EARNINGS: Galantas Gold loss widens; Union Jack Oil swings to loss
The following is a round-up of earnings for London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Galantas Gold Corp - mining and exploration company, focused on producing gold and copper from its assets in Northern Ireland and Chile - Reports net loss for the three months to March 31 widens to C$2.4 million, around $1.7 million, from C$1.2 million a year prior, while cash at March 31 rises to C$10.8 million from C$729,387 a year prior. Revenue remains nil, while general administrative expenses widen to $1.6 million from $1.1 million. The company says working capital swings to a surplus of C$5.0 million from a deficit of C$17.3 million a year earlier. Galantas notes it launched a brokered private placement earlier in May aiming to raise up to C$85 million to support its Chilean projects.
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Calnex Solutions PLC - Linlithgow, Scotland provider of test and measurement solutions for the global telecommunications sector - Pretax profit rises 73% to £1.2 million in the year ended March 31 from £720,000 a year earlier, as revenue climbs 19% to £21.9 million from £18.4 million. The firm says growth reflects strong execution and momentum across digital infrastructure, government and defence markets. Calnex proposes a final dividend of 0.68p per share, taking the total dividend to 0.99p from 0.95p. Says cash at March 31 falls to £9.3 million from £10.9 million, but rises to £11.2 million by May 22 after further payments are received. Calnex says it is strongly positioned heading into financial 2027, supported by its product roadmap, balance sheet and diversified market footprint.
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MTI Wireless Edge Ltd - Rosh-Ha’Ayin, Israel-based communication and radio frequency solution provider - Revenue for the three months to March rises 6% to $12.8 million from $12.0 million a year earlier, while operating profit increases 21% to $1.5 million from $1.2 million. Net profit attributable to shareholders climbs 18% to $1.2 million from $1.0 million. The communications technology firm says net cash at March 31 falls to $8.5 million from $9.4 million at December 31. MTI notes a ‘record level’ of defence-related orders worth more than $9 million received in April, with most expected to be fulfilled in 2026.
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Nostrum Oil & Gas PLC - oil and gas exploration and production company which operates in Kazakhstan - Revenue for the first-quarter ended March 31 rises 9.3% to $32.8 million from $30.0 million a year earlier, supported by higher exports, increased third-party feedstock volumes and stronger Brent prices. Earnings before interest, tax, depreciation, and amortisation edges down to $11.3 million from $11.4 million, while operating cash flow improves to $10.2 million from $100,000. The firm says unrestricted cash at March 31 increases to $151.3 million from $143.3 million at December 31, though net debt rises to $576.2 million from $541.5 million.
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Southern Energy Corp - natural gas and light oil assets company with operations in Mississippi - Petroleum and natural gas sales for the three months ended March 31 rise to $5.5 million from $5.1 million a year earlier, while net loss narrows to $1.3 million from $3.9 million. Adjusted funds flow from operations more than doubles to $1.4 million from $629,000. Average production falls 21% year-on-year to 10,167 Mcfe/d, primarily due to the voluntary shut-in of output linked to an ongoing transportation dispute. Southern says it exited the quarter with no senior bank debt following a $22.0 million financing completed in February. Separately, the company signs a joint venture agreement with a strategic partner to evaluate the Cotton Valley oil prospect in Williamsburg, with the first well expected to spud in late July.
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Earnz PLC - Cheltenham, England-based energy services company focused on global decarbonisation - 2025 revenue jumps to £11.8 million from £2.6 million a year earlier, while pretax loss narrows to £1.7 million from £3.6 million. The firm says adjusted Ebitda turns positive at £100,000 from a £1.0 million loss, helped by contributions from acquisitions including Cosgrove & Drew, South West Heating Services and A&D Carbon Solutions. Earnz says it continues to develop a list of potential acquisition targets across the decarbonisation sector and remains confident in the outlook for 2026, citing a strong pipeline of opportunities and further contract wins in the first quarter.
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Union Jack Oil PLC - onshore exploration, development and production in the UK and US - Swings to a pretax loss of £6.9 million in 2025 from a £406,218 profit in 2024. Revenue falls 37% to £2.5 million from £3.9 million. The firm says it is confident the ‘successful transition of focus’ to the US will drive further growth. Executive Chair David Bramhill says: ‘I am confident that an increase in drilling, appraisal and development activity currently being evaluated in the pursuit of growth from our balanced UK and US portfolios has the potential for notable value creation for shareholders.’
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