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TRADING UPDATES: Virgin Wines warns sales will be below City forecasts

4th May 2023 19:37

(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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Virgin Wines UK PLC - Norwich, England-based online wine retailer - Expects financial year 2023 sales to be slightly lower than market expectations, at around GBP60 million, with underlying pretax profit in the region of GBP500,000 to GBP1 million, with a profitable and cash generative fourth quarter. Thereafter, expects double digit sales growth in financial year 2024, alongside an earnings before interest, tax, depreciation and amortisation margin of around 4% to 5%, as inflationary pressures particularly on freight and glass start to ease. Reports fourth quarter trading is expected to be in line with the previous year, but adds the third quarter was affected by a reduction in order frequency through the WineBank customer membership, a period which saw an increasingly competitive environment. Encouragingly, points out cancellation and conversion rates have started to improve since the end of the first half whilst the trade rate has also recovered from its low point in November 2022.

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Pollen Street PLC - London, England-based asset manager - Reports net asset value at March 31 was 900 pence or GBP578 million while its tangible net asset value per share was 540p or GBP347 million. No comparison given. Says assets under management remained at GBP3.4 billion while average fee-paying AUM continued to build to GBP2.5 billion in the first quarter, up from GBP2.3 billion for 2022. Declares a dividend of 16p.

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Hansard Global PLC - Isle of Man-based long-term savings provider - Issues trading update for the third quarter to March 31. Says new business was GBP25.4 million, ahead of GBP18.6 million in the previous quarter and down from GBP31.4 million a year prior. Assets under administration were GBP1.12 billion, up GBP15.6 million from the end of December. Continues to make encouraging progress with distribution opportunities for its Japanese proposition, company states. Adds new business in its largest region, Middle East and Africa, rose 20.8%, while in Latin America new business was down 9.5%.

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Forward Partners Group PLC - London-based early-stage technology-focused investor - Reports revenue in the year to December 31 of GBP509,000 down from GBP826,000 a year prior with a pretax loss of GBP43.1 million compared to a profit of GBP16.5 million. Net asset value at period end was 72 pence down from 104p a year before. Remains confident that healthy returns can be generated from the investment in early-stage UK startups over the long-term.

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e-Therapeutics PLC - Oxford, England-based computer-based drug discovery company - Reports pretax loss in the year to January 31 of GBP9.8 million widened from GBP9.5 million a year before on broadly unchanged revenue of GBP475,000 compared to GBP477,000. Basic and diluted earnings per share was 1.54 pence compared to 1.65p. Says well-positioned to advance pipeline of first-in-class preclinical RNAi candidates across multiple therapeutic areas, making significant progress in just one year. Notes increased losses mainly attributable to increased R&D expenditure reflecting further progress and development of its business strategy. Explains company has sufficient funds to continue in operational existence for at least 12 months from the signing of these financial statements.

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Let's Explore Group PLC - Manchester, England-based virtual reality entertainment company, formerly called Immotion Group PLC - Reports pretax loss from continuing operations in the year to December 31 of GBP1.9 million widened from GBP1.8 million on reduced revenue of GBP796,000, down from GBP2.5 million. Basic loss per share totalled 0.46 pence compared to 0.43p a year prior. Says group revenue from total operations increased 23% to GBP11.6 million from GBP9.4 million while adjusted earnings before interest, tax, depreciation and amortisation from total operations rose 51% to GBP1.4 million from GBP0.9 million. Notes since the year end the group has sold its largest business, Location Based Entertainment for around USD25 million and a smaller subsidiary, Uvisan.

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By Jeremy Cutler, Alliance News reporter

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