6th Aug 2024 16:51
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Epwin Group PLC - Solihull, England-based building products' manufacturer - Announces half-year trading update for the year December 31. Says trading during continues in line with the board's expectations. Underlying operating profit is in line with a strong prior year comparative and expectations. Operating margins are ahead of the prior half year, it added. As expected, revenue was behind the strong prior year comparative, as a result of lower PVC input prices reducing previously levied surcharges and demand remaining subdued in new build and RMI markets. Underlying turnover, excluding surcharges, was 8% lower than a year ago and 2% behind the second half of 2023.
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RTW Biotech Opportunities Ltd - investment fund, managed by RTW Investments LP, that specialises in acquiring transformative assets across the life sciences sector - Makes further investment in new portfolio company, Jade Biosciences Inc. RTW, alongside other investment vehicles managed by RTW Investments LP, participated in Jade's financing round that raised USD80 million for its launch.
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European Green Transition PLC - Europe-focused company develops green economy assets with projects covering critical materials, solar, wind, processing, and recycling - Starts drilling at its Olserum Rare Earth Project in Sweden. The initial "low-risk" programme totalling around 1,500m is targeting outcropping mineralisation at Djupedal, where previous sampling has shown assay values up to 20.45% total rare earth oxides, and Olserum West, with outcropping mineralisation located closer to the historic resource. "The low-cost drill programme is aimed at derisking the project and confirming the district-scale potential for rare earth elements," company says.
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Goldstone Resources Ltd - Ghana-focused gold producer and explorer - Provides update on Homase mine and heap leach operation in south-western Ghana. Notes solid progress with the development of additional heap leach pads at Homase, with Pad 4 now complete and Pads 5, 6 and 7 advancing on schedule and on budget. Construction of Pad 5 is now well advanced with civil engineering works completed and the liner being laid. Earthwork preparation is underway ahead of developing Pads 6 and 7, company adds.
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Airea PLC - West Yorkshire-based flooring company - Issues trading update for the six months ended June 30. Following a strong start to the year, reports unforeseen slowdown in the second quarter. Sales for the period were 5.6% down year on year, though slightly ahead of the overall market trend. UK and Republic of Ireland sales ended the period 0.3% down year on year. Sales in international markets were impacted by ongoing economic and geopolitical concerns and ended down 22% behind the prior year. Highlights a more encouraging start to the third quarter, with positive trading in July and finishing with a strong order book, especially for low-carbon and carbon-neutral products. Anticipates a continued improvement in trading during the second half of the year.
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HC Slingsby PLC - Shipley, England-based industrial and commercial equipment distributor - In the six months to June 30, swings to pretax loss of GBP252,000 from GBP197,000 pretax profit a year prior. Revenue falls 6.0% to GBP10.8 million from GBP11.5 million. Basic losses per share are 24.0 pence compared to earnings of 12.3p per share. Says that lower sales are due to customers reducing or deferring spending following cost increases caused by factors such as the increase in the minimum wage, lower sales of seasonal products and uncertainty caused by the general election. "The market continues to be highly competitive, and the group remains cautious regarding the outlook for the remainder of the financial year," company says. No dividend declared.
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Venture Life Group PLC - Berkshire, England-based developer and manufacturer for the self-care market - Issues trading update for six months to June 30. Group revenue is GBP23.5 million, unchanged from a year prior, in line with plan. VLG's Brands accounted for 59% of first half revenue and rose 5.3% to GBP13.8 million from GBP13.1 million, whilst the UK share of these sales grew by 14% to GBP9.4 million from GBP8.3 million. Revenue from Customer Brands declined by 7.7% to GBP9.6 million from GBP10.4 million. "The group's strong order book provides good visibility over current revenue guidance and continues to build, notably comprising a much greater apportionment of higher margin VLG Brands than compared to the same time last year. The board remains confident that trading for the full year financial performance is on-course to be in line with market expectation," company says.
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Ceres Power Holdings PLC - developer of clean energy technology - Says it has signed a contract with Denso Corp, an original equipment manufacturer. Denso is a Fortune 500 company, headquartered in Kariya, Japan. It says the agreement includes "significant revenues for Ceres over multiple years". Chief Executive Phil Caldwell says: "I am excited to announce our latest partnership with Denso. This builds on Ceres' strategy to collaborate with leading high volume manufacturing partners, located in regions where the energy transition has strong momentum."
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By Jeremy Cutler, Alliance News reporter
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