The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Devolver Digital Inc - Austin, Texas-based video game publisher - Pretax loss narrows to $4.8 million in the six months that ended June 30 from $8.6 million a year prior. Revenue rises 18% to $51.6 million from $43.9 million. Says first half trading in line with expectations with growth driven by strong back catalogue sales, contribution from new releases and improvement in platform deals. On track to meet previous guidance: revenue over $100 million and adjusted earnings before interest, tax, depreciation and amortisation after non-cash impairments in the mid-single digit USD millions. ‘We continue to expect an improvement in 2025’, company says. Notes healthy pipeline of more than 30 new titles due for release in the next three years.
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Touchstar PLC - Glasgow, Scotland-based supplier of mobile data computing solutions and managed services to a variety of industrial sectors - Pretax profit falls 17% to £254,000 in the six months that ended June 30 from £307,000 a year prior. Revenue falls 8.1% to £3.4 million from £3.7 million, while recurring revenue edges up to £1.5 million from £1.4 million. Margins increase ‘substantially’ helping offset the impact of reduced revenue. Raises dividend to 1.5 pence per share from 1.0p ‘an indication of confidence in the business’. As expected, says first half was a quieter period while FY prospects ‘remain the same.’ Further, launches strategic review. Aims to ‘identify the optimal path for future growth and value creation’ for shareholders. ‘This review will explore various options, including a potential sale of the company, its assets or other relevant transactions.’ Intends to conclude the process by the end of the year.
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and Labrador, Canada - Pretax loss widens to £187,138 in the six months that ended June 30 from £110,963 a year prior. It has no revenue in either period. Administration expenses fall to £261,419 from £375,596. Benefits from gain on asset held for sale of £40,123 compared with loss of £368,736 a year ago. Continues to evaluate ‘numerous opportunities that could complement the existing activities or possibly be in new areas and will update the market should any develop into a significant consideration.’ Costs ‘continue to be aggressively controlled and that includes a deferral of most of the board salaries’.
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Videndum PLC - film industry-focused software and hardware manufacturer - Pretax loss for first half of 2024 narrows on-year to £13.4 million from £50.0 million. Revenue however decreases to £153.3 million from £165.0 million, ‘broadly in line with its expectations and the group maintained its focus on tightly controlling costs, capex and working capital’. Says decline reflects ‘post-strike recovery in the cine and scripted TV market’ which is ‘taking longer than anticipated’, as well as a ‘challenging macroeconomic environment affecting the consumer and independent content creator segments’. Claims it ‘remains well positioned in attractive markets with good medium-term prospects’, but expects 2024 orders to be below its previous expectations. Says it is implementing a cost savings programme projected to deliver at least £10 million in permanent savings next year.
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CT Automotive Group PLC - Portsmouth, England-based maker of interior components to the automotive industry - Pretax profit balloons to $3.7 million in the half-year that ended June 30 from $1.3 million a year prior, even as revenue falls 11% to $60.5 million from $68.2 million. Basic earnings per share are 5.0 US cents rising from 1.0 cents before. ‘Our focus on delivering margin improvement continues to come through with profit before tax on track to be in line with market expectations for the full year and the profit before tax margin slightly ahead,’ company says. Notes five key contract wins from existing customers in the first half, worth an estimated $27.5 million annually ‘have boosted our order book through to 2027, which with further prospects leave the business well placed to grow revenue by taking market share.’ Discussions are progressing well towards securing a new borrowing facility, and are expected to ‘complete imminently’.
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Reabold Resources PLC - investor in ‘low-risk, near term’ oil and gas projects - Pretax loss narrows to £2.0 million in the six months that ended June 30 says from £3.7 million a year prior. It has no revenue in either period. Benefits from net gain in financial assets measured at fair value of £26,000 compared to loss of £895,000 a year ago. ‘Reabold enters the second half of the year with a strong balance sheet and a number of exciting catalysts on the horizon,’ company says. Adds: ‘The company is excited by the potential of the Colle Santo gas project, which holds significant gas reserves, and the regulatory process continues to be encouraging. We are pleased LNEnergy has established a strong relationship with Gunvor in the context of a gas offtake partner.’
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Avation PLC - Singapore-based commercial passenger aircraft leasing firm - Pretax profit more than doubles to $30.0 million in the financial year that ended June 30 from $13.8 million. Revenue falls 4.1% to $96.0 million from $100.1 million. Basic earnings per share rise to 27.85 US cents from 18.50 cents a year ago.
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MyHealthChecked PLC - Cardiff, Wales-based consumer home-testing healthcare company - Pretax loss widens to £1.2 million in the six months that ended June 30 from £355,000 a year prior. Revenue tumbles to £881,000 from £2.5 million. Explains Covid business ‘continues to be seasonal, and the significant summer demand made good use of any surplus stock procured from MHC in 2023’. Adds: ‘We enter the winter 2024 period with a confirmed order book delivering solid revenue in [the second half].’ Expresses pleasure with the progress the business has made in the current year. ‘The cash position remains strong with funds carefully managed and utilised to strengthen the business.’
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Colefax Group PLC - London-based designer and distributor of furnishing fabrics and wallpapers - Tells annual general meeting it expects performance for the financial year to ‘remain in line with market expectations’. Sales in the core Fabric division, for the 21 weeks to September 20, are down by 2% but up by 1% on a constant currency basis. Sales in the US, the largest market at 65% of the Fabric division total, are up by 5%, but are down by 12% in the UK and 2% in Europe - all on a constant currency basis. Explains that, while the sales performance in the US is slightly better than expected at the start of the year, the benefit will be offset by a significantly weaker US dollar exchange rate.
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Crimson Tide PLC - Kent, England-based provider of the mpro5 workforce process management application - Pretax loss narrows to £211,000 in the the six months that ended June 30 from £471,000 a year prior. Revenue nudges higher to £3.1 million from £3.0 million. Contracted long-term revenue exceeds 90% of total revenue and revenue churn is minimal at 1.2%. Explains the loss was in line with management expectations and arose due to the additional amortisation associated with increased investment in the software platform.
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IG Design Group PLC - Eversholt, Bedfordshire-based designer and manufacturer of celebration products, including greeting cards, gift wrap, Christmas crackers, gift bags, and partyware - Says that while financial 2025 adjusted profit is expected to be up more than 20% year-on-year, it will be below, but within, 10% of previous market expectations. IG puts these at $36.0 million. Explains revenue is impacted by continuation of trends in DG Americas. For FY 2025, expects revenue to decline around 5%.
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