(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Star Energy Group PLC - onshore energy company - Issues trading update ahead of Wednesday's annual general meeting. Chief Executive Ron Glover says: "We are maintaining strong momentum in production and it remains in line with guidance at [around] 2,000 [barrels of oil equivalent per day." "We will continue to optimise oil production from our existing well stock through investment in incremental opportunities which deliver quick payback and to seek further reductions in site operating costs. Initial discussions with potential farm down partners, which should enable quicker execution of our shovel ready oil and gas projects, have been encouraging and a formal process will commence in early Q3 2024." Adds: "Our intention is to exit our shale gas licence positions in order to save the costs of licence fees and to allow greater focus on our producing assets."

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Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and electric hybrid systems - Receives first follow-up order from H2tec AG for a HyCabinet S16, with integrated master controller and voltage distribution. The receipt of the follow-up order comes after two years of testing and validation of the first system ordered in November 2020. Proton Motor expects delivery of the system to take place by the first quarter of 2025.

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Value and Indexed Property Income Trust PLC - investor in UK commercial property - Net asset value per share falls to 213.53 pence at March 31 from a restated 244.42p a year prior. Recommends final dividend of 3.6p per share making total payout for the year 13.2p compared to 12.9p a year prior. Says the key to outperformance by property portfolios on both the income and total return fronts in this "tough economic climate, with public sector finances under serious long term pressure, is therefore still to stick to strong tenants, paying affordable rents on long, index-related leases for sustainable buildings in prosperous locations." Explains that means "avoiding" office investments for the foreseeable future.

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Distil PLC - London-based premium drink brand owner - In the financial year to March 31, pretax loss widens to GBP942,000 from GBP654,000. Revenue rises to GBP1.5 million from GBP1.3 million, basic and diluted loss per share is 0.16 pence compared with 0.11p LPS. Notes the market is showing "early signs of recovery."

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Genflow Biosciences PLC - London-based biotechnology company - Receives EUR395,847, representing 50% of the Exofastrack research grant from the Government of Wallonia in Belgium's advanced therapy medicinal products. Explains the grant, a non-reimbursable subsidy, supports Genflow and EXO Biologics' 3-year scientific program. Covering 80% of the expenses, the grant will be used for working capital. Chief Executive Eric Leire says: "This funding will significantly advance our research program focused on exosome-based therapies, potentially leading to groundbreaking treatments for liver fibrosis and Werner syndrome."

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Frontier Developments PLC - Cambridge, England-based video games developer and publisher - Reports provisional results for financial year ended May 31 ahead of expectations. Swings to earnings before interest, tax, depreciation and amortisation of GBP500,000 from GBP4.6 million loss a year. However, revenue falls to GBP89 million from GBP104.6 million. Cash position improves to GBP29.5 million at May 31 from GBP28.3 million a year ago. Comfortable with current consensus of analyst expectations for financial 2025 revenue of GBP87 million, and is confident of being able to achieve profitability through a continued focus on driving return on investment and tight cost control.

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Mosman Oil and Gas Ltd - US and Australia-focused natural resource development company - Says farm-in partner and operator of the EP 145 project in Central Australia awarded AUD100,000 co-funding grant. Grant will be used to fund an initial seismic line in EP145 as part of the upcoming 2D seismic program. Sees this as an exciting opportunity for Greenvale to become a supplier to the rapidly growing helium market, which is experiencing severe supply shortages and strong demand growth and pricing.

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Woodbois Ltd - maker of sustainable timber products - Says Chief Financial Officer Carnel Geddes to step down for personal reasons. Further, restructures Gabon operations. Withdraws from uneconomic and burdensome business activities and materially reduces local headcount and hence costs. Aims to complete new USD5 million trade finance facility on better terms than envisaged in February. In addition, completes sales of Mozambique operations for USD1.0 million.

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GreenRoc Mining PLC - developer of critical mineral projects in Greenland - Raises GBP100,000, through the placing of 5.3 million shares at 1.9 pence per share with an institutional shareholder.

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AFC Energy PLC - Cranleigh, England-based provider of hydrogen power generation technologies - Raises GBP2.0 million from retail offer at 15 pence per share. Takes total fund raise to GBP15.8 million after already completed placing and subscription.

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Artemis Resources Ltd - London-based mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Announces positive results from a ground reconnaissance program testing gold targets within the company's tenure located in Western Australia. Says Nickol River Hill South delivers high grade gold assay of 6.93 gold grammes per tonne in rock chips, inclusive of a peak copper assay of 10.9%. Executive Director George Ventouras comments: "Numerous targets have been identified and we are planning to conduct further work around each of these as well as seeking to extend the known mineralised areas across the tenements. We believe further work will result in the delineation of additional prospects that will be developed into attractive drill targets."

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Belluscura PLC - London-headquartered medical device developer - Plans to raise GBP2.4 million by conditional placing of convertible loan notes. Says sales of the X-PLOR portable oxygen concentrator in the US in the three months to May were USD820,000, monthly sales having doubled over this period. Achieves sales of USD450,000 in May, its highest recorded monthly sales figure, across both direct to consumer and business to business channels. Anticipates demand for the X-PLOR to remain strong through the remainder of 2024. Adds sales in China continue to grow, with X-PLOR sales of over USD200,000 in May. As at May 31, the company's cash balance was USD1.1 million.

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By Jeremy Cutler, Alliance News reporter

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