The following is a round-up of earnings for London-listed companies, issued on Wednesday and Tuesday and not separately reported by Alliance News:
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GENinCode PLC - Oxford, England-based genomic testing company focused on the prevention of cardiovascular disease and ovarian cancer - Pretax loss narrows to £2.4 million from £3.5 million, as revenue rises 26% on-year to £1.4 million from £950,000 in the six months to June 30. During the period, GENinCode began its first commercial testing in US healthcare institutions. The company expects ‘significant increases in year-on-year revenue growth’ for the second half of 2024. Chief Executive Officer Matthew Walls says: ‘We continue to expand on our relationships with the NHS and across Europe, whilst increasing our presence in the US. The National Institute for Health & Care Excellence recommendation for the risk of ovarian cancer algorithm test was a key milestone and provides a significant cost-saving benefit for the NHS as well as giving patients with a high risk of familial ovarian cancer more options than were previously available to them.’
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Ovoca Bio PLC - Dublin-based biopharmaceutical company with a focus on women’s health - Pretax loss for the six months to June 30 narrows to €1.2 million from €2.4 million year-on-year, as administration expenses fall 68% to €319,000 from €1.0 million the year prior. CEO Tim McCutcheon says: ‘During the period, our company has maintained the financial resources to assist in a smooth transition to a new phase in corporate development after last year’s disappointing top-line results from the phase II dose ranging study assessing orenetide conducted in Australia and New Zealand. During the first half of the year, we continued to take steps to optimise our corporate structure and patent portfolio and, post period end, we announced the entry into arrangements to further assist in the resolution of legacy issues following the disposal of certain Russian assets by the company in 2023. As of June 30, the company was waiting to receive certain cash refunds of approximately A$650,000 from the Australian authorities regarding expenditure made for the orenetide phase II trials. These refunds, and last payments to Australian service providers, are expected to be completed in the fourth quarter of 2024.’
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OPG Power Ventures PLC - Isle of Man-based developer and operator of power plants in India - Pretax profit for the 12 months to March 31 drops 28% on-year to £7.5 million from £10.4 million, despite revenue nearly tripling to £155.7 million from £58.7 million. OPG’s net asset value per share on March 31 stands at 42.3 pence, down 0.7% from 42.6p the year prior. The company predicts demand for energy in India to continue to increase in both the industrial and retail sectors, where customers are increasingly relying on energy due to rises in temperatures, improved lifestyles and purchasing power. Non-Executive Chair N Kumar says: ‘The international coal prices have stabilised after a long time being volatile from the Covid induced supply chain issues and Russia-Ukraine war, making a return to normalcy. This reduction and stabilising of prices have led to improved power generation and consequently increased operating revenues and profits. In light of all the above, OPG looks forward to financial 2024 and 2025 with an increasing level of optimism.’
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Trafalgar Property Group PLC - south-east England-focused residential property developer - Pretax loss for the 12 months to March 31 narrows to £516,723 on-year from £843,626, as administration expenses fall 34% to £379,627 from £571,928. However, the company reports no revenue for the year, down from £18,183 the year prior, as ‘there was no rental income received, given the remaining investment property had been disposed of during the year and this had been written down to its sale value in the 2023 accounts’. Chair Paul Treadaway said: ‘The effects of market forces and the property market in general, together with the UK having been in a period of high inflation and high cost of living, affected the property sector and the business of the group. However, inflationary pressures are easing and slowly the Bank of England are reducing the cost of borrowing with a recent 0.25% reduction in base rate. It is hoped therefore that the market for property will start to improve as demonstrated by the increase in property prices, albeit a challenge for many potential buyers still adjusting to recent higher mortgage costs.’
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Kistos Holdings PLC - London-based gas and oil producer pursuing opportunities across the energy value chain - Pretax loss for the six months to June 30 widens to $40.3 million from $5.3 million at the same time last year, following a 52% increase on-year in production and operating costs to $54.6 million from $36.0 million. Revenue falls 0.4% on-year to $113.3 million from $113.8 million, as Kistos reports a net daily output of 8,400 barrels of oil equivalent per day across Norway, the Netherlands and the UK, down 8.7% from 9,200 boepd the year prior. Executive Chair Andrew Austin says: ‘We have managed a season of planned and unplanned maintenance, keeping production downtime to a minimum, and remain on track to meet our full-year production guidance of between 7,500 and 8,500 boepd. Looking ahead, the priority remains both operational delivery and continuing to seek out inorganic growth opportunities. We are committed to ensuring that any transaction offers meaningful near-term value creation for shareholders, on an acceptable risk profile.’
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KRM22 PLC - London-based technology and software company - Pretax loss narrows to £1.3 million for the six months to June 30 from £2.3 million at the same time last year, and revenue grows 38% on-year to £3.3 million from £2.4 million. During the six month period, the group restructured to implement a focused cost savings programme, which resulted in £1.2 million in annual cost savings. CEO Dan Carter says: ‘These results, with £1.1 million of new annualised recurring revenue and an adjusted [earnings before interest, taxation, depreciation and amortisation] of £300,000, demonstrate that KRM22 is firmly on track to achieving our full-year expectations and our journey of creating a cash generative and profitable business. The growth in ARR, driven primarily by the risk manager and limits manager applications, is demonstration that there is demand for our applications as we look to cement our position as the industry standard. The pipeline of sales opportunities remains encouraging, giving us real excitement as we look to close out 2025 and move into next year.’ Since the end of June, KRM22 says ARR has grown to £6.3 million from two further new contracts and a three-year renewal of an existing customer for the market surveillance application.
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Origin Enterprises PLC - Dublin-based agronomy services firm - Pretax profit falls 13% in the 12 months to July 31 to €71.4 million from €81.9 million, as group revenue drops 20% on-year to €2.05 billion from €2.46 billion, reflecting ‘expected global commodity price movements’. The company declares a final dividend of 13.65 cents, unchanged on-year. Total dividend is 16.80 cents, unchanged from the previous year. CEO Sean Coyle says: ‘Following a solid fourth-quarter performance, supported by strong late applications, Origin delivered a financial 2024 operating profit of €83.5 million and an adjusted earnings per share of 48.06 cent, which is at the upper end of our third-quarter guidance range. This result is a significant improvement on the last challenging weather year experienced in financial 2020 and that is testament to the growth in fertiliser and feed operations, central Europe and Latin America performance, and the group’s ongoing diversification and expansion into living landscapes. While trading conditions have been particularly challenging throughout financial 2024, the resilience of our business model and increased diversity of our earnings profile is evident in our solid full-year performance. The group remains well on track to deliver our strategic, operational and financial goals.’
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