1st May 2025 22:58
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Reach PLC - London-based newspaper, magazine and digital publisher, which owns the Mirror and Express brands - Says group revenue for the first quarter is down 3.7% on-year, with print revenue down 5.1%, although Reach says print circulation remains "a predictable and reliable revenue stream with the expected volume decline mitigated by actions on cover prices, one-off specials and promotional activity". Digital revenue, however, increases 1.6%, "supported by growing audience numbers and increased trading activity". Company adds that it has started the year in line with its expectations, and remains on track to meet market forecasts for 2025. Cites a company-compiled consensus for GBP99.0 million in adjusted operating profit for 2025, which would be down 3.2% from GBP102.3 million in 2024. Notes "heightened levels of macroeconomic uncertainty" but says "there are no immediate direct impacts from the recent tariff announcements".
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Mincon Group PLC - Shannon, Ireland-based rock drilling tool manufacturer - Says revenue in the first quarter of 2025 increased 3% on-year, though orders in North America, its largest market, were lower than expected as a result of increased macroeconomic uncertainty and "an extremely cold winter". The firm is pursuing construction opportunities across the American region and anticipates a "significant" number of projects will be secured during the second quarter of 2025. Says operational efficiencies have contributed to an improved first-quarter margin on-year, and expects further realisation of manufacturing margin improvements in the second quarter. Adds it is currently in advanced stages of talks for a one-year, price per foot contract with a "major" copper miner in Arizona, US. This contract is expected to begin in the third quarter of 2025.
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International Personal Finance PLC - Leeds-based provider of credit products and insurance services - Says lending is up 12% on-year at constant currency during the first quarter of 2025, providing "an excellent platform for delivering our 2025 operational and financial plan with confidence". Closing net receivables are up 10% on-year to GBP885 million, while the group's annualised impairment rate by the end of March improved to just below 9% from 9.6% in December. Its planned buyback programme for up to GBP15 million has not yet begun, but is expected to complete by the third quarter of 2025. "We are making very good progress in delivering our Next Gen strategy, which is focused on unlocking the long-term potential of the group," says Chief Executive Officer Gerard Ryan. "Both our balance sheet and funding position are in great shape, and with our strong first quarter performance, we are confident in our ability to accelerate growth and increase financial inclusion through the remainder of 2025."
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Synthomer PLC - London-based developer of highly specialised polymers - Says in its scheduled trading update ahead of the annual general meeting that first-quarter continuing group earnings before interest, tax, depreciation and amortisation and the Ebitda margin are ahead of the prior year's. This is "despite modestly lower volumes" after the first quarter of 2024 "benefited from the disruption to supply chains into Europe via the Red Sea and significant customer restocking". Ebitda and gross margins both increased for its Adhesive Solutions and Health & Protection and Performance Materials divisions, which also saw constant currency revenue growth. Synthomer also saw "robust pricing" due to lower energy and raw materials costs. However the Coatings & Construction Solutions division was adversely impacted by delayed energy orders and moderating end-market activity in the US. Says its practice of manufacturing close to customers "substantially mitigates our direct exposure to recent tariff announcements" but notes that "geopolitical tensions have made end-market demand more unpredictable, particularly in the [US], which represents around 25% of our revenues". Nonetheless it continues to expect "further earnings progress" for 2025 as well as positive free cash flow.
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Totally PLC - Derby, England-based provider of healthcare and wellbeing services across the UK and Ireland - Downgrades its forecast for the financial year that ended March 31 following a slower than expected ramp up of a recent contract win and reduced operating margins as higher margin contracts have unwound, which includes NHS111. Now anticipates earnings before interest, tax, depreciation and amortisation between GBP0 and GBP2.0 million, compared to its prior guidance of GBP3.5 million in Ebitda for the year. Exceptional costs are estimated at GBP3.8 million in relation to the closure of the NHS111 contract, plus other cash costs of GBP800,000. Announces plans to conduct a strategic review with options on the table including sales of one or more subsidiaries, and receiving strategic investment. Shares closed down 65% at 1.40 pence each in London in Thursday in response.
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By Emily Parsons, Alliance News reporter
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