10th Apr 2025 17:45
(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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Castelnau Group Ltd - Guernsey-based closed-ended investment company - Reports net asset value per share of 98.3 pence at December 31, up 35% from 72.6p a year earlier. NAV total return for 2024 was 35.4%, outperforming the FTSE All-Share's 9.5% return. Share price return for the year was around 25%. Profit before tax was GBP81.9 million, swinging from a GBP7.8 million loss in 2023. Says performance was primarily driven by Valderrama Ltd, which accounted for 83% of gross asset value at year-end. No dividend declared for 2024, unchanged from 2023.
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Norcros PLC - Wilmslow-based supplier of bathroom and kitchen products - Expects underlying operating profit for the year ended March 31 to be in line with market expectations. On a constant currency like-for-like basis, group revenue is expected to be marginally ahead of the prior year. Reported revenue, however, is expected to decline 6.2% to around GBP368 million from GBP392.1 million. UK like-for-like revenue rose 1.0% despite weak demand, while reported UK revenue fell 9.1% following the May 2024 sale of Johnson Tiles UK. South Africa revenue rose 1.3% on a reported basis. Net debt at year-end was around GBP37 million, flat on the year. Launches strategic review of Johnson Tiles South Africa due to market challenges; decision expected by July. Full-year results due June 12.
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hVIVO PLC - London-based contract research organisation testing vaccines for infectious and respiratory diseases - Reports "record" revenue of GBP62.7 million for 2024, up 12% from GBP56.0 million a year earlier. Pretax profit rises to GBP13.3 million from GBP11.1 million, while earnings before interest, taxes, depreciation, and amortisation increases 26% to GBP16.4 million. Ends year with cash of GBP44.2 million, up from GBP37.0 million. Announces final dividend of 0.2p per share, unchanged from prior year. Orderbook at year-end stood at GBP67 million. Expects 2025 revenue of GBP73 million. Confirms Chair Cathal Friel will step down at the 2025 annual general meeting. Reiterates goal to reach GBP100 million in revenue by 2028.
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US Solar Fund PLC - London-based renewable energy fund focused on utility-scale power plants in North America - Reports a "challenging" 2024, with net asset value per share falling to USD0.63 from USD0.78 a year earlier and NAV total return turning negative 13.4%, compared to negative 1.7% in 2023. Attributes decline to wider discount rates and market uncertainty following the US election. Declares total dividend of 2.25 US cents for 2024, with a fourth-quarter payout of 0.57 cents per share. IFRS loss narrows to USD34.8 million from USD43.1 million. Completed an USD18.6 million tender offer in June and reduced its revolving credit facility to USD20 million. Chair Gill Nott says operational efficiencies are underway and refinancing of senior debt is expected by end of April. Urges shareholders to vote against a proposed wind-up at the May AGM.
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Marks Electrical Group PLC - Leicester, England-based electrical products retailer - Reports record revenue of GBP117.2 million for the year ended March 31, up 2.6% from GBP114.3 million the year before. Expects adjusted Ebitda of around GBP4.2 million. Says gross margin maintained in the second half, supported by improved distribution and lower marketing costs. Ends year with net cash of GBP8.8 million, up from GBP7.8 million. Consumer Electronics volumes jumped more than 50%, while Major Domestic Appliances rose over 5%. Says margin improvements in the second half and a strong March exit rate of 6.6% support its outlook. Plans to focus on premium offerings to support margin recovery in financial 2026. Reiterates confidence in long-term strategy and expects further improvement in cash position.
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Dekel Agri-Vision PLC - West Africa-focused agricultural company - Says palm oil revenue in first qurater 2025 is set to be over 45% higher year-on-year, as stronger prices offset a 4.6% dip in crude palm oil output. CPO sales rose 11% and average selling prices jumped 27% to EUR968 per tonne. Palm kernel oil sales surged 217%, with average prices up 66% to EUR1,217. In the cashew segment, raw nut processing rose 220% and cashew output climbed 322%. Peeled cashew prices jumped nearly 79% to EUR5,800 per tonne. Dekel says cashew unit is on track to post its first full-year Ebitda profit in 2025.
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Surgical Innovations Group PLC - Leeds, England-based surgical and medical instrument manufacturer - Expects to report "revenue" of at least GBP11.8 million for 2024 and adjusted Ebitda in a range of GBP0 to GBP400,000. Says it remains on track to publish full-year results in May.
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By Eva Castanedo, Alliance News reporter
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Dekel AgriCastelnau GroupNorcroshVIVOUs Solar FundMarks ElectricSurgical Innovations