25th Sep 2024 13:24
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Dekel Agri-Vision PLC - West Africa-focused agriculture project developer - Swings to pretax loss of EUR616,000 in the six months that ended June 30 from a EUR413,000 profit a year prior, as revenue falls 9.9% to EUR19.2 million from EUR21.3 million. The average crude palm oil price per tonne falls 18% on-year to EUR770 from EUR934, whilst average palm kernel oil sales increase to 1,333 tonnes from 515 tonnes year-on-year. Executive Director Lincoln Moore says: "The palm oil operation continues to perform very well with the [earnings before interest, taxation, depreciation and amortisation] for the first half of 2024 increased 12% compared to the first half of 2023. With the replacement shelling and peeling equipment all on site and being assembled, the cashew operation is on the cusp of delivering on its promise over the coming months."
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Cobra Resources PLC - London-based mining company with operations in South Australia - In the six months to June 30, pretax loss widens to GBP382.9 million from GBP307.1 million year-on-year. During the period, Cobra finalises its acquisition of the remaining 25% of the Wudinna project from Andromeda Metals. Chair Greg Hancock says: "It's been a highly productive half as we continued to focus on what is a unique opportunity to transform the global rare earths supply landscape via our Boland project, the only ionic rare earth elements project in Australia suitable for in situ recovery. The ongoing metallurgical studies at the Australian Nuclear Science & Technology Organisation are proving successful with exceptional results to date."
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Arc Minerals Ltd - copper exploration company focused on mines in Africa - In the six months to June 30, operating loss narrows to GBP514,000 from GBP2.2 million year-on-year. Completes first phase exploration drilling campaign on licence PL135/2017, and reports a total of 562 kilograms of sampled core consisting of 309 samples shipped for assay. Executive Chair Nick von Schirnding says: "I am very pleased with progress made at our Botswana licence. In line with our original plan we have now relocated drilling to our second license."
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Water Intelligence PLC - London-based provider of water infrastructure technology solutions - Pretax profit is USD4.7 million in the six months to June 30, up 12% on-year from USD4.2 million, as revenue rises 7.2% on-year to USD41.5 million from USD38.7 million. Results are in line with market expectations, and it expects to accelerate system-wide sales by expanding its business-to-business channels beyond insurance. Executive Chair Patrick DeSouza says: "In June, we announced our capital allocation strategy to fund an accelerated plan for organic growth, accretive acquisitions and also options for liquidity for our shareholders through share repurchases given our ability to generate consistent profit growth. During the summer, we got a jump start on implementing our strategy by refinancing our bank debt to further increase free cash flow and executing some acquisitions including one in Ireland the provides a roadmap for the growth of both the non-US and US businesses."
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Big Technologies PLC - Hertfordshire, England-based remote people monitoring technology - Pretax profit falls 56% to GBP4.0 million in the six months that ended June 30 from GBP9.0 million a year before, as revenue falls 2.9% to GBP26.5 million from GBP27.3 million and administrative expenses rise 36% to GBP16.1 million from GBP11.8 million the year prior. Adjusted earnings before interest, tax, depreciation and amortisation fall 11% to GBP14.3 million from GBP16.1 million. Chief Executive Officer Sara Murray says: "We have continued to deliver high levels of profitability and strong cash generation despite the ending of a contract with one of our larger customers based in Colombia, which had been subject to short-term renewals for a number of years. Our expanded business development efforts in the US are starting to gain traction and will help replace the revenue from Colombia over time. We have been encouraged with the news that one of our largest US customers has entered into a new contract through until November 2030. We have also seen the return of a former customer in Latin America." It expects full-year results at the lower end of current market expectations, and states a company-compiled consensus for adjusted Ebitda of between GBP27.0 million and GBP28.3 million.
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Andrews Sykes Group PLC - Wolverhampton, England-based heating and air-conditioning firm - Pretax profit declines 3.0% to GBP9.8 million in the six months that ended June 30 from GBP10.1 million a year before, as revenue falls 1.0% to GBP38.4 million from GBP38.8 million. Andrews Sykes keeps its interim dividend unchanged on-year at 11.90 pence per share. Chair Jean-Jacques Murray says: "Trading in the second half of the year to date has been more subdued than in the comparable period of last year. A slow start to the summer season with cooler than average July temperatures recorded in the UK and Northern Europe has limited the overall revenue opportunities for the group in these jurisdictions. Southern Europe and the Middle East continue to trade positively compared to the prior period. The group's focus on continued cost control and operational efficiency will continue to limit the impact of these subdued revenue opportunities. Overall, management remains confident of delivering full-year results in line with the board's expectations. In the longer term, management remains optimistic that the business will continue to improve but are mindful of the impact that adverse economic issues can pose to the business and customer demand."
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Fadel Partners Inc - New York-based media rights and royalty management software developer - In the six months to June 30, revenue slips 1.9% to USD5.3 million from USD5.4 million a year before. Pretax loss widens to USD4.0 million from USD1.3 million. It says the decline in revenue is "predominantly due to the loss of approximately GBP1.0 million of turnover from our loss-making French operation which closed with effect from November 2023". It expects a "significant increase" in second-half revenue compared to first-half revenue, "due to the timing of revenue recognition". CEO Tarek Fadel says: "We remain focused on expanding our market presence and driving pipeline and revenue growth while carefully managing our costs and cash flows. Whilst we are seeing positive developments in our pipeline, we recognise that longer sales cycles may impact the timing of revenue recognition. However, the growing pipeline positions us well to capitalise on these opportunities and support growth in financial 2025."
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By Emily Parsons, Alliance News reporter
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