The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Hansard Global PLC - specialist long-term savings provider - Operating income in year to June 30 rises to £169.1 million from £91.7 million. Pretax profit, however, falls to £5.3 million from £5.9 million. Administrative and other expenses jump to £163.8 million from £85.8 million. New business sales decline to £77.8 million from £85.7 million. It maintains its final dividend at 2.65 pence per share. Its total dividend for the year is similarly unchanged at 4.45p per share. ‘The company’s investment in new systems and products, which are focused on satisfying customer needs, delivered higher sales in the second half of the financial year ended 30 June 2024, and we expect to see a continuation of this increased demand for our products in the year to 30 June 2025. This will position the group well for the future. While we will maintain our focus on targeted cost savings to offset the impact of inflation and increased depreciation, we expect to see a short-term decline in the group’s IFRS profit next year,’ Hansard Global says.
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Flowtech Fluidpower PLC - valves and hydraulic components maker - Revenue in half-year to June 30 declines 5.7% to £55.7 million from £59.1 million a year prior. Pretax profit declines to £338,000 from £1.6 million. ‘Persistent headwinds in our marketplace have continued to impact top line growth ambitions,’ it explains. ‘Q3 24 has seen a greater than expected market slowdown across all three geographical segments reducing underlying volumes and extending project timelines. This will impact our full-year revenues and, combined with the short-term impact of Thorite losses, will result in a significant downgrade in earnings expectations for 2024.’ It expects results for 2024 to be behind market forecasts, which it puts at £113.0 million for revenue and £7.2 million for underlying earnings before interest and tax.
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CMO Group PLC - Plymouth, England-based online-only retailer of building materials - Revenue in six months to June 30 falls 18% on-year to £30.3 million from £36.9 million. Pretax loss stretches to £1.6 million from £763,000. ‘CMO delivered a resilient performance against a difficult market backdrop in H1 2024 which has been well-publicised,’ it says. ‘While H1 has been tough and the market remains uncertain, there are material signs of recovery, and we have seen positive trends and momentum build since the half year end. Notably, we are seeing a steady increase in average order value with a 3.5% increase from Q1 to Q2 and a further increase of 6% from Q2 to date.’
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Ethernity Networks Ltd - Israeli supplier of data processing semiconductor technology for networking appliances - Revenue in first-half of 2024 falls 58% to $582,008 from $1.4 million a year earlier. Pretax loss narrows to $3.5 million from $3.6 million, however. ‘In 2024 to date, Ethernity has made positive commercial progress and is currently executing multiple customer projects, whilst simultaneously engaging in active discussions with prominent global OEM potential customers,’ the firm says. ‘2024 has been a challenging year in the telecom industry and it has affected the company’s customers. However, management sees a positive transition during the second half of 2024 and anticipates further revenue growth in royalties, licensing, NRE and hardware components sales, both from existing customers and from new customers for our IP and UEP FPGA based solutions. Together with the above detailed transformative ASIC business operation, we anticipate a bright future for the company.’
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Adnams PLC - Suffolk, England-based brewer - Revenue in six months to June 30 rises 6.4% to £31.9 million from £66.3 million. Pretax loss narrows to £2.6 million from £3.1 million. ‘In terms of the beer market and Adnams’ trading performance, we had success in the off-trade ale market delivering growth of 2.7% in a market which declined by 6.8% in the first half of the year,’ Adnams says. ‘The on-trade continues to struggle, with the market down by 3.9% on average and our own sales falling by 6.9%.’ Earlier in September, it said Jonathan Adnams stepped down as chair due to health reasons. Non-Executive Director Simon Townsend became non-executive chair on an interim basis.
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Gowin New Energy Group Ltd - minority investor in Taiwan-based LED backlight modules and components maker Taiwan Thick-Film Industries Corp - Pretax loss in half-year to June 30 narrows to ¥2.3 million, around £244,610, from ¥3.3 million. Nominal revenue of ¥75,000 is reported, against none year-on-year.
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Neometals Ltd - West Perth, Western Australia-based lithium-ion battery recycling technology - Pretax loss in year to June 30 widens to A$38.5 million, around £19.8 million, from A$36.0 million. Interest and other income roughly halves to A$544,119 from A$1.1 million. On Monday, Neometals reported a maiden assessment was completed on the gold exploration potential at Barrambie in Western Australia. Managing Director Chris Reed said: ‘The excellent work of our technical team in compiling, validating and analysing historic exploration data has proven we have underestimated the gold potential of perhaps the only remaining greenstone terrain in the Yilgarn with no exploration effort in the last 20 years. It presents a rare opportunity to uncover a substantial gold camp, and we will explore the most effective strategy and corporate structure to capitalise on the gold potential. We will continue with our divestment strategy in relation to the titanium/vanadium resources.’ Earlier in September, it noted 88%-owned unit Recycling Industries Scandinavia AB struck a ‘project agreement’ with EIT RawMaterials GmbH at a Finnish vanadium recovery asset. EIT RawMaterials was to provide €500,000 in grand funding to RISAB’s vanadium asset holding company Novana Oy. EIT would also become a minority backer of RISAB, at a pre-money valuation of €50 million.
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Castillo Copper Ltd - copper exploration company, with projects in Australia and Zambia - Pretax loss in year to June 30 narrows to A$1.5 million from A$6.9 million. Total income amounts to A$451,583, rising from A$15,615. ‘While the market environment has presented its share of challenges, I’m pleased to report that the company has emerged more resilient and strategically positioned for growth. Our commitment to advancing our core assets, coupled with the targeted exploration activities, places us in a strong position to drive value in the year ahead,’ Chair Ged Hall says.
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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Pretax loss in first half of 2024 widens slightly to $4.3 million from $4.2 million. Reports interest income of $13,339, falling from $21,747. Tlou adds: ‘The past 12 months has been highly productive, bringing us closer to our initial target of grid connection and first power sales. While timelines have been pushed out, we remain confident in our ability to meet this goal, however we must acknowledge that unforeseen challenges, such as delays in funding or issues with contractors, could further affect our plans. Nonetheless, subject to receipt of adequate funding, we are well-positioned to move forward and capitalise on the opportunities ahead.’
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SIMEC Atlantis Energy Ltd - focused on creating new sustainable energy projects - Revenue in first half of 2024 declines to £12.0 million from £12.4 million. Reports pretax loss of £6.0 million, swinging from profit of £4.5 million. Books £9.9 million hit from transfer of land inventory on recognition of sale. It relates to ‘the transfer of land inventory being the profit that was recognised on the land sale contract with EL (Uskmouth) Ltd’ in 2023.
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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Revenue in first half of 2024 falls to $2.1 million from $3.3 million year-on-year. Pretax loss stretches to $4.0 million from $1.5 million. CEO Nick Bridgen says: ‘The success of the carbon test work programme has confirmed the tremendous value of this product in the manufacture of tyres and in the rubber industry generally. This will be factored into the feasibility study which will also include the increased throughput and reagent optimisation programme. The current vanadium price is exceptionally low, principally caused by the slow-down of construction in China. This is affecting current results, but the long-term forecasts continue to show a deficit of world production as vanadium redox flow batteries ramp up and China recovers. Historically, when a deficit arises, the price moves up strongly.’
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Rockhopper Exploration PLC - oil and gas exploration company, with key interests in the Falkland Islands - Pretax profit in first six months to 2024 amounts to $18.4 million, swinging from loss of $2.6 million a year prior. No revenue generated in either period. Books ‘other income’ of $20.6 million stemming from Ombrina Mare award monetisation. ‘Rockhopper is in its strongest position for some time. Monetisation of the Award delivers increased financial flexibility and allows the company to focus on progressing Sea Lion to sanction, which remains our core focus. We also welcome the news, announced on 24th September, of a new general co-operation agreement between the Falklands and Argentina,’ CEO Samuel Moody says.
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Arecor Therapeutics PLC - biopharmaceutical firm - Revenue in half-year ended June 30 rises to £2.0 million from £1.7 million. Pretax loss largely unmoved at £4.8 million. ‘During the period we have significantly advanced and expanded our diabetes and obesity portfolio, reporting very positive Phase I clinical results for AT278 demonstrating its clear superiority and potential to improve outcomes and lower the burden for people living with diabetes, and expanding our technology platform in the development of the oral delivery of peptides, initially GLP-1, a potential high value, high growth proposition. With multiple opportunities for value creation, we continue to build momentum across the business,’ CEO Sarah Howell says.
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Synairgen PLC - Southampton, England-based drug discovery and development company focused on combatting respiratory disease - Pretax loss in six months to June 30 narrows to £3.7 million from £5.2 million a year earlier. Total administrative expenses down 29% to £3.9 million. No revenue recorded, unchanged on-year. The firm adds: ‘Synairgen is now able to capitalise on a wealth of data that it has generated to date, including the safety data from more than 750 patients, and the data from the patients we have treated who were most ill, or at highest risk, due to respiratory viral infection. Our priority population, which is ICU patients receiving mechanical ventilation, face high mortality rates and an extremely limited range of antiviral therapies. Therefore, the board and management team of Synairgen, who have stress tested this plan over a significant time, are excited to pursue this strategy for the potential benefit of patients, which, if successful, will provide significant value for our shareholders.’ Earlier in September, Synairgen said Chair Simon Shaw will retire from post at the end of its October 10 annual general meeting. Mark Parry-Billings will take over. He was ‘latterly’ global head of drug development at pharmaceutical company Chiesi Farmaceutici Spa. ‘Mark has deep expertise in respiratory therapeutics and drug delivery to the lungs, notably having led multiple novel respiratory assets from early stage through clinical development to market approvals, with a primary focus on inhaled drug delivery across respiratory areas including asthma, COPD, pulmonary arterial hypertension, alpha-1 anti-trypsin deficiency, cystic fibrosis, bronchiectasis and chronic cough,’ Synairgen said.
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