The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Brighton Pier Group PLC - leisure and entertainment business that operates Brighton Palace Pier and a chain of bars - Swings to pretax profit of £174,000 in six months to June 23 from loss of £3.9 million a year before. Revenue falls 14% to £13.9 million from £16.2 million a year before. On a like-for-like basis, so excluding three closed or disposed sites in the Bars division, revenue weakens from £14.9 million a year prior. ‘As previously reported by the group, the majority of this £1.0 million year-on-year shortfall arose from the Pier, where adverse weather conditions led to lower footfall throughout the period. The remaining three divisions traded broadly in line with expectations,’ Brighton Pier says. Says trading in busier summer months ‘more encouraging’. Like-for-like sales during this period totalled £11.5 million, around 2% lower on-year. However, it adds: ‘Despite the performance of the summer trading period, the pier-led sales and earnings deficit to original expectations from the earlier months of the year has not been recovered, and the board’s current expectation is that this shortfall will persist through the remainder of the current financial year. As a consequence, the group’s outlook remains one of caution in the short-to-medium term. The board believes that if trading continues in line with the last few months, full year sales and earnings will be lower than previously expected for 2024.’
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Seeen PLC - London-based social media and technology - Pretax loss narrows to $996,075 in the six months that ended June 30 from $1.5 million a year before, as revenue is largely flat at $1.1 million. ‘During the first half of 2024, the group continued its transition towards a higher-margin, technology driven business with larger technology sales, reflected by the increased gross margin of the business. The group has momentum with sequential growth in the half year, which also has carried into 3Q,’ Seeen says.
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tinyBuild Inc - Seattle, Washington-based video game developer and publisher - Revenue in first-half of 2024 falls 19% to $18.8 million from $23.3 million a year prior, which tinyBuild says is ‘primarily due to a further drop in development service revenues and continued underperformance of Versus Evil’. Pretax loss, however, narrows to $6.2 million from $31.7 million. Impairment of development costs fall to $3.9 million from $18.3 million. tinyBuild reports no impairment of intangible assets, compared to $8.9 million a year prior. The release schedule in the first half included titles ‘mostly from’ publisher Versus Evil, delayed from the previous year. tinyBuild says the pipeline of releases for the rest of 2024 is ‘looking strong’.
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Made Tech Group PLC - provider of digital, data and technology services to the UK public sector - Pretax loss widens to £3.0 million in financial year that ended May 31 from £1.5 million a year before, as revenue falls 4.0% to £38.6 million from £40.2 million. ‘We are excited about both our near-term and long-term prospects. The timing of the general election has been a positive surprise, removing significant uncertainty for our clients and providing a clearer set of priorities,’ CEO Rory MacDonald says. ‘The strong sales bookings achieved in the first four months of FY25 is encouraging and we expect this robust performance to continue throughout the financial year. This optimism is reinforced by our recent contract win with the Department for Education, which highlights our ongoing progress and our ability to build valuable and long-term client relationships.’ Hails ‘robust’ first-quarter of new financial year.
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Petards Group PLC - London-based developer of security and surveillance systems - Pretax loss widens to £928,000 in first half of 2024 from £500,000 a year before. Revenue is largely flat on-year at £4.4 million. ‘The successful acquisition of Affini and the improvement in the group’s order book post June 2024 is encouraging,’ Chair Raschid Abdullah says. ‘Recent orders give the board encouragement that, subject to other expected orders being received in sufficient time, the second half of the year should deliver a much-improved performance.’ However, the chair warns ‘the result for the year may fall short of current market expectations’.
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Kingswood Holdings Ltd - London-based wealth and investment management company - Pretax loss narrows to £5.9 million in the first half of 2024 from £9.7 million a year before, as revenue rises 14% on-year to £40.6 million from £35.6 million. Assets under advice and management rise 8.2% on-year to £12.9 billion.
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Gresham House Energy Storage Fund PLC - London-based investor in utility-scale battery energy storage systems - Net asset value per share at June 30 half-year end declines 15% to 109.16 pence per share from 129.07p at end of December. First-half operational portfolio revenue weakens 13% to £17.9 million from £20.5 million a year prior. ‘In the first six months of 2024 the company has had to operate in a particularly challenging trading environment. The board and manager have navigated this period with determination, taking all the necessary decisions to position the company to thrive as the market improves. One key and very challenging board decision made in the first half
of this year was the suspension of the dividend to preserve capital and prioritise the construction of the target portfolio,’ Gresham House Energy Storage says. It says revising dividend policy is a ‘key priority’ for 2024.
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eEnergy Group PLC - London-based net-zero energy services provider - Pretax loss widens to £4.3 million in the first six months of 2024 from £2.0 million a year before, as revenue declines 45% to £6.0 million from £11.0 million. Says second half starts with ‘strong momentum’. Notes ‘record quarterly revenue forecasted by management’ for third-quarter. ‘Whilst the board is pleased to maintain full year revenue guidance at £25 million - £26 million, it notes that this is linked to a high volume of projects scheduled for installation towards the end of the year when timing of project delivery can be exposed to adverse weather conditions in the short-term. Any variation in revenue for the full year would be expected to have a corresponding impact on earnings,’ it adds.
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Avacta Group PLC - Wetherby, West Yorkshire-based life sciences company developing cancer treatments and diagnostics - Says first-half financial performance in line with expectations. Pretax loss widens to £13.4 million in the six months ended June 30 from £12.8 million a year before, as revenue falls 5.3% on-year to £11.3 million from £11.9 million. ‘At the half year stage, the data from the ongoing Phase 1a clinical study of AVA6000 continues to support Avacta’s growing confidence in AVA6000 and the wider potential of the preCision platform,’ Avacta says. It notes it has kicked off a process to divest its Diagnostics arm. Avacta Chair Shaun Chilton says the firm has ‘started to receive indicative offers’. Chilton adds: ‘Our longer-term financing strategy is being formulated and includes a potential dual listing of the company on Nasdaq, which the board sees as a key strategic option for the company.’
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