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TRADING UPDATES: Epwin price hikes lift revenue; Fonix profit grows

25th Jan 2023 14:55

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

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Conduit Holdings Ltd - Bermuda-based reinsurer - Estimates ultimate premiums written in January 1 renewals season of USD421.4 million, up about 60% from USD262.6 million a year ago. Says strong property and specialty market conditions allowed growth, while continued growth in casualty lines has provided attractive underwriting opportunities. Notes that property, at USD197.3 million, accounted for 47% of premiums written at January 1, up 81% from USD109.3 million, which was worth 41% of premiums written a year ago. Conduit adds that there was an overall risk-adjusted rate change of 19%. Chief Underwriting Officer Gregory Roberts says: "In the 1 January renewals we increased our weighting towards Property and Specialty business, capitalising on an exceptional shift in pricing, while balancing it against our Casualty book, which is still attractively priced."

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Biome Technologies PLC - Southampton-based bioplastics and radio frequency technology company - Expects 2022 revenue of GBP6.2 million, up 8.7% from GBP5.7 million, and in line with market expectations. Says cash balance at year-end is GBP0.8 million, ahead of expectations, but down 20% from GBP1.0 million in 2021. Notes revenue from its Bioplastics division was GBP4.4 million, down 8.3% from GBP4.8 million, while revenue from its Stanelco RF Technologies division doubled to GBP1.8 million from GBP0.9 million a year ago. "Whilst we are cautious in our expectations for the RF division, particularly in the current economic environment, the team is working hard to convert its prospect pipeline into firm orders. The Bioplastics division has started 2023 in an encouraging manner," the company says.

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Epwin Group PLC - Solihull, England-based building products manufacturer - Says 2022 revenue expected to be up 8% at GBP355 million, from GBP329.6 million the year prior. Says revenue increase is a result of price actions to recover cost inflation, and bolt-on acquisitions completed in 2022. Notes that 2022 pretax profit is anticipated to be in line with market expectations, a large increase on 2021. Epwin notes that cash at December 31 was GBP28 million, doubled from GBP9.4 million a year ago. Says Hampton Decking Ltd and PolyPure Ltd acquired in 2022 for combined GBP19 million. Chief Executive Officer Jon Bednall says: "Our trading performance remained robust through 2022 and we continue to execute our strategy, confident in the strength of the medium and long-term drivers for our markets, despite the short-term macro-economic challenges."

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Fonix Mobile PLC - London-based mobile payment and messaging platform - Reports gross profit in the second half to December 31 was GBP7.8 million, increasing 12% from GBP7.0 million in the first half. Says growth continues in line with expectations. Fonix notes that earnings before interest, taxes, depreciation and amortisation increased by 12% to GBP6.2 million from GBP5.5 million six months ago. Says total payment volume of mobile payments was GBP137 million, down marginally from GBP138 million, with the increase in commercial client payments offsetting a 36% decrease in charity related payments. Chief Executive Officer Rob Weisz comments: "Our performance in international markets has been particularly encouraging, demonstrating the business' ability to scale services overseas whilst maintaining existing operational efficiencies and incurring minimal additional overhead. Our commercial business segments have each grown strongly throughout the period and to date we have been largely unaffected by the downward pressure on consumer spending".

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Gresham House PLC - London-based alternative asset manager - Says it expects assets under management at December 31 to be at least GBP7.8 billion, up 20% from GBP6.5 billion a year ago. The company says operating profit is expected to be beyond GBP26.5 million, up 31% from GBP20.2 million a year ago. Notes a strong start to the Baronsmead Venture Trust PLC and Baronsmead Second Venture Trust PLC GBP40 million fundraise, as the launch of its Irish Strategic Forestry Fund, both after the year-end. "Our continued delivery of strong investment performance coupled with a core focus on sustainability will allow us to continue to provide successful investment solutions," Chief Executive Officer Tony Dalwood comments.

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By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

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