The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Real Estate Credit Investments Ltd - investor in European real estate credit markets - Reports net profit of £22.8 million for the financial year ended March 31, up from £21.9 million a year prior. Earnings per share rise to 10.2 pence from 9.6p. Net asset value per share falls slightly to £1.43 from £1.45, while NAV total return improves to 7.7% from 7.0%. Declares total dividend of 12.0p, unchanged from prior year. Portfolio value rises to £369.5 million from £329.4 million, with weighted average levered yield of 11.4% and average LTV of 66%. Says shares traded at an average 15% discount to NAV over the year. Maintains focus on low-risk senior loans, with 90% of positions senior by year-end.
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Duke Capital Ltd - Guernsey-based provider of capital solutions to small and medium-sized business owners in Europe and North America - Reports net income of £2.0 million for the year ended March 31, down sharply from £11.6 million the year before, reflecting a non-cash reduction in fair value of its portfolio. Pretax profit slumps to £738,000 from £12.3 million. Total cash revenue falls 12% to £26.6 million from £30.3 million, though recurring cash revenue rises 6% to £25.8 million. Free cash flow drops to £12.6 million from £17.9 million. Declares unchanged annual dividend of 2.80p per share. Ends year with £19.8 million in cash and £29.8 million in liquidity including a credit line. Post year-end, increases stakes in New Path Fire and Tristone Healthcare. Chair Nigel Birrell cites a resilient model and improving macro outlook, saying Duke has ‘delivered solid results’ in FY25.
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Various Eateries PLC - London-based operator of UK restaurants under Coppa Club, Tavolino and Noci brands - Narrows pretax loss to £2.2 million for the 26 weeks to March 30 from £3.9 million a year before, as revenue rises 9% to £24.7 million from £22.7 million. Adjusted earnings before interest, tax, depreciation, and amortisation total £100,000, swinging from a loss of £1.2 million, and gross profit nearly doubles to £2.6 million from £1.3 million. Cash at bank falls to £6.0 million from £7.2 million. Chief Executive Officer Mark Loughborough says: ‘I believe the momentum we’re building is sustainable.’ Adds: ‘We remain optimistic about the road ahead.’
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Velocity Composites PLC - Burnley, England-based supplier of composite material kits to aerospace and other high-performance manufacturers - Narrows pretax loss to £574,000 for the six months to April 30 from £1.1 million a year earlier, as gross margin improves to 29% from around 23% and adjusted Ebitda turns to a profit of £300,000 from a £200,000 loss. Revenue dips slightly to £10.4 million from £10.7 million. Chair Andy Beaden says: ‘The huge potential for future profitable growth is underpinned by our embedded technologies and published production ramp up plans from major end market OEMs.’ Expects positive adjusted Ebitda and to be cash generative in the second half, ‘in line with current market expectations’.
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Arkle Resources PLC - exploration company, with principal assets in Irish gold and zinc exploration licences - Widens pretax loss to €2.0 million in 2024 from €297,021 in 2023, reflecting a €1.8 million impairment of exploration and evaluation assets. Loss per share widens to 0.43 cents from 0.07 cents. Administrative expenses ease slightly to €271,223 from €276,759. Says its future ‘appears to be in lithium brines’ and notes most commercial developments are in Chile and Argentina. Adds: ‘New technology has the beneficial side effect of allowing magnesium recovery,’ highlighting potential value in its Botswana lithium licences. Also holds assets in Ireland and Zimbabwe.
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abrdn New India Investment Trust PLC - London-based, India-focused investor - Reports NAV total return of 11.7% for the year to March 31, outperforming benchmark MSCI India index’s 0.7% gain. Share price total return improves to 16.0%. Net asset value per share rises to 889.34 pence from 819.56p. Earnings per share fall to 62.69p from 168.85p. Shareholder funds dip slightly to £425.6 million from £427.1 million. Discount to NAV narrows to 15% from 20%. Company repurchases 4.3 million shares during the year, with a further 1.4 million bought since year-end. Board moves to base management fee on market capitalisation rather than net assets from April 1, aiming to reduce charges. Signs new £30 million credit facility with BNP Paribas SA. Chair Michael Hughes to retire in March 2026.
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TomCo Energy PLC - oil development firm operating in US using technology to unlock unconventional hydrocarbon resources - Narrows pretax loss for the six months to March 31 to £115,000 from £654,000 a year before, helped by positive foreign exchange movement. Reports no revenue in either period. Administrative expenses reduce to £305,000 from £416,000. Loss per share improves to 0.003 pence from 0.02p. Notes progress with Valkor Oil & Gas LLC on a potential partnership to drill up to four wells on leased Utah acreage, targeting revenue generation. Intends to participate in funding and development if conditions permit. Says plans also remain in place for longer-term oil sands separation project, subject to financing. Continues to review new opportunities but no commitments made.
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