The following is a round-up of earnings for London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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AB Dynamics PLC - Wiltshire-based designer, manufacturer and supplier of advanced testing, simulation and measurement products - Revenue in six months to February 29 rises 7.5% to £52.3 million from £48.6 million. Pretax profit jumps to £5.1 million from £1.8 million. ‘The group has delivered a strong performance in the first half of the year, capitalising on supportive conditions across key markets and demonstrating the benefits of the investment made in recent years in the commercial and operating capability of the business,’ Chief Executive James Routh says. Our solid order book provides good visibility for the second half of the year. ‘Whilst being mindful of timing of pipeline conversion and customer delivery schedules, the board remains confident that the group will make further financial and strategic progress this year. With strong trading momentum entering H2 and benefiting from the acquisition of VTS and improved margins, the board expects to deliver full year operating profit ahead of its expectations.’ AB Dynamics lifts its dividend by 20% to 2.33 pence from 1.94p.
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Videndum PLC - London-based software and hardware manufacturer for the film industry - Revenue from continuing operations in 2023 totals £306.9 million, falling 31% from £442.5 million in 2022. Swings to pretax loss of £18.8 million from profit of £42.2 million. Videndum says US writers and actors strikes, tough market conditions and ‘destocking’ hurt its 2023 outturn. Looking ahead, Videndum adds: ‘Industry confidence in the post-strike recovery remains strong, however the significant pick up in the cine and scripted TV market anticipated in March did not materialise and is now expected from June.’ It continues: ‘The board remains confident that the group will benefit from a strong recovery in the second half of 2024 as the cine and scripted TV market gradually recovers, although the pace and shape of the post-strike recovery is uncertain.’ Videndum paid no dividend for 2023, compared to 40.0p for 2022.
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Fiinu PLC - Weybridge, Surrey-based digital bank and creator of Plugin Overdraft budget management offering - Pretax loss in 2023 widens to £8.3 million, compared to £8.2 million in nine months to December 31, 2022. The prior period is only nine months in duration because Fiinu had changed its accounting referencing date to the end of December, from the end of March. This was to ‘to bring the subsidiary companies in line with Fiinu’. Fiinu reported no revenue in 2023, unchanged from the prior period. ‘Last year was difficult for management, but as we navigate this pivotal moment in our company’s journey, I am buoyed by the progress we are making,’Chief Executive Officer Marko Sjoblom says. Sjoblom adds: ‘In the short term, as well as continuing to seek interim and conditional funding to allow us to rehire key staff and ultimately re-apply for our banking licence, we will explore new avenues for revenue, such as technology white-labelling and joint venture opportunities. These opportunities, which were always in our strategy, would allow us to generate immediate banking-as-a-service licencing revenue, prove the product market fit and that the technology works but also, pave the way for our long-term ambitions for Fiinu Bank.’
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Orosur Mining Inc - South America-focused minerals explorer and developer - Net loss from continuing operations in nine months ended February 29 slims to $1.2 million from $1.8 million. Corporate and administrative expenses fall 2.4% to $1.3 million, while exploration expenses come in markedly lower at $72,000 from $534,000. It makes a $157,000 foreign exchange gain, swinging from a $106,000 hit year-on-year. Looking ahead it says it will focus investment in Colombia and Argentina. It will also look to advance its project in Nigeria, as ‘lithium prices continue to recover’. It adds: ‘As the company seeks to prioritise the use of its capital, it will, however, no longer pursue activity on its Brazilian project and accordingly, Orosur will terminate its JV agreement with Meridian Mining UK Societas on the Ariquemes tin project.’
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RM Infrastructure Income PLC - moving towards ‘managed wind-down’ of company, but had invested in loans to infrastructure assets - Net asset value per share at end of 2023 declines 3.9% on-year to 88.88 pence from 92.49p. Maintains annual dividend at 6.50 pence per share. RM adds: ‘Since the commencement of the managed wind-down process, the company expects not to be able to keep paying dividends at the rate of 6.5 pence per share per annum as was previously the case. The company will instead pay dividends only as required to maintain investment trust status. As the company’s portfolio reduces in size its fixed costs will become a greater proportion of its income.’
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Trellus Health PLC - White Plains, New York-based digital health platform provider - Pretax loss in 2023 narrows to $6.3 million from $8.8 million in 2022. Reports nominal revenue of $19,000, largely unchanged from $18,000. ‘The past year represented great progress for Trellus Health. Following the successful completion of our direct-to-consumer model,’ CEO Marla Dubinsky says. ‘Our early-stage pilots signed and then extended during the year provided valuable insights for us. These learnings have enabled us to secure larger B2B2C agreements with a focus on healthcare cost savings as well as improved outcomes.’ In February, it announced a deal with a ‘large US health plan’ for up to 21 months. The health plan is focused on inflammatory bowel disease condition management.
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