EARNINGS: Titon half-year loss widens; Seplat quarterly profit down
The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Titon Holdings PLC - Colchester, England-based manufacturer and supplier of ventilation systems - Titon’s pretax loss in the half-year to March 31 widens to £447,000 from £162,000 a year prior, even as revenue rises 5.6% to £8.1 million from £7.6 million. Titon says sales were ahead of board expectations, ‘despite a challenging market backdrop’. Hitting its bottom line, administrative expenses roses to £2.3 million from £2.0 million, together with higher cost of sales and distribution costs. ‘Whilst core United Kingdom residential construction and fenestration markets remain subdued, with lower project starts and uncertainty impacting new-build activity, trading conditions have improved somewhat in recent months,’ Titon adds. ‘The board continues to expect the group to achieve full year revenue and profits in line with its expectations.’
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Seplat Energy PLC - energy producer in Nigeria - Pretax profit in first quarter of 2026 declines 20% to $165.6 million from $207.4 million, though revenue rises 3.9% to $840.7 million from $809.3 million. Seplat reports an impairment loss on financial assets of $5.4 million from $534,000 a year prior and a fair value loss of $13.8 million, rising from $5.0 million. Working interest production declines 1.4% to 129,841 barrels of oil equivalent per day from 131,745. It keeps output guidance for the full-year at 135,000-155,000. ‘While the firmer oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that 2Q 2026 will see a step forward in performance,’ Chief Executive Officer Roger Brown says.
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Sintana Energy Inc - oil and natural gas exploration with assets in Angola, Namibia and Uruguay - Pretax loss in 2025 widens to $10.2 million from $7.5 million in 2024. Sintana has no revenue, and general and administrative expenses increase to $10.3 million from $7.4 million. ‘On multiple fronts this period represented a milestone year for Sintana, and has set the stage for what we anticipate will be an exceptional 2026,’ Sintana adds.
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eEnergy Group PLC - London-based net zero energy services provider - Pretax loss in 2025 narrows to £2.4 million from £11.0 million in 2024. Revenue declines 16% to £19.0 million from £22.5 million, but administrative expenses more than halve to £5.2 million from £13.2 million, improving bottom line. eEnergy swings to adjusted earnings before interest, tax, depreciation and amortisation of £2.2 million for 2025 from a loss of £700,000 in 2024. eEnergy expects revenue for the first half of 2026 to more than double to £24.0 million from £10.1 million a year prior. ‘The increase in revenue reflects mobilisation of larger contracts secured in FY25, continued conversion of pipeline into contracted projects, and increasing contribution from frameworks and funding partnerships. The board has increased its FY26 revenue expectations to £38.0 million, reflecting improved visibility and the impact of revised revenue recognition on the year as a whole,’ it says.
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Acceler8 Ventures PLC - acquisition vehicle - Pretax loss in 2025 widens to £167,089 from £160,480 in 2024. No revenue is reported in either year. In April, fellow London-listing Intuitive Investments Group said it agreed a possible reverse takeover deal with Acceler8 Ventures. It values Intuitive at £600 million. Under the agreement, shareholders in Intuitive Investments will receive 2.6052 Acceler8 Ventures shares for each one in IIG held. Acceler8 says on Thursday: ‘AC8 has received irrevocable undertakings to support the offer from shareholders owing 25% of IIG’s current share capital. The tie up with IIG and its associated primary investment Hui10 Inc, is exactly the type of opportunity that we have been seeking out since listing AC8 in 2021, and we will be making the requisite updates to shareholders in due course.’
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iForex Financial Trading Holdings Ltd - financial services provider - iForex swings to a pretax loss of $3.2 million in 2025 from profit of $6.0 million in 2024. Revenue declines 2.0% to $49.1 million from $50.1 million, while selling, marketing and administrative expenses rise. ‘The company delivered a financial performance for 2025 in line with the board’s expectations at the time of the IPO, reflecting global volatility trading conditions and investment activity during the year,’ iForex says. iForex listed in February. It announces a $0.055 dividend per share. ‘The group has made a positive start to the new financial year. Trading has been supported by elevated levels of market volatility which has resulted in healthy levels of profitability,’ the company says.
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Aura Renewable Acquisitions PLC - London-based acquisition vehicle for businesses operating in the renewable energy sector - Pretax loss in 2025 narrows to £147,687 from £185,092 a year prior, with no revenue reported for either year. ‘The board has engaged with a number of potential acquisition targets in recent months and we are hopeful of identifying a target for a qualifying transaction during 2026,’ it says. It previously cast the net further, widening its acquisition criteria beyond the global renewable energy sector supply chain.
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Atlas Metals Group PLC - natural resources and energy investor, formerly known as MetalNRG - Pretax loss in 2025 narrows to £2.0 million from £3.4 million in 2024, as administrative expenses fall to £1.6 million from £2.8 million. No revenue is reported in either year.
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Hemogenyx Pharmaceuticals PLC - London-headquartered biopharmaceutical company - Reports no revenue in 2025, unchanged from 2024. Pretax loss widens to £9.8 million from £5.6 million. Administrative and R&D spend rises to £6.4 million from £4.7 million. It also suffers a fair value loss on derivative financial instruments worth £2.3 million, against none a year prior.
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Genflow Biosciences PLC - London-based biotechnology firm - Pretax loss in 2025 widens to £1.4 million from £1.6 million in 2024, with no revenue reported in either period. Administration expenses increase to £2.0 million from £1.9 million.
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Wellnex Life Ltd - Melbourne-based consumer healthcare products company - Gross profit in financial third quarter to March falls 29% to A$1.5 million, £793,207 from A$2.1 million in the second quarter. Revenue declines 28% to A$5.1 million from A$7.1 million. Customer cash receipts rise 31% on-quarter to A$6.7 million. ‘This strong uplift reflects genuine commercial momentum across Wellnex Life’s core brand portfolio, including Pain Away, Wakey Wakey and Nighty Night,’ Wellnex says. ‘Revenue in Q3 FY26 declined compared to Q2 FY26 due, in part, to the cyclical nature of IP licensing as well as reduced investment, in the short term, in the company’s non-core brands, in particular marketing and advertising. Notwithstanding this, the company is targeting stronger revenue growth in Q4 FY26, benefiting from more focussed marketing effort and typically higher activity across the business in Q4.’
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Energy B PLC - London-based company focused on investing in and developing green hydrogen production systems, specifically proprietary wind-based technology - Pretax loss in six months to January 31 widens to £229,000 from £198,000, solely down to an increase in administrative expenses. No revenue is reported in either period.
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Adalan Ventures PLC - Russia-focused fintech company - Pretax loss in 2025 stretches to £453,335 from £396,636. No revenue is reported. Operating expenses increase to £271,685 from £212,100.
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Bay Capital PLC - London Main Market listed acquisition company focused on industrials sector - Pretax loss in 2025 narrows to £323,251 from £550,616 a year prior. Administrative expenses fall to £338,698 from £587,513. No revenue is reported in either year. ‘In November 2025, we announced the company would be broadening its investment and acquisition strategy to include other, higher growth sectors outside of the original industrials thesis,’ Bay Capital says. ‘As a result of broadening our strategic focus, we have been able to develop a meaningful pipeline of executable opportunities that we are currently evaluating, and expect to advance over the first half of 2026.’
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Gem Resources PLC - emerald miner in South Africa, Zambia and Australia - Pretax loss in 2025 narrows to £942,000 from £1.9 million in 2024, with revenue amounting to £45,000, against none in 2024. Operating expenses decline to £729,000 from £1.2 million. In the prior year, Gem reported an impairment of exploration and evaluation assets of £754,000 in 2024, versus none in 2025.
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Hamak Strategy Ltd - Africa-focused gold exploration firm and digital asset treasury manager - Pretax loss in 2025 widens to $1.8 million from $1.1 million, with now revenue reported for either year. Administrative costs roughly double to $1.2 million from $684,000.
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