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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Savannah Energy PLC - energy company focused on projects in Africa - Swings to pretax profit of $47.2 million from loss of $56.9 million, but revenue in six months to June 30 totals $114.8 million, a 7.2% decline from $123.7 million. Reports ‘other operating income’ of $109.9 million, up from $28.9 million, boosting its bottom line. The sum relates to invoicing of foreign exchange losses booked on customer trade receivables are ‘permitted to be invoiced to the relevant customer’.
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Creo Medical Group PLC - Chepstow, Wales-based medical device company - Pretax loss in six months to June widens to £13.8 million from £13.2 million a year prior. Revenue declines 3.2% to £15.2 million from £15.7 million. In September, Creo said it entered into a deal to sell a 51% interest in its European subsidiary for €36.7 million to Micro-Tech NL International BV. The sale of the stake in Creo Medical SLU would ‘strengthen the group’s balance sheet’, Creo Medical said at the time. Chief Executive Officer Craig Gulliford said Monday: ‘The recent announcement of an agreement for the sale of 51% of Creo Medical Europe represents an excellent strategic partnership opportunity for Creo. The partnership will support our continued commercial growth through Creo Europe with access to the wider Micro-Tech product portfolio secured under the Creo Brand.’ On Tuesday, the firm said it raised £12 million from a placing of 50.0 million shares at 24 pence each. ‘Proceeds from the fundraising will ensure the business is sufficiently funded to profitability as the company continues to roll out its defined med-tech growth strategy,’ Creo added. On Monday, it had also announced a retail offer to raise up to £5.0 million.
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RBG Holdings PLC - London-based legal and professional services firm - Pretax loss in half-year to June 30 widens to £5.7 million from £1.8 million a year prior. Revenue falls 6.9% to £18.4 million from £19.8 million a year earlier. ‘Trading within the group’s Legal Services businesses was robust and in line with management expectations in the first four months, but there was a marked decline in activity in May and June because of a number of factors including the [UK] general election, with several key areas of the business affected by this decline in trading,’ RBG says. ‘While we are optimistic, volatile trading conditions mean that there is a significant uncertainty as to whether the group will meet the market’s expectations for FY 2024. However, the business is in a much better position than previous years.’
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Frenkel Topping Group PLC - Manchester, England-based professional and financial services firm, which is focused on personal injury and clinical negligence - Revenue in six months to June 30 rises 12% to £17.9 million from £16.0 million a year prior. Pretax profit falls 28% to £1.7 million from £2.4 million. Funds under management rise 15% to £1.46 billion from £1.26 billion.
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Tavistock Investments PLC - Ascot, Berkshire-based financial advice and investment management - On Tuesday, it says it enters agreement for sale of two subsidiary businesses, Tavistock Partners Ltd, and Tavistock Estate Planning Services Ltd. The businesses will be sold to Saltus Partnership Holdings LLP for a cash consideration of up to £37.8 million. Follows annual results on Monday for the year ended March 31, when Tavistock reported a pretax loss of £1.3 million, narrowed from £1.6 million a year prior. Revenue was £39.5 million, up from £34.0 million the year before, while full-year adjusted earnings before interest, tax, depreciation and amortisation came to £2.2 million, up from £140,000 and the highest Ebitda to date.
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Digital 9 Infrastructure PLC - investor in internet infrastructure, such as data centres and subsea fibre - Net asset value per share at June 30 half-year end totals 46.59 pence per share, a fall of 41% from 79.33p in December. ‘The board remains committed to maximising shareholder value from the sale of the company’s wholly-owned assets at the earliest possible opportunity,’ Digital 9 says. ‘During the managed wind-down, the company intends to maintain its investment trust status and listing with due consideration for the regulatory requirements and costs of doing so following the sale of the company’s wholly owned assets.’
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Macau Property Opportunities Fund Ltd - Macau-focused property investment company - Net asset value per share at June 30 financial year end declines 29% to $0.75 per share, from $1.06 a year prior. ‘The financial year under review was characterised by countervailing forces in Macau’s economy: a robust post-pandemic recovery on the one hand, and the property market’s most difficult year in four decades on the other,’ the firm says. ‘There has been a slight increase in confidence as a result of the recent interest rate cut by the United States Federal Reserve, and Macau’s reduction of its base rate in response. This will be a key influence on the luxury end of the property market, in which investors are more focused on investment returns.’
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Kropz PLC - African phosphate producer and developer - Swings to pretax profit of $370,000 in 15 months to March 31, from loss of $97.2 million in year to December 31, 2022. Kropz had changed its year-end date from December 31. Revenue for 15-month period amounts to $40.1 million. Had reported no revenue in 2022. First trial sales revenue from Kropz Elandsfontein was booked during 15-month period. ‘Kropz’s Elandsfontein project delivered first production in early 2022 and the first trial sales in January 2023. The company is confident in the inherent value contained within each of its core assets. Global phosphate rock demand and pricing is robust, and the work being carried out will provide Kropz with direction for the next phase of its development, subject to short-term challenges being managed. The year ahead should provide the company with a solid foundation for its future development and moving towards steady state operations,’ Kropz says.
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