The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Tremor International Ltd - Israel-headquartered company offering an end-to-end technology advertising platform - Says revenue in the third quarter of the year grew 13% to $80.1 million from $70.9 million the year prior. Nevertheless, swings to pretax loss to $4.04 million from a $3.50 million profit the year before. Operating costs increase 33% to $69.8 million from $52.7 million. Looking ahead, it says ongoing uncertainty will limit customer spending through to the rest of 2023. Expects approximately between $80 million and $85 million in adjusted earnings before interest, tax, depreciation and amortisation for the full year.
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Rockwood Strategic PLC - London-based investor in smaller UK public companies, formerly known as Rockwood Realisation PLC - Says net asset value per share at September 30 was 1,851.62 pence, down from 1,959.56p at March 31. NAV total return in six months to September 30 was negative 5.5%, compared to a decline in the FTSE AIM All Share Index of negative 10.3%. Chair Noel Lamb says: ‘The first half of our financial year has been a challenging one for UK small company stock market investors, with sustained outflows from the asset class amidst negative sentiment as interest rates continued to rise against a subdued economic backdrop. For those with sensible time horizons, these are typically the conditions for positive future medium-term returns, not least due to the heavily depressed valuations of small company shares relative to history. Private equity and trade buyers are clearly recognising the opportunities created by this environment, with the drumbeat of takeovers within Rockwood’s portfolio continuing throughout 2023. We are delighted that during the period, the long-standing share price discount to Net Asset Value was closed, and we were able to grow our shareholder base.’
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Victorian Plumbing Group PLC - Lancashire, England-based bathroom retailer - Says pretax profit in the year ended September 30 grows 32% £15.6 million from £11.8 million a year prior as revenue rises 5.8% to £285.1 million from £269.4 million the year before. Proposes a final dividend of 0.95 pence per share, bringing the total dividend to 1.40p per share, up 73% from 1.10p the year before. Looking ahead, it says it is ‘confident’ in future growth prospects. Chief Executive Officer Mark Radcliffe says: ‘As a highly cash generative business with a strong balance sheet, we continue to invest in the business - across people, technology and infrastructure. Our new purpose-built 544,000 square feet distribution centre, once operational, will enable further growth in the core bathroom category, as well as unlocking further strategic category expansion. We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.’
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Duke Royalty Ltd - Guernsey-based provider of royalty finance to companies in UK and Europe - Says total revenue for the half year ended September 30 falls 66% to £10.4 million from £31.0 million the year before. Recurring cash revenue totalled £12.2 million, up 17% from £10.4 million in the first half of financial 2023. Pretax profit stoops by 81% to £3.8 million from £20.4 million a year prior. Maintains its quarterly dividend of 0.70 pence per share. Looking ahead, says it is ‘well-positioned’ for growth. Chair Nigel Birrell comments: ‘During the interim period, Duke was able to post its twelfth consecutive quarter of increasing recurring cash revenue, which was a fantastic achievement for the company. In line with this strong financial performance, the company also maintained its quarterly dividend of 0.70p per share. Investors can be reassured that the dividend payout remains well covered by operating cashflow, with the attractive yield representing a pillar of Duke’s ongoing business model and its overall financial discipline.’
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Atlantic Lithium Ltd - Sydney-based lithium exploration and development company, with assets in Ghana and Ivory Coast - Says beginning of construction of Ewoyaa lithium project in Ghana will begin in late 2024, with initial production expected in early 2025. CEO Keith Muller says: ‘Being now within only two years from initial production, the company continues to actively recruit experienced individuals to bolster the expertise of the leadership team ahead of mine build and operation, while also ensuring a successful transition to becoming a lithium producer. We are delighted to welcome three general managers to the team, each bringing significant expertise from across the mining sector. We expect to continue to grow our teams, both in Ghana and in Australia, as we near construction.’
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OptiBiotix Health PLC - York, England-based life sciences company - Wins grant from the University of Reading for research of its prebiotic and mineral complex, WellBiome. Says the study will assess Well Biome’s impact on the gut microbiome. CEO Stephen O’Hara says: ‘The award of this grant to investigate WellBiome’s impact on the gut microbiome throughout its length is another step in OptiBiotix’s strategy of developing science based functional ingredients which modify the human microbiome to improve health. Consumer understanding and interest in the microbiome and the role of gut health in general health and wellbeing is growing rapidly, particularly in the US, and this is creating a market opportunity that is large and expanding.’
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