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EARNINGS SUMMARY: Quarto pretax profit up by half; confident for 2023

31st Mar 2023 14:51

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:


Inspirit Energy Holdings PLC - London-based waste heat recovery technology and decarbonisation engineering solutions company - Pretax loss in the first half ended December 31 widens to GBP158,000, from GBP137,000 the year prior. Reports no revenue, unchanged from 2021. Says its technology could have a significant impact on applications in the automotive industry where manufacturers are looking to enhance performance by recovering and electrifying waste heat. "The commercial potential would seem boundless and Inspirit is extremely optimistic about the commercial prospects for the business," Chair John Gunn says.


Quarto Group Inc - London-based illustrated book publisher - Pretax profit for 2022 rises to USD20.9 million, up 47% from USD14.2 million a year ago, due to tight cost control and lower pre-publication and amortisation costs. Revenue falls 6.9% to USD141.0 million, from USD151.5 million. Net Debt decreases 89% to USD600,000, compared to USD5.5 million the year prior. Declares no dividend for 2022. Looking ahead, Quarto says it has a strong pipeline for 2023, and is confident in its ability to "navigate the challenging market conditions expected of 2023". Chief Executive Alison Goff comments: "With the economic pressures squeezing consumer spending the overall book market contracted slightly in 2022 with non-fiction sales showing one of the biggest declines, down by c. 7%. Notwithstanding the sale of SmartLab during 2022, Quarto outperformed the market delivering increased market share in all our core categories".


Critical Metals PLC - London-based, Africa-focused investment vehicle, with a focus on the critical and strategic metals sector - Pretax loss for the first six months to December 31 widens to GBP1.2 million, from GBP284,554 the year before. Declares no revenue for the first half, unchanged from the comparative period a year ago. Says it has commenced copper oxide ore production at its Molulu mine after the end of the first half, noting that two fundraises were carried out during the first half in order to fund its acquisition of Molulu. "In tandem with the work on site, the Board entered discussions with our partners to increase our stake in the Molulu Project. This increase was done in two tranches, and I am delighted that Critical Metals now holds a 70% interest in what we believe is a quality project in the DRC," Chief Executive Russell Fryer says, "We expect that Molulu will be cash generative during 2023 as we commence sales post the rainy season ending. I remain extremely optimistic and excited about the year ahead."


Iconic Labs PLC - London-based media and technology business focused on acquiring companies that operate in online media, artificial intelligence, and big data gathering, processing and analysis sectors - Swings to pretax profit for the first six months to December 31 of GBP5.5 million, from a loss of GBP762,107 for the year ended June 30. Reports no revenue for the first half, compared with a revenue of GBP26,823 for financial 2022. Notes that it has recently exited administration and remains at an early stage of development. Says creditors write off GBP6.1 million in the first half, compared with nothing the year prior.


By Harvey Dorset, Alliance News reporter

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