The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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PensionBee Group PLC - London-based online pension provider - Celebrates a successful launch in the US after subsidiary PensionBee Inc registers with the US Securities & Exchange Commission as an investment adviser. Follows on from a strategic agreement with State Street Global Advisors, according to which PensionBee will deploy its online retirement proposition and proprietary technology for US customers. PensionBee aims to administer $20 billion to $25 billion in US Defined Contribution assets over the next decade, and expects to be profitable in the UK on an adjusted earnings before interest, tax, depreciation and amortisation basis for the full 2024 financial year.
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Capital Ltd - London-based mining services provider - Revenue in second-quarter amounts to $89.2 million, up 17% from $76.5 million a year prior. In whole of first-half, revenue climbs 9.8% to $169.4 million. ‘The group has seen stable growth in the first half of 2024, with a focus on fleet movement and asset deployment as we commence new operations. Our focus for H2 2024 will be on the operational delivery of key contracts across drilling and MSALABS and we remain confident in our $355-375 million revenue guidance,’ Chief Executive Peter Stokes says.
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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Says tonnes of vanadium pentoxide produced in second-quarter of 2024 up 7.4% on-quarter to 87.6, but down 2.0% on-year to 169.2 tonnes for all of first-half. Molybdenum output down 2.8% on-quarter to 6.9 tonnes and down 32% in first-half to 14.0 tonnes. Nickel production up 16% on-quarter to 38.8 tonnes and up 19% on-year in first-half to 72.2 tonnes. It adds: ‘During the quarter the company continued to build on the improvements made to the plant in Q1 2024, in order to enhance its processing capabilities, including the expansion of the solution ponds which will allow the company to increase the purity of its vanadium pentoxide product and, therefore, improve resulting selling prices. Production of vanadium pentoxide during Q2 2024 was 7% greater than Q1 2024, largely driven by a higher tonnage of concentrate processed during the period. H1 2024 vanadium pentoxide production was at similar levels to H1 2023 but, as a result of different grades of concentrate being treated, a 32% reduction in molybdenum output.’
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Alumasc Group PLC - Kettering, England-based supplier of building and engineering products - Updates annual underlying pretax profit expectations for the year ended June 30 to be at least £12.6 million, compared to £11.2 million a year prior. Follows the ‘significant outperformance of UK construction markets’, with overall organic revenue growth of around 6.5%. Accordingly, says that financial 2024 revenue, operating margins and profit are ahead of financial 2023 across all three divisions, reflecting focus on growth initiatives and disciplined cost management. Adds that the ARP acquisition is performing well, with good progress on integration.
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CPPGroup PLC - Leeds, England-based technology-driven assistance and insurance provider - Expects results for first half of 2024 in line with board expectations. Expects revenue from continuing operations of £89.1 million, down slightly from £90.6 million. Earnings before interest, tax, depreciation and amortisation of £1.1 million, down from £2.1 million.
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Franchise Brands PLC - Macclesfield, England-based company is an international, multi-brand franchise firm - Performing in line with market expectations for 2024 amid ‘resilient underlying demand’, Executive Chair Stephen Hemsley says at annual general meeting. ‘This enables us to generate both the profitability and the cash flow required to service and reduce the debt taken on to fund the Pirtek Europe acquisition,’ the chair adds. Says system sales in the first half of the year increased by 41% to £206 million. Puts market expectations for adjusted Ebitda at range of £35.7 million and £37.2 million.
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