress these sales as quickly as expected, due to ‘extremely challenging market conditions’. Chair Gill Nott adds, however, that it is now ‘able to report significant progress’ and ‘the board continues to ensure that every effort is being made to maximise shareholder returns’.
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Gresham House Renewable Energy VCT 2 PLC - London-based venture capital trust - Narrows its pretax loss for the year to September 30, to £2.6 million from £4.6 million the year before. Its loss on investments narrows to £3.6 million from GPB4.9 million, and income rises 43% to £1.7 million from £1.1 million. The trust declares no dividend, compared to 7.5p per share last year, as it progresses with asset disposals. Chair Christian Yates says: ‘Costs through the remaining portfolio continue to rise and, with only the Investment Adviser’s fees linked to the [net asset value], the company’s costs largely remain at the pre-sale of assets level. So, the right course of action remains to find an appropriate and willing purchaser who can achieve economies of scale with the assets the company is seeking to sell.’
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