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EARNINGS: Altitude swings to profit; Kinovo profit surges

28th Nov 2023 14:44

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

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Altitude Group PLC - Sheffield-based operator of a marketplace for the promotional products industry - In the six months to September 30, swings to pretax profit of GBP31,000 from a loss of GBP133,000 a year prior. Revenue grows 54% to GBP11.8 million from GBP7.7 million. Cost of sales increase 84% to GBP6.8 million from GBP3.7 million. Looking ahead, the company says revenue and adjusted operating profit are in line with expectations. Chief Executive Officer Nichole Stella says: "The group is well placed for continued accelerated future growth, and the board is confident in the long-term success of the business. It is very pleasing to note that the momentum we showed in the first half of the year has continued into this period and we look forward to updating shareholders in the New Year."

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Brickability Group PLC - Bridgend, Wales-based distributor of construction materials - In the six months to September 30, pretax profit grows to GBP16.0 million from GBP14.7 million. Revenue falls 7.9% to GBP324.8 million from GBP352.7 million. Cost of sales decrease 9.4% to GBP269.9 million from GBP297.7 million. Raises dividend to 1.07p per share from 1.01p a year prior, which the company says reflects the performance of the business. Looking ahead, says is confident on delivering on its strategic objectives.

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Fandango Holdings - London-based investment company focused on the industrial and services sectors - For the six months to August 31, swings to pretax loss of GBP110,000 from profit of GBP44,000 a year prior. "The current strategy of the company is to complete the proposed reverse takeover of European Battery Metals as swiftly as possible and within the timescale indicated above," the company says.

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Focusrite PLC - High Wycombe-based music and audio products firm - In the year ended August 31, pretax profit falls to GBP22.7 million from GBP30.6 million a year prior, noting challenging conditions. Revenue declines to GBP178.5 million from GBP183.7 million. Cost of sales decrease to GBP93.7 million from GBP100.4 million, but administrative expenses increase to GBP60.5 million from GBP54.6 million. Recommends final dividend of 4.5p per share, up from 4.15p a year prior, which brings the total dividend to 6.6p, up 10% from 6.0p a year prior. Chief Executive Officer Tim Carroll says: "We remain optimistic about our future prospects."

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IG Design Group PLC - Newport Pagnell, England-based designer and manufacturer of celebrations products, including greetings cards, gift wrap, Christmas crackers, gift bags and partywares - In the six months to September 30, pretax profit climbs to USD34.1 million from USD32.0 million a year prior. Revenue falls 15% to USD444.1 million from USD521.2 million. Cost of sales decrease 19% to USD351.1 million from USD434.6 million. Looking ahead, notes strong relationships with customers but a challenging retail environment and uncertainty over consumer demand. Company remains on track for aspiration of pre-Covid operating profit margin recovery by the end of financial year 2025, ending on March 31. Chair Stewart Gilliland says: "Whilst the challenging external environment, particularly in the US, has impacted our revenue performance, we have seen increased collaboration in navigating the uncertainty together with our customers."

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Kinovo PLC - London-based property services provider offering safety compliance and sustainability solutions - In the six months to September 30, pretax profit surges 55% to GBP2.6 million from GBP1.7 million. Revenue grows to GBP30.3 million from GBP29.8 million. Cost of sales decrease to GBP21.9 million from GBP22.1 million. Looking ahead, says second half started well, with revenue picking up. "The group is trading in line with the board's expectations for the full year and is well positioned to continue its growth trajectory," Kinovo says.

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By Tom Budszus, Alliance News slot editor

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