TRADING UPDATES: Castings expects revenue growth on input price rise

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Writer, Alliance News Tuesday, August 16, 2022 - 16:24

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The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Castings PLC - West Midlands, England-based iron castings and machining firm - From June onwards, demand from commercial vehicle customers continue to increase with little disruption from supply chain issues. Forward demand schedules reflect higher build rates required by heavy truck original equipment manufacturers. Castings expects the most significant rise in input prices to take place on October 1, leading to a revenue increase in the second half of 2022, but negatively affect its profit margin percentage.

Griffin Mining Ltd - operator of the Caijiaying zinc-gold mine in China - For the six months ended June 30, pretax profit drops 65% to $5.4 million from $15.5 million the same period a year before, on revenue which drops 36% year-on-year to $34.7 million from $54.1 million. The weaker performance is due to operations at the Caijiaying zinc-gold mine being suspended for the first quarter of 2022 due to the Winter Olympics. This more than offset record zinc production in the second quarter.

Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company - For the second quarter of 2022, net crude oil sales average 961 barrels per day, down 14% from 1,114 barrels per day in the first quarter, due to the operational interruptions at certain wells. Petroleum sales remain flat at $7.1 million as an increase in commodity prices offsets the reduction in oil output.

Okyo Pharma Ltd - London-headquartered biotechnology company - For the year ended March 31, posts loss of £4.0 million, widened from £2.5 million the year before, driven by a rise in R&D expenses to £953,000 from £133,000, as a result of progress being made toward filing an investigational drug application with the US Food & Drug Administration for OK-101.

TMT Investments PLC - Jersey-based venture capital investor in high-growth technology companies - As at June 30, net asset value per share drops 26% to $6.68 from $9.00 at the end of December 2021. During the six month period, makes $7.3 million of investments across six new and existing firms

Pure Gold Mining PLC - Vancouver-based gold mining company focused on Canada - For the six months ended June 30, net loss widens to C$42.2 million from C$32.6 million the same period a year prior, despite revenue rises 24% year-on-year to C$27.0 million from C$21.7 million. Gold output declines 18% to 8,244 ounces, but sales increase 16% to 11,375 ounces, while the average gold price rises 6% to $1,864 per ounces from $1,789. Looking ahead, expects third quarter ore throughput to average between 775 to 875 tonnes per day at 4.0 to 5.0 grams per tonne of gold.

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