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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Eurocell PLC - window, door and roofline PVC products firm - Says group sales in 2022 rise 12% to £384 million. In Profiles arm, sales rise 15% and in Building Plastics, they climb 10%. ‘Price was the driver of sales growth in 2022. Whilst we continue to offset input cost inflation with selling price increases and surcharges, we experienced margin pressure in the second half, reflecting a lag on implementing some selling price increases. However, the cost of key raw materials does now appear to be stabilising, and in some cases beginning to fall,’ Eurocell says. Notes that will recognise £1 million hit in annual numbers stemming from compensation for cyber incident. Also completes restructuring plan ‘in anticipation of weaker markets in 2023’. Along with other cost-cutting plans, these will lower operating expenses by about £5 million per share. To book £2 million one-off charge from plans.
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Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Proposes to return £10.0 million to shareholders through tender offer at 55 pence per share. Tender offer price is 34% premium to Wednesday’s closing price. Stock closed down 2.1% at 47.50p each on Friday, having risen 18% on Thursday.
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Animalcare Group PLC - York, UK-based veterinary drug maker - Expects 2022 revenue of around £71.6 million down from £74.0 million a year earlier. Says revenue from Companion Animals were hurt by ending of distribution agreements, while sales in the Production Animals segment reflected the application of EU laws in Spain designed to reduce the widespread use of antibiotics. Predicts that earnings before interest, tax, depreciation and amortisation will be in line with market expectations. In 2021, the company reported Ebitda of £13.5 million. Expects to publish full-year results on March 28.
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Novacyt SA - Surrey-based biotechnology group focused on clinical diagnostics - Says revenue in 2022 amounts to £21.0 million, in line with guidance but down markedly from £92.6 million in 2021. Revenue decline put down to reduction in Covid-19-related sales, which fall to £14.7 million from £84.0 million. Non-Covid sales fall to £6.3 million from £8.6 million. Expects loss before interest, tax, depreciation and amortisation of £13.5 million, swinging from Ebitda of £3.1 million.
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Renalytix PLC - diagnostics company focused on kidney health - Alongside its partners, awarded $10 million grant in Europe for novel biomarker-based tests. Tests are designed to predict how a patient responds to existing drugs used for chronic kidney disease. Renalytix is part of PRIME-CKD consortium, funded by Horizon Europe - the EU’s innovation programme.
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Parity Group PLC - London-based recruitment and consultancy company - Says 2022 net fee income falls to £3.5 million from £4.1 million in 2021. However, adjusted Ebitda to rise to £400,000 from £100,000. Expects adjusted operating profit breakeven, following £300,000 loss a year prior. To swing to pretax profit of £500,000, from loss of £1.1 million. ‘During FY2022, Parity has refocused its business around recruitment, increasing customer-facing headcount and establishing an efficient operating model. This has enabled the business to significantly improve profitability,’ Parity adds.
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Record PLC - Berkshire, England-based currency and derivatives manager - Says assets under management in the third quarter ended December 31 increased by 6% quarter-on-quarter to $86.0 billion from $80.8 billion. It notes that third-quarter average fee rates remained broadly unchanged from the previous quarter. It also plans to announce a fourth-quarter trading update on April 28 and its full-year results for financial year 2023 on June 16.
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Fintel PLC - Huddersfield, England-based technology and support for retail financial services sector - Says revenue in 2022 rises 4.1% to £66.5 million from £63.9 million. Adjusted Ebitda grows 6%, in line with expectations. ‘A backdrop of dynamic structural shifts in UK financial services continues to position Fintel well to achieve strong and sustained organic growth looking forward. This underpins our ability to develop and acquire enhanced capabilities that can be deployed to our expansive client base,’ company adds. Notes that refinancing of £45 million revolving credit facility occurred in fourth quarter, boosting borrowing capacity £80 million.
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Haydale Graphene Industries PLC - graphene technology company - Says CeramycGuard technology being trialled by United Utilities Group PLC in Oldham, UK-based wastewater treatment works. Trial to last six months. CeramycGuard renews and preserves concrete surfaces by chemically bonding with concrete. ‘Previously, the internal face of the tanks on site have been coated with a repair screed and topcoat, which have not achieved a satisfactory service life because of the harsh, chemical environment,’ Haydale adds.
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Gama Aviation PLC - Farnborough, England-based aviation services company - Repays £20 million HSBC term loan facility which was maturing at end of month. Repayment was funded through combination of $10 million US credit facilities and ‘proactive management of working capital and cash at hand’. ‘Significant progress has been made in negotiations with other lenders to secure the additional funding required to execute the group’s near-term organic growth strategy, and an update will be provided once terms are finalised,’ company adds.
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