EARNINGS: Polar Capital Global Healthcare lags benchmark index
The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
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Dianomi PLC - London-based provider of native digital advertising services - Swings to a pretax loss of £827,000 in 2025, from profit of £338,000 in 2024. Revenue falls 2.3% to £27.4 million from £28.0 million, with this reflective of lower publisher traffic volumes. Administrative expenses grow 17% to £8.3 million from £7.1 million, weighing on earnings, and owed to planned investment in new hires as well as product investment, says the company. ‘Despite a cautious advertising market, Dianomi delivered a resilient performance in 2025, with trading strengthening through the year as we returned to growth and profitability in the second half,’ says Chief Executive Rupert Hodson, adding: ‘We entered 2026 with improved momentum and remain well positioned to capitalise on the opportunities emerging across premium digital publishing and AI-driven advertising.’
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MedPal AI PLC - London-based digital health and AI company - Reports a pretax loss from continuing operations of £3.5 million for for the six months ended February 28, widened from £175,576 a year earlier. Revenue grows from nothing to £1.6 million, and cost of sales rise to £1.2 million from nothing. Higher administrative costs weigh on earnings, as they multiplied to £3.4 million from £175,576. The company also records development costs of £378,139, up from nothing, and depreciation & amortisation of £57,879, also rising from nothing. Says its loss after tax reflects ‘ the planned investment cycle of building the operational, clinical and regulatory infrastructure required to support the next phase of growth.’ Adds that it enters the second half with a strong operational, commercial and financial platform. ‘Looking ahead, we expect continued strong growth in NHS dispensing volumes through the Distance Selling Pharmacy model, accelerating private GLP-1 revenues through MedPal.clinic, deeper penetration of the care home channel, and increasing engagement with the MedPal app and Health OS as the consumer platform rolls out at scale,’ comments Founder & CEO Jason Drummond.
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Milton Capital PLC - special purpose acquisition company seeking opportunities in the energy sector - Reports a pretax loss of £258,251 for the financial year ended January 31, narrowed from £378,629 a year prior. Driving this, administrative expenses fall 32% to £255,980 from £375,985. Says it remains focused on the objective of securing a suitable initial transaction and the pursuit of a reverse takeover. ‘Since the turn of the year and the period of these financial statements, further measures have been adopted to conserve cash, and we have further strengthened the balance sheet to improve the profile of the shell. We have added a further £204,000 funding, before costs, in a fully exercised subscription and we have secured some new supportive high net worth shareholders to add to those we already have. We will continue to be both proactive and receptive to attractive business propositions with which to successfully undertake a Reverse Take-Over,’ says Chair RP Mays.
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Polar Capital Global Healthcare Trust PLC - investor in healthcare stocks, whose portfolio includes the likes of Eli Lilly & Co and AstraZeneca PLC - Reports a net asset value per share total return of 2.9% for the six months ended March 31, while its benchmark, the MSCI ACWI Healthcare Index, returned 7.2% over the same period. NAV per share grows 2.7% to 379.46p at March 31 from 369.51p at September 30. Notes the ‘challenging environment’ in the final two months of the period led to the underperformance against the benchmark. ‘Whilst the geopolitical landscape has become much more challenging, creating increased uncertainty for investors, we remain very optimistic about the outlook for the healthcare sector and the investment opportunities that may arise. The innovation cycle remains strong and the demand for healthcare products and services continues to be robust, with emerging markets especially buoyant and we continue to see increasing M&A with several acquisitions announced during the period under review,’ says Chair Lisa Arnold.
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Rockfire Resources PLC - London-based mining firm targets metals and critical minerals, with assets in Australia as well as Greece, where it owns 100% of the Molaoi zinc deposit - Pretax loss for 2025 narrows to £1.3 million from £2.0 million in 2024, as administrative expenses decline 29% to £1.4 million from £2.0 million. Also reports a £96,200 gain on remeasurement of deferred consideration, up from nothing a year prior. ‘The 2025 financial year has been another year characterised by growth of the Molaoi project and a year of strategic development of the company generally,’ says Chair Gordon Hart, adding: ‘The critical and rare mineral, germanium continues to shine and Rockfire is at the forefront of the European germanium supply chain.’ He further noted that the price of germanium in 2025 increased to $8,597 per kilogram from $4,172 per kilogram. Notes that germanium is in short supply globally, and that the Molaoi Project ‘will soon be the only quoted germanium resource in Europe.’
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Beowulf Mining PLC - exploration for iron ore, graphite, gold and base metals in Sweden, Finland and Kosovo - Pretax loss for three months ended March 31 widens to £494,789 from £403,591 a year prior. Administrative expenses grow 15% to £458,060 from £398,646. Says it is in advanced discussions regarding a range of potential funding solutions and has received a number of proposals and term sheets, that are currently under review. Adds that discussions are at an advanced stage with a ‘potential strategic investor’, with the company hoping a definitive agreement can be inked within the coming weeks. ‘As work progresses at both Kallak and Grafintec, it is the critical focus of the Board to secure the long-term funding necessary to continue advancing our portfolio of assets. In respect to this, we hope to reach a definitive funding solution within the coming weeks and look forward to updating the market as and when appropriate,’ says CEO Ed Bowie.
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