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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Berkeley Energia Ltd - Spain-focused clean energy company, focused on bringing the Salamanca project in Western Spain to production - Spot uranium prices jump 27% in the quarter to December 31, ending at $91 per pound, and further rise to about $100 per pound in January. ‘The outlook for nuclear power and the uranium market continued to strengthen during the quarter,’ Berkeley Energia says. Meanwhile, disagrees with decision by High Court of Justice of Castilla y Leon in Spain. The court upheld appeals to revoke judgements for authorisation of exceptional use of the land and the urbanism licence. Berkeley Energia plans to appeal the judgement at Spain’s Supreme Court under Spanish law ‘to defend its position and take all necessary actions to preserve its rights.’
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Cambridge Cognition Holdings PLC - Cambridgeshire, England-based company which develops and markets digital solutions to assess brain health - Swings to adjusted operating profit of £900,000 in 2023 from a loss of £2.1 million in 2022. Revenue grows 7.1% to £13.5 million in 2023 from £12.6 million. Looking ahead, company says: ‘There has been considerable merger & acquisition activity by large pharmaceutical companies in the central nervous system drug development sector recently and, together with an improving global economic outlook, that is expected to prompt further investment in CNS clinical trials.’ Chief Executive Officer Matthew Stork adds: ‘Despite challenging market conditions during 2023, the company has strengthened its technology platforms and commercial offering and is positioned to capitalise on the anticipated growth in the CNS drug development market. We continue to focus on delivering profitable growth and driving success over the medium-term.’ Cambridge Cognition will release its 2023 results in April.
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Diversified Energy Co PLC - owner of US oil and gas wells - Average net daily production edges up 1.3% to 136,800 barrels of oil equivalent in 2023, from 135,000 in 2022. Estimated adjusted earnings before interest, tax, depreciation and amortisation are set to rise at least 7.4% to between $540 million and $545 million in 2023, from $503 million in 2022. CEO Rusty Hutson says: ‘Despite a challenging commodity price environment, we generated strong full year results, including growing Ebitda to a record level that exceeded consensus expectations,’ adding: ‘Diversified continues to grow as a solutions-based business, making it the right company at the right time.’
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Flowtech Fluidpower PLC - Wilmslow, England-based supplier of technical fluid power products - Revenue in Great Britain declines 6.2% to £79.3 million in 2023, from £84.5 million in 2022. In Ireland, revenue climbs 13% to £22.0 million from £19.5 million. In the Benelux countries, revenue edges up 0.5% to £10.8 million. The company says that underlying profit for 2023 is anticipated to be in line with market expectations. Cites market expectations of underlying earnings before interest and tax of £6.0 million and underlying pretax profit of £4.6 million. Chair Roger McDowell says: ‘In 2023, we welcomed Mike England as our new CEO. With some significant team changes, he has focussed on implementing the near term performance improvement plan and the refreshed strategy to enable the firm platform from which the business can grow over the medium term. Whilst 2023 has been a more difficult year, I am confident that the actions Mike and his team are taking will drive strong returns in shareholder value.’
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Harworth Group PLC - focused on the regeneration of land and property for sustainable development and investment - Expects EPRA net disposal value as at December 31 to be slightly ahead of current market consensus of 194.0 pence, which has a range of 189.5p to 195.6p. For December 31, 2022, the company had reported an EPRA NDV of 196.5p. The company says that its anticipated EPRA NDV ‘is the result of management actions undertaken on development sites to unlock high value uses, and positive progress with planning applications, which have underpinned valuation gains’. Chief Executive Officer Lynda Shillaw says: ‘As we enter 2024, there are some signs of optimism in the macro environment whilst our key markets remain characterised by structural undersupply. We are encouraged that we are seeing continued good demand into the new year for our serviced residential land as well as occupier interest in our employment sites.’
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Synthomer PLC - Essex, England-based chemicals manufacturer - Anticipates revenue decline of 16% to £2.0 billion in 2023 from £2.38 billion in 2022. Adjusted Ebitda will be between £140 million and £144 million in 2023. For 2022, Synthomer had reported Ebitda of £249.2 million. Year-end net debt is expected to decrease 51% to £499 million, ahead of its own expectations, from £1.02 billion a year prior. Synthomer cites ‘strong cash delivery in the final quarter’ for the net debt reduction. The company says trading in the fourth quarter was consistent with trends throughout the year, with subdued volumes and limited visibility amid ongoing challenging macroeconomic conditions in the chemicals industry. Looking ahead, CEO Michael Willome says: ‘In the near term, our focus remains on enhancing our strong positions in key speciality end-markets, optimising our business portfolio and cost position, and sustaining our demonstrated ability to generate free cash flow despite the challenging demand environment.’
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