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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McBride PLC - cleaning and hygiene products seller - says revenue in the year to June 30 increases 5.2% to £934.8 million from £889.0 million a year prior. McBride swings to a pretax profit of £46.5 million from a loss of £15.1 million. Says market for private label household cleaning products continues to grow with total market sales volumes up 5.7%, and private label volumes up 7.2%. Notes good performance in strategic focus areas of laundry and Germany, which saw sales volume growth of 8.0% and 6.2% respectively. Says transformation programme progressing to plan and on track to deliver £50 million of net benefits by 2028. ‘The transformation programme is progressing to plan, with a number of key projects moving from design to delivery phase in 2025. The group has made an encouraging start to the new financial year and while there are signs of increased brander activity, private label demand remains robust with contract manufacturing maintaining the momentum of the fourth quarter. As such, we look forward to the future with confidence,’ Chief Executive Officer Chris Smith says. Its outlook for the new year is ‘consistent with current market expectations’, which it puts as £59.7 million for adjusted operating profit. Adjusted operating profit in the year just ended totalled £67.1 million, jumping from £13.5 million.
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Headlam Group PLC - floor coverings specialist - reports a revenue decline and a swing to loss in its first half. Revenue in the six months to June 30 falls 12% to £292.5 million from £331.8 million a year earlier. It swings to a pretax loss of £20.6 million, from profit of £4.5 million. UK revenue declines 11% and Continental Europe falls 16%. Revenue grows in trade counters and larger customers by 7% and 2% respectively. The revenue decline in July and August abates to 8.4%, though Headlam said there is ‘limited indication of any market improvement yet’. ‘Looking ahead, the lead indicators for the market are more positive, but the timing of market recovery remains uncertain and looks to be later than previously anticipated, with a return to growth now expected at some point during 2025,’ it adds. Headlam decides against an interim dividend, after a 4.0 pence per share payout a year prior.
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Begbies Traynor Group PLC - Manchester, England-based consultancy provides recovery, financial advisory and property services - issues trading statement ahead of Tuesday’s annual general meeting. Reports good start to the new financial year with encouraging activity levels. Continues to invest in organic development through the recruitment of additional senior fee earners across the group. Results for the first quarter to July 31 were in line with the firm’s expectations, reporting double digit growth in both revenue and adjusted profits versus the comparative period a year ago. Remains confident of delivering market expectations for the full year, reflecting positive momentum across the group and continuing elevated insolvency levels. Puts these at £148 to £150 million for revenue, and £23.0 to £24.3 million for adjusted pretax profit.
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Team17 Group PLC - develops video games, educational entertainment apps for children, and working simulation games - in the six months to June 30 pretax profit jumps 53% to £12.4 million from £8.4 million a year prior. Revenue climbs 11% to £80.6 million from £72.4 million. Games Label revenue grows 9% to £51.3 million from £47.1 million a year ago, with strong back catalogue sales growth of 54%, and significant first-party sales growth of 33%. Astragon delivers 13% revenue growth to £18.5 million from £16.4 million, StoryToys revenue increases 23% to £10.9 million from £8.9 million. Is confident of delivering full year results in line with market expectations. New release revenue is expected to be higher in the second half, in part driven by the anticipated third-party new releases at astragon. Sees a more evenly balanced adjusted earnings before interest, taxes, depreciation and amortisation performance across the first and second half of 2024 than in previous years.
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Franchise Brands PLC - Macclesfield, England-based international, multi-brand franchisor focused on business-to-business van-based reactive and planned services - in the six months ended June 30 pretax profit multiplies to £4.9 million from £1.4 million. Revenue jumps 35% to £69.8 million from £51.9 million, system sales increase 42% to £206.0 million from £145.5 million. Lifts dividend by 10% to 1.1 pence per share from 1.0p. Says integration of Pirtek Europe continues to progress well. Pirtek Europe generates record total system sales of £92.8 million, up 2% on a like-for-like basis, ‘a resilient performance given more subdued market conditions’. ‘Whilst mindful of continued uncertainty in some markets, early signs of improving macroeconomic sentiment and the pipeline of opportunities should support an improvement in demand and a full year performance in line with the current range of market expectations for adjusted [earnings before interest, taxes, depreciation and amortisation]’.
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Henry Boot PLC - Sheffield, England-based property developer - in the six months to June 30 pretax profit slumps to £3.7 million from £25.0 million a year prior. Revenue falls to £106.0 million from £179.8 million. Completes and exchanges on total land and property sales of £150.8 million, up from £129.3 million, reflecting growing demand for prime projects and buildings as sentiment in markets begins to improve. Raises dividend 5.1% to 3.08 pence per share from 2.93p. Net asset value per share remains broadly flat at 305p at June 30, compared with 306p at the end of December.
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Diaceutics PLC - Belfast-based technology and solutions provider to the pharmaceutical and biotech industry - In the six months to June 30, pretax loss widens to £3.3 million from £2.0 million a year prior, despite revenue rising 24% to £12.3 million from £9.3 million. Gross profit margin eases to 87% from 88%. Order book climbs to £27.9 million from £24.1 million, giving increased visibility on future revenue. Notes 55% of revenue in the period was recurring, up from 47% a year ago, on track to achieve 70% in 2025. ‘Given the strategic progress made against the accelerated investment strategy and the positive momentum in H1 2024, the board has confidence over its full year revenue expectations and the company’s ability to deliver upon a forecast shift to profitability and cash flow generation from 2025,’ it says.
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