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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STV Group PLC - Glasgow-based television broadcaster and content producer - Issues trading update as hosts visit for institutional investors at its Glasgow head office on Wednesday. Says total advertising revenue grew 5% in the first quarter, in line with guidance, and there is good advertising momentum in the second quarter which it expects to be up 15% to 20%, driven by Euro 2024. Overall, sees first half advertising revenue up around 10% to 12%. STV Studios continues to perform strongly, securing major new orders from Netflix, Sky and Discovery in the first half despite the challenging commissioning environment, and is on track to hit target revenues of £140 million in financial 2026. Says three-year cost savings plan is on course to deliver around £1.5 million of savings in 2024, which will increase to a run rate of £5 million per annum by 2026 as previously guided.
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Angle PLC - Guildford, England-based liquid biopsy company - In 2023, says pretax loss narrows to £21.6 million from £24.4 million a year prior. as revenue more than doubles to £2.2 million from £1.0 million. Operating costs fall to £23.3 million from £24.8 million. Reports strong start to 2024 with product and services customer relationships developing well and significant expansion of pharma services business. Expects half-year 2024 revenue between £1.0 million and £1.3 million with a total of around 40% of full-year market expectations for revenue already contracted year to date. Further, raises 8.8 million via placing and subscription at 15 pence per share, above hopes to raise £8.5 million. In addition, hopes to raise £2.1 million by open offer at the same price. Proceeds will be used to support the company’s commercialisation plan and for general working capital requirements. Completion of the fundraising alongside delivery of market expectations is anticipated to secure cash flow break even on a monthly basis by the end of 2025, Angle says. Chief Executive Andrew Newland says: ‘We are grateful for the strong support from existing shareholders and new investors.’
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Vp PLC - Harrogate, England-based equipment rental company - In year ending March, pretax profit plummets to £2.8 million from £30.7 million a year prior, while revenue edges down by 0.8% to £368.7 million from £371.5 million. Profit includes a £27.7 million non-cash impairment in relation to Brandon Hire Station. Administrative costs rise to £48.6 million from £44.8 million. Declares total dividend per share of 39.0 pence, up from 37.5p a year ago, including a final dividend per share of 27.5p, up from 26.5p. Calls it a ‘solid overall performance despite challenges in some end markets.’ Reports a ‘solid’ start to the new financial year, which Vp expects to be in line with expectations. Says headwinds remain in housebuilding market amid slight drop in activity levels. Notes infrastructure market remains supportive with clear pipeline of projects.
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Churchill China PLC - Stoke-on-Trent, England-based ceramic products manufacturer - Issues short update ahead of Thursday’s annual general meeting. Says: ‘Whilst markets remain subdued, trading remains broadly in line with management’s expectations. Productivity and yield continue to improve as a result of activities in manufacturing. The board’s expectations for the year remain unchanged.’
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Ramsdens Holdings PLC - Middlesbrough, England-based financial services provider and pawnbroker - In the six months to March, revenue increases by 12% to £43.8 million from £39.0 million a year prior. Pretax profit rises 8.1% to £4.0 million from £3.7 million. Jewellery retail revenue increases 1.2% to £17.5 million from £17.3 million with retail gross profit increasing by 6.3% to £6.7 million from £6.3 million due to product mix benefits. Declares 9.1% increase in dividend to 3.6 pence per share from 3.3p a year before. Says second half trading to date is in line with the expectations, with continued positive performances across the group’s diversified income streams. Feels ‘well positioned’ to further grow profitability in financial 2024 and beyond.
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Immupharma PLC - London-based drug discovery and development company - In 2023, pretax loss narrows to £3.4 million from £4.5 million a year prior. Zero revenue, unchanged. Administrative costs rises to £1.0 million from £846,571. Remains focused on the development of two key late stage clinical assets, P140 (SLE) and P140 (CIDP), and on securing additional partnering deals for each.
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Life Settlement Assets PLC - London-based closed-ended investment company which manages portfolios of whole and fractional interests in life settlement policies issued by life insurance companies operating predominantly in the US - Announces share buy back programme of up to 14.99% of the company’s share capital. This comes as company notes the discount at which the share price trades as compared to its net asset value.
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EnergyPathways PLC - West Sussex, England-based energy company primarily focused on developing the Marram Field offshore gas project - Reports that, following the North Sea Transition Authority publishing, on May 29, a notification for gas storage applications for an area that includes the Marram Project, it has formally confirmed with the NSTA its interest and intention to make an application for a Gas Storage Licence in the area. As previously announced, the company has also submitted ‘Out of Round’ licence application requests to the NSTA in relation to two prospective gas storage areas that incorporate the ‘development ready’ Knox and Lowry gas fields. Believes there is a compelling future commercial opportunity to integrate all three potential gas storage projects as the natural follow on from developing the Marram Project. Sees significant benefits in integrating them all at an early stage into EPP’s wider growth plans to develop a UK Irish Sea energy storage project.
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Petershill Partners PLC - London-based investment group focussed on private equity and other private capital strategies - Announces results of tender offer. Says around 97.3 million shares were validly tendered in the tender offer. Following the application of the scaling-down mechanism 37.9 million shares will be purchased at a price per of 214 pence each.
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Henry Boot PLC - land development, property and construction business - Secures reserved matters planning consent for three units totalling 464,000 square feet at SPARK, Walsall, its £110 million gross development value industrial and logistical project. Chief Executive Tim Roberts says: ‘This new logistics and manufacturing hub will add to our growing industrial portfolio and replenish our committed development programme.’
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RTC Group PLC - London-based recruitment company - Issues trading statement ahead of Thursday’s annual general meeting. Says since March continues to trade on a positive trajectory with trading levels ahead of the same period in 2023. ‘The Board is confident of the trading prospects of the Company in the current financial year.’
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Finseta PLC - London-based provider of cloud-based payment systems - Completes sale of 100% of Capital Currencies Ltd following the receipt of regulatory approval from the Financial Conduct Authority. Receives £150,000 cash. ‘The proceeds from the sale further strengthen our cash position and our ability to capitalise on the excellent momentum that we have been experiencing across the business,’ company says.
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Empire Metals Ltd - exploration and resource development company, which is focused on the Pitfield titanium project in Western Australia - says that it has discovered a ‘highly significant, titanium dioxide mineral deposit’, comprised of rutile and anatase, at Pitfield. Explains that the deposit is within the ‘near-surface, strongly weathered ’saprolite‘ zone of bedrock’. Managing Director Shaun Bunn says: ‘This is a game changing development for Empire and one which is expected to accelerate timescales and further enhance the economics of Pitfield.’
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