EARNINGS UPDATES: Jadestone boasts record revenue on surging oil price

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on ...

Alliance News 6 June, 2022 | 3:55PM
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Odyssean Investment Trust PLC - London-based investment trust focused on smaller companies - Net asset value per share at March 31 stands at 164.0 pence, up 18% from 139.3p at the same time the previous year. Total NAV return per share for the year ended March 31 is 17.7%. Exceeds comparator index, the NSCI & AIM index, which fell by 2.1%. The year prior the total NAV return stood at 53.4%. Company does not declare a dividend and says it does not expect to do so in the "near future". Notes a number of "material uncertainties" impacting investor sentiment moving forward. These uncertainties include inflation, stagflation and the prospect of a recession.

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Gusbourne PLC - Kent and West Sussex, England-based producer of sparkling wines - In 2021, revenue nearly doubles to GBP4.2 million from GBP2.1 million the previous year. Company reports "significant" growth in UK Trade sales as the sector continued to recover form the effects of Covid-19. UK Trade sales surged to GBP1.9 million from GBP721,000 the year prior. Direct To Consumer sales grew to GBP1.4 million from GBP677,000. Company widens pretax loss to GBP3.6 million from GBP3.1 million in 2020. Gusbourne says net revenue is currently in line with management forecasts but notes inflationary pressures moving forward.

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Atrato Onsite Energy PLC - London-based renewable energy investment trust - Net asset value per share at March 31 stands at 97.4 pence. Company adds that since March 31, it has acquired an additional, fully operational solar photovoltaic asset with a capacity of 6.1 megawatts. From the period to March 31 from September 16, Atrato reports the value of its investments stands at GBP103,000. Its pretax loss for the same period totals GBP890,000.

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Kefi Gold & Copper PLC - Cyprus-based gold and copper exploration and development company - Widens pretax loss to GBP4.9 million in 2021 from GBP3.7 million the previous year. Does not report any revenue, unchanged from a year prior. Says it now has three advanced projects in two countries since the end of 2021. Total assets at December 31 stand at GBP29.1 million, up from GBP26.4 million at the same time the previous year.

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Kanabo Group PLC - Tel Aviv-based medical cannabis company - Widens pretax loss to GBP4.6 million in 2021 from GBP591,000 in 2020. Total assets multiply to GBP5.6 million at December 31 from GBP472,000 at the same time a year prior. Kanabo says it is now in a position to grow its primary care tele-medicine business. Adds it is anticipating CE accreditation for its Vapepod medical device. Chief Executive Avihu Tamir says: "I am therefore confident Kanabo can expect to deliver significant revenue from the sale of CBD and medicinal cannabis over the next 12 months."

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Jadestone Energy PLC - Perth-based oil and gas development and production company with assets in Australia, Malaysia, Indonesia, Vietnam and the Philippines - Production in 2021 rises to 12,545 barrels of oil per day from 11,438 boepd the previous year, in line with expectations. Average oil price surges to USD74.34 from USD44.79 a year prior. Revenue climbs to a record USD340.2 million from USD217.9 million. Chief Executive & President Paul Blakeley says: "We delivered 10% production growth in 2021, exiting the year at much higher rates, and have guided to a further 36% increase in the current year. This was on the back of a successful Montara activity programme and five months of initial contribution from the Peninsular Malaysia assets acquired during the year." Company recommends a final dividend of 1.34 US cents per share. Looking forward, Jadestone expects production between 15,500 to 18,500 boepd.

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Majestic Corp PLC - Georgia, US-based precious metals recycler - In 2021, revenue rises to USD29.7 million from USD27.5 million the previous. Company says this increase was driven by improvements in market prices for materials and the strengthening of key partnerships. Underlying earnings before tax more than doubles to USD853,000 from USD419,000 the previous year. Majestic does not declare a dividend.

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Upland Resources Ltd - London-based oil and gas company- In the six months ended December 31, company narrows pretax loss to GBP269,594 from GBP367,687 in the period a year prior. Company does not post any revenue, unchanged from the previous year. Exploration and evaluation expenditure rises to GBP79,609 from nil the previous year. Total assets at December 31 stand at GBP480,784. At June 30, assets totalled GBP766,315.

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By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Atrato Onsite Energy Ord 106.40 GBX 0.57 -
Odyssean Investment Trust Ord 171.00 GBX 0.29
Upland Resources Ltd 0.23 GBX 0.00 -
Gusbourne PLC 64.00 GBX -0.78 -
KEFI Gold and Copper PLC 0.58 GBX 0.09 -
Jadestone Energy PLC 99.00 GBX -1.00 -
Majestic Corp Plc 30.00 -
Kanabo Group PLC 3.35 GBX 1.52 -

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