The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Capital Ltd - London-based mining services provider - Says revenue rose 3.1% to $80.2 million in the first quarter of 2024, from $77.8 million in 2023. However this represents a 5.0% decrease from $84.5 million in the last quarter of 2023. Drilling & associated revenue falls 8.9% year-on-year to $52.2 million from $57.4 million. Mining revenue however rises 42% to $18.2 million, and Laboratories revenue rises 29% to $9.8 million. Fleet utilisation decreases to 66% from 77%, while average monthly revenue per operating rig rises 5.2% to $202,000. Company maintains revenue guidance of $355 to $375 million for 2024, and says the first half will see increased asset mobilisation with utilisation further rising throughout the year.
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Harmony Energy Income Trust PLC - Great Britain-focused investor in commercial-scale battery energy storage systems or BESS assets - Issues trading update for the period ended Monday, April 15, at its annual general meeting on Thursday. Like for like portfolio revenue rises approximately 58% to £72,000 per megawatt per year in April to date, from £45,500/MW/year in January. Company notes increased opportunities for BESS assets ‘in the Balancing Mechanism’, with portfolio volumes from balancing mechanism activities more than quadrupling between March and January. Company also reports ‘increasing wholesale market spreads caused by high penetration of wind generation...during periods of low demand’.
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Thor Explorations Ltd - West Africa-focused mineral exploration company - Says 4.9 million tonnes mined in the first quarter of 2024, up from 4.2 million for the same period in 2023. Ore processed comes to 235,933 tonnes, up from 231,001 tonnes the prior year. Ore mined increases to 465,895 tonnes from 198,425 tonnes. Company’s Segilola mine in Nigeria produces 19,589 ounces of gold during the period, from 235,900 tonnes milled ‘at an improved average grade’ of 2.85 grams of gold per tonne. Says it has continued expanding its portfolio through new licence acquisitions and deals with existing licence holders. Adds that exploration of its lithium licences in Nigeria successfully generated ‘a number of’ drill targets. Company maintains 2024 production guidance of 95,000 to 100,000 ounces of gold.
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