EARNINGS AND TRADING: Clontarf loss narrows, eyes new opportunities
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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Clontarf Energy PLC - oil, gas and minerals explorer with projects in Bolivia and Ghana - Posts pretax loss of £258,828 in 2025, narrowed from £765,432 in 2024. No revenue is reported in either year, while administrative expenses decline to £85,219 from £591,823. Clontarf says it continues to evaluate new opportunities in line with its strategic objectives, having reviewed and declined a number of proposals in recent months that were not considered suitable. ‘We remain highly encouraged by the progress made across our technical, operational, and commercial workstreams, and look forward to updating shareholders as our engagement with YLB and the new Bolivian administration progresses.’
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Gresham House Income & Growth VCT - venture capital trust - net asset value per share is 62.02 pence at March 31 compared to 66.78 pence at September 30. Net assets are £196.6 million. In the six months to March, the VCT says NAV total return (including dividends) per share fell by 3.4%. An interim dividend of 2.50 pence per share was declared in the period, paid to shareholders in April.
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Gresham House Income & Growth 2VCT - venture capital trust - Net asset value per share is 49.76 pence at March 31, down from 54.29p at September 30, and 54.87p the year prior. Net assets are £160.8 million, down from £182.47 million on-year. Pays dividend of 2.0p per share in April. Total NAV return is minus 4.7%. ‘This fall was primarily due to a 6% reduction in the valuation of the company’s investment portfolio, particularly across those investee companies impacted by the wider market multiple falls in the software and technology sectors that are used to benchmark the values of those assets,’ it says.
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Immupharma PLC - London-based specialist drug discovery and development company - Appoints Bachem AG as manufacturing partner for the active pharmaceutical ingredient for its Kapiglucagon program. Bachem is a leading global peptide and oligonucleotide development and manufacturing partner, supporting pharmaceutical and biotechnology companies from early-stage development through to commercial supply. Immupharma calls the appointment a ‘milestone’ which is expected to support the next stage of pharmaceutical development. Kapiglucagon is a proprietary glucagon prodrug being developed for type 1 diabetes applications, and ImmuPharma believes it represents an important strategic opportunity alongside its lead asset, P140.
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Avacta Group PLC - London-based clinical-stage biopharmaceutical company - Announces platform-validating data with faridoxorubicin in patients with salivary gland cancer where robust tumour responses are observed with low expression of fibroblast activation protein and the persistence of FAP expression despite tumour response. This validates the ‘potential of our pre|CISION platform to create products which can significantly improve treatment options for cancer patients,’ says Chief Executive Christina Coughlin. In addition, Avacta says it has agreed the pivotal trial design for faridoxorubicin with the US Food & Drug Administration for a potential full regulatory approval. This would comprise a single pivotal study with faridoxorubicin in patients with salivary gland cancer, with progression-free survival as the sole primary endpoint for full approval. CEO Coughlin says recent constructive discussions with the FDA have resulted in a ‘clear path forward for our Gen One product faridoxorubicin towards full approval, based on one pivotal trial with a single primary endpoint of PFS.’ This will allow Avacta to move directly to the pivotal trial when the phase 1b data are mature, she adds, enabling time savings. ‘It provides further clarity in our continuing conversations with potential partners, with a defined route through clinical development towards potential approval and commercialization,’ Coughlin adds.
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Block Energy PLC - Georgia-focused oil and gas company - Announces the 3D seismic programme, covering the highly prospective Martkopi Terrace prospect within the XIQ PSC area, is scheduled to commence in July. The programme will be funded by Aspect Energy via the previously announced farmout agreement. The programme is designed to further evaluate the Martkopi Terrace prospect and finalise the drill location. Seismic acquisition is expected to run for around three months, following which the data will be processed and interpreted to support the joint venture’s exploration drilling plans. ‘The commencement of the 3D seismic acquisition programme across the Martkopi Terrace prospect marks another important operational milestone for the XIQ licence and for Block Energy. The survey is expected to significantly improve prospect definition and optimise drilling locations ahead of the Joint Venture’s planned exploration campaign,’ says Chief Executive Paul Haywood. ‘This is another demonstration of Block successfully attracting high-quality partners to fund and accelerate material projects while limiting shareholder dilution and capital risk,’ he adds.
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CleanTech Lithium PLC - Chile-focused lithium explorer - Says administrative process related to the expected ratification of the CEOL is taking longer than anticipated. Chief Executive Ignacio Mehech has met with the new government representatives on several occasions and is ‘encouraged’ by their support for the company’s ambitions at Laguna Verde and looks forward to the signing of the CEOL later this year. In addition, says consulting agreement with Gordon Stein has been extended to the end of September from June. Last August Stein said he would step down from the board as a director but remain as chief financial officer. Stein has been leading the process to select a strategic partner to fund the next stage of project development and also involved in progressing the dual listing on the ASX.
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