27th Jun 2024 17:07
(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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Checkit PLC - workflow management software provider - Updates on discussions with HMRC regarding matters of input tax recoverability, where an amount of GBP1.2 million was under review. Says the review has now been completed and HMRC has recognised that Checkit was entitled to input VAT recovery throughout the period under review. No further action will be taken. The contingent liability made by Checkit is now no longer required. On Wednesday, Checkit said it did not intend to make a takeover offer for software developer Crimson Tide PLC.
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Firering Strategic Minerals PLC - exploration company focused on lithium and coltan projects in West Africa - In 2023, pretax loss widens to EUR2.7 million from EUR180,000 a year prior. This includes EUR1.3 million impairment of intangible assets versus none a year prior. General and administrative expenses fall to EUR1.4 million from EUR1.5 million. Chief Executive Yuval Cohen says: "We are currently prioritising our resources on our quicklime asset, which has the potential to generate significant cash flow due to its alignment with the robust copper market."
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STM Group PLC - London-based cross-border financial services provider, operating in the UK, Gibraltar, Malta, Spain and Australia - In 2023, pretax profit falls to GBP400,000 from GBP1.6 million a year prior although revenue rises to GBP28.1 million from GBP24.1 million. Revenue and profit are in line with the board's expectations. Earnings per share fall to 0.70 pence from 1.42p. Profit fall reflects GBP1.2 million professional costs incurred and expensed in relation to the proposed acquisition by Jambo. STM highlights a high percentage of annual recurring revenue, 81% of total revenue, which provides a base for the group's ongoing profitability. No dividend declared compared to 1.2p in 2022.
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Mears Group PLC - social housing and maintenance service company - Lifts its annual outlook. It expects its 2024 performance to be "modestly ahead of current market expectations", which it puts at GBP999 million for revenue and GBP46.7 million for pretax profit. Trading in the first half has been "ahead of both the prior year and the board's expectations".
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Autins Group PLC - Rugby, Warwickshire-based industrial materials and technology business - In the six months to March 31 pretax loss narrows to GBP466,000 from GBP907,000. Revenue increases by 7.5% to GBP11.7 million from GBP10.8 million, loss per share is 0.84 pence compared with 1.65p. Says automotive revenue in all three regions grew as automotive OEMs expanded production and demand increased. But flooring revenue declined owing to a softening of the German construction industry, a move away from click laminate flooring and one customer currently not placing orders.
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James Latham PLC - Hertfordshire-based distributor of timber, panels and decorative surfaces - In the financial year ending March pretax profit falls to GBP30.3 million from GBP44.5 million a year prior. Revenue declines to GBP366.5 million from from GBP408.4 million. Says it was a year where normal market conditions returned following three years of unprecedented challenges and opportunities, which had provided the group with exceptional profits. Product values reduced at a faster rate and earlier in the financial year than predicted. Declares final dividend of 26.0p per share, up from 20.8p a year ago. This takes the total dividend to 33.75p up from 28.05p.
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Hummingbird Resources PLC - gold miner with operations in Mali, Guinea and Liberia - Says production totalled 22,867 ounces of gold in the first quarter, with Yanfolila contributing 16,999 oz and Kouroussa producing an additional 5,868 oz. Says operations at Corica have resumed after suspension. Since the restart of operations, significant progress has been made. Based on the current rate of progress, the company expects to achieve commercial production in the third quarter. A detailed update will be provided in the second quarter operational and trading update, scheduled for release in late July.
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Made Tech Group PLC - London-based provider of digital, data and technology services - Issues trading update for the financial year to May 31. Expects to deliver revenue of around GBP38.5 million compared with GBP40.2 million a year prior, in line with consensus expectations following good momentum in the second half of the year. Adjusted earnings before interest, tax, depreciation and amortisation is expected to be GBP2.3 million up from GBP1.5 million, slightly ahead of consensus expectations. This represents an increase in margin from 3.8% to 6.0% as a result of operational efficiencies implemented across the group. Maintains revenue and profit guidance for financial 2025 after making a positive start to the year.
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Various Eateries PLC - London-based operator of UK restaurants under Coppa Club, Tavolino and Noci brands - In the 26 weeks to March 31 says pretax loss narrows to GBP3.8 million from GBP4.3 million a year prior. Revenue rises 10% to GBP22.7 million from GBP20.6 million, largely driven by new site openings. Calls it a solid performance despite adverse weather, train strikes and economic conditions, with like-for-like revenue slightly down. Notes the increase in minimum wage has impacted margins and has partially been offset by food and utilities inflation which has fallen year on year. Performance at the start of the second half has been steady, company says.
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Adams PLC - Isle of Man-based technology and life sciences investor - In the financial year to March 31 pretax loss narrows to GBP130,000 from GBP2.4 million a year prior. Net assets per share at March 31 are 3.42 pence compared with 3.50p a year ago.
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By Jeremy Cutler, Alliance News reporter
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