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EARNINGS: Accrol swings to interim profit; Pressure Tech revenue up

30th Jan 2024 12:04

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

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Accrol Group Holdings PLC - Blackburn, England-based private-label toilet roll maker - Swings to pretax profit in the six months to October 31 of GBP437,000 from a pretax loss of GBP944,000 the year before. Revenue in the half-year drops 17% to GBP100.3 million, from GBP121.1 million in the corresponding interim period. Says reduction in revenue was expected, as prices eased as a result of "significant inflationary-led increases" during the year. Costs of sales dropped 27% to GBP72.9 million from GBP99.3 million a year ago. Looking ahead, expects revenue for the financial year ending April 30 to be around GBP205 million, which would be a decrease from GBP241.9 million in financial 2023. Adjusted earnings before interest, tax, depreciation and amortisation for financial 2024 is expected at GBP21 million, a 34% surge from GBP15.6 million the previous year. Chair Dan Wright says: "The growth in our branded range and the partnerships we are developing, to bring high quality valued licensed products with global brands, continues to strengthen our pricing and margin improvement. We look forward with increased confidence to the continued growth of the business."

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Colefax Group PLC - London-based designer and distributor of furnishing fabrics and wallpapers - Sales in the six months ended October 31 rose 0.4% to GBP51.8 million from GBP51.7 million the year before. Pretax profit dipped 15% to GBP4.4 million from GBP5.2 million a year ago, as operating expenses surged 3.8% to GBP24.6 million from GBP23.7 million in the first half of financial 2023. Declares an interim dividend of 2.7 pence per share, up 3.8% from 2.6p per share the previous year. Chair David Green says: "The group has delivered a good performance in the first six months which is broadly in line with expectations and follows record interim profits in the prior year... Our Decorating division is expected to deliver an exceptional performance this year due to the timing of projects but as a result decorating turnover will be significantly lower next year."

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Psych Capital PLC - London-based psychedelic medicines media firm and investor - Says revenue dropped 67% to GBP51,465 in the half-year ended October 31 from GBP157,021 the year before, due to the success of hosting the inaugural Psych Symposium, it says. Meanwhile, pretax loss narrows to GBP284,734 from GBP929,932 a year ago.

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Wynnstay Group PLC - Powys, Wales-based agricultural and specialist merchanting firm - Revenue rises 3.2% to GBP735.9 million in the full-year ended October 31, from GBP713.0 million the year before. This is due to revenue growth across its Agriculture division, as well as its Specialist Agricultural Merchanting division. Pretax profit drops, however, by 59% to GBP8.7 million from GBP21.1 million the previous year. Recommends a final dividend of 11.7p per share, up 0.9% from 11.6p per share in financial 2022. Looking ahead, expects market conditions to remain challenging in the short term. Says it is well-placed to continue with strategic growth plans. Chief Executive Gareth Davies says: "This year's results were generated against much softer trading conditions, with weaker farmer sentiment, particularly dairy and arable farmers, higher labour and energy costs, and a weak final quarter for arable as a result of the prolonged wet weather. As we expected, the one-off gains of 2022 did not repeat and our fertiliser activities contended with the reversal of fertiliser raw materials prices, which created one-off stock losses...Nonetheless, we made progress with the group's investment plans and completed the integration of our two acquisitions, Humphrey Feeds and Tamar Milling. The full strategic benefits of these acquisitions are still to come through. We are also delighted to highlight our twentieth year of annual dividend growth, with our proposed final dividend."

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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Revenue rises to GBP7.1 million in the half-year ended October 31 from GBP6.8 million the year before. Pretax loss narrows to GBP3.5 million from GBP5.7 million a year ago, partly driven by a 32% reduction in distribution costs to GBP216,00 from GBP319,000 a year ago, as well as an 18% decrease in administrative expenses to GBP6.2 million from GBP7.6 million. Looking ahead, says it "remains on track" to deliver record revenues for the full year ending April 30, and positive earnings before interest, tax, depreciation and amortisation.

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Pressure Technologies PLC - Sheffield, England-based engineering firm - Reports 29% rise in revenue to GBP32.0 million in the year ended September 30, from GBP24.9 million a year ago. Pretax loss narrows to GBP1.1 million from GBP4.0 million in financial 2022. Chief Executive Officer Chris Walters says: "Significantly improved performance in FY23 reflects the strong defence order book in Chesterfield Special Cylinders and the continued recovery of oil and gas market trading conditions in Precision Machined Components...Despite delays in the hydrogen energy supply chain over the past year, we remain well positioned in this emerging market to supply static and mobile hydrogen storage solutions, and to provide the through-life inspection, testing and recertification services for these safety-critical systems over the medium and longer term."

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By Sabrina Penty, Alliance News reporter

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