4th Sep 2024 11:57
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Wednesday and Tuesday and not separately reported by Alliance News:
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Gulf Marine Services PLC - Abu Dhabi-based provider of self-propelled and self-elevating support vessels for offshore oil, gas and renewable energy projects - Reports an improvement in half-year revenue but a decline in profit. Also announces shareholder Seafox International Ltd will trim its stake in company. Revenue in half-year ended June 30 grows 8.7% to USD80.7 million from USD74.3 million a year prior. Pretax profit slips 1.0% to USD9.9 million from USD10.0 million. General and administrative expenses rise to USD9.0 million from USD6.1 million. In addition, GMS reports a USD7.4 million hit from change in fair value of derivative, ballooning from USD652,000 a year earlier. Adjusted earnings before interest, tax, depreciation, and amortisation rise 7.6% to USD47.7 million from USD44.3 million. "We remain committed to our strategy of deleveraging, prioritizing the shift of value from lenders to shareholders, and are on course to meet our 2024 adjusted Ebitda guidance. This progress has been bolstered by higher day rates and disciplined performance in the first half of the year. Despite ongoing challenges such as operational disruptions, inflation, and elevated borrowing costs, we are actively managing these risks and are confident in our ability to further navigate the company towards continued success," Executive Chair Mansour Al Alami says. Adjusted Ebitda guidance ranges from USD92 million to USD100 million.
In addition, GMS reports Hassan Heikal is stepping down as deputy chair with immediate effect. He has served on the board since November 2020, being nominated by Seafox. Heikal has been deputy chair since February 2021. "Heikal's appointment to the board followed a period of shareholder activism, commencing in 2019, during which Seafox became the company's largest shareholder and which led to changes in the composition of the board," GMS adds. GMS says its ongoing strategy is to enlarge free float and have more "high-quality institutional investors, family offices and other investors". To that end, Seafox will distribute 150 million shares in GMS that it owns in the form of an in specie dividend to Seafox's own shareholders. Seafox will retain the remaining 103.7 million GMS shares it owns, a 9.7% stake. "Whilst acknowledging that circumstances can change, Seafox has confirmed that it has no current intention to make further disposals in the short-term, given the positive outlook for the company," GMS adds.
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Ecora Resources PLC - London-based royalty company - Royalty and metal stream related revenue in six months to June 30 improves 16% to USD49.5 million on-year, from USD42.7 million a year prior. Swings to pretax profit of USD17.9 million from USD10.2 million loss. "Our portfolio contribution in the first half of 2024 was up 15% year-on-year, driven by a strong performance from Kestrel. H2 portfolio contribution is expected to be principally weighted to the Group's other producing royalties including production volume growth at the Voisey's Bay and Mantos Blancos mines. Further production growth at Voisey's Bay is expected thereafter as underground operations ramp-up up to steady state production levels," Chief Executive Officer Marc Bishop Lafleche says. "Further production growth at Voisey's Bay is expected thereafter as underground operations ramp-up up to steady state production levels."
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Cora Gold Ltd - West Africa-focused gold developer - Pretax loss in six months to June 30 narrows to USD467,000 from USD2.6 million a year earlier. Reports no revenue, unchanged on-month. Posts no impairment of intangible assets, compared to USD1.8 million a year prior. "Cora remains focused on transitioning the Sanankoro gold project in south Mali into a producing mine. Whilst the moratorium on the issuance of permits in Mali is ongoing, we are very encouraged by recent developments in-country and are hopeful that these mark a major step forward in the lifting of the moratorium," CEO Bert Monro says. In November 2022, the Mali government announced the suspension of issuing permits, a moratorium which remains in place today.
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Reports pretax profit of GBP27.2 million for year ended March 31, swinging from loss of GBP1.5 million. Reports no revenue, but posts GBP30.5 million revaluation gain on "sale of subsidiary undertakings", compared to none a year prior.
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Eurocell PLC - Alfreton, England-based manufacturer, recycler and distributor of window, door and roofline PVC products - Revenue in six months to June 30 falls 4.7% to GBP175.7 million from GBP184.4 million a year prior. Pretax profit, however, more than doubles to GBP7.6 million from GBP3.5 million. Gross margin improves to 52.5% from 46.0%. "Trading conditions continue to be tough in 2024, with ongoing macroeconomic uncertainty impacting our key markets, exacerbated by wet weather and the general election. Customers remain cautious, resulting in lower investment in home improvements and subdued activity levels in the residential construction market," CEO Darren Waters says. In addition, the firm says it plans to begin a further extension to the buyback programme launched in January. The buyback will be sized at up to GBP5 million. "The board is focused on enhancing shareholder returns through a combination of a progressive ordinary dividend and supplementary distributions (currently via share buybacks), whilst always seeking to maintain a strong financial position. The buyback will reduce the share capital of the company and enhance earnings per share," Eurocell says.
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Polarean Imaging PLC - medical imaging technology developer - Revenue in six months ended June 30 rises to USD1.1 million from USD142,384 a year prior. Pretax loss narrows to USD4.0 million from USD7.4 million. "We are very pleased with the results for the first half of 2024. The revenue is tangible proof that our five-pillar growth strategy to revolutionise pulmonary medicine is starting to produce results," CEO Christopher von Jako says. Polarean adds: "With the recent financing, we are confident in our ability to build an expanded team that will drive the commercialisation of our innovative pulmonary functional Xenon MRI platform technology and improve outcomes for even more patients with chronic lung disease."
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EDX Medical Group PLC - Cambridge, England-based company that develops digital diagnostic products and services to treat cancer, heart disease, and infectious diseases - Revenue in year ended March 31 rises to GBP227,986 from GBP3,864. Pretax loss widens slightly to USD3.8 million from USD3.7 million. Finance expense rises to GBP430,762 from GBP126,750. "Over the last 12 months the company has passed a series of notable milestones which reflect growth and the maturing nature of our business," Chair Jason Holt says.
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Cirata PLC - Jersey-based software solutions provider - In six months to June 30, revenue increases 15% to USD3.4 million from USD3.0 million. Pretax loss narrows to USD8.9 million from USD22.5 million. Operating expenses shrink to USD12.7 million from USD21.5 million. CEO Stephen Kelly says: "Whilst we are making progress rebuilding the company, we knew the rebuild would take time and we are yet to see the fruits of our labour in terms of the headline numbers. However, there are plenty of positives that give us confidence as we navigate the second half of the year."
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Chapel Down Group PLC - Tenterden, Kent-based wine maker - Reports decline in half-year earnings and says Chief Executive Officer Andrew Carter will step down. Carter is to join West Yorkshire-based regional brewery Timothy Taylor & Co Ltd in 2025. "During his three years in role, Andrew has made a significant impact on the growth of Chapel Down, refocussing the business on its vision of being England's leading and most celebrated winemaker. Successfully leading the market listing onto AIM, the market capitalisation has increased substantially during the period of his leadership, driven by the development of the leading brand in the English Wine industry," Chapel Down says. "A recruitment process for the new CEO will commence shortly. Andrew will continue to lead the business until this process is completed in first half of 2025." The firm reports net sales revenue of GBP7.1 million for the six months to June 30, an 11% decline from GBP8.0 million a year prior. Pretax profit plunges 98% to GBP40,262 from GBP2.4 million. Carter says: "2024 has seen continued strategic and operational progress with robust trading, particularly in the on-trade, export and direct-to-consumer channels which shows continued, strong consumer demand. In the first half, this has been offset by some challenges in the off-trade, predominantly caused by one-off factors."
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By Eric Cunha, Alliance News news editor
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