EARNINGS AND TRADING: B90 "confident" for full year as revenue grows
The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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CQS New City High Yield Fund Ltd - investor in high yield fixed interest securities - Reports results for the year ended June 30. Net asset value per share is 48.55 pence at year-end, up 0.4% from 48.37p one year prior. NAV total return for the year is plus 10.20%, improved from plus 6.98% for the prior year. Firm will pay an annual dividend of 4.52p per share, up 0.2% from 4.51p. Reports revenue earnings per share of 4.64p, up 4.7% from 4.43p. "Amid geopolitical and market uncertainty, I am pleased to report that the company has been resilient, delivering a NAV total return of 10.20% and a share price total return of 10.06%," comments Chair Caroline Hitch. "That premium enabled us to issue new capital, placing NCYF among the largest issuers on the London Stock Exchange...which the company used to strengthen a well-diversified portfolio of predominantly high-yield bonds and selected equity holdings. The income generated meant we were able to increase the dividend once again, maintaining a record of unbroken growth since 2007...I am confident [the portfolio managers'] investment approach behind NCYF's excellent long-term performance will endure."
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Oxford Technology 2 VCT PLC - venture capital trust investing in quoted and unquoted technology companies - Reports results for the six months ended August 31. NAV per OT1 share falls 11% to 36.6p at August 31 from 41.1p at February 28. NAV per OT2 share decreases 1.8% to 17.3p from 17.6p. NAV per OT3 share falls 11% to 16.7p from 18.9p, and NAV per OT4 share edges down 0.3% to 20.4p. Cumulative dividend per share is 55.0p for OT1 shares, 22.5p for OT2, 42.0p for OT3 and 48.0p for OT4. "I am pleased to report some encouraging investee company progress for the half year," comments Chair Richard Roth. "However, this success has not yet flowed through to asset values and VCT financial results as we hope it will." He notes that the trust made no new investments during the period, as HMRC rules prevented it from participating in a placing offer by Scancell Holdings PLC and a current open offer by Getmapping Ltd, "resulting in further dilution in each of our holdings as both were heavily discounted." Roth continues: "Our quoted portfolio continues to face two strong prevailing headwinds. The worldwide biotech sector has faced some years of being out of fashion although this is beginning to change. However, the UK small company sector and AIM, in particular, has struggled to raise new money without large discounts to declining valuations." Looking ahead, the company believes "that the portfolio has valuable upside, but that time is still needed for the investments to reach their significant value inflexion points." It still intends "to liquidate the portfolio when suitable opportunities arise, and eventually to wind up the company," but Roth adds that "where alternatives present themselves, these are always carefully assessed."
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Powerhouse Energy Group PLC - Bingley, England-based firm focused on turning non-recyclable waste into low-carbon energy - Reports £437,055 in revenue for the first half of 2026, down 8.0% from £474,879 the year before. Pretax loss narrows to £910,947 from £1.8 million, as administrative expenses fall 44% to £944,821 and engineering project costs drop 66% to £109,349. "[Powerhouse] started 2026 with great momentum," says Interim Executive Chair David Hitchcock. "During the period the company, through its focused business strategy, has continued to progress with our prioritised projects with National Hydrogen Australia and at Ballymena; delivering key project milestones. We were also very pleased to see that this momentum enabled us to record our first revenues into PHE through the provision of third-party services." Looking ahead, he says: "The second half of 2026 promises to be potentially the most exciting to date as our flagship projects advance closer to [final investment decisions] and our pipeline of projects progress through some key milestones."
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CRISM Therapeutics Corp - British Virgin Islands-based pharmaceutical company - Reports results for the six months ended June 30. Remains non-revenue-generating. Reports £121,000 in other income, up from none the year before. Pretax loss widens to £1.4 million from £908,000. Administrative expenses increase 68% to £1.5 million from £905,000. Chief Executive Officer Andrew Webb notes that CRISM "achieved a landmark operational milestone [during the half-year] by initiating our registration-grade phase 2 clinical trial of irinotecan-ChemoSeed in resectable (i.e. suitable for surgery) glioblastoma." Says patient recruitment is ongoing for part 1 of the study. Adds that "we continue to demonstrate ChemoSeed's potential as a platform technology across other solid tumours," including "developing docetaxel-ChemoSeed for advanced prostate cancer". Looking ahead, he says the firm "is positioned for a period of significant clinical execution as we progress through the remainder of 2026 and into 2027." Says this year's £2.8 million fundraise, and grant awards, "provide a clear runway to execute our phase 2 clinical milestones in glioblastoma."
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B90 Holdings PLC - Isle of Man-based, gambling industry-focused online marketing company - Revenue for the first half of 2026 increases 38% to EUR3.3 million from EUR2.4 million the previous year, "reflecting continued growth in the group's performance marketing activities and increased activity across its partner base." Pretax loss narrows to EUR29,569 from EUR45,722. Adjusted earnings before interest, tax, depreciation and amortisation increase to EUR308,663 from EUR302,716. "This was achieved while the group continued to invest in growth, including increased marketing activity and targeted investment in the people, technology and operational capabilities to support a larger business," CEO Ronny Breivik says. Looking ahead, he continues: "Trading since the period end has remained broadly in line with the trends experienced during the first half of the year...[with] an improvement in trading momentum in recent weeks. The board remains confident in the group's prospects for the remainder of the year and, based on current trading, expects the group to deliver results in line with management expectations for the full year." Adds that the firm's "much-improved financial position gives us greater flexibility to invest in the next stage of B90's development."
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