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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S&U PLC - specialist motor finance and property bridging lender - Highlights ‘steady progress’ is marked by prudence and caution against a backdrop of rising inflation and low consumer confidence. Notes that although demand for both housing and motor vehicles, and resulting values, remains strong and with unemployment rates the lowest levels since 1975, rising prices, particularly for energy and interest rates, may persist. Hence, although it currently expect to meet growth targets for this year, S&U says it remains focused on maintaining the quality of its own books and service to its customers. ‘In febrile and volatile times at home and abroad, S&U’s experienced, prudent but positive approach will continue, both literally and metaphorically, to pay dividends,’ says Chair Anthony Coombs.
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DP Eurasia NV - Amsterdam-based master franchisee of Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia - Says for four months to April 30, system sales increased 57%, with a like-for-like growth of 36%, driven by excellent demand in Turkey. DP Eurasia adds that it started the year well despite high inflation and geopolitical tensions. ‘The strong performance in Turkey is continuing to generate a very robust franchisee demand. We opened 12 new stores in Turkey during the first four months. Given our strong pipeline, we remain confident that 2022 will be another solid year for store growth,’ it says.
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Curtis Banks Group PLC - Bristol-based provider of self-invested personal pensions - Says David Barral will be appointed as independent chair following retirement of Chris Macdonald.
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Henry Boot PLC - Sheffield, England-based builder and property developer - Says it has made a strong start to the year and continues to trade in line with market expectations. To date, performance has been supported by land disposals and property development completions, with all three key markets, Industrial & Logistics, Residential and Urban Development performing well. In addition, Henry Boot says it continues to make good strategic progress towards the medium-term targets previously identified, leaving the business well placed to achieve its growth aspirations. ‘Due to a number of significant transactions, 2022 performance is expected to be weighted to the first half of the year and it is anticipated that whilst levels of activity will be high in the second half, this will primarily be contributing to the Group’s performance for 2023 and beyond,’ it says.
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Strix Group PLC - Isle of Man-based kettle safety controls manufacturer and supplier - Says it is maintaining expectations for the full year based on year-to-date performance, current expectations of trading conditions in the balance of the year, the resilience of historical second half performance. ‘Overall, Strix has a robust business model, remains in a strong financial position and through adopting a disciplined and dynamic approach to our strategy has delivered a resilient performance during prior macroeconomic cycles and during the COVID-19 pandemic. We remain confident in our ability to navigate current uncertainties and deliver on the current expectations for the full year and against our medium-term targets,’ it says.
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Belvoir Group PLC - Lincolnshire, England-based property franchisor - Says trading during the four months to April 30 is in line with management’s expectations. Group revenue is up 14% on the same period in 2021, with the property division up 8% and the financial services division up 20%. CEO Dorian Gonsalves says: ‘Board remains confident that its business model and growth strategy present a strong investment case for shareholders and deliver enhanced value for all our stakeholders.’
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Robinson PLC - Chesterfield, England-based plastic and paperboard packaging manufacturer - Says group sales in the first four months of the year were 22% ahead of the same period in 2021, 6% higher excluding the impact of the Schela Plast business in both periods. After adjusting for price changes and foreign exchange, sales volumes in the underlying business were 14% lower than the same period in 2021. Says profit is ahead of first four months in 2021, where in 2021 gross margins were heavily affected by 60% increases in polymer resin prices which hadn’t yet been fully passed through to customers. Looking ahead, says despite the ongoing uncertainty, profit in the 2022 financial year expected to be inline with expectations, being comfortably ahead of 2021. ‘We remain committed in the medium-term to delivering above-market profitable growth and our target of 6-8% adjusted operating margin,’ it adds.
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TP Group PLC - Wincanton, England-based consulting, software and engineering company - Says it entered into a conditional agreement to dispose of Sapienza Consulting Holdings BV to Serco Holdings Ltd - a subsidiary of Serco Group PLC for €3.2 million in cash. Completion of the disposal is subject to regulatory clearance in the UK, France and Italy which is anticipated to take approximately six to eight weeks. On completion net proceeds of £2 million will be used to part repay £7 million loan facility with HSBC Bank PLC.
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Cohort PLC - Reading, England-based technology company - Says trading performance for the year ended April 30 is in line with revised expectations. Expects order intake of around £183 million, up from £180.3 million last year. As a result of the strong order intake the group’s closing order book grew to £287 million at April 30, up from £242.4 million year-on-year, of which certain orders extend out to the 2030s. ‘Overall, despite the residual challenges of the pandemic and the uncertain economic conditions, we expect to resume organic growth in 2022/23 and beyond and are not changing our expectations for the current financial year,’ it says.
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Staffline Group PLC - Nottingham, England-based recruiter - Says it has made solid start to 2022 and trading in the current financial year is in line with expectations. Whilst it remains mindful of the potential impact of ongoing macro-economic uncertainty, Staffline’s strengths in food production and distribution, the online sector and public sector spend on employability and training, provide it with a measure of resilience and revenue visibility, it says. Staffline remains confident in prospects in the medium-to long-term as it seek to further capitalise on our strengths by growing market share. Also says Non-Executive Chair Ian Lawson to step down from the board and as a director of the company with immediate effect. Tom Spain will assume the role of interim chair and Independent Non-Executive Audit Chair Ian Starkey will assume the role of the senior independent director.
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Allergy Therapeutics PLC - Says Chief Financial Officer Nick Wykeman tendered his resignation, with effect from November 30, in order to pursue non-executive roles. He remains in his role for six months and a search for his successor will now commence, it adds.
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Secure Trust Bank PLC - Solihull, England-based savings accounts and lending services provider - Says it has completed the acquisition of the fintech company AppToPay Ltd, which was first announced in November. Financial details were not disclosed.
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National World PLC - UK newspaper industry investor and owner of JPIMedia Publishing - Says it has had a robust start to 2022 despite uncertain trading environment. Revenue for the 21 weeks to May 28 is expected to grow by 4% year-on-year with 5% growth in the first quarter and growth of 1% in April and May, it says. ‘The trading environment is challenging with market expectations of a significant slowdown in the UK economy impacting consumer confidence, driven by rising inflation and interest rates. However, the board remains confident that investment in and development of our digital business together with careful management of the cost base will support profits and cash flow. At this stage, the board expects performance for the year to be in line with the company’s expectations,’ it adds.
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Union Jack Oil PLC - UK focused onshore hydrocarbon production, development and exploration company - Says that the £1 million loan made to Egdon Resources PLC by the company has been repaid in full.
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