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EARNINGS UPDATES: Kitwave hails rise in annual revenue and profit

28th Feb 2023 14:34

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

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Kitwave Group PLC - North Shields, England-based food wholesaler - Posts revenue of GBP503.1 million for the year ended on October 31, up 32% from GBP380.7 million the year before. Pretax profit surges to GBP17.8 million from GBP2.1 million, as operating profit jumps to GBP20.4 million from GBP6.4 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation amounts to GBP29.5 million, compared t GBP15.1 million the year earlier. Finance expenses reduce to GBP2.5 million from GBP4.3 million. Kitwave says it is recommending a final dividend of 6.75 pence each, subject to approval. If approved, this would take the total dividend for the financial year to 9.25 pence, up 37% from 6.75p a year prior. Looking ahead, Kitwave expects a positive outcome for financial 2023.

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Various Eateries PLC - London-based chain of restaurants, clubhouses and hotels such as Coppa Club - Says revenue in 2022 amounts to GBP40.7 million, up 82% from GBP22.3 million a year ago. Adjusted earnings before interest, tax, depreciation and amortisation surged to GBP3.5 million from GBP1.2 million a year ago. Pretax loss, however, widens to GBP7.2 million from GBP3.7 million, as it incurred impairments to goodwill and right of use assets of GBP2.5 million in 2022, compared to just GBP610,000 in 2021. Looking ahead, Various Eateries notes the uncertain outlook for inflationary pressures and ongoing threat of negative impact of train strikes, but says it is confident of delivering another year of progress in 2023.

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Benchmark Holdings PLC - West Sussex, England-based aquaculture biotechnology company - Says revenue for the first quarter ended December is GBP54.5 million, up 36% from GBP40.0 million the year before. Says Genetics division has delivered strong revenue growth of 41%, driven by "higher sales of salmon eggs and harvest revenues". Swings to pretax profit of GBP100,000 from a loss of GBP3.7 million as operating loss narrows to GBP122,000 from GBP1.5 million on higher finance income of GBP7.5 million, compared to just GBP119,000 a year earlier. Notes "encouraging" outlook for financial 2023.

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Inland Homes PLC - Buckinghamshire, England-based brownfield site developer, housebuilder and regeneration specialist - Delays publication of results for financial year ended September 30 to March. In August, Inland named PricewaterhouseCoopers LLP as its new auditors. Both agree that they need additional time to finalise the accounts and related audit procedures.

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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Reports revenue of AUD2.7 million, or GBP1.5 million for the six months ended on December 31, up slightly from AUD2.6 million a year before. ArtemiCTM sales during the period totals AUD1.50 million, representing 57% of the total revenue. Pretax loss, however, widens to AUD11.1 million from AUD8.1 million, as administrative expenses rise to AUD7.6 million from AUD4.9 million a year ago. Write off impairment expense widens to AUD3.1 million from AUD224,134.

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By Xindi Wei, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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