1st Aug 2024 20:51
(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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Volex PLC - Basingstoke, England-based manufacturer of critical power and data transmission products - Issues trading update ahead of Thursday's annual general meeting. Trading in the first quarter of financial 2025 remains in line with management's expectations, continuing positive momentum. In the three months to June 30, revenue rises 9.0% driven by particularly strong performances in the EV and Data Centre sectors. Confident in making further progress against its strategy during the year and delivering on expectations.
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Roebuck Food Group PLC - Dublin-based food supplier - Sells animal protein business to Plunkett Matthews for around GBP0.7 million. This is made up of an equity value of GBP0.2 million and following the settlement of debt and the operation of a completion accounts adjustment mechanism in the share purchase agreement. The sale represents a fundamental change of business and is subject to the approval of Roebuck shareholders at an extraordinary general meeting, scheduled for August 29. As part of the transaction, Gerard Murphy will cease to be finance director, Roebuck says.
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Robert Walters PLC - London-based international recruitment company - In the six months to June 30, swings to pretax loss of GBP2.3 million from profit of GBP8.1 million a year prior. Revenue falls 16% to GBP459.3 million from GBP548.3 million. Net fee income slips 18% to GBP166.1 million from GBP202.3 million. Dividend unchanged at 6.5 pence. Specialist professional recruitment net fee income falls 12%, with permanent (66% of fees) down 14% and temporary (33% of fees, being contract and interim) more resilient and down 9%. Recruitment outsourcing net fee income falls 23%. Headcount falls 15% on-year. "During the first half, the business continued to experience challenging hiring market conditions. This reflects the sustained period of lower client and candidate confidence impacting the sector since hiring markets reached their most recent peak in the second quarter of 2022. This had a marked impact on our financial performance during the first half," company says. Near-term planning "assumes that any material improvement in confidence levels will be gradual, and likely not occur before 2025".
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Spectris PLC - London-based company makes instruments, test equipment, and software for industrial applications - Starts second tranche of GBP150 million share buyback.
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BioPharma Credit PLC - London-based investment company, focused on the life sciences sector - Further to statement on Monday, FTI Consulting LLP makes initial payment to the senior secured lenders of USD330.6 million, of which USD165.3 million was received by the company. Expects to receive additional payment of around USD5.3 million within 90 days, assuming no delays for disputes.
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Vanquis Banking Group PLC - lender, formerly called Provident Financial, earmarks additional GBP15 million in cost savings by the end of next year. It adds that GBP60 million of previously announced cost savings by the end of 2024 are on track to be achieved. Chief Executive Officer Ian McLaughlin says the firm's "financial position is now clearer and more stable" following a review of vehicle finance receivables. Total income in the first half of 2024 slips 1.3% to GBP234.0 million from GBP237.1 million, Vanquis says. Its pretax loss worsens to GBP46.5 million from GBP21.9 million a year prior. Vanquis does not propose an interim dividend, after a 5p payout a year prior. In July, it said a review found a GBP29 million downward revaluation of stage 3 balances and charged off assets in the Vehicle Finance portfolio. It reported a further GBP11 million hit related to the write-down of development costs for a "now redundant" mobile app, as well as property dilapidations.
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Harland & Wolff Group Holdings PLC - London-based shipped yard operator - Extends borrowing facility by USD25 million to USD140 million in order to improve and stabilise the liquidity position. Continues to assess strategic options. Says Chief Executive John Wood leaves with immediate effect from Wednesday. Further, withdraws all passenger services between Penzance and the Isles of Scilly with immediate effect. Remains focussed on growing the business in its four key delivery centres (Belfast, Appledore, Methil and Arnish) and will be winding down business lines that are deemed to be non-core. Accordingly, the fast ferry service will not be operationalised and discussions are ongoing to dispose of the fast ferry.
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By Jeremy Cutler, Alliance News reporter
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