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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Mission Group PLC - Devon, England-based group comprising digital marketing and communications agencies - Reports resilient underlying performance in the second half of 2022, despite weakening macroeconomic backdrop. Reports revenue growth of 10% from 2021, slightly ahead of its expectations. Cites increased exposure to ‘more robust sectors and geographies’, alongside investment benefits made to expand its capabilities and services. Expects 2022 headline pretax profit of no less than £7.6 million, despite inflationary headwinds and higher finance costs. Executive director Sue Millen retires from the board with immediate effect, but will remain as chair of Story Group. ‘The group has a clear strategic focus that means we are well positioned for revenue and margin growth both in 2023 and the longer term,’ says Chief Executive Officer James Clifton.
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K3 Business Technology Group PLC - Manchester, England-based business-critical software solutions provider focusing on fashion and apparel brands - Says performance in the six months to November 30 in line with management expectation and is making ‘very encouraging’ progress against its strategic plan. Forecasts financial year to November 30 performance to be ahead of its financial 2021, including in recurring and predictable revenue. Predicts financial 2022 adjusted earnings before interest, tax, depreciation and amortisation to be no less than £5.0 million, compared to £4.4 million a year earlier. Says financial 2023 has started well, especially in its strategic products division, with new customers and expansion alongside cash generation trending higher than predicted for financial 2022.
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Foresight Group Holdings Ltd - Guernsey-based infrastructure and private equity investment manager - Says assets under management on December 31 is £12.3 billion and funds under management is £9.0 billion. This is up 39% and 35% respectively in the year to-date, but both marginally down 2% in the third quarter that ended December 31. Claims AuM is ‘materially unchanged’ considering ‘challenging’ macroeconomic conditions. Says recurring revenue for the third quarter of its financial 2023 is within 85% to 90% target range. Interim dividend payment of 4.6 pence per share will be paid to shareholders on January 27. ‘Foresight’s well-established, resilient and diversified business model is creating exciting growth opportunities across the business and positions us to strongly meet market challenges. We are confident that we will continue to thrive and deliver against our strategic growth targets as we move through 2023 and beyond,’ says Executive Chair Bernard Fairman.
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Woodbois Ltd - Guernsey-based softwood and hardwood producer - Says in 2022 fourth quarter update that full-year total revenue grows 32% to $23.1 million from $17.5 million a year earlier. Gross profit up 69% to $5.9 million from $3.5 million, while earnings before interest, tax, depreciation and amortisation multiplies to greater than $3 million from $1.0 million in 2021. Fourth quarter revenue is up 25% to $6.0 million from $4.8 million. Sawn timber production in 2022 is up 42% to around 18,600 cubic metres, while veneer production is up 38% to around 5,200 cubic metres. Expects further volume increase in 2023 after installation of second veneer line in second half of 2022. ‘Plans to continue the operational and financial growth are in place...The headwinds facing the global economy as we enter 2023 reinforce our management team’s primary focus on becoming cash flow generative on a consistent and sustainable basis and thence to become dividend paying,’ says Chief Executive Officer Paul Dolan.
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Enwell Energy PLC - Ukraine-focused oil and gas exploration and production company - Says aggregate 2022 fourth quarter production from Mekhediviska-Golotvshinska and Svyrydivske gas and condensate field is down to 2,641 barrels of oil equivalent per day from 3,501 boepd a year earlier. Fourth quarter production in Vasyschevskoye field is down to 303 boepd from 463 boepd in the 2021 fourth quarter. Total fourth quarter production is 2,944 boepd, down from 3,964 boepd a year earlier. Total 2022 production is only marginally higher at 2,956 boepd, down from 4,730 boepd in 2021. This is because of the ongoing war in Ukraine causing disruption to production operations. Chief Executive Officer Sergii Glazunov says: ‘Although the situation in Ukraine continues to be extremely challenging, we are pleased that, with the resumption of production operations at the VAS field, we now have operational activity at both of our production assets. The adverse Court ruling regarding the SC licence is very disappointing but we are progressing appeal proceedings to challenge that ruling.’ Glazunov is referring to legal challenges to its interest in the Svystunivsko-Chervonolutskyi exploration licence via its acquisition of LLC Arkona Gas-Energy in March 2020. Since July 2020 PJSC Ukrnafta has initiated legal proceedings against Arkona, claiming it was granted the SC licence in May 2017 via irregular procedures.
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