The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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CAB Payments Holdings PLC - London-based cross-border payment company - Says 2024 adjusted earnings before interest, tax, depreciation and amortisation are ‘likely to be within the range of analyst consensus estimates’, as second-half operating costs were ‘well controlled’. However, it expects gross income of £105 million for the year, down from £137 million the year before, and says that it did not benefit from ‘a usual seasonal uplift in revenue’ during the second half of 2024. Continues to be negatively impacted by a stronger dollar, reduction in aid flows and political uncertainty affecting the demand for cross-border payments, impacting both client volume and margin. Also plans to streamline its operations this year with a restructuring during the first quarter. This will include a programme to reduce headcount by around 20%, including through a redundancy programme. Chief Executive Officer Neeraj Kapur says: ‘As part of the increased focus on performance we are taking significant steps to re-align the cost base to our strategic growth plans; meaning we can do more with less.’
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Norman Broadbent PLC - London-based recruitment firm - Forecasts 2024 pretax loss of around £200,000 compared to pretax profit of £300,000 in 2023. Says fourth quarter to December 31 is strongest of the year with net fee income of £2.5 million, more than 10% above the average for the first three quarters. Says positive momentum has continued into 2025 with contracted revenues up 40% year-on-year to £2.1 million. ‘Whilst we expect market headwinds to persist for at least the first half of 2025, the momentum generated in [the fourth quarter] puts us in a strong position relative to many of our peers.’
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The Pebble Group PLC - Manchester, England-based firm, provider of products and services to the global promotional products industry - Expects results for the year ending December 31 to be in line with market expectations. Sees 2024 revenue of £125 million, little changed year-on-year from £124.2 million and adjusted earnings before interest, tax, depreciation and amortisation of not less than £16.5 million, up from £16.0 million a year prior. Operating profit is forecast to rise to £8.4 million from £8.0 million.
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Niox Group PLC - Oxford-based developer of medical devices for asthma diagnosis and management - Expects revenue of £41.8 million in the year ended December, up 18% from £36.8 million a year ago. This includes Clinical revenue growth of around 11% to £36.1 million from £32.6 million, or 14% on a constant currency basis. Research revenue rose 33% to £5.7 million from £4.2 million.
Adjusted earnings before interest, tax, depreciation and amortisation is seen ‘slightly ahead’ of consensus expectations at £13.8 million, rising from £11.4 million a year ago. Gross margins of 72% are consistent with 2023. ‘The board believes that the company’s robust business model will continue to deliver profitable growth and drive further shareholder value,’ Niox says. In addition, says
Ian Johnson, currently executive chair, will move to non-executive chair with effect from the 2025 AGM, which is expected to be held on May 14. Jonathan Emms, currently chief operating officer, has been appointed chief executive officer with immediate effect. Michael Roller, currently chief financial officer, intends to retire with effect from the 2025 AGM. He will be replaced by Sarah Duncan, currently group financial controller. Duncan has worked for the group since 2018.
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Mpac Group PLC - Tadcaster, North Yorkshire-based high-speed packaging and automation solutions - Expects to report underlying pretax profit in line with market expectations of £10.5 million in the year ended December, up 48% from £7.1 million a year prior. Pretax profit in the second half is ‘substantially’ above the first, as expected, aided by improving project margins and operational efficiencies. Closes 2024 with net debt of £37.0 million compared with net cash of £2.1 million a year ago and a reduction in working capital to £7.0 million from £13.2 million. Remains on track to bring net debt down to less than 1 times earnings before interest, tax, depreciation and amortisation by the end of 2025. ‘With an increasingly diverse prospect pipeline and order book and good quote activity, as well as a stronger offering through combined product lines from our existing and acquired businesses, the group is well placed to deliver on market expectations for the current financial year and beyond. The board remains confident that the group will continue progressing its long-term growth strategy,’ company says.
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Distribution Finance Capital Holdings PLC - Manchester, England-based provider of financing solutions for dealers and manufacturers in the UK - Expects underlying pretax profit to be not less than £14 million in the year ended December, more than a threefold increase on 2023. Now expects 2025 pre-tax profit to be ahead of current market expectations, driven by continued elevated net interest margin and strong core lending growth. Tangible net asset value per share is expected to be not less than 63 pence per share at December 31. Further, launches £5 million share buyback programme. In addition, outlines new medium term targets. Targets loan book of £1.3 billion by the end of 2028; strong NIM over the medium term, well in excess of its historical expectation of at least 6%; continued cost efficiency, achieving more than 50% cost-to-income ratio by 2028; and progression of return on equity with a mid-teens target for 2028. Says no further tier 1 equity capital required to deliver these medium-term financial targets. Also announces partnership with Satago Financial Solutions Ltd. Under the agreement, the group will be given the opportunity to provide working capital to Satago’s own and its existing platform partners’ customers.
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Concurrent Technologies PLC - Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications - Expects to report revenue and pretax profit around 10% ahead of market expectations for the year ending December. Company believes consensus market expectations for revenue are £36 million and pretax profit are £4.7 million. As a result, says 2024 is set to be a record year, with revenue expected to be 25% ahead of 2023. Explains the increase in profit reflects the initial delivery of operational gearing as the business scales. Chief Executive Miles Adcock says: ‘Our 2024 order intake is expected to be £41 million, and our growing pipeline of major design wins reinforces our strong foundation for continued, year-on-year growth.’
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SRT Marine Systems PLC - Somerset, England-based developer of maritime domain awareness systems - Says revenue multiplied to £25.5 million in the six months to December 31 from £5.5 million a year prior, helping firm swing to pretax profit of £2.5 million from £4.6 million loss. Cash balances climb 15% to £4.5 million from £3.9 million. Notes four new systems contracts signed during the period worth £182 million, three from existing customers, one from a new customer. Post-period end, reports formal notice to proceed on further systems contract worth £12 million. ‘This is a solid start to the year,’ states Chief Executive Simon Tucker.
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Avingtrans PLC - designer and supplier of components and services to the energy, medical and industrial sectors - Says trading in the six months to November 30 is in line with management expectations. The Advanced Engineering Systems division performed well with Booth Industries well placed to benefit from further contracts relating to the HS2 project, as well as possible similar projects internationally. Further, company continues to enjoy good traction in signing up distribution partners for its Medical products in the US and Europe whilst volumes are in their ramp up phase. Revenues in this division are trading in line with management expectations with more material increases in volume expected to emerge in financial 2026. ‘We remain confident in our ability to meet market expectations for [financial 2025] and this reflects our ongoing commitment to delivering value and achieving our strategic objectives,’ company says.
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