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UK EARNINGS SUMMARY: Curtis Banks Profit Slips But Guides For Growth

Thu, 03rd Sep 2020 14:42

(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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Curtis Banks Group PLC - financial services firm - Interim pretax profit slipped to GBP4.0 million from GBP5.4 million. Administrative expenses rose to GBP20.0 million from GBP18.9 million. Revenue in six months to June 30 flat year on year at GBP24.5 million. Number of Self Invested Personal Pension schemes administered fell to 76,306 from 77,175, with total organic new own SIPPs down to 2,107 from 2,220. June 30 assets under administration at GBP28.6 billion, up from GBP27.5 billion at same point year before. Interim dividend maintained at 2.5p. Chief Executive Will Self said: "I am pleased to report a solid six months for the Curtis Banks Group. The first six months of the year has seen the business affected by Covid-19; however, our fixed, recurring fee model has insulated the group from the worst of the effects of the pandemic, to date. I am delighted to report that core product growth during the period is up year-on-year, driven in part by organic growth in our new investment product, Your Future SIPP. In addition, the acquisitions of Dunstan Thomas and Talbot and Muir post-period end are very exciting for all of us at Curtis Banks as we look to grow through increasing scale and adding new revenue streams."

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Wentworth Resources PLC - Tanzania-focused natural gas production company - Swings to interim pretax profit of USD1.2 million from a USD309,000 loss year before. Revenue in six months to June 30 up to USD8.3 million from USD8.0 million year before. Total costs down to USD2.8 million from USD3.7 million, as USD498,000 in new venture last year costs were not repeated. Interim dividend increased by 20% to 0.48 pence each. Chief Executive Katherine Roe said: "Despite a challenging macroeconomic environment due to the ongoing impacts of the Covid-19 pandemic, Wentworth has continued to demonstrate business resilience, robust financial and operational performance which has underpinned our decision to increase our interim dividend. Looking ahead to the second half of 2020, with Tanzania now returning gradually to business-as-usual and following unprecedentedly high levels of rainfall in the first half of 2020, we expect to see an increase in demand for natural gas during the remaining part of this year." 2020 guidance range now 60 million to 70 million standard cubic feet of gas per day.

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Mpac Group PLC - high speed packaging firm - Interim pretax profit slips to GBP1.4 million from GBP2.9 million year before. Revenue in six months to June 30 drops to GBP36.8 million from GBP45.8 million. Order intake down 6% on projects deferrals amid pandemic. Opted against interim dividend and noted future payments will be made in context of company trading performance. Did not declare any dividends in 2019. "I am really pleased with the way in which the business responded to the Covid-19 pandemic, demonstrating agility, ingenuity and resilience which contributed to positive financial results and excellent cash generation in the first half of 2020," Chief Executive Tony Steels said. June 30 order book GBP45.4 million versus GBP39.9 million at same point year before.

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Deltic Energy PLC - AIM-listed natural resources investor focus on UK North Sea - Interim pretax loss narrowed to GBP869,505 from GBP1.6 million. Administrative expenses fall to GBP920,238 from GBP1.6 million. Chief Executive Graham Swindells said: "In what has been a difficult time for the E&P sector as a whole, I am happy to report that we remain fully funded and have a well-defined drilling plan on two high impact gas prospects in the southern North Sea which are being invested in by one of the world's largest oil and gas companies in the form of Royal Dutch Shell PLC." Boasted of further "attractive and increasingly technically developed prospects" that it plans to progress to drill readiness.

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Headlam Group PLC - floor covering firm - Sinks to interim pretax loss of GBP23.9 million from GBP16.0 million profit year before. Revenue in six months to June 30 plunges to GBP242.1 million from GBP348.7 million. Noted trading was "resilient and broadly in-line" with previous year until March 24, when the vast majority of the UK operations closed following government guidance. Did not declare interim dividend in order to "prioritise cash management". Remains committed to paying dividend. "Our overall performance in the first half of the year was significantly impacted by the Covid-19 pandemic. However, through the implementation of swift actions, and the subsequent demand-led and phased approach to the reopening of closed operations, we were able to prioritise the safety of people and protect the resilience of our balance sheet," Chief Executive Steve Wilson said. The CEO noted the company returned to profitability in the second-half, with a "pleasing" performance.

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Gem Diamonds Ltd - Lesotho and Botswana-focused diamond miner - Interim pretax profit plunges to USD2.5 million from USD18.7 million year before. Revenue in six months to down sharply to USD69.5 million from USD91.3 million. Ore mined dropped to 2.5 million tonnes from 3.2 million tonnes the year before. Recovered 43,275 carats, down from 56,668 carats the year before. "Despite the challenging global conditions, the sales results during the period demonstrated the continued demand for Letseng's high quality diamonds, achieving an average price of USD1,707 per carat. It is also pleasing to note the reopening of key sectors within the diamond industry, in particular the manufacturing sector, which should support positive demand in the short to medium term," Chief Executive Clifford Elphick.

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Highcroft Investments PLC - England and Wales commercial property investor - Sinks to interim pretax loss of GBP2.7 million from a GBP1.1 million profit the year before. Net rental income in the six months to June 30 broadly flat year on year at GBP2.8 million from GBP2.7 million. Gross rental income up 12% to GBP3.0 million. Portfolio occupancy 99% in the first half versus 100% the year before. Rent is up as a result of our 2019 acquisitions and rent reviews carried out in the last 12 months. June 30 NAV per share down 6.8% at 1,095p versus 1,175p at December 31. Property portfolio value down 5.2% to GBP82.2 million from GBP86.7 million. Net investment in the first half wiped out from GBP11.9 million year before. June 30 loan-to-value 31.9% from 30.2% six months prior. Deferred interim dividend decision until October, when it will have a better initial indications of its fourth quarter rent collection.

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Dods Group PLC - business intelligence, media and technology resourcing - Notes "great" progress in financial 2020. Annual pretax loss narrows to GBP1.3 million from GBP5.7 million. Revenue in 12 months to March 31 rises 30% to GBP27.8 million from GBP21.3 million. Revenue boosted by eight and a half months of Meritgroup results. Adjusted Ebitda doubles to GBP2.8 million from GBP1.5 million. The "uncertain political and economic environment" during the 2020 financial year, which included a December UK General Election, "adversely impacted" Dods' publishing, events and training businesses. Added to this, the Covid-19 virus had a "detrimental impact" on the last month of company's results, particularly on its events and training businesses. Did not offer forward guidance but noted its lender has been "very supportive" and has agreed the cash resources needed for the medium term.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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