8th Aug 2024 20:00
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Savills PLC - London-based estate agent - Revenue in six months to June 30 climbs 5.1% to GBP1.06 billion from GBP1.01 billion a year prior. Pretax profit increases 48% to GBP8.9 million from GBP6.0 million. Savills lifts interim dividend 2.9% to 7.1 pence per share from 6.9p. "Our improved performance in the first half reflects the positive effects of early recovery phases in a number of our markets, as well as the robust and growing earnings provided by our less transactional businesses. Whilst we have seen resilience in prime commercial leasing markets, global capital transaction volumes remain subdued, although activity is recovering in certain markets," Chief Executive Mark Ridley says. "We have improved transaction pipelines in many locations and, with our core bench strength in place to support clients, Savills is well positioned to benefit as markets progressively recover through the next 12-18 months. Our expectations for the current year remain unchanged."
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Derwent London PLC - London-based property investor and developer - EPRA net tangible assets per share at June 30 half-year end down 2.7% to 3,044p from 3,129p at the end of December. Gross rental income rises 1.5% on-year to GBP107.5 million from GBP105.9 million. Pretax loss narrows to GBP27.2 million from GBP143.1 million. Derwent raises dividend by 2.0% to 25.0p per share from 24.5p. "The pace of rental growth accelerated in H1 for the best offices in the right locations whilst investment yields have recently stabilised, helping drive greater confidence across the sector," CEO Paul Williams says. "In February 2024, we said we were nearing this cycle's valuation low point. The outlook has continued to improve, supported by a strengthening of the UK economic environment and an initial interest rate cut, with yields on London offices looking increasingly attractive to a range of investors."
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Assura PLC - primary care buildings-focused property firm - Acquires UK private hospital portfolio from Northwest Healthcare Properties for GBP500 million. Portfolio includes 14 assets. Will be fully-funded through mix of cash and shares. "Assura believes there is significant opportunity in the structurally-supported private hospital market with strong growth potential and attractive investment characteristics, as outlined at its capital markets event in February," Assura adds.
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International Public Partnerships Ltd - London-based infrastructure investment company - Sells 50% stake in Three Shires portfolio, realising GBP14 million. Says sale price in line with December valuation. "The company intends to use GBP10 million of the divestment proceeds to increase the size of its existing share buyback programme from GBP30 million to GBP40 million. The remaining proceeds from the divestment of Three Shires portfolio will be allocated to support long-standing investment commitments," IPP says.
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Helios Towers PLC - London-headquartered telecom tower owner - Revenue in first half of 2024 rises 11% to USD389.9 million from USD350.2 million a year prior. Pretax loss narrows to USD400,000 from USD39.4 million. CEO Tom Greenwood says: "We are progressing well towards our 2026 strategic targets, including tenancy ratio expansion and free cash flow generation, and the team are pleased to deliver consistent performance for our stakeholders despite the broader macro volatility."
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Lancashire Holdings Ltd - Bermuda-based insurer - Gross premiums written in the first half of 2024 rises 8.3% to USD1.28 billion from USD1.18 billion a year earlier. Pretax profit increases 28% to USD213.6 million from USD167.2 million. Dividends paid year-to-date total USD0.65 per share, up from USD0.10 a year earlier. Dividends this year include a USD0.50 special payout. CEO Alex Maloney says: "Lancashire has delivered its best ever half-year performance in the first six months of 2024. This outstanding result demonstrates the continued success of our long-term strategy to manage the market cycle and further strengthen our business through diversification. We have continued to take advantage of favourable market conditions while holding true to our principles of disciplined underwriting and optimised capital allocation."
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Harbour Energy PLC - oil and gas company operating in the UK North Sea - Revenue in first half of 2024 falls 4.3% to USD1.91 billion from USD1.99 billion a year prior. Pretax profit declines to USD392,000 from USD429,000. "During the first half of 2024 we maintained our focus on safe operations, maximising the value of our existing portfolio and advancing our organic growth projects. At the same time, we made significant progress towards completing the Wintershall Dea acquisition, which is now expected early in the fourth quarter," CEO Linda Cook says. Lifts interim dividend to 13 cents per share from 12 cents. Lifts bottom end of production guidance range, which now stands at 155,000 to 165,000 barrels of oil equivalent per day. Prior bottom end of range was 150,000.
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Morgan Sindall Group PLC - London-based construction group - Revenue in six months to June 30 rises 14% year-on-year to GBP2.21 billion from GBP1.94 billion. Pretax profit surges 21% to GBP70.1 million from GBP58.0 million. Lifts interim dividend 15% to 41.5p from 36.0p. "We've delivered another record set of results in the first half, once again reflecting the high quality of our operations, with revenue, adjusted profit before tax and the interim dividend all showing strong mid to high double-digit growth in the period," CEO John Morgan says: "The challenging market conditions that we experienced in 2023 are easing, as we continue to make significant strategic and operational progress across the group and remain well positioned to support the government's affordable home and social infrastructure plans."
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TI Fluid Systems PLC - Oxford, England-based designer and manufacturer of thermal management and fluid handling systems - Revenue in first half of 2024 falls 2.8% on-year to EUR1.72 billion from EUR1.77 billion a year earlier. However, pretax profit rises 3.9% to EUR61.2 million from EUR58.9 million. Raises dividend 4.3% to 2.40 cents per share from 2.30 cents. Ups adjusted earnings before interest and tax margin expectations to "above 7.6%". Had previously predicted margin outcome "above 7.4%".
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Allianz Technology Trust PLC - tech sector-focused investor - Net asset value per share at June 30 half-year end up 28% to 432.8 pence from 338.2p at end of December. Says NAV total return outperforms benchmark which returns 27%. "Performance driven by stock selection, exposure to semiconductor value chain and market capitalisation differentiation from benchmark," Allianz Technology says.
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Genuit Group PLC - Leeds, England-based provider of water, climate and ventilation systems - Acquires Sky Garden Ltd, Omnie and Timoleon. Sky Garden is a "leader in green roof technologies" which has been acquired for GBP2.5 million. Omnie and Timoleon provide underfloor heating services and the duo have been bought for GBP2.7 million.
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By Eric Cunha, Alliance News news editor
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