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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Michelmersh Brick Holdings PLC - West Sussex-based brick maker - At annual general meeting on Thursday, Chair Martin Warner says strong momentum in 2021 has continued in 2021 so far, with ‘stable demand’ and production volumes in line with expectations. He notes a ‘more challenging’ backdrop, citing inflationary pressures. ‘To protect our margins, we remain focused on mitigating risks to our input costs as well as maintaining appropriate portfolio pricing. As such, as announced in our FY21 results in March, in collaboration with our customers we will introduce our standard timetabled price increase in July 2022,’ he says. Despite this, firm remains confident and is on track to meet full-year expectations.
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NetScientific PLC - London-based life sciences and sustainability technology investment firm - Records a pretax loss of £2.9 million in 2021, widened from £2.4 million in 2020, as general and administrative costs rise 30% to £2.6 million from £2.0 million. Reports revenue of £1.1 million, more than double the revenue of £394,000 in 2020. Attribute this to bigger portfolio, which grew to 22 companies ‘in targeted sectors’ from 17. Believes that the extended portfolio holds great potential for further growth.
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itim Group PLC - technology company based in London - Posts a pretax profit of £226,000 for 2021, down 51% from £462,000 in 2020, due to an exceptional items charge of £667,000 related to its initial public offering and admission to AIM. Further, it incurs higher amortisation, share option and depreciation of right-of-use assets charges. Records revenue of £13.5 million, up 14% from £11.8 million. Attributes this to benefits of its software as a service business model. Believes it is well positioned to achieve its long-term ambitions for growth.
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Serinus Energy PLC - oil and gas projects in Tunisia and Romania - Generates revenue of $13.4 million in the first quarter of 2022, up 76% from $7.6 million in the same period a year ago. Swings to net income of $1.0 million from loss of $1.0 million. Attributes this to strong operating netback of $148.88 per barrel of oil equivalent, multiplied from $26.23 per boe. What’s more, capital expenditures fell to $1.5 million from $3.5 million.
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Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Records average production volumes of 1,396 barrels per day in the first quarter of 2022, up 7.6% from 1,297 bbls per day produced in the first quarter of 2021. Generates an operating netback of $37.83 per barrel, up 72% from $21.98 per barrel. Posts net loss of $236,000, narrowed from $460,000. Realises petroleum sales of $10.5 million from an average crude oil price of $83.55 per barrel, versus petroleum sales of $8.2 million from an average realized pricing of $66.81 per barrel in the previous quarter. ‘Our first quarter results reflected a combination of increased commodity pricing and higher production volumes from our legacy crude oil properties,’ Chief Executive Paul Baay comments.
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Adnams PLC - pub and brewing firm based in Suffolk - At annual general meeting on Thursday Chair Jonathan Adnams says the business met expectations in the first four months of 2022. Says he saw demand in the property and retail business rebound ahead of 2019 levels. Notes on trade continues to be more challenging as sales in urban settings are more subdued. Warns that the outlook for the remaining six months of the year is uncertain, due to the conflict in Ukraine and the inflationary pressures.
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Team PLC - wealth, asset management and complementary financial services group - Says assets under management as at March 31 stood at £231 million with a further £1.4 billion of cash under advice. Says revenue for the six months to March 31 amounted to £1.0 million up from £600,000 a year ago. Earnings before interest, tax, depreciation and amortization remained flat at £400,000. Acquires Jersey-based investment consultancy Concentric Group Ltd for £1.7 million in cash. Undertakes subscription to part fund the acquisition at a subscription price of 60 pence, a 5.5% discount to the closing mid-market price on Wednesday. Says the subscription will raise gross proceeds of £2.7 million. Following the subscription, its issued share capital will consist of 22.0 million shares.
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