26th Nov 2024 14:52
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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IG Design Group PLC - Bedfordshire, England-based designer and manufacturer of celebration products, including greeting cards, gift wrap, Christmas crackers, gift bags, and partyware - pretax profit narrows on-year to USD5.7 million from USD34.1million in the six months to September 30. Revenue declines 11% to USD393.1 million from USD444.1 million.The firm says it is on track to return adjusted operating profit margins to pro forma pre pandemic levels of at least 4.5% in financial year 2025 but says challenging market conditions and retail trends are expected to continue into the second-half. Chair Stewart Gilliland says: "Whilst the economic landscape remains uncertain, we continue to strengthen our business model to better withstand market challenges and this, coupled with our strong customer relationships and the commitment of our team, continue to fill me with confidence that we will deliver profit growth."
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Victoria PLC - Worcester, England-based flooring products manufacturer - Half-year pretax loss widens for six months ended September 28 to GBP167.8 million from GBP18.7 million the previous year. Revenue falls 9.1% on-year to GBP569.5 million from GBP626.2 million as firm notes continuation of subdued consumer demand due to macroeconomic pressures. Firm is confident demand will rebound as markets experience more favourable interest rate environment with it expecting demand normalisation to deliver 20% volume uplift, with each 5% driving more than GBP25 million in earnings. Executive Chair Geoff Wilding says: "In the short-term, even with subdued demand profits should begin to recover with the effects of the 'self-help' work undertaken to improve efficiency and take market share...in the medium term, as demand normalises, we are confident Victoria's revenue will recover...the long-term prospects for Victoria, continue to be exciting and we believe we have a clear path to return to mid-high teen earnings before interest, tax, depreciation and amortisation margins".
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Topps Tiles PLC - Leicester, England-based tile specialist - In the full-year ended September 28 the firm swings to a pretax loss of GBP16.2 million from a pretax profit of GBP6.8 million the previous year. Revenue falls on-year by 4.1% to GBP251.8 million from GBP262.7 million. The firm cuts its final dividend per share by 50% to 1.2 pence from 2.4p the previous year, bringing its total dividend per share down on-year by around 33% to 2.4p from 3.6p. Topps Tiles says macroeconomic indicators are mixed with consumer confidence weak but some housing metrics are trending upwards. The firm says a mix of its strategy, core strengths and robust balance sheet leave it well placed to deliver significant medium-term growth. Chief Executive Rob Parker says: "2024 has been a challenging year for RMI and especially bigger ticket spend. In the tile market, volumes remain well below pre-pandemic levels. Whilst Topps Group is not immune to these pressures, our growth strategy has served us well and we have continued to outperform the wider tile market."
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Helical PLC - London-focused property developer - Net assets per share increase to 329 pence on September 30 from 327p on March 31. Over the same period EPRA net tangible assets per share were unchanged at 331p. The firm cuts its interim dividend per share to 1.50p from 3.05p the previous year. Helical swings to a pretax profit on-year of GBP4.7 million from a pretax loss of GBP93.1 million for the half-year ended September 30. Chief Executive Matthew Bonning-Snook says: "With an experienced management team and funds in place to deliver a substantial development pipeline, Helical is financially and operationally well placed to deliver a strong performance over the coming cycle."
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By Christopher Ward, Alliance News reporter
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