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EARNINGS AND TRADING: Adnams toasts increase in sales but loss widens

22nd May 2024 17:28

(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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Feedback PLC - London-based clinical infrastructure specialist - Announces a trading update for the financial year ended May 31. Expects full-year revenue to be around GBP1.2 million, up around 15% on a year prior. Predicts earnings before interest, tax, depreciation and amortisation loss will improve in comparison to market expectations, despite the slower than anticipated revenue growth, reflecting efforts to "optimise" its cost base. Notes the cash balance as at April 30 was GBP4.3 million.

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Stelrad Group PLC - Rotherham, England-based radiator manufacturer - Issues trading statement ahead of Wednesday's annual general meeting. Says financial performance year-to-date has been in line with management expectations, and the full year outlook remains unchanged from that outlined in March. Cautions that end markets remain challenging, with further year on year volume declines across most geographies, but there are early signs of recovery in some core territories. Despite this backdrop, the financial performance remains strong, supported by ongoing margin management activities and the cost base management initiatives undertaken in the second half of 2023.

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Niox Group PLC - Oxford-based developer of medical devices for asthma diagnosis and management - Issues trading statement ahead of Wednesday's annual general meeting. Says the business has continued to perform strongly in the year to date, in line with management expectations. Plans to give a trading update in relation to the six months ended June around the middle of July.

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Van Elle Holdings PLC - ground engineering contractor - Provides update on trading for the 12 months ended April. Expects full-year group revenue to be GBP140 million, down 6% from a year prior, including five months contribution from the acquisition of Rock & Alluvium Ltd, or 12% lower on a like-for-like basis. Says this is in line with expectations and reflects the impact of prevailing market conditions, with the housing and infrastructure sectors being impacted by lower levels of demand and delays. Expects to report pretax profit in line with market expectations. Balance sheet remains strong with a healthy cash balance. Net cash as at April 30 was GBP5.5 million, down from GBP7.5 million. Says integration of Rock & Alluvium is progressing in line with expectations and the business is trading profitably. Looking ahead, sees early signs of progress with order intake and rig utilisation increasing over the last three months.

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musicMagpie PLC - Stockport-based used-technology reseller - Updates on trading ahead of Wednesday's annual general meeting. Says the new financial year has started positively following a record Black Friday period in November 2023. Notes subsequent second quarter trading has been broadly in line with management's expectations and has benefitted from cost control and lower overheads. Sales of Disk Media and Books have declined modestly at their predicted rates and the company continues to manage this segment for cash, musicMagpie says. Gross margins for the segment remain robust. Notes the company has been in period since November during which time various conversations have taken place with interested parties. Several talks remain ongoing.

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Mortgage Advice Bureau Holdings PLC - Derby, England-based mortgage broker - Makes statement at Tuesday's annual general meeting. Says new mortgage applications have been better year to date compared to the year prior. Notes purchase-related activity has picked up, including a welcome recovery in Buy-to-Let, whilst re-mortgaging is slightly down versus last year. This reflects a reduced number of borrowers needing to re-finance during the period, company explains. But, says the wider market was slow. This resulted in a 13% reduction in new mortgage lending for the first quarter. Nonetheless, total mortgage completions for the quarter were broadly stable at GBP5.7 billion down from GBP5.8 billion a year prior. New mortgage completions were GBP4.1 billion down from GBP4.4 billion a year before.

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Tekcapital PLC - London-based intellectual property investor - Issues results for the year ended December. Says net asset value per share was USD0.27 down from USD0.38 a year prior. Pretax loss widens to USD15.7 million from USD12.7 million.

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Volvere PLC - Leamington Spa, England-based investor in undervalued or distressed businesses - Reports results for the year ended December. Revenue rises to GBP43.0 million from GBP38.0 million a year prior with pretax profit also up to GBP3.6 million from GBP2.3 million. "The board is conscious of the group's share price, which it does not believe reflects the underlying value of the group's assets. These are principally cash, liquid investments and the investment in Shire Foods. We are considering a number of ways through which to unlock this value for shareholders and will update investors on these developments at the appropriate time," company says.

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Adnams PLC - Suffolk-based brewer - Releases results for 12 months ending December. Sales rise 3.3% to GBP66.3 million from GBP64.2 million a year prior, with stronger demand in on- and off-trade channels in second half of year. However, pretax loss widens to GBP4.1 million from GBP2.3 million. Highlights positive contributions from every part of its business, particularly in the second half of the year when its off-trade business materially outperformed the market. Notes off-trade sales increased 14% year-on-year. Explains loss widens due to the impact of cost increases including interest.

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Velocity Composites PLC - Burnley, England-based supplier of composite material kits to aerospace and other high-performance manufacturers - Issues trading update for the six months ended April. Confirms that first-half trading has continued to be strong, and in line with management forecasts. Expects first-half revenue of GBP10.7 million, up from GBP7.0 million a year prior and an earnings before interest, tax, depreciation and amortisation loss of GBP0.2 million compared to GBP0.9 million loss a year prior. Guidance for the full-year remains unchanged.

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By Jeremy Cutler, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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