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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Schroder UK Public Private Trust PLC - formerly Woodford Patient Capital Trust, invests in both listed and private UK companies - Net asset value per share rises 16% to 40.65p at end of June from 35.00p at end of 2020. "The recovery in the NAV so far this year, driven by a number of positive developments within the company's portfolio, is encouraging. These developments, previously announced to the market, include the sale of businesses such as Inivata and Kuur Therapeutics and the IPO of Immunocore," firm says. Adds that Oxford Nanopore's valuation has seen a "significant rerating" as recent funding rounds boost valuation ahead of anticipated IPO later this year. "With capital available to deploy, further positive developments anticipated through 2021, including the potential IPO of ONT, the company's largest holding, we are optimistic about the portfolio's prospects."
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Baillie Gifford Shin Nippon PLC - invests primarily in small Japanese companies which are believed to have above average prospects for growth - For six months to July 31, net asset value per share falls 1.3% while the MSCI Japan Small Cap index rises 1.7%. NAV per share stands at 228.6p at July 31, versus 231.7p at end of January. "Despite a painfully slow vaccine approval process, Japan has quickly caught up with most of its developed market peers in terms of vaccination rates. The high uptake of vaccines and falling hospitalisation rates in developed markets have encouraged governments to lift restrictions, resulting in a gradual return to normality for individuals and businesses. However, given the uneven nature of progress in vaccination across developed and emerging economies, investor sentiment has invariably remained one of caution," it says.
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Learning Technologies Group PLC - digital learning services and technologies provider - Revenue in first half of 2021 grows 29% to GBP82.6 million from GBP64.1 million a year ago, while pretax profit rises to GBP4.6 million from GBP4.1 million. Says Ebit margin down to 26.7% in period from 28.7% a year ago due to currency headwinds and short-term losses from Reflektive and Bridge following acquisition in first quarter, but expects to return to guided margin levels for full-year. Approves interim dividend of 0.30p per share, up from 0.25p a year ago. Notes strong start to second half and remains on track to deliver market expectations for full-year, despite continuing currency headwinds.
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Cambridge Cognition Holdings PLC - Cambridge, England-based digital neuroscience company - Half-year revenue rises to GBP4.5 million from GBP3.0 million a year ago, while it swings to pretax profit of GBP84,000 from loss of GBP424,000. Says order intake was above internal expectations at GBP8.6 million and included "two substantial orders" outside the company's core area of focus that totalled GBP3.6 million. Contracted order book GBP15.2 million at June-end, up from GBP7.4 million a year ago. "With increasing investment in commercial activities, continued product development, a rising cash balance and supportive shareholder base, the company is well positioned for further revenue growth. We remain excited about the potential for the future," it says.
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Mattioli Woods PLC - Leicester-based asset manager - Revenue for financial year to May 31 rises 7% to GBP62.6 million, with recurring revenue representing 93% of this figure. Pretax profit falls 60% to GBP5.1 million, driven by IFRS 3 accounting policy. Adjusted earnings before interest, tax, depreciation and amortisation also falls, down 8% to GBP17.3 million. Says fall in Ebitda is "after normalising the prior year's result to reflect the impact of paying no discretionary staff bonuses at year-end whilst we responded to the unfolding impacts of the Coronavirus (Covid-19) pandemic." Is pleased by year's performance despite uncertainties and plans to build on momentum. "The further easing of lockdown restrictions and continued roll out of the Covid-19 vaccination programme are supporting investor confidence and we expect the increased client inflows and new business enquiries seen in the second half of the last financial year to continue in the current period," it says. Proposes final dividend of 13.5p, up from 12.7p a year ago and giving a total for the year of 21.0p, up 5%.
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Real Estate Investors PLC - Midlands, UK-focused real estate investor - EPRA net tangible assets per share 57.7p at end of June, up from 55.2p at the end of 2020. Says portfolio valuation improves by 1.9% on a like-for-like basis since December 2020. Revenue for half GBP7.8 million, down 5% from GBP8.2 million a year ago, but swings to pretax profit of GBP9.0 million from loss of GBP3.8 million a year ago. Will pay a quarterly dividend of 0.75p in respect of the second quarter, and expects the same level of payout for third quarter before "an uplifted final quarterly dividend payment" at year-end. "We are pleased to report promising signs of market recovery after an extremely volatile 18 months. Both the investor and occupier markets are improving with little distress evident and enquiry levels gathering pace in Q2," says Chief Executive Paul Bassi.
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Globalworth Real Estate Investments Ltd - office investor in central and eastern Europe - EPRA net reinstatement value EUR8.61 at June 30, down from EUR8.68 at end of December. Says Covid-19 uncertainty hit demand for office space in the second half of 2020, and this has continued into the first half of 2021 in both Poland and Romania. Market conditions are expected to remain challenging for the remainder of the year, it says, though is optimistic about the medium and long-term prospects of the office market. Interim dividend is 15 cents, down 50% year-on-year.
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Kooth PLC - London-based digital mental health platform - Revenue for first half of 2021 rises 35% to GBP8.0 million from GBP5.9 million year-on-year, and pretax loss slims to GBP145,000 from GBP921,000. Annual recurring revenue up 23% to GBP16.6 million. Describes first half as "positive" and expects revenue to be comfortably in line with market expectations for the full year. It says: "This reflects Kooth's good progress against its priorities for the first half which included maintaining its leadership position in supporting children and young people via the NHS as well as doubling the number of Kooth Adult 'whole population' contracts."
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Billington Holdings PLC - steel and engineering firm - Revenue for first half of 2021 rises 15% to GBP37.7 million from GBP32.8 million a year ago, while pretax profit improves 25% to GBP763,000 from GBP614,000. Says pandemic recovery seen in the later part of 2020 continued into first half of 2021. However, it adds: "The group has seen an improvement in opportunities during the period, but trading conditions, including pressure on margins as a result of raw material price inflation, delays to project starts and supply constraints remain across the industry." Says overall market challenging but believes company outlook is "encouraging". Expects "a further improvement in group financial performance" in the second half, but full-year outturn dependent on timing of key contracts, combined with fallout from inflation and supply constraints.
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Cobra Resources PLC - Wudinna gold project in South Australia - Pretax loss in six months to June 30 GBP842,631, widened from GBP296,424 a year ago. This is driven by GBP610,005 loss on derecognition of financial liability, versus no charge a year earlier. Says focus for second half on executing planned exploration activities. Initially this will involve the completion of the 875 hole geochemical reverse air core sampling programme. "The company has executed material progress in the first half and we are now very well positioned as we move into the next phase of exploration," it says.
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Alliance Pharma PLC - pharmaceutical company based in Wiltshire - Revenue for first half of 2021 GBP78.6 million, up from GBP61.7 million a year ago. Pretax profit multiplies to GBP16.5 million from just GBP629,000 year-on-year, helped by the revenue growth and a non-repeating impairment charge of GBP12.1 million. Says it traded strongly in the period, with an "excellent" performance from Kelo-cote, an uplift in revenue from Prescription Medicines and a significant contribution from recently acquired Amberen. Lifts interim dividend by 5% to 0.563p. Second half has started well and is confident in meeting market expectations for revenue, underlying profit and net debt. "With the integration of Amberen now complete, we continue to look for opportunities to selectively add to our Consumer Healthcare portfolio, leveraging the platform we have built across EMEA, APAC and, more recently, the US," it says.
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PensionBee Group PLC - London-based pensions services provider - Revenue for half-year to June 30 more than doubles to GBP5.4 million from GBP2.6 million year-on-year, though pretax loss widens to GBP12.8 million from GBP5.2 million. Advertising & marketing costs jump to GBP6.1 million from GBP2.9 million, while it books GBP2.9 million in transaction costs, versus nil a year ago. Assets under administration stand at GBP1.99 billion at period end, more than double the GBP915 million at the same date a year ago. Active customers rise 78% to 155,000. "We expect to maintain our strong momentum, deliver high double-digit revenue growth for the current financial year 2021 and to reach monthly Ebitda breakeven by the end of 2023, in line with the guidance we set out at the time of our IPO," says Chief Executive Romi Savova.
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Personal Group Holdings PLC - Milton Keynes, Buckinghamshire-based employee benefits and services provider - Revenue rises 12% year-on-year to GBP34.2 million in first six months of 2021, which is says is driven primarily by increased pass-through transactional spend via the Hapi platform of GBP13.4 million. However, pretax profit falls 23% to GBP3.2 million from GBP4.2 million. Expenses increase to GBP30.9 million from GBP26.2 million. Despite this, says the "positive" first half performance, alongside current trading, lends increased confidence for full-year. "Whilst the financial impact of 18 months of Covid-restrictions will continue to flow through in H2 2021 and into 2022 our pipeline of new business, not only in insurance but across all the Group's divisions, is growing and underpins our positive medium-term outlook," it says. Declares interim dividend of 5.3p, down from 7.4p a year before.
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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Swings to half-year pretax profit of USD7.5 million from loss of USD2.5 million a year ago. Number of clients rises to 2.5 million from 2.3 million a year ago, and number of branches is 2,036 from 1,956. Says will keep its dividend policy under review until next year due to continued uncertainty. "The company expects the operating environment to remain challenging in many countries for the second half of 2021 as vaccination rates have remained relatively low and only recently began to improve in various countries, especially India," it says. Expects performance will further improve in the second half of 2021 compared with 2020, assuming Covid disruption lessens, but says performance is largely dependent on developments in India. Separately, puts out trading statement for August in which it says liquidity remains high with approximately USD116 million of unrestricted cash and cash equivalents across the group. Pipeline of funding deals under negotiation totals around USD149 million.
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Fintel PLC - Huddersfield-based business services provider to financial advisers - Revenue for six months to June 30 GBP31.7 million, up from GBP28.9 million a year ago. Pretax profit rises to GBP5.0 million from GBP4.4 million. "I am delighted to report that Fintel delivered a robust financial performance in the first half of the year, and we remain confident of meeting our full year expectations," says Joint Chief Executive Matt Timmins. Plans to pay interim dividend of 1.0p per share, versus nothing a year ago. Intends to adopt progressive dividend policy going forward. "Current trading remains robust. Our strategic plan is being implemented efficiently and at pace. We remain confident that the company is in a strong position to deliver in line with current market expectations for FY21," company says.
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By Lucy Heming; lucyheming@alliancenews.com
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