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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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Focusrite PLC - music and audio products company based in High Wycombe, Buckinghamshire - Pretax profit declines in financial year ended August 31 to GBP7.0 million from GBP13.0 million. While revenue rises to GBP130.1 million from GBP84.7 million thanks to a full year of ADAM Audio revenue and a partial year of Martin Audio, administrative expenses rose to GBP51.5 million from GBP23.0 million and Focusrite incurs a GBP10.2 million impairment of goodwill on acquisition versus no such impairment the prior financial year. CEO Tim Carroll said: "Since the year end, demand for most of our group products has remained high and revenue is substantially ahead of the level achieved in the similar, pre-Covid-19, period of the prior year, helped by the acquisition of Martin Audio. We remain conscious of global factors that could adversely impact our operations such as Covid-19, Brexit, and US tariffs and will continue to monitor these and other obstacles, reacting accordingly."
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Windar Photonics PLC- Denmark-based technologies that optimise the energy output of wind turbines - Records pretax loss of EUR1.1 million for six months ended June 30, flat year-on-year. Revenue falls sharply to EUR274,752 from EUR730,597 while administrative expenses fall to EUR1.2 million from EUR1.5 million. CEO Jorgen Jensen said: "Our order intake in 2020 has now reached our net revenue break-even level of [circa] EUR3 million. Whilst we expect to be able to only execute approximately 40% of these orders in 2020 due to the ongoing Covid pandemic, the board still expects to see an improvement in our overall financial results for 2020 compared to last year."
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Canadian Overseas Petroleum Ltd - oil and gas exploration and development company focused on offshore Africa - Comprehensive loss for three months ended September 30 is at USD2.2 million, widening from USD936,000 loss the year before due to a USD973,000 stock-based compensation expense relating to stock options granted to directors, officer, and employees. Currently does not have enough cash inflows or financing to develop profitable operations, and is pursuing projects and contracts that need more financing to complete. "The company currently does not have sufficient working capital and cash flows to cover forecasted administrative expenses for next 12 months."
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Gear4music Holdings PLC - York-based musical instruments retailer - Swings to GBP5.8 million pretax profit for six months ended September 30 from a GBP279,000 loss the year before as revenue jumps 42% to GBP70.2 million from GBP49.4 million, including 36% invitational revenue growth with UK revenue 48% higher. CEO Andrew Wass said: "Trading into November continues to be very strong, and we are well positioned for what we expect to be a busy peak trading period ahead of us. We therefore expect that results for the financial year will now be ahead of the recently upgraded consensus market expectations."
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McKay Securities PLC - real estate investment trust specialising exclusively in the South East and London office, industrial and logistics markets - Swings to GBP15.0 million loss for the six months ended September 30 from a GBP11.2 million the year before. This results from swing to a GBP17.1 million loss on revaluation of investment properties from a GBP3.9 million gain the year before. Gross rents and services charges receivable flat at GBP14.6 million. Interim dividend 2.8 pence per share, in line with year before. CEO Simon Perkins said: "The outlook remains dominated by the speed at which the Covid-19 pandemic passes and the impact it has on the economy. With the achievements of the last six months, and our consistent focus on the UK's strongest regions and sectors, we are in a strong position to navigate this period of uncertainty, and in due course capitalise on future opportunities."
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AdEPT Technology Group PLC - information technology provider based in London - Pretax profit in six months ended September 30 sinks sharply to just GBP18,000 from GBP1.1 million the year before as revenue falls to GBP28.5 million from GBP30.8 million and administrative expenses rise to GBP12.7 million from GBP12.4 million. Chair Ian Fishwick said: "We remain reticent to publish guidance for the full year given the ongoing uncertainty. However, we continue to be encouraged by the key indicators of; new order intake, project delivery, cash collection and operational effectiveness which bode well for the remainder of this year."
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dotDigital Group PLC - marketing automation and customer engagement software provider based in London - Posts to GBP11.8 million pretax profit in financial year ended June 30, up from GBP8.9 million profit the year before as revenue rises to GBP54.9 million from GBP51.3 million. Proposes final dividend of 0.83 pence per share, up from 0.67p per share the year before. CEO Milan Patel said: "Moving forwards, we remain focused on expanding our international footprint, strengthening our product suite, and deepening our relationships with partners. We will continue to monitor and respond to the pandemic as it develops, but having made a positive start to FY 20/21 and with encouraging momentum in the business, we are confident in our ability to deliver another year of substantial growth and good progress against our strategy."
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Genedrive PLC - Manchester-based molecular diagnostics firm - For year ended June 30, pretax loss widens considerably to GP20.4 million from GBP4.5 million loss the year before after incurring GBP14.7 million of finance costs versus just GBP508,000 of finance costs the prior year. Revenue lass than half prior year at GBP1.1 million compared to GBP2.4 million. CEO David Budd said: "With a growing pipeline and opportunities across a range of healthcare markets I believe Genedrive is very well placed for the future. We remain confident in our SARS CoV-2 products and through our network of commercial and other partners we see significant commercial opportunities ahead although additional regulatory clearances are still awaited in certain key territories. We will enter 2021 with a stronger product portfolio and a stronger balance sheet and ready to enter a new growth phase for the company and its assays."
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System1 Group PLC - London-based online market research company - Swings to pretax loss of GBP401,000 for six months ended September 30 from a GBP1.1 million profit the year before as revenue falls to GBP10.1 million from GBP13.7 million. No interim dividend, having paid out 1.1p per share the prior year. CEO John Kearon said: "Revenue and adjusted profitability have recovered substantially since Q1. Our sales pipeline remains strong in the UK and is improving in the US. These trends provide grounds for optimism. However, continued uncertainty over the medium- and longer-term impact of Covid-19 on the major economies in which System 1 operates, heightened by renewed 'lock-down' measures, leads us to continue to suspend financial guidance."
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Palace Capital PLC - investment company with portfolio of UK commercial real estate located outside of London - Pretax loss widens to GBP7.2 million in six months ended September 30 from GBP1.2 million loss the year before. Rental and other income down 30% at GBP8.3 million from GBP11.9 million plus GBP10.5 million loss on revaluation on investment properties compared to GP6.2 million the previous year. EPRA net tangible assets per share falls 4.7% to 347 pence from 364p. Total dividend per share is reduced to 5.0p from 9.5p per share. CEO Neil Sinclair said: "While the market continues to be relatively uncertain due to the Covid-19 pandemic and with the Brexit deadline also close, we remain confident that the outlook for the UK regions is a positive one; the supply of good quality, well located office assets remains constrained and our portfolio is therefore very well placed, with additional value identified and unlocked as we progress our redevelopment and refurbishment programmes."
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By Anna Farley; annafarley@alliancenews.com
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