EARNINGS: Legal costs weigh on Emmerson; Block Energy loss mounts
The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Emmerson PLC - developer of the Khemisset potash mine in Morocco - Pretax loss mounts to USD1.8 million in the six months ended June 30 from USD1.3 million the year prior. Other income grows to USD1.6 million from USD727,000, but legal expenses more than double USD2.3 million from USD1.0 million. Legal costs are driven by its ongoing international arbitration case against the Kingdom of Morocco. Key dates for this going forward are: Morocco's Counter-Memorial, in which it will set out in full its defences and jurisdictional objections to the claims and provide its supporting evidence, will be due in January 2027; Emmerson's Reply to the Counter-Memorial, responding to Morocco's Counter-Memorial and providing further supporting evidence, will be due in October 2027; Morocco's rejoinder, will then be due in January 2028 and the hearing will take place from July 17 to July 26.
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Block Energy PLC - Georgia-focused oil and gas company - Pretax loss stretches to USD659,000 in the six months ended June 30 from USD639,000 the year prior. Revenue drops to USD2.9 million from USD3.4 million. Administrative expenses increase to USD1.1 million from USD1.0 million. Cash and cash equivalents are USD2.7 million at June 30 versus USD1.5 million at end-2025. Total production is 67.7 million barrels of oil equivalent, down from 87.5 Mboe a year ago. Average daily production totals 374 boepd, down from 483 boepd. "Lower first-half production reflected mature-field decline and intermittent downtime affecting artificial-lift equipment. Management is prioritising targeted well interventions, maintenance and improved production reliability, while directing growth capital towards the larger opportunities across the portfolio," company says.
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Redcentric PLC - Harrogate, North Yorkshire-based IT managed services provider - Pretax profit rises 11% to £4.8 million in the financial year ended March 31 from £4.4 million the year prior. Revenue falls 2.3% to £132.0 million from £135.1 million. Basic earnings per share jump 17% to 1.99 pence from 1.70p, adjusted EPS decline to 3.30p from 3.82p. Redcentric expects to reinstate the dividend with first half 2026 results. It says trading since year end has been in line with internal plans and expects first adjusted earnings before interest, tax, depreciation and amortisation to be in line with current market expectations. "Our financial position is strong, supported by our new banking facilities. As revenue stabilises, growth becomes sustainable, profitability improves and free cash flow becomes more predictable, the board remains committed to further shareholder returns," says Chief Executive Michelle Senecal de Fonseca.
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Fulcrum Metals PLC - mineral explorer in Canada - Pretax loss mounts to £647,532 in the six months ended June 30 from £375,019 the year prior. No revenue is reported, unchanged on-year. Based on current budgets, says the £500,000 equity subscription and first £2.5 million Yorkville loan tranche will fund the pilot facility and initial Teck-Hughes programme, both of which are expected to be funded without requiring the second £2.5 million loan tranche, which remains undrawn. CEO Ryan Mee says: "The first half of 2026 marked Fulcrum's transition from technical validation and strategic positioning into execution. The pilot and first Teck-Hughes programme are funded. Successful pilot testing could then unlock the proposed USD20 million Chancery royalty financing, providing a potential non-equity route towards commercial production, subject to due diligence, definitive documentation and customary conditions." Mee says the priority is now "disciplined execution: finalising the proposed Ontario site arrangements, progressing the pilot development programme and generating the data required to advance our initial projects and expand the wider platform."
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Hemogenyx Pharmaceuticals PLC - London-headquartered biopharmaceutical company focused on treatments for blood diseases - Pretax loss mounts to £6.6 million in the six months ended June 30 from £5.0 million loss the year prior. Records no first half revenue, unchanged on-year. Bottom line suffers from £5.5 million share option expenses against nil the year prior. This is partly offset by £896,123 foreign exchange gain against £2.2 million loss. The first half of 2026 has been about completing the manufacturing transition on which dose escalation depends, securing the regulatory clearances needed to treat children as well as adults, building the physical infrastructure for early commercialisation in Europe, and financing the Phase I programme on terms the board considers acceptable, the firm says. "Each of these was achieved within the period," it adds, despite a "challenging market environment for small-cap life sciences companies seeking capital."
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Prospex Energy PLC - Europe-focused gas and power project investor - Swings to pretax profit of £169,183 in the six months ended June 30 from £239,508 loss the year prior. Administrative expenses rise to £881,156 from £630,804 but bottom line benefits from £628,789 gain on revaluation of assets versus £32,715 loss the year before. Basic and diluted earnings per share are 0.03 pence against LPS of 0.04p. "The period under review has been one of significant operational and strategic progress. Prospex has continued to strengthen its producing asset base, increase cash flow, advance its development pipeline and expand its European portfolio," Prospex says. CEO Tom Reynolds says: "Our focus for the remainder of the year is to build on the success of the first half by maximising the net cash flow from our producing assets whilst advancing development plans with our partners on each asset. A primary objective is to engage with partnership investment to support this activity."
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Dekel Agri-Vision PLC - West Africa-focused agricultural company - Pretax income grows to EUR138,000 in the six months ended June 30 from EUR87,000 the year prior. Revenue is EUR25.0 million, increased by 4.4% from EUR23.9 million on-year. Higher sales are driven by higher crude palm oil and cashew sales volumes. Palm Oil sales increases 2.6% and Cashew sales by 32%. Group gross margin drops to 16.1% from 17.0%. Palm Oil production rises 7.3% to 22,676 tonnes, supported by an 12% rise in fresh fruit bunches processed, including material year-on-year production growth in April and May. Sales prices rise 5.5%. Cashew production jumps 82% with a higher extraction rate of 30%, up from 24%. Prices for peeled cashews decrease by 22% reflecting softer global cashew prices and a normalisation from the elevated levels seen in H1 2025.
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Phoenix Spree Deutschland Ltd - invests in Berlin residential real estate - Pretax loss narrows to EUR4.1 million in the six months ended June 30 from EUR7.0 million the year prior. Gross rental income drops to EUR10.3 million from EUR11.0 million. IFRS net asset value per share eases to EUR2.89 from EUR2.93. EPRA net tangible asset per share is EUR3.36, down from EUR3.49. Plans further capital returns as completed sales generate surplus cash. "The timing of capital returns will follow the conversion of notarisations into completions, and remains subject to available cash, banking covenants, solvency requirements and board approval," firm notes. Chair Robert Hingley notes: "Sales have been slower since the half year. In the light of tightening financing and affordability conditions, the company reduced prices on selected apartments in July and reviewed and reset every vacant asking price in September. Despite reduced liquidity, Berlin condominium prices have held up. We remain committed to maximising value for shareholders, but our intention is to complete this programme expeditiously, not to prolong it."
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