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EARNINGS AND TRADING: Kooth revenue surges; Flowtech cuts dividend

26th Mar 2024 18:05

(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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Jarvis Securities PLC - Kent, England-based provider of stock broking services - In 2023, revenue jumps to GBP13.1 million from GBP12.6 million a year earlier. Pretax profit falls to GBP5.2 million from GBP6.1 million. Exceptional administrative expenses climb to GBP1.3 million from GBP249,936. "This year has again been very challenging for Jarvis with the continuing skilled person review and voluntary requirement restrictions on the firm's subsidiary Jarvis Investment Management Ltd being the main focus for the firm. This has had a material impact on costs and continues to do so but conversely, the interest rate increases seen towards the end of 2022, as a tool to fight inflation, continued through to Q3 of 2023, which has been of benefit to the group," Jarvis says. Jarvis Securities cuts 2023 dividend to 8.75p, down from 11.50p.

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Flowtech Fluidpower PLC - Wilmslow, England-based supplier of technical fluid power products - 2023 revenue falls to GBP112.1 million from GBP114.8 million a year earlier. Pretax loss widens to GBP12.1 million from GBP5.6 million. Flowtech cuts final dividend to 2.1p from 2.0p. "We have addressed what we believe to be the root causes of underperformance in our GB Product Distribution business and are confident that 2024 will see the beginnings of a return to historic Ebitda margins in this side of our business. We are pleased with the progress that has been made in other areas of our business, most notably in Ireland where we have achieved significant growth," Non-Executive Chair Roger McDowell says. "As we look ahead to 2024 and beyond, despite the continued challenging external market, I am enthusiastic and optimistic."

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Kooth PLC - London-based digital mental health platform - Revenue in 2023 surges 66% to GBP33.3 million from GBP20.1 million a year earlier. Pretax loss widens to GBP2.0 million from GBP831,000. Administrative expenses surge to GBP28.1 million from GBP14.8 million. Looking ahead, Kooth says revenue and Ebitda are expected to be in line with 2024 market expectations. CEO Tim Barker says: "Kooth remains well placed in the UK, and the experience and data we will generate in the US from our significant new contracts will allow us insights which will differentiate us further from our competition, coupled with the launch of Soluna in the UK which we anticipate will occur within the next 12 months."

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DigitalBox PLC - Bath-based digital media and owner of brands such as Daily Mash, The Poke, The Tab and TVGuide.co.uk - Revenue in 2023 falls 22% to GBP2.8 million from GBP3.6 million a year earlier. Swings to pretax loss of GBP6.7 million from a profit of GBP45,000. Looking ahead, Digitalbox says trading for the current financial year remains in line with expectations, with the company expecting advertising markets to "bounce back" as we head into 2025.

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Inspired PLC - Preston, Lancashire-based England-based energy advisory and sustainability services provider - 2023 revenue jumps 11% annually to GBP98.8 million from GBP88.8 million. Says growth is reflective of project mix and strong repeatable demand driven by existing clients. Pretax loss widens to GBP6.2 million from GB4.0 million. Proposes final dividend of 1.50p, up from 1.40p, bringing full year dividend to 2.90p. Looking ahead, Inspired says 2024 has started "strongly", with the company trading in line with expectations. CEO Mark Dickinson says: "FY23 was another year of solid strategic progress for Inspired, as the group continues to benefit from the realisation by corporates of all sizes of the growing need for, and tangible benefits of, effective management of energy costs and consumption. The solid organic growth we have continued to deliver, within the context of a challenging macro-economic backdrop, demonstrates the team's hard work to transition into a full suite, technology enabled, sustainability services provider."

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Empresaria Group PLC - Crawley, England-based recruitment company - Revenue in 2023 falls to GBP250.3 million from GBP261.3 million a year earlier. Pretax profit plummets to GBP100,000 from GBP7.6 million. Proposes dividend of 1.0p per share, down from 1.4p a year ago. CEO Rhona Driggs, comments: "We experienced challenging market conditions throughout 2023 across all our markets and sectors. In particular, our permanent placement business declined significantly as client and candidate confidence remained low. Against this backdrop I am pleased to report that our Offshore Services operation proved their strength and resilience, delivering year-on-year growth." Looking ahead, Empresaria expects challenging market conditions to continue through the first half of 2024.

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By Sophie Rose, Alliance News senior reporter

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