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(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Treatt PLC - Suffolk-based extracts and ingredients manufacturer - Says management's outlook for the full year remains unchanged with revenue in the first quarter, the firm's quietest period, as expected. Reports a good start to the second quarter and is "encouraged by a robust pipeline and order intake". Remains focussed on growing higher margin premium volumes and feels well placed with opportunities with both new and existing customers. In new markets, says the China business continues to progress well and looks forward to opening the Shanghai Innovation Centre later this year.
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Tullow Oil PLC - Africa-focused oil & gas exploration and production company - Says revenue in 2024 is USD1.5 billion, including USD74 million hedge costs, at an average realised oil price (pre-hedging) of USD80.2 per barrel. Underlying operating cash flow is USD652 million and free cash flow is USD156 million. Net debt reduces to USD1.45 billion with gearing of around 1.3 times. In 2025, expects group working interest production to average between 50,000 to 55,000 barrels of oil equivalent per day, including around 6,000 boepd of gas and inclusive of a two-week maintenance shutdown planned on the Jubilee field in the first half of the year, with an around 4% impact on Jubilee annual production. Ghana drilling programme is to commence in May with the Noble Venturer rig with two Jubilee wells expected to come onstream in the third quarter of 2025. Tullow says it is considering disposals of non-core assets to accelerate deleveraging to its target of net debt of below USD1 billion and gearing of less than one times. It intends to set out a framework for capital returns and growth through inorganic opportunities following completion of the refinancing and appointment of a new chief executive.
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CT Global Managed Portfolio Trust PLC - investment trust - Net asset value per income share rises to 113.25 pence as at November 30 from 109.07p a year prior. Return before tax is GBP2.0 million in the six months ending November, down from GBP2.1 million a year ago. Income is little changed at GBP2.6 million, down from GBP2.7 million. Says NAV total return per income share of 0.6% underperforms the total return of the FTSE All-Share Index of 1.9%. Notes the "certainty" of UK and US elections is often good for stock markets. But adds the economic impacts of both elections are less obvious at this stage and while short term interest rates have fallen a little, longer term rates have risen, a move that tends to be bad for stock markets.
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Fintel PLC - Huddersfield, England-based provider of fintech and support services - Says revenue increases 21% to GBP78.3 million in the year ending December 31 from GBP64.9 million a year prior. Core revenue rises 22% to GBP68.9 million from GBP56.6 million, core software as a service revenue grows 17% to GBP44.1 million from GBP37.6 million. On a like-for-like basis, core organic revenue increases by 1.7% to GBP52.6 million from GBP51.7 million. Adjusted earnings before interest, tax, depreciation and amortisation firms 8.5% to GBP22.2 million from GBP20.5 million, following investment to expand products, services and capabilities. Joint Chief Executive Matt Timmins says: "2024 has been a year of continued strategic progress and positive financial performance. The business has performed well, with complementary acquisitions supporting significant growth in SaaS and subscription revenues." Sees "further progress in the year ahead".
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Orosur Mining Inc - South America-focused minerals exploration company - Net loss from continuing operations widens to USD618,000 in the three months to November 30 from USD392,000 a year prior. Bottom line hurt by forex loss of USD10,000 compared to gain of USD97,000 a year ago, and share-based compensation of USD107,000 versus nil the year before.
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Physiomics PLC - Oxfordshire, England-based mathematical modelling company that supports oncology drug development - Expects that total income for the current financial year, driven by contracts already signed, will be in line with market expectations. Is actively discussing a number of further contracts although there is no guarantee they will be signed within the current financial year. Predicts full-year pretax loss will be slightly lower than current expectations, reflecting work to maintain day rates and to improve operational efficiencies.
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Associated British Engineering PLC - Cambridge-headquartered engineering services firm - Pretax loss widens to GBP69,000 in the year to September 30 from GBP59,000 a year prior. No revenue is disclosed, unchanged from a year ago. Says it has been a "disappointing" year in which "we have not found a possible target acquisition or reverse for the group". Explains listing authorities appear disinclined to allow trading in the shares to resume which ABE finds "unacceptable". Says the group is "now clear of residual debts and makes an interesting shell company".
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Polarean Imaging PLC - medical imaging technology developer - Secures new patent in China to cover the use of Polarean's Xenon MRI platform. This helps position the company for a potential future entry into the Chinese market and underscores its commitment to tackling the global burden of lung disease, company says.
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By Jeremy Cutler, Alliance News reporter
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