The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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H&T Group PLC - Surrey-based pawnbroker and retailer of new and pre-owned jewellery - Says trading in the six months to June 30 has been in line with expectations. Availability of small sum credit continues to be constrained generally for consumers and demand for the pawnbroking offer has been robust. Redemptions have taken a little longer to moderate than anticipated, following the pickup of redemptions in Spring but have moderated through June and into July. Says the capital value of the pledge book at June 30 was £105 million, up from £85 million a year prior. All key pledge book metrics remain in line with expectations, H&T says. Retail sales continue to perform in line with forecasts, while scrap margins are improving as expected.
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Diaceutics PLC - Belfast-based provider of diagnostic commercialisation services to pharmaceutical and biotechnology companies - Issues trading update for half-year to June 30. Says revenue grows 24% to around £12.3 million from £9.9 million a year prior, or up 28% on a constant currency basis. Around 55% of revenue is recurring, rising from 47% a year ago. Order book at June 30 is £27.9 million, up 16% from £24.1 million. Sees cash and adjusted earnings before interest, tax, depreciation, amortisation and exceptional items in line with expectations.
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Warehouse REIT PLC - London-based investor in real estate, with a focus on UK industrial warehouses - Issues trading update for three months to June 30. Completes 27 transactions in the period, securing £4.1 million of contracted rent, with transactions agreed on average 15.1% ahead of previous contracted rent. ‘We have a well-established track record of capturing reversion and have seen momentum continuing this quarter, supporting our overall goal of increasing dividend coverage by the year end. Looking forward, we see further upside in our portfolio with £7 million of embedded reversion as at March 31 2024,’ company states.
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Cambridge Cognition Holdings PLC - Cambridgeshire, England-based company developing and marketing digital brain health assessment solutions - Issues trading update for six months to June 30. Says revenue falls to £5.6 million from £6.0 million a year prior. Adjusted loss, however, narrows to £0.1 million from £2.1 million. ‘Over the course of the first half of 2024, the company executed measures to accelerate sustainable profitability. Development and operational costs have been reduced substantially and funds raised to drive profitable growth. Investment in research and development is continuing on projects with near term benefits, and investment has also been made to enhance the company’s commercial capability,’ company says. Notes ‘healthy’ forward pipeline of opportunities which confidence that, as trading conditions continue to improve, Cambridge Cognition is ‘very well placed’ to continue to win market share and remains on track to achieve profitability in 2024.
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Eagle Eye Solutions Group PLC - provider of personalised consumer marketing services - Expects to report annual earnings growth. The firm’s customers include grocer Tesco PLC and retailer JD Sports Fashion PLC. Revenue in the year ended June 30 rises 11% to £47.7 million, it says. Adjusted earnings before interest, tax, depreciation and amortisation climbs 28% to £11.3 million from £8.8 million. The adjusted Ebitda tops market expectations, Eagle Eye says. ‘The company is pleased to announce today a number of new customer wins in the final month of the year and at the start of FY 2025, including the group’s first customer in Vietnam, and retailers in new industries of Fuel and convenience and e-commerce, demonstrating the wide applicability of Eagle Eye’s offerings. The wins will commence revenue contribution through the course of FY 2025,’ Eagle Eye adds.
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Taylor Maritime Investments Ltd - specialist dry bulk shipping company - Net asset value at March 31, the end of the financial year, is $1.48, with a total NAV of $485 million. Dividends for the year total 8 US cents per share, down from 10.87 cents a year ago. NAV return per share was minus 9.0% for the year compared to plus 4.7% the year before. ‘Persistent macro-economic headwinds, with interest rates remaining high, made for a challenging period with slower economic growth impacting freight markets,’ company says.
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Science Group PLC - Cambridge, England-based science, engineering and technology business, providing services to the medical, defence, industrial, food & beverage and consumer sectors - Revenue in the six months to June 30 falls to £53.7 million from £56.1 million a year prior. But pretax profit rises to £7.6 million from £6.1 million as operating expenses dip to £31.2 million from £32.8 million. Administrative costs also fall to £10.3 million from £12.3 million. Basic earnings per share rise to 12.9 pence from 11.9p. Highlights strong cash conversion, despite ongoing economic and political uncertainty. ‘This solid performance provides a good platform for the remainder of the year,’ company says. Continues to explore corporate opportunities.
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Graft Polymer (UK) PLC - London-based developer and producer of alloyed polymers, biological supplements and drug delivery systems - Notes announcement on Monday by partner company, Awakn Life Sciences. Awakn ’s announcement relates to Graft Polymer’s interest in the aminoindane new chemical entity. Awakn says patent applications covering the aminoindane NCE’s are progressing and point towards their potential. ‘We are committed to progressing these compounds through the development pipeline, funded by Graft Polymer, to address the substantial unmet needs in mental health and addiction treatment,’ Awakn states.
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Headlam Group PLC - Birmingham-based floor coverings company - Says trading in the six months to the end of June is in line with the update provided in May. Revenue was down 12% year on year, with the UK down 11% and Continental Europe down 16%. This reflects the ongoing weakness in the floor coverings market, year, driven by continued decline in consumer spending on home improvements. Expects to report half-year underlying pretax loss of around £16 million. Predicts an improvement in trading in the second half of the financial year assuming market conditions gradually improve, albeit does not anticipate the market returning to growth until 2025. On this basis, expects trading for the full year to be in line with current market expectations.
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James Cropper PLC - Cumbria, England-based paper, packaging and advanced materials manufacturer - In the year to March 30, swings to pretax loss of £5.3 million from £1.3 million profit as revenue falls to £103.0 million from £129.7 million a year prior. Sales hit by weaker end-market demand and energy surcharges, totalling £9.0 million, in the prior period. Takes exceptional costs of £5.3 million, up from £1.1 million a year prior, including restructuring costs of £2.3 million and a non-cash asset impairment charge of £4.4 million, partly offset by £1.4 million credit from settlement of pensions-related legal claim. No final dividend proposed, meaning total payout is 3 pence per share, halved from 6p last year. Says trading in current financial year in line with expectations, order intake in Paper & Packaging business point to signs of recovery in financial 2025 and the new operating model is delivering improved margins. ‘Remains confident that, despite external challenges, the group is positioned to drive increased value for shareholders through a return to growth in the group’s key markets.’
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Arbuthnot Banking Group PLC - London-based merchant bank - Says pretax profit in the six months to June 30 falls to £20.8 million from £26.4 million a year prior, as expected, as existing fixed rate deposits have continued to reprice onto higher terms as they are renewed. Earnings per share declines to 94.6 pence from 129.4p. CET1 capital ratio of 11.6% falls slightly from 12.2% a year ago with total capital ratio of 13.6% down from 14.5%. Notes interim dividend of 20p per share and special dividend of 19p already paid in June. ‘The group made good progress in the first half of the year, again delivering strong profits in an evolving interest rate environment,’ company says. Adds: ‘While an expected fall in interest rates in the second half will have a short-term impact on profit growth, the group is well positioned to take advantage of the market opportunities we anticipate over the near, medium and long term.’
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