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EARNINGS SUMMARY: Shift to Costa Rica costs Glantus; Valereum buys GSX

30th Jun 2023 13:20

(Alliance News) - The following is a round-up of 2022 earnings announcements by London-listed companies, issued on Friday and not separately reported by Alliance News:

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Glantus Holdings PLC - Dublin-based provider of accounts payable automation and analytics services - Suffers "challenging year" in 2022 as cost of sales and administrative expenses rise despite a fall in revenue. Revenue declines 6.9% to EUR9.8 million from EUR10.5 million in 2021, but cost of sales rises to EUR3.3 million from EUR2.2 million and administrative expenses to EUR9.0 million from EUR5.5 million. As a result pretax loss widens to EUR7.0 million from EUR2.3 million. Glantus explains that its productivity in the US market declined while it transitioned operations to Costa Rica. Run-rate billing was reduced from an expected EUR1.5 million per month to EUR1 million. Glantus also suffers integration issues with an acquisition. In response, it cuts costs in the final three months of 2022, allowing a return to profitability in the first quarter of 2023. It expects to provide a first-half trading update in the week starting July 24.

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DP Poland PLC - operator of Domino's Pizza stores in Poland - Pretax loss is steady in 2022 compared to 2021, both about GBP4.3 million. Revenue rises by 20% to GBP35.7 million from GBP29.9 million, but direct costs rise 16% to GBP28.3 million from GBP24.4 million, and selling, general and administrative expenses grow by 32% to EUR5.7 million from EUR4.3 million. Adjusted earning before interest, tax, depreciation and amortisation rises 49% to EUR1.7 million from EUR1.1 million, but higher non-cash items and lower finance income leave pretax loss flat. "2022 was expected to be a pivot year for many industries worldwide as the Covid-19 pandemic was coming to an end," commented Chief Financial Officer Edward Kacyrz, who took on the CFO role back in December. "Unfortunately, the war in Ukraine has had a significant impact on the global economy and severely impacted energy prices, food costs and the labour market in Central Eastern Europe where DPP is operating."

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Seeen PLC - London-based video technology platform - Pretax widens to USD10.7 million in 2022 from USD3.5 million in 2021, as revenue more than halves to USD3.3 million from USD8.5 million. Says wider loss partly due to one-off goodwill impairment of USD7.5 million relating to the termination of its Video Experience Platform. Revenue declines due to the elimination of unprofitable revenue from channel partners in its Creator Service Provider business and the loss of all advertising revenue in Russia since its invasion of Ukraine. Adjusted Ebitda loss is USD800,000, which Seeen says is in line with market expectations and narrowed from USD1.5 million in 2021. Seeen is now focused on higher-margin sales from technology commercialisation. In the first half of 2023, it gets two strategic customer wins worth more than USD1 million in revenue and USD250,000 in gross profit annually.

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Valereum PLC - owner of Gibraltar Stock Exchange - Pretax loss widens to GBP4.2 million in 2022 from GBP1.8 million in 2021, with no revenue in either year. Says 2022 was a year of "progress and patience" for Valereum. It signed an option to buy 80% of Gibraltar Stock Exchange, or GSX, back in October 2021 but had to wait an entire year to secure transfer-of-ownership permission. This month it agreed a reduced price to buy the remaining 50% of GSX that it didn't already own. It will focus GSX on growth companies in the Middle East, Africa and India.

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TechFinancials Inc - becomes purely investment entity in 2022 after closing operating entities in Israel - Reports pretax loss of USD269,000 for 2022, narrowed from USD338,000 in 2021, with no revenue either year. Makes USD43,000 loss from its investments in listed equities in 2022. Will continue to look for investment opportunities in 2023.

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By Tom Waite, Alliance News editor

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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