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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M Winkworth PLC - London-based estate agent - For 2021, reports a pretax profit of £3.2 million, more than double the previous year’s figure of £1.5 million. Revenue rises 48% to £9.5 million from £6.4 million. Sales income made up 60% of total revenue in 2021, up from half the previous year. Chief Executive Dominic Agace says that a good performance in rentals and sales income has exceeded company records. 2021 dividend totals 9.3 pence, up from 6.68p a year prior. Looking forward, the company says it expects to see growth in rental income and ‘very strong’ rental demand.
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Parsley Box Group PLC - Edinburgh-based meal delivery service - Significantly widens pretax loss in 2021, posting loss of £9.7 million versus £3.2 million the previous year. Revenue increases 4.4% year-on-year to £25.5 million from £24.4 million. Repeat customer revenue rises 18% in 2021 while new customer revenue falls 31%. Company says it was a ‘challenging’ year for direct-to-consumer brands. Adds that, despite macroeconomic challenges, the company is ‘confident’ for the year ahead with adjusted earnings before interest, tax, depreciation and amortisation losses in line with expectations.
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Cambridge Cognition Holdings PLC - Cambridge-based assessment software provider - Swings to a pretax profit of £253,000 in 2021 from a loss of £644,000 a year prior. Revenue rises 50% to £10.1 million from £6.7 million. Reports record sales order intake of £15.7 million in 2021. The previous year the company reported sales order intake of £12.7 million, representing 24% year-on-year growth. Expects the £17.0 million contracted orderbook at the end of 2021 to generate £7.5 million in revenue in 2022. Chief Executive Mark Stork says the company is ‘well placed’ for further success looking forward with uncertainty around Covid-19 and the wider impact of the war in Ukraine expected to be limited.
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Nanoco Group PLC - Manchester-based nanomaterial developer and manufacturer - For the six months ended January 31, the company’s first half, pretax loss narrows slightly to £2.3 million from £2.7 million the previous year. Revenue remains broadly flat at £1.1 million against £1.0 million a year prior. Says that litigation against Samsung Electronics Co for alleged infringement of its intellectual property of its patents is progressing well. Outcome is expected in the second half of 2022. Company says it is ‘cautious but increasingly optimistic’ looking forward as it makes ‘strong and steady’ progressing developing new nanomaterials.
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Airea PLC - West Yorkshire-based flooring company - Reports a pretax profit of £1.3 million in 2021, nearly triple the previous year’s figure of £454,000. Revenue rises 9.0% to £15.9 million from £14.6 million, though the company notes this is not yet at pre-pandemic levels. Says the export business was ‘severely’ impacted by lockdown restrictions in the year in addition to complications with trading overseas due to the post-Brexit transition. Says that the current economic environment and the conflict in Ukraine is putting raw material prices and supply chains under pressure. Nonetheless, company says it is confident in the prospects of the business.
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Destiny Pharma PLC - Brighton-based clinical phase biotechnology company - Narrows pretax loss to £6.3 million in 2021, down from a loss of £6.5 million in 2020. Research and development expense falls 18% in the year to £3.7 million from £4.5 million. Company explains it is yet to commercialise and generate sales from its current programmes. Chief Executive Neil Clark says: ‘With full control of two high quality, late-stage clinical assets targeted at infection prevention, both of which are backed by strong Phase 2 clinical data and clear commercial positioning, Destiny Pharma is very well positioned for the future.’
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Technology Minerals PLC - London-based company focused on creating a circular economy for battery metals - For the six months to December 31, pretax loss widens to £1.1 million from £387,000 the previous year. Company says it is ‘very pleased’ with its current portfolio of assets which stood at £24.3 million at December 31. Looking forward, Chief Executive Alex Stanbury says: ‘Our aim is to build ten battery recycling plants within six years in the UK, with the first two coming online in the second half of this year.’ Company says it has entered its second half in a strong position and is set to focus on increasing processing capacity for lead-acid and lithium-ion batteries.
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Northbridge Industrial Services PLC - Burton on Trent, England-based company which hires and sells industrial equipment - Narrows pretax loss in 2021 to £4.3 million from £7.3 million the previous year. Revenue rises 14% to £38.8 million from £34 million in 2020. Notes that hire revenue rose 34% as major projects recovered from Covid-19 related delays in the year. Adds that equipment sales revenue was up 7% despite capacity constraints. Factory expansion project is on track for the second quarter of 2022. Company says it has entered 2022 with a record opening order book and a strong rental pipeline. Says the first quarter of the year has performed ahead of expectations. As a result, expects first half profit to be ahead of 2021. Proposes a final dividend of 1.00 pence. In 2020, the company did not declare a dividend.
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MJ Hudson Group PLC - London-based asset management consultancy - Widens pretax loss in the six months to December 31 to £3.1 million from £2.6 million the previous year. Revenue rises 48% to £23.4 million from £15.8 in the first half of 2020. Company says revenue growth was driven by organic growth in the software-driven data and analytics businesses, particularly in ESG & Sustainability unit. Says that trading has continued to be strong in recent months. As a result, company expects to deliver growth for the financial year at the upper end of market forecasts. Chief Executive Matthew Hudson says: ‘While some lower margin advisory services suffered from the lingering, albeit diminished, overhang of Covid-19, we have, in line with our longer-term strategy, focussed on accelerating our high-margin Data & Analytics solutions and scaling up our annuity-style outsourcing services.’
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Adnams PLC - Suffolk, England-based brewery - For 2021, narrows pretax loss to £1.4 million from a loss of £4.3 million the previous year. Turnover rises 13% to £57.4 million in 2021 from £50.7 million a year prior. Company adds that beer volumes were level with 2020. Says that in the early months of the year trading was ahead of expectations despite stringent restrictions. Chair Jonathan Adnams says: ‘Given large parts of the business were closed or operating under restrictions for 31 weeks of the year this is considered a creditable performance. The company traded well and was cash generative once restrictions really began to be removed from May 17.’ Adnams adds that the company is looking to the future with optimism.
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Microlise Group PLC - Nottingham-based transport management software provider - For the 18 months ending December 31, 2021, swings to a pretax loss of £5,000 from a profit of £710,000 for the 12 months ended June 30, 2020. Revenue rises 76% to £88.2 million from £50 million. Says company has entered into financial 2022 with a strong order book and ‘significant’ demand for existing and new solutions. Adds it is confident of delivering a full-year performance in line with current expectations as a result of a strong first quarter. Chief Executive Nadeem Raza says: ‘Whilst we have been dealing with chip shortages for the past 18 months, the industry opinion is that from the third quarter of 2022, the situation will improve and return to pre-pandemic levels by the third quarter of 2023, which will enable us to meet our customer demand.’
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i3 Energy PLC - Westhill, Scotland-based oil and gas company focused on the UK and Canada - For 2021, pretax profit more than doubles to £25.7 million from £10.6 million. Revenue multiples to £86.8 million from £13 million in 2020. Full-year production averaged 12,442 barrels of oil equivalent per day, with the fourth quarter including the newly integrated Central Alberta assets which averaged 18,229 barrels of oil equivalent per day. Chief Executive Majid Shafiq says: ‘We entered the year having completed two acquisitions in late January 2020 which saw our entry to the Canadian E&P market with circa 9,000 barrels of oil equivalent per day of production. We have just exited the first quarter of 2022 producing in excess of 20,000 barrels of oil equivalent per day with year-end audited 2P reserves of 154 million barrels of oil equivalent with a valuation of $775 million and forecast net operating income for the year of $192 million’.
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