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EARNINGS: tinyBuild vows need to adapt as swings to loss; Yu profit up

26th Sep 2023 14:30

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

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tinyBuild Inc - Washington, US-based indie games publisher - In the first half of 2023, swings to interim loss of USD31.7 million from a profit of USD6.8 million a year prior. Revenue falls to USD23.3 million from USD28.8 million. Reports one-off impairment of development costs of USD18.3 million for the first half of 2023. Total cost of sales, including one-off impairment, increase sharply to USD32.1 million from USD9.1 million. Company notes weak macroeconomic environment, geopolitical instability and shift in industry dynamics weakening its growth potential in the near-term. Looking ahead, Chief Executive Officer Alex Nichiporchik says: "The speed of change in the video games industry is insane and we know we have to adapt quickly if we want to grow above peers. For this reason, we have been gradually shifting towards what we call the 1000-hour game. In a difficult environment we continue to invest cautiously in higher-budget games that have the potential to become very large franchises."

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Yu Group PLC - Nottingham-based supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector - Profit in the first half of 2023 jumps 62% to GBP8.9 million from GBP5.5 million a year prior. Revenue grows 51% to GBP194.9 million from GBP129.2 million. Declares a dividend of 3 pence per share, compared to none a year ago. Average monthly bookings multiply to GBP51.3 million from GBP14.3 million. Looking ahead, eyes "strong revenue and margin performance" for the second half of 2023, and expects adjusted earnings before interest, tax, depreciation and amortisation to surge to GBP33 million in 2023, from GBP7.9 million in 2022, which it says is substantially ahead of market expectations. Chief Executive Officer Bobby Kalar says: "Our Yu Smart business is now fully embedded and delivering impressive results since its launch in January 2023 and I'm pleased that meter installation numbers are growing by the month. I expect the group to have installed at least 10,000 meters by the end of this year. I believe the integration of Yu Smart to the supply business will be a game changer in terms of the group's ability to better understand customer usage and payment habits."

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Emmerson PLC - Morocco-focused potash development company - In the six months to June 30, pretax loss widens to GBP1.6 million from GBP1.4 million a year prior. Does not yet generate revenue. Looking ahead, citing its Khemisset potash project in Morocco, Emmerson says: "For the balance of the year, the company's focus will remain on obtaining the environmental approval for the project, putting in place a new funding agreement with its strategic investors, and finalising optimisation work ahead of a bankable feasibility study."

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KRM22 PLC - London-based technology and software investment company - Pretax loss in the first half of 2023 widens to GBP2.3 million from GBP1.2 million a year before. Revenue climbs to GBP2.4 million from GBP1.9 million. Administrative expenses, however, increase to GBP4.0 million from GBP2.6 million. Looking ahead, firm says it has "made good progress in trying to achieve the objectives and internal key performance indicators set out at the start of 2023." Expects to achieve all 2023 objectives by end of year, and starts 2024 in a "strong" position on its journey to annualised recurring revenue of GBP10.0 million. Aims for GBP10.0 million ARR by the end of 2026.

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NAHL Group PLC - Northamptonshire, England-based insurance claims management - In first half of 2023, swings to loss of GBP43,000 from a profit of GBP50,000 a year prior. Revenue grows slightly to GBP21.0 million from GBP20.7 million. Administrative expenses, however, increase to GBP7.1 million from GBP6.5 million. Says continues to trade in line and is on track to meet full-year market expectations. Adds its consumer legal services unit in July and August delivered 9% growth in personal injury enquiry numbers compared to last year. In critical care, the number of expert witness reports surged 53% annually in July and August. Chief Executive Officer James Saralis says: "These numbers clearly illustrate the growing maturity of the firm and are materially contributing to the significant progress we have made on reducing our net debt. Further, we are pleased our market leading brand, National Accident Helpline, continues to grow market share in a stagnated personal injury market."

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Newmark Security PLC - London-based designer and manufacturer of specialist products and services that ensure safe and secure workplaces - In the financial year to April 30, pretax loss narrows to GBP64,000 from GBP1.4 million a year prior. Revenue grows to GBP20.3 million from GBP19.1 million. Administrative costs decrease to GBP7.4 million from GBP7.6 million. Chair Maurice Dwek says firm demonstrated "great resilience in the face of continued uncertainty affecting the macro-economic environment in the UK and internationally". "I am absolutely delighted with the progress we have made this year. Despite continued inflationary pressures, we look forward with great optimism, particularly for the accelerating growth of our human capital management business through new and growing partnerships in North America, Europe and the rest of the world. We are already benefitting from the execution of our 2025 Growth Strategy and will continue to build a greater proportion of recurring revenues in the year ahead," Dwek adds.

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Wentworth Resources PLC - Tanzania-focused natural gas production company - In the first half of 2023, pretax profit grows 46% to USD8.1 million from USD5.6 million. Revenue climbs 29% to USD19.9 million from USD15.4 million. Total cost of sales decrease to USD5.3 million from USD5.9 million. Average daily production was 98.2 million standard cubic feet per day gross in the first half of 2023, up 6.4% from 92.3 MMscf/d a year prior. Expects to produce between 90 and 100 MMscf/d for Mnazi Bay on average throughout 2023.

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By Tom Budszus, Alliance News reporter

Comments and questions to [email protected]

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