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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Alliance Pharma PLC - Chippenham, Wiltshire-based distributor of consumer healthcare brands and prescription medicines - Swings to pretax profit of £12.7 million for the six months to June 30, from a loss of £6.8 million a year prior. Revenue grows 3.1% to £83.9 million from £81.4 million. Group revenue is expected to build throughout the second half of 2024 as new product launches gain momentum, and the company says this revenue will support further investment in marketing and innovation. Chief Executive Officer Nick Sedgwick says: ‘I am pleased by the performance we delivered in the first half of 2024 as we continue to see the benefits of our investment in both marketing and innovation. Our free cash flow is expected to build strongly throughout the remainder of 2024, which we anticipate will enable us to reduce further our net debt and leverage by the end of the year. The board’s expectation for full year financial performance is unchanged.’ Alliance Pharma predicts group profit in line with its 2023 results, of which pretax profit was £31.5 million.
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Ocean Harvest Technology Group PLC - Reading, England-based researcher, developer and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry - Pretax loss for the six months to June 30 narrows to €2.1 million from €2.2 million at the same time last year, whilst product revenue falls 48% to €831,000 from €1.6 million year-on-year after the company’s largest customer from 2023 places no orders. Cost of goods sold for the six-month period falls 45% to €665,000 from €1.2 million. The company says total margins were also negatively impacted by one-off loss-making sales of aged single seaweed inventory. CEO Ashley Head says: ‘Despite the challenging first half of 2024, the period has been one of positive changes for Ocean Harvest Technology, with the company now being on a solid footing looking ahead to 2025 and beyond. Trial data remains very positive and we are pleased to see the resumption of regular ordering from our largest customer who remains an enthusiastic user of OceanFeed. A loan note facility provides the company with the financial stability it needs to continue to implement the sales initiatives which the board expects to drive revenue growth and improvements in margin going forward. We look forward with great confidence in our product and expect to return to significant growth into 2025.’
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DG Innovate PLC - Caerphilly, Wales-based electric mobility and energy storage company - Pretax loss for the six months to June 30 is £3.0 million compared to £1.9 million a year prior, as cost of sales widens to £88,771 from £24,662 and administrative expenses grow 29% to £2.2 million from £1.7 million. Turnover rises to £116,400 from £30,240 at the same time last year.
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Cizzle Biotechnology Holdings PLC - London-based diagnostics developer company - Pretax loss for the six months to June 30 widens to £1.4 million from £457,000 the year before. The company reports no revenue, unchanged year-on-year. Chair Allan Syms says: ‘Throughout 2024, the group has made significant progress in developing its blood test to help in the early detection of lung cancer through the manufacturing of its core antibodies with BBI Solutions in their ISO 13485-certified facilities; the industrial collaboration with an industry-leading laboratory instrumentation partner; and being selected by the number one cancer centre in Florida to conduct a clinical evaluation of our biomarker for their patients presenting with suspicious lung nodules. Furthermore, the establishment of a partnership with BIO has now moved the business into the commercial phase of bringing our non-invasive, cost effective CIZ1B biomarker lung cancer blood test to market. The partnership with BIO is expected to be completed shortly giving us the potential for a significant guaranteed royalty deal in North America.’
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