22nd Jan 2025 18:48
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Revel Collective PLC - Manchester, England-based operator of pubs and bars - Says group like-for-like sales increase 1.6% on-year in the 4 weeks ended January 3. Prebooked revenue, comprised mostly of corporate Christmas bookings, achieves record levels in the festive period for Revolution and Revolucion De Cuba brands, up 5.3% on year. Says "festive trading was robust, and [its] pubs have seen a strong H1 performance compared to last year". Adds that brand sales in the early part of the financial year have been hampered by uncertainty caused by the delayed completion of Revolution Bars Ltd’s restructuring plan. Adds that the late night market continues to present challenges, with sales failing to recover as quickly as anticipated. Says initiatives are in place to boost profitable growth in the second half, but with changes in the budget to fully offset efforts in financial 2025. Expects annual profit impact of GBP4 million from budget. Expects IAS 17 earnings before interest, tax, depreciation and amortisation outcome in the range of GBP2.0 million to GBP4.0 million. Chief Executive Rob Pitcher says: "The newly elected Labour government's recent budget announcements, especially the reduction in the national insurance thresholds for employers, will have a very damaging impact on the group...We strongly urge the government to reconsider this policy in particular and explore more balanced alternatives."
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Itaconix PLC - London-based manufacturer of plant-based polymers - Says 2024 trading was in line with expectations. Notes full-year revenue decline of 17% to USD6.5 million from USD7.9 million in 2023 and says gross profit margins are up to around 35% from 31% the prior year, reflecting its success in adjusting market positioning. Board expresses confidence in achieving future revenue growth as a higher margin business. Says the cleaning sector remains a leading source of revenue as European volumes continue to grow but acknowledges anticipated on-year decline in North America cleaning sector due to strategic move away from a low margin customer. Adds that its balance sheet remains strong with USD6.7 million in cash at December 31, compared to USD10.0 million the prior year. Firm says this reflects "investments in new marketing capabilities, new products, additional product sales and global regulatory approvals as well as a step up in inventory levels to support substantial current and expected increases in European revenues". Chief Executive John Shaw says: "Our growth in Europe, customer diversification, and the development of our Sparx program underpin our optimism for 2025."
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Residential Secure Income PLC - Investor in retirement living and shared ownership - Reports a 4.4% increase in full year net rental income to GBP18.9 million for the twelve months ended September 30, from GBP18.1 million. FY gross rental income rises 7.2% over the same period to GBP29.9 million from GBP27.9 million. Adjusted EPRA earnings increase 9.2% on-year to GBP9.5 million from GBP8.7 million. Chair Robert Whiteman says: "The company faces the same challenges faced by other smaller investment trusts. The modest market capitalisation of the company and persistent discount to NAV undermines the company's ability to raise more capital and reach a sufficient scale to efficiently manage the portfolio in the medium-term and provide sufficient liquidity to our investors. As such, the board concluded that it is in the best interests of shareholders to move towards an orderly realisation of assets, a decision ratified by shareholders at the general meeting held on December 6 2024."
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Headlam Group PLC - Birmingham-based floor coverings specialist - says full year revenue for 2024 declines on-year by 9.7% to GBP593 million from GBP656.5 million. Growth in larger customers and Trade Counters offset by weak market conditions on Regional Distributions business. Says second-half revenue is down 7.4% compared to a 12% decline seen in the first half of the year. Expects to swing to an underlying loss before tax of around GBP34 million from GBP11.0 million in profit the year before. Adds that its full-year results will be announced in March.
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KRM22 PLC - London-based technology and software investment company - Says 2024 total revenue, annual recurring revenue and adjusted earning before interest, tax, depreciation and amortisation are slightly ahead of managements expectations. ARR at December 31 rises on-year by 22% to GBP6.6 million from GBP5.4 million. Total revenue recognised increases by around 26% to approximately GBP6.7 million from GBP5.3 million the prior year. Swings to adjusted Ebitda of GBP0.9 million from a loss of GBP1.4 million the prior year. Says its cost savings plan announced in February 2024 created annualised cost savings of approximately GBP1.2 million. Chief Executive Dan Carter comments: "The continued growth in ARR to GBP6.6 million, surpassing management's expectations of 20% year-on-year growth, underscores KRM22's progress towards becoming a GBP10.0 million ARR and cash profitable business. The sales pipeline of new opportunities remains strong, and we look forward to converting these opportunities in line with our expectations for 2025." Expects to report its full-year results in May.
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By Christopher Ward, Alliance News reporter
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