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EARNINGS UPDATES: Rathbones assets drop; Trackwise sinks to loss

Thu, 28th Jul 2022 20:05

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Rathbones Group PLC - London-based investment manager - Funds under management closes first half of 2022 at GBP58.95 billion, falling from GBP68.16 billion six months earlier. Notes the MSCI PIMFA Private Investor Balanced index fell 10.0% in the same six-month period to June 30. Records GBP207 million in net inflows, but sees GBP9.42 billion loss from its market performance. Declares interim dividend of 28 pence, up from 27p a year earlier. "Our net operating income totalled GBP231.9 million to June 30, an increase of 8.6% from the GBP213.5 million last year, reflecting continued net organic and acquired growth in funds under management and stronger advisory revenues," Chief Executive Paul Stockton says. "Rathbones remains focused on delivering the strategic plans we set out at our full-year results."

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JPMorgan Russian Securities PLC - Russia-focused investor - Net asset value per share ends April 30 at 47.1 pence, slumped sharply from 973.6p six months earlier. "Saddens me to report that the tragic events in Ukraine since Russia's military invasion commenced on February 24 and imposition of strict economic sanctions on Russia and Belarus that followed have drastically reduced the valuation of the company's assets in this six-month reporting period to April 30," Chair Eric Sanderson says.

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Greencoat UK Wind PLC - London-based renewable energy infrastructure investor - Net asset value per share ends June 30 at 153.6 pence versus 133.5p six months earlier. Declares dividend of 3.86p in first half, rising from 3.59p a year prior. "We are pleased to report another solid performance, with continued strong cash generation as we deliver against our simple, low risk strategy and build on our well-established track record," Chair Shonaid Jemmett-Page says. Portfolio ends half at 45 operating wind farms with net generating capacity over 1.6GW.

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Tekcapital PLC - the London-based intellectual property investor - Pretax profit in six months to May 31 halves to GBP6.7 million from GBP13.0 million a year prior. Revenue drops to GBP368,928 from GBP646,770, and change in fair value on financial assets falls to GBP7.5 million from GBP13.8 million. NAV per share ends first half at USD0.51 versus USD0.48 six months earlier. Chair Clifford Gross says: "We are glad to report solid half year performance for the group. Our key portfolio companies are all revenue generating, progressing well, have capable management, and should reach significant additional milestones by the end of 2022. We are excited about what we have achieved in the first half of 2022 and about our potential near-term growth and performance."

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GSTechnologies Ltd - Milton Keynes, England-based fintech and information technology company - Records net loss of USD1.4 million in year to March 31, widening from a USD490,000 loss the year prior. Sales surge to USD4.2 million from USD2.8 million. "During the year, the primary focus of the group was on developing the 'GS Fintech' subsidiaries in the UK and Singapore, established just before the start of the financial year. This involves the company's expansion into blockchain-related technologies, specifically its plans to launch a borderless neo-banking platform providing next-generation digital money solutions," Chair Tone Kay Kim Goh says.

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Pod Point Group Holdings PLC - EDF Energy-backed electric vehicle charging firm - Reports a widened interim loss. For the six months to June 30, posts revenue of GBP41.6 million, up from GBP26.5 million last year but pretax loss widens to GBP7.5 million from loss of GBP6.7 million. Looking ahead, notes global supply chain challenges are expected to continue through the rest of 2022 and into 2023. Says this will hurt both supply of new vehicles and the manufacture of charge points across all suppliers.

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SRT Marine Systems PLC - Bath-based provider of maritime surveillance - Pretax loss in year to March 31 widens to GBP6.8 million from a GBP5.9 million loss a year prior. Annual revenue broadly flat year on year at GBP8.2 million versus GBP8.3 million. Chief Executive Simon Tucker says: "Whilst these results are in line with market expectations, this has been a challenging post-covid recovery year for SRT. I am happy that we have been able to maintain our investments in product and customer development and have started to see strong demand return for our products, both transceivers and systems, which I expect to be reflected in next year's financial results."

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Trackwise Designs PLC - Tewkesbury, Gloucestershire-based products using printed circuit technology - Sinks to pretax loss of GBP2.0 million in 2021 versus GBP406,000 profit in 2020. Revenue rises to GBP8.0 million from GBP6.1 million. For the first half of 2022, expects revenue of GBP3.8 million, slipping from GBP4.1 million the year prior. "Trackwise closed the year with a record order book," Chief Executive Philip Johnston says. "As we announced in June 2022, delays to our UK EV OEM customer's own progression mean that some revenue originally forecast for our FY22 year will not materialise, but despite this 2022 is still expected to see a further increase on 2021, continuing the sales growth in the business, in particular in IHT."

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Altitude Group PLC - Sheffield-based firm operating a marketplace for personalised products - Pretax loss in year to March 31 narrows to GBP157,000 from GBP1.3 million loss year prior. Revenue rises to GBP11.9 million from GBP7.7 million. Notes Services revenue grew by 17%, surpassing the industry average of 12% reflecting the strong performance of its AIM network. "Strong trading momentum has continued into the first quarter of our new financial year, providing further confidence that the current market expectations are at least in line for the full year," it adds. Says its AIM membership has continued to grow, and currently totals 2,425 global members, up from 1,917.

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Ondo InsurTech PLC - West Midlands-based company that detects micro-leaks of water - Records pretax loss in period to February 28 of GBP580,260. Books GBP218,597 of operating & administrative expenses and GBP361,793 of exceptional expenses related to its IPO.

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Aptitude Software Group PLC - London-based finance transformation and automation software - Operating profit in six months to June 30 halves to GBP2.1 million from GBP4.7 million. Total revenue rises 31% to GBP36.1 million from GBP27.6 million a year prior. Annual recurring revenue grows 38% to GBP49.1 million from GBP35.5 million. Declares interim dividend of 1.8 pence, unchanged from year before. "Aptitude Software has demonstrated that it is well positioned to realise the significant opportunity from the two strategic growth drivers of finance digitalisation and subscription management, providing the group with long term, non-cyclical growth opportunities," Chief Executive Jeremy Suddards adds.

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Airea PLC - West Yorkshire-based flooring company - Pretax profit in six months to June 30 rises to GBP656,000 from GBP464,000 a year prior. Revenue in first half grows to GBP8.6 million from GBP7.4 million. "The six months ended 30th June 2022 continued to see recovery from the impacts of the Covid-19 pandemic, which had suppressed activity in our key markets. H1 delivered improved sales and operating profit versus the prior year as demand in both our home and export markets continued to recover," Chair Martin Toogood says. Notes that its selection process for a new CEO continues.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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