The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and Monday and not separately reported by Alliance News:
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Treatt PLC - manufacturer and supplier of extracts and ingredients for the beverage, flavour and fragrance industries - Revenue in year ended September 30 increases 5.1% to £147.4 million from £140.2 million. Pretax profit is 16% lower at £13.5 million from £16.2 million, however. In financial 2022, it reported a £3.3 million gain on the disposal of land and buildings. No such gain was recorded for financial 2023. Pretax profit before exceptional items totals £17.3 million, up 14% from £15.3 million. ‘While we remain cognisant of ongoing macroeconomic headwinds, we are confident in our strategy and in the strength of our teams and their expertise to deliver this,’ Treatt adds.
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Crossword Cybersecurity PLC - London-based cybersecurity solutions provider - Says revenue growth so far in the second half of 2023 has not been ‘as strong as expected’. It adds: ‘pipeline remains strong, but conversion from pipeline to contracts has slowed down. This means that contract opportunities expected to commence in Q4 2023 are now expected to commence in 2024.’ As a result, it expects yearly revenue in the range of £4.1 million to £4.3 million, instead of the £6 million outcome it previously guided for. Revenue in 2022 amounted to £3.7 million. Cost control means it expects its pretax loss to be ‘broadly in line with current market expectations’. Looking further afield, it says: ‘The company has previously guided to 2024 revenue of £8 million, the company believes that revenue is more likely to be circa £7 million for 2024. The company remains firmly committed to achieving profitability without needing to raise additional capital and remains on target to achieve earnings before interest, tax, depreciation, and amortisation and cash breakeven on a monthly basis during H2 2024.’
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Journeo PLC - Leicestershire-based transport system services provider - Now expects £46 million worth of revenue for 2023, ahead of market expectations, amid ‘organic and acquisitive growth and a strong second half’. It would be double the £21.1 million revenue reported for 2022. Says sales of lower margin products were higher than expected in first-half, and this has continued through most of the second half. Journeo expects adjusted pretax profit of £3.9 million, ahead of market expectations, ‘further demonstrating the company’s resilience and ability to maintain its performance despite the challenging macro-economic environment’. Underlying pretax profit in 2022 amounted to £1.2 million. It predicts margins will pick up in 2024. Journeo adds: ‘Margins are expected to increase in FY 2024 as the effect of component shortages in supply chains improves, delivery of delayed rail contracts and associated SaaS revenues commence, and the overall business mix changes as the group’s integration programme starts to deliver consolidated products design, unified software and integrated services to its growing international marketplace.’
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Augmentum Fintech PLC - investor focused on European private fintech companies - Net asset value per share after performance fee was 160.20p at the September 30 half-year end, up 0.8% from 158.9p at March 31. ‘The operational performance of the vast majority of our portfolio companies has continued to be strong, with average revenue growth of 74% across the top 10 in the last 12 months. There have been some standout results, in some cases ahead of expectations, and the majority have over 2 years of cash runway,’ the firm explains.
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Coinsilium Group Ltd - investor and adviser focused on blockchain and cryptocurrency finance - Lifts stake in Singapore-registered blockchain development company Indorse Pte Ltd to just under 25%, from just over 10%. It acquires 2,773 more Indorse shares, representing a stake of around 15%. It now holds 4,206 shares in Indorse.
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Chelverton UK Dividend Trust PLC - invests in UK mid to small-cap companies - Net asset value per share at October 31 amounts to 129.38 pence, down 23% from 168.15p at end of April. The company says: ‘The stock market for the last six months, and in fact the last two years, has been very difficult for small and mid-cap companies. It is well-documented that UK shares have been lowly rated over several years and this is particularly so in the area of the market in which the company invests.’ Dividends declared for the six months amount to 6.30p, up 7.1% from 5.89p a year prior. During the period, Chelverton UK Dividend Trust increased its investments in 14 existing holdings, including Arbuthnot Banking Group PLC, Liontrust Asset Management PLC, lender OSB Group PLC and student accommodation developer and manager Watkin Jones PLC. It added six new names to its holdings, including sub-prime lender Vanquis Banking Group PLC, DIY retailer Wickes Group PLC and central heating radiators provider Stelrad Group PLC.
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Northern Venture Trust PLC - venture capital trust - Elects to use over-allotment facility of £6.0 million as part of fundraise. Back in September, it said the subscription offer was to raise £14.0 million for each of Northern Venture Trust, Northern 2 VCT PLC and Northern 3 VCT PLC.
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Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric assets - Says net asset value per share at September 30 third-quarter ended totals 118.7p, up 0.6% from 118.0p at end of June. Downing Renewables & Infrastructure adds: ‘During the period, energy generation was higher than expected for the portfolio, largely due to the hydropower portfolio experiencing strong water inflows as a result of rainfall levels being much higher than the base case expectation. Generation in the wind and solar assets were below budget as a result of lower than expected availability. Operating profit was lower than budgeted, due to lower generation in the solar and wind portfolios and lower-than-expected power prices in the Nordic region off the back of higher-than-expected rainfall.’
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Good Energy Group PLC - Wiltshire, UK-based renewable electricity supplier - Says ‘strong’ first half of 2023 continued and trading to the end of October ‘has been ahead of expectations’. It now expects 2023 earnings ahead of board expectations, with pretax profit of at least £4 million. It made a pretax profit of £9.2 million in 2022, though on an underlying basis, it amounted to £2.6 million. Good Energy’s 2022 numbers included a £7.8 million gain arising on the loss of control of a subsidiary. Good Energy adds on Tuesday: ‘Forecast loss in H2 2023 is now expected to be reduced, as weather conditions through the early winter have been generally mild and renewable generation has been stable, which has reduced gas consumption and softened short term market prices.’
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Serabi Gold PLC - Brazil-focused gold mining and development company - Reports ‘positive results’ from exploration work at Palito tenement in Brazil. ‘Interpretation of regional airborne geophysics and soil geochemistry have identified a large scale (crustal) dilational feature which hosts at least four new gold and copper prospects,’ Serabi adds. Exploration work is being conducted by the Exploration Alliance, funded by Brazil-focused iron ore producer Vale SA.
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