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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First Property Group PLC - London-based investor and property fund manager - announces an open offer to raise just under £3.0 million before expenses, through the issue of 37.0 million shares at 8 pence each. The open offer is underwritten by Alasdair Locke and Ben Habib, both of whom are directors and currently hold 7.9% and 14% of the company’s issued shares respectively. The offer is open until September 18.
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STV Group PLC - Glasgow-based television broadcaster and content producer - in the six months to June 30 swings to pretax profit of £4.8 million from £2.4 million pretax loss a year prior. Revenue jumps 20% to £90.4 million from £75.3 million, basic earnings per share climb to 12.4 pence from 7.2p. Maintains dividend at 3.9p. Studios revenue rises 38% with improved forward order book of £101 million, Broadcast revenue increases 12%. Reports improved advertising market in the first half with total advertising revenue up 13% to £51.9 million; third quarter is expected to be up low single digit year on year. On target to hit £1.5 million cost savings target for full-year. ‘We are on track to deliver our stretching new growth targets out to 2026,’ company says.
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Petards Group PLC - Guildford, England-based developer of advanced security, communication, and surveillance systems - Receives orders totalling in excess of £750,000 for Petards eyeTrain software and support services, and QRO ANPR systems. Petards Joyce-Loebl wins orders worth over £500,000 from two train builders. Around 25% of the related revenues are expected to be delivered in the current financial year, with the balance scheduled for next year weighted towards the first half of 2025. The QRO order is worth over £250,000 under a framework agreement with a UK police force. The order is scheduled to be delivered and installed during the current financial year.
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Manolete Partners PLC - Buckinghamshire, England-based insolvency litigation financing firm - in the year to March swings to pretax profit of £1.0 million from loss of £4.0 million a year prior as revenue rises 26% to £26.3 million from £20.8 million. Says progress has continued in the new financial year with new case enquiries 22% ahead on-year. In-house legal team has already completed 116 cases with an aggregate value of £11.8 million compared to 93 cases for a value of £6.3 million a year ago. ‘Given that the number of corporate insolvencies in the UK remain at record highs, the company can look forward to a sustained period of growth,’ Manolete says.
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Kitwave Group PLC - North Shields, England-based food wholesaler - Issues trading update for the four months to August 31. Reports that trading over the summer, traditionally the busiest period for the group, has been robust. As such, remains confident of delivering financial results in line with expectations for the full year ending October 31. Also confirms that the construction work for its new 80,000 square foot Foodservice distribution site has been completed and is on track to be fully operational by the financial year end.
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Inspiration Healthcare Group PLC - Croydon, England-based healthcare technology company - issues trading update for six months to July 31. Revenue of £17.0 million, is in-line with management expectations. Neonatal product revenue £12.0 million and Infusion Therapies product revenue are £5.0 million. Gross margin is however expected to reduce to around 44.5% in the period as a result of the sales mix with increased sales of lower margin products. ‘As we look to rebuild our position, we are concentrating on revenue growth, increasing profits and improving working capital,’ company says. Interim results to be released on October 7.
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Alumasc Group PLC - Kettering, England-based supplier of building and engineering products - in the year ending June 30 pretax profit rises 11% to £11.7 million from £10.5 million a year prior. Revenue climbs 13% to £100.7 million from £89.1 million. Basic earnings per share increase 4% to 24.3 pence from 23.3p. Lifts dividend 4.4% to 10.75p per share from 10.3p. Reports growth in all three divisions driven by a focus on sustainable solutions and effective new product development. Underlying margin improves to 14.1% from 13.6%. ‘While demand headwinds in Alumasc’s commercial markets are likely to persist for the remainder of 2024, we are encouraged by early indicators of easing in planning, improving consumer confidence and the interest rate outlook which suggests an improved trading outlook in due course. With the positive trading momentum Alumasc has carried into the new financial year, and the improving economic environment, the board is optimistic for another year of growth,’ company says.
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GetBusy PLC - Cambridge, England-based document management and productivity software provider - In the six months to June 30 pretax loss narrows to just £8,000 from £782,000 a year prior. Total revenue rises 1.9% to £10.7 million from £10.5 million, recurring revenue climbs 3.0% to £10.4 million from £10.1 million. Annual recurring revenue is £21.0 million, up 4.4% from £20.1 million. Reconfirms group revenue expectations for the year, whilst flagging increasing exchange rate pressure from the weaker USD. Prospects, including cash returns in the medium term from SmartVault and the long-term potential from Workiro, remain excellent, company says. Chief Executive Daniel Rabie says: ‘Whilst [annual recurring revenue] growth over H1 has been more modest than in previous periods, we are confident we have the foundations in place for a return to stronger growth and significant value creation over the next few years.’
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