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(Alliance News) - 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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MySale Group PLC - Australia, New Zealand and south east Asia-focused online retailer - Reports revenue for financial year ended June 30 slumped to AUD131.0 million, equivalent to around GBP72.3 million, from AUD208.6 million a year before, though the firm's pretax loss narrowed to AUD3.4 million from AUD58.2 million. Selling and distribution expenses were slashed to AUD37.0 million from AUD71.8 million year-on-year. Says trading in first four months of the current financial year has been profitable and cash positive, underpinned by "strong" margins. "While the board is conscious of the ongoing uncertainty and operational risk caused by Covid-19 pandemic, for both our business and the global retail industry as a whole, it is pleasing to see the group's strong trading momentum and increased interest from international partners in our unique offering has continued into the new financial year," company says.
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Aberdeen New India Investment Trust PLC - invests in Indian growth companies - Net asset value per share at September 30 was 517.73 pence, up 26% from 411.41p at the end of March. Net asset value total return 26% for the period and share price rises 32.6% to 435.00p. The MSCI India Index sterling adjusted, however, increased by 33.2% in sterling terms. "NAV grew consistently over a period in which Indian equities staged a remarkable recovery following a steep sell-off in March due to the Covid-19 pandemic. In such a rapidly evolving market, your company's NAV slightly lagged the Index, having outperformed on the way down. Set in the context of a longer time frame of ten years, your company's NAV and share price have increased by 87.9% and 69.8%, respectively, comfortably outpacing the return of 43.8% for the Index," says Aberdeen India.
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Two Shields Investments PLC - investment company - Pretax loss widens to GBP271,202 in six months to September 30 from GBP228,191 a year ago. Administrative expenses rise to GBP324,390 from GBP203,035. "The company is looking forward to completing the all share for share acquisition of BrandShield and we believe this investment will prove very attractive for all shareholders. The management team at BrandShield, led by Yoav Keren, has consistently demonstrated its ability to grow the business rapidly, delivering material value enhancement," company says, adding that next 12 months should be an "exciting" time for Two Shields.
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Montanaro UK Smaller Companies Investment Trust PLC - investment trust focused on investing in small quoted companies listed on the LSE or traded on AIM - Reports net asset value per share of 130.6p as at September 30, up 15% from 113.8p at March 31. NAV total return for six months is 16%, versus the benchmark - a composite index comprising the FTSE SmallCap Index, excluding investment companies, until March 2013 and the NSCI from April 2013 onwards - returning 24%.
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Adams PLC - special situation investor headquartered in the Isle of Man - Swings to pretax profit for six months to September 30 of GBP1.1 million from loss of GBP46,000 a year before. Registers gain on investments of GBP1.2 million versus loss of GBP31,000 year before and investment return rises to GBP1.2 million from just GBP23,000. "We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio, many of which are in sectors that are regarded as defensive stocks in the current Covid-19 environment," says Adams.
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Aberdeen Standard Equity Income Trust PLC - investment trust - Net asset value total return per share for year ended September 30 negative 26%, while FTSE All-Share Index total return minus 17%. Company describes year as "challenging". "Net Asset Value fell by 30.1%, much worse than the 19.2% fall in the FTSE All-Share Index, and also worse than nearly all our peers in the UK Equity Income peer group of investment trusts. In total return terms the comparison is similar, with our negative return of 25.7% worse than the index's 16.6%," says Aberdeen Standard. Says Covid-19 to blame for "poor outcome".
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BMO Capital & Income Investment Trust PLC - investment trust with portfolio consisting mainly of FTSE All-Share companies - Says net asset value total return and share price negative 21% and 20% respectively in financial year to September 30, versus FTSE All-Share Index's total return of minus 17%. "The period between 21 February when the stock market started to fall sharply in response to the developing crisis and 23 March at the trough was when the performance of your company was hit hardest. Indeed, up to that point we had been making good progress and, since the nadir in March, performance has been ahead of the Index," says BMO Capital & Income. Total dividend for year 11.5 pence, up 0.9% on year before.
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Shires Income PLC - investment firm with portfolio substantially invested in UK equities but also in preference shares, convertibles and fixed income securities - Net asset value total return per share for six months to September 30 was 14% and share price return 10%, while benchmark, the FTSE All-Share Index, returns 7.0%. Net asset value per share at September-end 228.48 pence, up 10% from 207.39p at March 31. "The equity portfolio returned 7.8% and the preference share portfolio had a strong recovery, delivering a return of 20.0% during the period. The company also benefited from the use of gearing in a rising market," says Shires Income.
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OTAQ PLC - Lancaster-based marine aquaculture technology - Revenue for half-year to September 30 rises to GBP2.0 million from GBP1.8 million year-on-year, with pretax loss narrowing to GBP115,000 from GBP143,000. Adjusted earnings before interest, taxes, depreciation and amortisation rises 22% to GBP390,000. Continues to expect revenue of GBP4.0 million for full-year and adjusted Ebitda of GBP500,000. "Whilst Covid-19 is expected to continue to impact operations and business development for the remainder of the financial year, we believe that the group is well placed to return to a normal level of operations and business development activities once travel restrictions are lifted. Furthermore, we believe that the business will be in a strong position to further grow its market share once the regulatory requirements across its target markets are clarified," says Chair Alex Hambro.
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Premier Miton Group PLC - asset manager - Says assets under management ended September at GBP10.6 billion, up 16% since the half-year. At November 20, assets under management stood at November 20. Reports GBP619 million in net outflows for the year, predominantly from its multi-manager funds due to their weaker short-term performance figures. "Pleasingly however several of the group's other strategies have seen positive inflows during the year and many funds benefited from the recovery in asset prices during May and June," says Premier Miton. Pretax profit falls to GBP9.6 million from GBP13.7 million. "Although the outlook remains unclear, we should be encouraged by the excellent long and short-term performance of many of our active fund managers, despite the extreme market disruption," company says. Proposes final dividend of 4.5 pence, bringing total payout for year to 7p, down from 10.5p the year before.
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Mountview Estates PLC - London-based property trading company - Says revenue for half-year to September 30 falls to GBP22.5 million from GBP29.9 million, with pretax profit decreasing to GBP13.5 million from GBP17.4 million. Maintains interim dividend at 200p per share. "The first lockdown started shortly before the beginning of our financial year and had the effect of delaying the procedures that are necessary to bring a vacant property to market. This delay was about a month or six weeks and is commensurate with our fall in turnover. In so far as we have all become accustomed to coping with the present circumstances I am hopeful that the delays may even lessen as time goes on," Mountview says.
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Puma VCT 12 PLC - venture capital trust - Says net asset value per share at August 31 was 84.01p - or 90.01p after adding back the dividend paid to date - up slightly from 83.30p at the end of August 2019. "Whilst it may be too early to comment on the medium-term effects on investment markets and values, the short-term impact on the operations of many of the company's investments has been significant. In this context, it has been pleasing that carrying values have, in the main, not been adversely affected, and in some case have recorded encouraging increases," says Puma VCT 12. Objective remains to achieve an orderly winding up of the company's assets "as soon as possible".
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Puma VCT 11 PLC - venture capital trust - Net asset value per share at August 31 was 74.86p, down from 82.62 a year before. NAV per share at half-year end stands at 90.86p when adding back 16p per share in dividends paid. "The objective of the board remains to balance the maximising of shareholder returns with the desire to achieve an orderly winding up of the company's assets as soon as possible," Puma VCT 11 says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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