The following is a round-up of 2022 earnings announcements by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Glantus Holdings PLC - Dublin-based provider of accounts payable automation and analytics services - Suffers ‘challenging year’ in 2022 as cost of sales and administrative expenses rise despite a fall in revenue. Revenue declines 6.9% to €9.8 million from €10.5 million in 2021, but cost of sales rises to €3.3 million from €2.2 million and administrative expenses to €9.0 million from €5.5 million. As a result pretax loss widens to €7.0 million from €2.3 million. Glantus explains that its productivity in the US market declined while it transitioned operations to Costa Rica. Run-rate billing was reduced from an expected €1.5 million per month to €1 million. Glantus also suffers integration issues with an acquisition. In response, it cuts costs in the final three months of 2022, allowing a return to profitability in the first quarter of 2023. It expects to provide a first-half trading update in the week starting July 24.
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DP Poland PLC - operator of Domino’s Pizza stores in Poland - Pretax loss is steady in 2022 compared to 2021, both about £4.3 million. Revenue rises by 20% to £35.7 million from £29.9 million, but direct costs rise 16% to £28.3 million from £24.4 million, and selling, general and administrative expenses grow by 32% to €5.7 million from €4.3 million. Adjusted earning before interest, tax, depreciation and amortisation rises 49% to €1.7 million from €1.1 million, but higher non-cash items and lower finance income leave pretax loss flat. ‘2022 was expected to be a pivot year for many industries worldwide as the Covid-19 pandemic was coming to an end,’ commented Chief Financial Officer Edward Kacyrz, who took on the CFO role back in December. ‘Unfortunately, the war in Ukraine has had a significant impact on the global economy and severely impacted energy prices, food costs and the labour market in Central Eastern Europe where DPP is operating.’
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Seeen PLC - London-based video technology platform - Pretax widens to $10.7 million in 2022 from $3.5 million in 2021, as revenue more than halves to $3.3 million from $8.5 million. Says wider loss partly due to one-off goodwill impairment of $7.5 million relating to the termination of its Video Experience Platform. Revenue declines due to the elimination of unprofitable revenue from channel partners in its Creator Service Provider business and the loss of all advertising revenue in Russia since its invasion of Ukraine. Adjusted Ebitda loss is $800,000, which Seeen says is in line with market expectations and narrowed from $1.5 million in 2021. Seeen is now focused on higher-margin sales from technology commercialisation. In the first half of 2023, it gets two strategic customer wins worth more than $1 million in revenue and $250,000 in gross profit annually.
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Valereum PLC - owner of Gibraltar Stock Exchange - Pretax loss widens to £4.2 million in 2022 from £1.8 million in 2021, with no revenue in either year. Says 2022 was a year of ‘progress and patience’ for Valereum. It signed an option to buy 80% of Gibraltar Stock Exchange, or GSX, back in October 2021 but had to wait an entire year to secure transfer-of-ownership permission. This month it agreed a reduced price to buy the remaining 50% of GSX that it didn’t already own. It will focus GSX on growth companies in the Middle East, Africa and India.
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TechFinancials Inc - becomes purely investment entity in 2022 after closing operating entities in Israel - Reports pretax loss of $269,000 for 2022, narrowed from $338,000 in 2021, with no revenue either year. Makes $43,000 loss from its investments in listed equities in 2022. Will continue to look for investment opportunities in 2023.
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