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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Amati AIM VCT PLC - Edinburgh-based investment company - Net asset value per share as at January 31 drops 27% to 132.8 pence from 180.7p a year prior, citing high inflation in the US, EU and UK. Final dividend is 3.50p, down from 4.50p. Total dividend for financial year 2023 is 7.0p, down 22% from 9.0p. NAV total return worsens to negative 22% from negative 7.5%, and underperforming against its benchmark, the Numis Alternative Markets Total Return Index, which contracted by 21%. Looking ahead, company says: ‘In 2023 we have entered a phase of earnings downgrades, initially led by companies highly exposed to consumer spending but increasingly impacting other sectors. Recession appears likely now across most of the major economies. Again, the debate here is one of the depth and length of any downturn.’ Further, it warned of a potential aggression of China over Taiwan, noting interdependence between the West and China. Despite this, Amati says ‘that the companies with good foundations and effective propositions will be able to emerge stronger on the other side’.
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Angus Energy PLC - independent onshore energy transition company focused on UK assets - Announces completion of initial clean up of new B7T well at Salfleetby. The well is producing from around 185 metres horizontal section in the main Westphalian reservoir at a vertical depth of 2,292 metres, Angus says. The well is capable of producing 4 million to 5 million standard cubic feet per day at a flowing well head pressure of 30 barg.
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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Notes ‘excellent momentum in the business to business division,’ citing ‘strong growth’ in system sales and record levels in the first quarter for Metro Rod. ‘As expected, franchisee recruitment in the business to customer division has improved in Q1 compared to Q4 2022. ChipsAway, the largest brand in the division, is now back to the same level as achieved in Q1 2022. The level of attrition has also reduced to below the five-year average. However, as anticipated, the loss of franchisees in 2022 and increased overheads generally have impacted income in Q1 2023,’ company says.
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Induction Healthcare Group PLC - London-based software for healthcare providers and administrators - Expects pro-forma revenue from contracts with customers for financial year 2023 that ended on March 31 to grow 12% to £13.6 million, boosted by the full-year inclusion of video consultation provider Attend Anywhere, which it bought for £16.4 million in cash and the issue of 14.3 million shares, valued at around £9.5 million, in June 2021. Attend Anywhere revenue grew 9.4% in financial 2023 to £10.8 million from £9.8 million. Adds that as at March 31, costs reduced by 30% on a monthly basis from the level at the start of 2023. Further, expects for cash to breakeven in 2024. Induction Chair Christopher Samler says: ‘Induction Healthcare is now in far better shape to provide our customers with the advanced products they need and to position ourselves for the next phase of growth.’
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Petra Diamonds Ltd - diamond miner with assets in South Africa and Tanzania - Says revenue fell to $67.8 million in the third financial quarter to March 31, compared to $107.8 million. ‘Higher pricing at the Cullinan mine and Finsch in the quarter was more than offset by tender cycle timings,’ it explains, expecting the resultant inventory build to be released in the fourth quarter. Cullinan and Finsch are mines in South Africa. Diamond production in the third quarter rose 2.7% from the previous quarter to 653,700 carats from 636,529. This was due to a 14% jump in production at Finsch, after new equipment was introduced, and was also helped by a 7% rise at Cullinan mine. These helped to offset the suspension of production at Williamson, and placing Koffiefontein on care and maintenance. Looking ahead, company targets to deliver an annual one million carats increase in financial year 2025. Petra Diamonds aims to unlock 2.3 million carats from financial 2025 to financial 2033 as it develops the potential of its resource base.
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Strip Tinning Holdings PLC - Birmingham-based electrical connectors provider for automotive sector - Announces trading in first quarter of 2023 is in line with own expectations, with revenue of £2.9 million, up from £2.6 million a year ago. Further, adjusted earnings before interest, tax, depreciation and amortisation is set to be positive. The company cites that the European automotive market started the year ‘strongly’, citing overall output growth of 11% in January and February reported by the European Automobile Manufacturers Association. Chief Executive Officer Richard Barton says: ‘The steps we have taken to mitigate the impact of recent external factors now leave us in a stronger position to capitalise on the return towards normalisation in the automotive sector. Our offering is closely aligned with this growth, particularly the considerable increases in electric vehicle production.’
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Vector Capital PLC - London-based commercial lending group - Says in 2022, pretax profit is flat at £2.8 million, while revenue grows 12% to £5.9 million from £5.3 million in 2021. The company cites higher costs in external borrowing costs on new loans provided by its wholesale funders and co-lenders. Loan book grows 15% to £53.2 million from £46.6 million. Proposes final dividend of 1.53p, up slightly from 1.51p a year ago.
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