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EARNINGS AND TRADING: Arbuthnot ups payout as profit more than doubles

28th Mar 2024 12:29

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

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James Latham PLC - Hertfordshire-based distributor of timber, panels and decorative surfaces - Issues trading update for year ending March 31. States full-year revenue remains in line with market expectations. Says cost prices of both timber and panels are relatively stable. Notes ongoing issues affecting shipping in the Red Sea have caused some delays and increased costs for some of imported products, although this is currently "not causing concern." Says sales volumes are very similar to the previous year. Expects pretax profit to be in line with expectations despite some increases in costs. The balance sheet and cash balances remain strong.

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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Reports pretax loss in the six months to December 31 narrows to GBP365,705 from GBP2.9 million the year prior. This reflects a drop in administrative expenses to GBP433,541 from GBP2.4 million. Interim Chief Executive & President Andrew Male says: "After a period of negotiations and restructuring at the executive level we have been able to establish a strong base to work from. Over the coming months the board and management will work to build on the asset package with the aim of increasing its existing and future value in all areas." Adds: "We are very encouraged by the recent restructuring of the G2 debenture and the prospects it presents. Going forward we will look to realise on projects and assets that have this kind of value accretion potential."

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Idox PLC - Woking, Surrey-based information management software and geospatial data solutions - Issues trading update for period from November 1 ahead of Thursday's annual general meeting. States operational and financial performance continues to be in line with expectations and remains confident about the outlook for the year. Says high levels of recurring revenue, contract renewals, order book and pipeline provide good visibility, leaving Idox well placed to grow by double digits in financial 2024. Reports the integration of Emapsite, acquired August 2023, is progressing well and in line with hopes. Idox has an attractive M&A pipeline with significant financial resources for larger, accretive and enhancing acquisitions at appropriate valuations, company says.

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Rainbow Rare Earths Ltd - South Africa and east Africa-focused rare earth oxide producer - Reports pretax loss in the six months to December 31 of USD1.5 million, unchanged from last year. Discloses no revenue as per the year prior, diluted loss per share amounts to USD.024 compared to USD0.27. Chief Executive George Bennett highlights "unique" Phalaborwa project which has the "potential to offer exceptional financial returns." "We are also excited about the prospects for the Uberaba phosphogypsum project in Brazil, which is being developed in partnership with Mosaic. Initial test-work to date has been encouraging and the project is of a significantly larger scale than Phalaborwa," Bennett says.

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Mila Resources PLC - London-based gold exploration firm - Reports pretax loss in the six months to December 31 widens to GBP321,436 from GBP205,404, reflecting an increase in administration costs of the same amount. Loss per share totals 0.09 pence compared to 0.07p. Hopes to to make further updates on the advancement of Mila's project generator strategy during the current period.

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Parkmead Group PLC - Netherlands and UK-focused gas explorer - Revenue in the six months to December 31 slumps to GBP3.4 million from GBP11.1 million the year prior. This reflects the significant fall in average Dutch TTF gas prices during the period to EUR38.56 per megawatt hour from EUR151.77 per MWh last year. But, pretax profit improves to GBP911,000, swinging from loss of GBP5.2 million. Last year's figure included a GBP12.7 million impairment charge for property, plant and equipment. Diluted earnings per share totals 0.62 pence compared to LPS of 12.79p. Notes cash balance at December 31 of GBP9.2 million compared to GBP11.6 million at June 30.

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HeiQ PLC - Swiss-based materials and textiles company - Revenue in 2023 reduces 12% to USD41.7 million from USD47.2 million the year prior. But pretax loss narrows to US14.0 million from USD30.0 million. Last year's loss includes USD11.7 million impairment on intangible assets. Notes challenging market conditions persisted during the period, leading to continued high inventories and weakened demand across the industry. Co-founder and Chief Executive Carlo Centonze says: "As we look forward, we cautiously anticipate market conditions to improve in the second half of 2024. Until this time, we will continue to remain vigilant, focusing on operational efficiencies and adapting our cost base."

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Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America - Announces changes to management team. Names Andy Lee as chief financial officer, US, and Heather Hatfield as chief accounting officer.

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Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan and Nigeria - Revenue in 2023 rises 14% to EGP4.12 billion, around GBP68.6 million, from EGP3.61 billion the year prior. Total revenue growth was driven primarily by higher test volumes, which rose 10% year-on-year, and by increased average revenue per test, which rose by 4% year-on-year. Pretax profit amounts to EGP737.4 million, down from EGP853.6 million.

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GS Chain PLC - looking to make acquisitions in technology space - States loss in six months to December 31 narrows to GBP226,619 from GBP681,879 the year prior. Diluted loss per share totals GBP0.06 compared with GBP0.17. Remains committed to identifying a deal that will bring long term value to investors.

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Aptamer Group PLC - York, England-based biotechnology firm - Revenue in the six months to December 31 falls to GBP0.3 million from GBP1.0 million. Pretax loss narrows to GBP1.9 million from GBP3.0 million aided by a drop in administrative expenses to GBP1.7 million from GBP3.0 million. Chair Stephen Hull says: "We are seeing increasing conversion of the deal pipeline, including repeat business being won and the potential for large deals in the drug delivery space." Highlights excellent technical progress with the new Optimer+ programme. Notes the technology is fully protected with a portfolio of granted patents, ensuring the company retains exclusive rights for all uses of the new system.

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Arbuthnot Banking Group PLC - London-based merchant bank - Reports pretax profit in 2023 more than doubles to GBP47.1 million from GBP20.0 million while earnings per share jump to 222.8 pence from 109.6p. The final dividend increases by 2p to 27p from 25p, taking the total dividend to 46p, up 10%, from 42p. CET1 ratio of 13.0% improves from 11.6%, net interest income climbs to GBP136.6 million from GBP99.1 million. Customer deposits increase 21% to GBP3.8 billion from GBP3.1 billion, customer loans rise 6% to GBP2.3 billion from GBP2.2 billion. Funds under management and administration advance 29% to GBP1.71 billion from GBP1.33 billion.

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By Jeremy Cutler, Alliance News reporter

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