The following is a round-up of earnings for London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Ceiba Investments Ltd - investment firm dedicated to investing in Cuba, with interests in the commercial and tourism real estate sectors - Swings to pretax loss of $28.6 million in 2024 from a $15.7 million profit in 2023, as total income plunges 92% to $2.6 million from $30.8 million. This is largely due to the firm reporting no dividend income for the year, against $8.5 million in 2023, and no reversal of expected credit losses, compared to $17.0 million the year before. Total expenses double to $31.1 million from $15.0 million. ‘Based on the company’s current financial position, its operating model and track record, as well as the experience of the executives from both a Cuban investment and closed-ended investment company perspective, the board believes that the company has a sound basis upon which to deliver capital growth and returns over the long term,’ says Ceiba. The firm expects overall economic difficulties in Cuba to persist, as US sanctions, restrictive travel policies and internal economic challenges have ‘severely impacted tourism, revenue and overall economic stability’.
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World Chess PLC - London-based chess promoter - Pretax loss narrows to €3.8 million in 2024 from €4.7 million in 2023. Revenue grows 4.3% to €2.4 million from €2.3 million, while cost of sales is reduced by 32% to €1.5 million from €2.2 million. Interim Chair Neil Rafferty says: ‘Despite global economic uncertainties, the chess market continues to demonstrate resilience, with online participation growing significantly. The board remains focused on building long-term shareholder value through targeted investments that strengthen our position as a chess-focused technology company while broadening our community reach.’ Its priorities in the year ahead include expanding its World Chess Tour, growing its digital platforms and strengthening the World Chess brand.
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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Pretax loss widens to $9.4 million in 2024 from $5.3 million in 2023, as total revenue falls 18% to $4.7 million from $5.7 million. This is largely the result of a continued decline in market price for vanadium pentoxide, the firm notes. Cost of sales increases 12% to $7.6 million from $6.8 million, due to an increase in depreciation charges after the installation of a ‘significant item’ of power transmission equipment, as well as increased wages and salaries. The firm records a one-off impairment loss of $954,000 due to switching its existing plant to research and development activities to complete its ongoing feasibility study. Net finance costs multiply to $2.0 million during the year, from $183,000 a year prior. Its existing plant produced 300.9 tonnes of vanadium pentoxide in the year, down 3.1% on-year from 310.5 tonnes, and it produced 34.9 tonnes of molybdenum, up 1.7% from 34.3 tonnes. ‘Current market conditions for all vanadium producers have been difficult, but the main activity, the feasibility study, has continued as planned and is now nearing completion. The results gathered to date for the study have amply confirmed the outstanding expectations we published in our earlier competent persons report,’ says Chief Executive Officer Nick Bridgen.
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Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Pretax loss narrows to £162,000 in the six months that ended March 31 from a restated £599,000 loss the year before, despite revenue declining 2.6% to £7.6 million from £7.8 million. This is driven by reduced UK and US sales in its window and door hardware business, while Titon rebuilds the UK window and door hardware sales team. Cost of sales is reduced by 7.0% to £5.3 million from £5.7 million, while administrative expenses are down 9.1% to £2.0 million from £2.2 million. The firm records no exceptional items charges, against £55,000 a year prior. ‘I am pleased with the progress we are making as a group. While we’re not yet at our destination, we are moving in the right direction and making meaningful strides toward our goal of delivering 10% sales growth and a 15% net margin by 2028,’ says Chief Executive Officer Tom Carpenter. ‘If we maintain this momentum, I am confident we will meet the board’s expectations for the year.’
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Camellia PLC - Kent, England-based agriculture and engineering services firm - Records no pretax profit in 2024, against a restated £18.2 million in 2023. Revenue grows 3.1% to £262.2 million from £254.2 million. Makes a one-off £4.7 million loss on the disposal of assets classified as held for sale, and delivers £2.2 million in investment income compared to £12.9 million in 2023. Share of associates’ results totals £200,000 against £3.4 million the year before. Declares a total dividend of 260 pence per share, compared to none the year before. ‘The principal objectives for 2024 were to strengthen the balance sheet, reduce portfolio risk, update the company’s governance and management processes, and initiate a review of the business strategy. We are very pleased to report good progress on all four of these goals,’ says Chief Executive Officer Byron Coombs. In addition, we have successfully exited our holdings in BF&M, United Finance and United Insurance and disposed of several non-core assets. In doing so we reduced the group’s risk profile and significantly improved financial liquidity, enabling the board to feel comfortable to recommend restarting the dividend with confidence that this is sustainable.‘
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Hydrogen Utopia International PLC - London-based company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels - Pretax loss narrows to £513,370 in 2024 from a restated £1.6 million in 2023, as administrative expenses are reduced by 43% to £861,712 from £1.5 million. Records an exceptional items gain of £275,846 against a £241,417 loss the year before. The firm continues to report no revenue. ’Fundraising conditions have been tight for a while and, the recent cooling of sentiment toward renewables, following the political change in the US, has further slowed the flow of capital into pioneering projects like ours,‘ says Non-Executive Chair Simon Mann. ’Yet, Hydrogen Utopia International continues to press ahead with the same clear objective: to convert unrecyclable plastics into clean hydrogen and power, creating both environmental and economic value.‘
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Red Capital PLC - Jersey-based acquisition company - Pretax loss widens to £233,650 in 2024 from £215,031 in 2023, as administrative expenses increase 7.6% to £235,685 from £219,092. ’2024 proved to be another challenging year for the UK’s capital markets,‘ says Chair David Williams. ’As we progress through the new financial year, we are starting to see some of the 2024 headwinds linked to the uncertainty of the UK election and certain government policy decisions dissipate, and we remain encouraged by listings reform in particular, and in general, the potential for capital inflows into the UK as a result of recent economic and political instability within the US. This could go some way in improving market liquidity and the attractiveness of London as an appropriate destination for quality private companies both from within the UK and internationally.‘
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Novacyt SA - Paris-based biotechnology group focused on clinical diagnostics - Pretax loss widens to £39.4 million in 2024 from £24.5 million in 2023, despite revenue growing 85% to £19.6 million from £10.6 million following the firm’s acquisition of Yourgene Health. This is driven largely by general and administrative expenses increasing to £40.2 million from £12.7 million the year before. Its loss before interest, tax, depreciation and amortisation narrows to £9.1 million from £11.8 million. ’Having commenced our site consolidation programmes, which are on track to deliver [around] £3.0 million of annualised cost savings, we are now focused on investing in our high priority growth areas. We are targeting the launch of four new products in 2025, across Reproductive Health, Precision Medicine and Ranger Technology, with an additional [around] £2.0 million of [research & development] investment expected in this calendar year,‘ says Chief Executive Officer Lyn Rees. ’We are confident that continued cost reductions, as well as expected growth in revenues from existing and new products, will mean that our cash balance will be sufficient to see the business through to Ebitda profitability.‘
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