The following is a round-up of earnings by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Ukrproduct Group Ltd - dairy foods and beverages producer and distributor in Ukraine - Revenue in six months ended June 30 largely flat on-year at £18.3 million. Swings to pretax profit of £654,000 from £152,000 loss a year earlier. ‘The development of the business in the second half of 2023 remains highly uncertain due to the ongoing war in Ukraine. However, Ukrproduct has a positive economic outlook for the next six months running on the back of constant domestic demand, the stable operation of the energy system, and improved inflation. Due to developments of the domestic market the group expects to increase sales slightly. Higher costs for energy and logistics will likely require further sales price increases in the quarters to come,’ company adds.
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Microlise Group PLC - Nottingham, England-based provider of software-as-a-service transport technology solutions to fleet operators - Microlise reports revenue of £33.9 million in six months to June 30, up 11% from £30.7 million. Pretax profit improves 5.7% to £1.5 million from £1.4 million. Company adds: ‘Whilst it is sensible to look to the future with a degree of caution, given the continuing global macro-economic challenges, the company’s positive trading performance during the period and proven ability to navigate these challenges, underpin the board’s confidence that the group’s performance for FY23 will be in line with market expectations.’
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Global Connectivity PLC - Isle of Man-based broadband provider to rural areas in the UK - Reports no revenue in six months to June 30, unchanged from a year prior. Swings to pretax profit of £3.0 million, swinging from loss of £652,000 a year prior. Posts net gain on financial assets at fair value of £3.2 million. Company adds: ‘Separately, over the past several months, the board of Global Connectivity has been actively investigating appropriate investment opportunities in a variety of technically based businesses that enhance connectivity either between consumers or companies that provide services to consumers where enhanced connectivity is essential. We have declined to pursue two of these opportunities due to these (on more detailed examination) not fulfilling all the criteria that the Company has with respect to suitability, fit and growth potential and are advancing discussions in respect of a further two. Now that Global Connectivity’s involvement in the broadband fibre market is anchored, it can be expected that the process of seeking suitable investments to further the growth of Global Connectivity will accelerate.’
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STM Group PLC - London-based cross border financial services provider - Revenue in six months ended June 30 increases 17% on-year to £13.2 million from £11.3 million. Pretax profit declines to £146,000 from £480,000. Finance costs rise to £302,000 from £99,000 and depreciation and amortisation up to £995,000 from £778,000. Decides against an interim dividend, having made a 0.60 pence payout a year earlier. The lack of a dividend is due to STM currently being the object of a possible takeover from Pension SuperFund Capital GP II Ltd as general partner of Pension SuperFund Capital Reserve LP. On Wednesday, STM said the deadline for a firm offer has now been extended to October 11.
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B90 Holdings PLC - online marketing for gaming industry - Revenue in six months ended June 30 falls 25% to €754,659, from €1.0 million a year earlier. Pretax loss widens to €1.8 million from €1.3 million. Executive Chair Ronny Breivik says: ‘We are excited with the substantial operational progress made during the first half of 2023. Our strategic acquisitions, enhanced team composition, and increased marketing investments are pivotal to our future growth. While we navigate dynamic market conditions, we are poised for success through our ’buy and build’ M&A strategy and commitment to delivering value to our shareholders. The future holds great promise for B90 Holdings as it capitalises on strategic partnerships, expansion initiatives, and emerging opportunities within the dynamic gaming industry.’
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XLMedia PLC - London-based digital media company - Revenue in half-year ended June 30 falls by a third to $28.8 million from $43.3 million. However, pretax profit more than doubles to $6.8 million from $3.1 million. Finance expenses decline markedly to $152,000 from $1.7 million. Chief Executive Officer David King says: ‘Having pivoted the group into a North American, sport-led business in 2020 and 2021, XLMedia is well placed to participate in the long-term growth of online sports betting. However, as previously noted, the group’s overall growth will not be linear while the affiliate revenues in North America remain principally a one-off introductory fee and the timing and scale of new state launches impact period-to-period comparisons. We are working to develop more revenue share relationships with operators in the US, while also successfully building our recurring revenues in Europe, providing a solid base for future growth.’ Expects full-year adjusted earnings before interest, tax, depreciation and amortisation in line with management expectations.
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Molecular Energies PLC - oil, gas and alternative energy company - Revenue in six months to June 30 falls 9.3% to $14.7 million from $16.2 million. Pretax profit almost wiped out to $7,000 from $1.3 million. Says free of Argentina debt, after sale of its Argentinian oil and gas business. Has created Green House Capital ‘with the purpose of becoming the alternative energy division of Molecular’. Chair Peter Levine says: ‘Times change and so must Molecular. By making plans to pivot to green fuel, the company will benefit from its and its sister company’s contacts, experience, know-how and location to create a major future fuel business. In the meantime, the existing business and assets of Molecular, now free from the large Argentine debt and all third-party financial debt, provide a solid and worthwhile base from which to grow.’
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Forward Partners Group PLC - Investment firm focused on high-growth, early stage technology businesses - Reports net asset value per share of 67.0 pence at June 30 half-year end, from 71.8p at end of December. ‘While the environment in which we operate remains tough, there are signs that things are beginning to stabilise. We are encouraged by the substantially smaller reduction in portfolio fair value in the half versus the full year, which itself was an improvement on H1 2022,’ Chief Executive Nic Brisbourne says.
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US Solar Fund PLC - investment company focusing on owning and operating solar power assets in North America - Net asset value falls 11% to $284.2 million on June 30 half-year end, from $320.0 million at end of December. NAV per share falls to $0.855 from $0.963. ‘Macroeconomic headwinds impacted the infrastructure sector as US inflation increased operating costs and discount rates also rose; combined, these factors more than offset improved merchant curves for the company’s operating portfolio,’ US Solar Fund says. Dividends for first-half total 2.58 cents, up 1.6% from 2.54 cents a year earlier.
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