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TRADING UPDATES: Annual profit hikes for AssetCo and TBC Bank

18th Feb 2022 18:20

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

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City of London Investment Group PLC - London-based money manager investing primarily in closed-end funds - As at December 31, funds under management is USD11.1 billion, down from USD11.4 billion at the start of the financial year on July 1, but up from USD10.9 billion the same date a year prior. Net fee income for the six month period however increases 32% year-on-year to GBP29.8 million from GBP22.6 million, while pretax profit rises 55% to GBP13.6 million from GBP8.8 million. Declares interim ordinary dividend of 11 pence per share, in line with the year before, alongside a special payout of 13.5p per share.

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Pod Point Group Holdings PLC - EDF Energy-backed electric vehicle charging firm - For 2021, pretax loss widens to GBP14.3 million from GBP13.0 million as a result of higher costs, related to the hiring of additional staff, and one-off costs from the company's listing in London. This is in spite of revenue growth at 86% year-on-year to GBP61.4 million from GBP33.1 million, with the Home business in particular prospering on market share gains and a 74% rise in Plug-in vehicle registrations to 305,277 from 175,084.

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TBC Bank Group PLC - Tbilisi, Georgia-based lender - For 2021, records pretax profit of GEL921.4 million, around USD309.4 million, nearly tripling from GEL319.1 million in 2020. This figure is also above pre-pandemic levels of GEL585.8 million in 2019. TBC recovers GEL16.9 million of its credit loss allowances, compared to a charge of GEL358.0 million the year before. Net interest income for the year improved % to GEL1.00 billion from GEL835.4 million, as the loan book increases 12% to GEL17.05 billion from GEL15.20 billion.

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AssetCo PLC - Middle East-focused provider of management and resources to the fire and emergency services - For the year ended September 30, pretax profit hikes to GBP16.1 million from GBP3.4 million the year before, attributed to a GBP25.9 million gain on the successful conclusions of the company's litigation case against Grant Thornton. Generates GBP408,000 in revenue, compared to none the prior year.

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MAC Alpha Ltd - multi-sector acquisition company - For the period from October 11 to December 31, posts total operating loss of GBP122,400, as the company continues to pursue and evaluating several acquisition opportunities.

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Aeorema Communications PLC - London-based live events agency - For the six months ended December 31, expects to report at least GBP4.9 million in revenue, a sharp rise from GBP1.7 million for the same period a year before, and above prior guidance of GBP4.5 million. As a result, pretax profit is on track to be at least GBP235,000, swinging from a loss of GBP287,676.

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Lekoil Ltd - London-based oil and gas exploration and production company with projects focused in Nigeria and West Africa - For January, gross oil output from Otakikpo stood at 4,544 barrels per day. Meanwhile, work for drilling two additional production wells are ongoing.

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Northbridge Industrial Services PLC - Burton-on-Trent-based specialist industrial equipment manufacturer - For 2021, expects revenue to increase 14% to GBP38.8 million from GBP34.0 million the year before, driven by growth from the Crestchic division on strong demand and sales growth, despite supply chain constraints. As a result, pre-exceptional pretax profit is on-track to meet management expectations.

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UIL Ltd - closed-end Bermuda-incorporated investment company - As at December 31, net asset value per share increases 9.1% year-on-year to 384.57 pence from 352.55p. UIL's share price as at December 31 is 250.00p, reflecting a 35% discount to NAV. Declares dividend of 4.00 pence per share, in line with year before.

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Unicorn AIM VCT PLC - venture capital trust - As at January 31, net asset value per share is 205.3 pence, down 13% from 248.6p at the end of September. During the period, completes one new investment for GBP1.9 million, while two follow-on investments were completed at GBP2.8 million in total.

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By Dayo Laniyan; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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