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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Smithson Investment Trust PLC - investment trust - Says NAV total return per share is negative 32% for the six months to June 30, as NAV per share falls to 1,339.5 pence from 1,746,6p a year prior, and 1,961.0p at the end of December. Shares were trading at a 12% discount to NAV at the period-end, compared to a premium of 1.9% a year before, and 3.0% at the end of December. Notes revenue return of £7.0 million due to ‘high level of non-regular dividends from its investments’ which it does not expect to be repeated at same level for rest of 2022. Forgoes proposal of interim dividend to focus on capital growth, in line with its dividend policy. Notes headwinds from higher interest rates, inflation and potential recession as well as the Ukraine war, and will continue to focus on its long-term growth strategy.
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Revenue in the year to April 30 rises 16% to £12.1 million from £10.4 million a year prior, as pretax loss narrows slightly to £6.1 million from £6.3 million. Growth was impeded by global supply chain issues, it says. ‘Looking ahead, we entered the new financial year with a higher order book than the previous year and the highest level of revenue visibility in our history,’ says Chief Executive Officer Arnab Basu. Expects ‘substantial’ year-on-year revenue growth in the coming year, and ‘accelerated growth’ in both its advanced imaging and CBRN detection segments. Separately, announces $751,000 in new orders from existing original equipment manufacturer customers in the medical imaging market, to be delivered in the current financial year.
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RIT Capital Partners PLC - managed by J Rothschild Capital Management Ltd, aims for long-term capital growth while preserving shareholders’ capital - Says net asset value per share total return is minus 8.8% for the half year ended June 30, outperforming the 15% decline seen in the MSCI All Country World Index. NAV per share at the period-end is 2,530p, down 9.4% from 2,794p at the end of December. Shares continue to trade at a discount to NAV, of 5.1% at the end of June compared to 1.6% at the end December. ‘Keeping our net quoted equity exposure towards the lower end of our historical ranges (at 38%) helped to protect shareholders from the worst of the market declines,’ the firm says. Notes outperformance from Japanese and reflationary exposures, as the quoted equity book performed ‘broadly in line’ with markets. Declares dividend of 18.5p, up 5.0% year-on-year from 17.63p.
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LMS Capital PLC - London-based investment company - For the half year ended June 30, says net asset value falls to 58.2p per share compared to 60.8p at the end of December. Notes ‘challenging’ six months due to market conditions and cosequential impact on capital markets and valuations. Swings to net loss on investments of £398,000 from gains of £1.0 million a year before, and total pretax loss of £1.7 million from profit of £138,000 in 2021. Will continue to target dividend of 1.5% of closing net asset value for 2022. ‘We continue to focus on identifying opportunities in our three main investment themes, energy, real estate and late stage private equity,’ says Chair Robert Payne.
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Staffline Group PLC - Nottingham, England-based recruiter - Revenue in the six months to June 30 dips 2.8% year-on-year to £438.0 million from £450.7 million, due to lower hours worked in food and online distribution sectors. Loss before tax widens to £1.0 million from £800,000. Notes record permanent fees of £3.2 million, more than doubling £1.5 million in 2021. Continues to trade in line with expectations since the end of the period, and boasts a ‘strong pipeline of new business opportunities’ and continued strong demand for white collar recruitment. Demand is increasing in sectors which have seen a delayed recovery from lockdown, such as automotive and aviation, the firm says. Separately announces a new seven-year contract worth £15 million for its PeoplePlus subsidiary with the Ministry of Justice. The contract covers education for children in custody at HMYOI Werrington.
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Filtronic PLC - Leeds-based antenna maker - For the financial year ended May 31, revenue rises 10% to £17.1 million from £15.6 million year-on-year, as pretax profit surges to £1.9 million from £200,000 due to a strong sales mix, operational efficiencies and demand for higher margin products. Looking ahead, notes it is situated within a growth market with a ‘healthy’ order book and balance sheet. ‘The group’s trading performance strengthens the balance sheet and provides a platform to further develop the business with continued investment in R&D, new product development and process capability,’ says Chair Jonathan Neale.
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NWF Group PLC - Cheshire, England-based agricultural feed, food and fuel distributor - In the year ended May 31, revenue rises 30% to record of £878.6 million from £675.6 million the year before, as pretax profit rises 11% to £12.0 million from £10.8 million. Dividends rise 4.2% to £7.5p from 7.2p. Notes significant outperformance in Fuels as a result of the volatility of oil prices in its final quarter, as well as benefits in the short-term from supply constraints in UK market. ‘NWF has delivered a record set of results, significantly ahead of the market expectations at the start of our financial year. It has been delivered by focusing on service to our customers across the country and our teams responding effectively to unprecedented volatility in cost inputs and issues of supply availability, ’ says CEO Richard Whiting. Says performance since the year-end has been inline with board expectations, as fuel trading begins to normalise.
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