The following is a round-up of earnings by London-listed companies, issued on Friday and Thursday, and not separately reported by Alliance News:
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JPMorgan Claverhouse Investment Trust PLC - UK equities-focused investment trust - Net asset value improves 10% to 748.6 pence per share as at June 30 from 678.4p a year prior. NAV total return for the first half of 2024 is 8.9% outperforming, its benchmark, the FTSE All Share Index, which had a total return of 7.4%. The company declares a second quarterly dividend of 8.25p per share, up 3.1% from 8.00p a year prior. Looking ahead, Chair David Fletcher says: ‘The geopolitical climate remains a significant concern for investors. Tensions between Russia and the NATO countries are simmering as the war in Ukraine drags on, the conflict in the Middle East shows little sign of resolution, and Sino-US relations remain fraught, despite a flurry of high-level, relatively congenial meetings earlier this year. There is a risk that the outcome of November’s US presidential election will escalate tensions on all these fronts and spark fresh bouts of market volatility. In the short term the recent decision by US President Biden not to run for re- election in November will increase market uncertainty.’
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Bank of Cyprus Holdings PLC - Nicosia-based lender - Pretax profit climbs 21% to €319 million in the first half of 2024, from €263 million a year prior. Net interest income grows 17% to €420 million from €358 million. Tangible book value per share improves 21% to €5.27 as at June 30 from €4.34 a year prior. ‘The high interest rate environment as well as inflationary pressures are expected to weigh on customers behaviour. Despite these elements, there are no material signs of asset quality deterioration to date,’ the company says. Looking ahead, it says: ‘Cyprus demonstrates relative strength and resilience in this environment with a growth outlook that outweighs average growth in the EU and with inflation dropping at a faster pace in comparison.’
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Hostelworld Group PLC - Dublin-based online travel agent focused on the hostel market - Swings to pretax profit of €3.7 million in the first half of 2024, from a loss of €7.1 million a year prior. Revenue edges up 1.3% to €46.4 million from €45.8 million, on the back of strong customer demand for low-cost destinations. Operating costs decrease 11% to €42.5 million from €47.6 million. Finance costs are cut sharply to €304,000 from €5.4 million, with Hostelworld noting exceptional finance costs of €3.5 million in the first half of 2023. Hostelworld does not propose an interim dividend. Looking ahead, the company says: ‘The board remains confident in our differentiated growth strategy and reaffirms our full year earnings guidance of adjusted earnings before interest, tax, depreciation and amortisation in line with market consensus, absent any deterioration in the macro-economic climate or the occurrence of significant air travel related disruptions. Further, as the board meeting has been brought forward to October 10 from an initially announced October 21, the appointment of Designate Chair Ulrik Bengtsson as chair has also been brought forward to October 10.
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Mears Group PLC - Gloucester-based social housing and maintenance service company - Hikes dividend by 28% to 4.75 pence each for the first half of 2024 from 3.70p on the back of a profit jump. Reports 10% jump in revenue to £580.0 million in the first half of 2024, up from £525.6 million. Pretax profit surges 44% to £30.5 million from £21.2 million. Mears says the positive momentum achieved in the first six months of 2024 has continued into the second half. It adds: ’The group continues to see an elevated level of revenue in its management-led activities, predominantly driven by immigration-related services. As expected, the run-rate stepped down late in the first half, which will be fully reflected in the second-half trading. However, revenues remain at levels that are above those originally envisaged and it remains hard to predict when this will reduce to a normalised level. The normalisation has been slower than expected and the group is focused on maintaining operating margins through a period where it will be rebalancing the property portfolio used to house service users.‘
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TT Electronics PLC - Woking, England-based electronic component manufacturer - Revenue falls 11% to £274.4 million in the first half of 2024 from £309.1 million a year earlier. Pretax profit contracts 38% to £9.9 million from £16.0 million. The company notes that solid European and Asian growth was largely offset by weakness in components demand impacting North America. TT increases its interim dividend by 4.7% to 2.25p from 2.15p. Chief Executive Peter France says: ’The group’s order book and current momentum of order intake in our components business underpin our confidence in the full year outturn.‘
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