The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Smiths News PLC - Swindon, England-based newspaper and magazine distributor - Reports weaker first-half earnings but expects an annual outcome in line with market expectations. Revenue in the 26 weeks to February 24 falls 1.9% to £539.8 million from £550.1 million a year prior. Pretax profit declines 8.2% on-year to £15.7 million from £17.1 million. Smiths News lifts its interim dividend by 25% to 1.75 pence from 1.40p. In addition, it announced a refinancing agreement with removes an ‘existing cap on dividends and distributions’. ‘The new refinancing agreement with two of the company’s existing lending syndicate, Santander and HSBC, comprises a £40 million revolving credit facility, with an additional £10 million uncommitted accordion facility,’ it says. ‘The agreement removes the existing cap on dividends and distributions, which was previously capped at £10 million per financial year. The removal of this restriction will enable the company to implement its revised capital allocation policy.’
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NAHL Group PLC - Kettering, UK-base consumer marketing services provider focused on the legal services market - Revenue in 2023 rises 1.9% to £42.2 million from £41.4 million. Its pretax profit rises 14% to £649,000 from £569,000. ‘I am pleased with the solid financial performance that the Group delivered in 2023 and am encouraged that we continued to outperform the market in both Consumer Legal Services and Critical Care while further reducing net debt and building a more sustainable business. I would like to take this opportunity to thank our fantastic team for their continued hard work and commitment, driving our success,’ Chief Executive Officer James Saralis says. ‘We demonstrated further improvements in our Personal injury business, which was again profitable and cash generative, and delivered double digit growth in Critical Care. These strong results position us well to maintain our growth and realise the step-change that we have been working towards as our own fully integrated law firm, NAL, matures.’
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Hostelworld Group PLC - Dublin-based hostel booking company - At annual general meeting, Chair Michael Cawley says firm is ‘confident’ of high single-digit booking and revenue growth this year. Cawley says: ‘I am pleased to report that trading remains consistent with the trends outlined in our March preliminary results continuing into 2024. In particular, our highly differentiated social strategy continues to deliver growth in market share whilst marketing costs remain at the low end of the guidance range.’ Hostelworld will repay remaining €7.5 million balance on AIB term load by end of first half of 2024, two years ahead of schedule. Cawley says the repayment will deliver cash interest saving of €500,000 over remaining lifetime of facility. In addition, it plans a share purchase programme in the second half of the year, ‘which will address the dilution to shareholders of shares issued in late April 2024’. Those shares were issued in connection to firm’s long-term incentive plan. Hostelworld adds that Ulrik Bengtsson has been named as its next chair, replacing Cawley who steps down on October 21 after a ‘period of handover’. Bengtsson was formerly operating chief of Virgin Media O2, the telecommunications joint-venture co-owned by Telefonica SA and LIberty Global PLC.
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SIG PLC - supplier of specialist insulation, roofing and sustainable building products - Says like-for-like sales in four months to April 1 fall 6% on-year to £873 million, which reflects ‘continuing challenging market conditions’. It adds: ‘Weak demand has been a factor in all of the group’s markets. Encouragingly, the benefit of ongoing commercial and modernisation initiatives is enabling most of our businesses to outperform local markets, with particularly strong relative performance in UK Exteriors, Germany and Poland. In UK Interiors, two strategic branch closures early in the year affected the LFL growth by about 3% in the period.’ It predicts weak demand to be a theme in 2024, but it leaves its profit outlook unchanged.
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Accsys Technologies PLC - London-based wood building products manufacturer - Expects results for year ended March 31 to top expectations after a ‘resilient’ final quarter. Adjusted earnings before interest, tax, depreciation and amortisation to top consensus of €2.5 million. Says fourth-quarter Accoya sales volumes ‘remained robust’. Cost savings programme achieved more than €3 million of targeted savings realised over the second half. ‘We are excited to see the commissioning of the Accoya USA plant underway. When on stream this new facility will see our capacity double from 18 months ago. It is a major milestone for Accsys that will bring our production closer to customers and unlocks a significant growth opportunity in our largest potential market. In Q4 we began to see positive results from our planned investment in sales and marketing with trading ahead of expectations and strong cash flow generation. We remain confident in the large market opportunity for our products,’ Chief Executive Officer Jelena Arsic van Os says.
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Lords Group Trading PLC - London-based building materials distributor - Extends £95 million lending facilities. The facilities consist of £70 million in revolving credit financing and £25 million a receivables financing facility. ‘The RCF has now been extended from its initial three year term by 12 months such that the RCF will now expire on 5 April 2027,’ Lords says.
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Iofina PLC - iodine producer - Revenue in 2023 rises 19% to $50.0 million from $42.2 million in 2022. Pretax profit, however, declines 17% to $8.3 million from $10.0 million. Cost of sales increase 30% to $34.4 million. ‘Iofina delivered another strong year across the business, which culminated in record sales of just over $50 million. Despite the impact of sustained inflation and higher input costs during 2023, profits remained resilient and were only marginally down on last year,’ CEO Tom Becker says.
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African Pioneer PLC - natural resource explorer and developer focused on Sub-Saharan Africa - Enters unsecured convertible loan funding facility agreement for up to £1.0 million with Sanderson Capital Partners Ltd. Sanderson is a ‘long term shareholder’ in the firm. The facility is convertible at 2.8 pence per ordinary share. ‘The facility can be drawn down in 4 tranches of £250,000 each. The facility can be extended by the company by a further £500,000 if the company draws down in full or in part against all 4 tranches of the facility in which case the conversion price for the optional facility will be 4 pence per ordinary share,’ African Pioneer adds.
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Atlantic Lithium Ltd - lithium development company, currently focused on developing the Ewoyaa project on the Ghanaian coast - Receives backing from Ghana Stock Exchange’s listing committee, as well as the nation’s Securities & Exchange Commission, for a GSE admission. ‘As the country’s first near-term lithium producer to list on the GSE, the company believes that admission to trading reflects Ghana’s pioneering approach to establishing a route to the long-term supply of lithium to support the electrification transition and to meet global climate change objectives,’ Atlantic Lithium says. ‘Admission of the company’s shares to trading on the GSE is expected to broaden the company’s investor base and increase the company’s visibility both within Ghana and globally.’ Atlantic Lithium will not place or issue any new shares in connection to the GSE listing, nor will it impact its AIM and Sydney listings.
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Reabold Resources PLC - investor focused on developing gas projects - Investee LNEnergy Ltd strikes a deal with Gunvor International BV. Gunvor will buy liquefied natural gas from LNEnergy from the Colle Santo gas field in onshore Italy. LNEnergy has the exclusive right to acquire a 90% interest in Colle Santo. Reabold owns just over 26% of LNEnergy. Reabold adds: ‘Gunvor will purchase approximately 44,000 tonnes of LNG per annum. The point of sale will be the truck loading flange at the small-scale LNG plant, and the LNG will then be delivered by truck in Italy. The price for the LNG will be aligned with the Italian PSV price. The contract term will be for an indefinite period with a minimum term of five years.’
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Avation PLC - Singapore-based aircraft leasing company - Exercises purchase rights for ten new ATR aircraft and extends maturity of residual purchase rights to 2034. It says these moves are ‘foundation for its regional aircraft strategy for the next ten years’. The 10 new aircraft are set for delivery between the last quarter of 2025 and the first quarter of 2028. All aircraft will be sustainable aviation fuel compatible. The additional purchase rights, which run to June 2034, concern a further 24 aircraft.
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