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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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Mears Group PLC - Brockworth, England-based housing and social care provider - Expects to post revenue of GBP850 million for 2021, slightly ahead of management consensus, and adjusted pretax profit of GBP25 million, towards the top end of its guidance range. Revenue for 2020 amounted to GBP805.8 million and it posted adjusted pretax loss of GBP3.4 million. Says improved trading performance has been driven by good demand in reactive maintenance and by continued elevated volumes within the group's Management-led contracts. Inflation and supply chain pressures have remained manageable, it adds. Is encouraged by recent trading and says further progress is still expected on operating margin in 2022 despite industry-wide cost pressures, which are not expected to abate in the short-term.
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Secure Trust Bank PLC - Solihull, England-based savings accounts and lending services provider - Expects full-year impairment charge "materially" below consensus at GBP12.9 million and, as a result, pretax profit should be above the top end of analyst consensus estimates. "The board's expectations for FY21 on a pre IFRS9 provision basis are unchanged, as are its expectations for the level of IFRS9 provisions in FY22, which will be driven by the provisioning required on the expected increased level of lending activity," the lender adds. It booked net impairment charge on loans and advances to customers of GBP51.3 million in 2020, up from GBP32.6 million in 2019.
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Macfarlane Group PLC - Glasgow-based packaging company - Says performance since first half has been "robust" despite challenging market conditions, and now expects to beat full-year expectations. Sales revenue up 25% in year-to-date and pretax profit is well ahead year-on-year, it adds. Remainder of 2021 to stay challenging with inflationary pressures, supply constraints and staffing pressures, but Macfarlane says it remains focussed on managing these headwinds. "At the interim results we indicated that we expected headwinds in the second half of 2021, so it is particularly pleasing to be once again raising our expectations for the full year," says Chair Stuart Paterson.
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TClarke PLC - London-based building services firm - Says volumes have accelerated during second half of the year and it is not experiencing any material shortages that would impact ability to meet delivery programmes. As a result, continues to trade in line with expectations for 2021 - but now sees revenue for 2022 ahead of market expectations of GBP410 million. Revenue for 2020 was GBP231.9 million. "We approach the new financial year in a strong position, both operationally and financially which gives the board confidence for the group's prospects for delivering our GBP500 million revenue target by the end of 2023," TClarke says.
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Mercia Asset Management PLC - Henley-in-Arden, England-based investment company - Says it is entitled to receive gross performance fee of GBP2.5 million following strong increase in Northern Venture Trust PLC's net asset value per share. NVT's investment adviser is Mercia Fund Management Ltd, a Mercia Asset Management subsidiary. This revenue will be included in Mercia's interim results. Expects consolidated profit and total comprehensive income for six months to September 30 to exceed GBP10.0 million, which would be materially ahead of a year ago. Full-year adjusted operating profit is now expected materially above market forecasts, it adds. For the 2021 financial year, adjusted operating profit was GBP3.3 million. "Overall, we have made a positive start to our three-year 'Mercia 20:20' strategic plan," says Chief Executive Mark Payton.
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Gresham Technologies PLC - London-headquartered software and services company - Now expects full-year revenue to top current market forecasts, with earnings before interest, tax, depreciation and amortisation also seen ahead of market expectations. "The strong trading performance seen in the first six months of the year has continued into the second half, with new Clareti wins in the UK, Europe, the US and Australia," says Chief Executive Ian Manocha. Gresham adds that it has won a five-year subscription with a "global Tier 1 bank customer" to extend its current investment in Clareti software. The contract value totals GBP2.8 million for the ongoing use of the technology to the end of 2026.
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Headlam Group PLC - Birmingham-based floor coverings distributor - Revenue for year-to-date tracking broadly in line with current market forecasts, which company places at GBP684.8 million. This would be sharply higher from GBP230.0 million in 2020. "A robust performance in the residential sector has helped to offset a persisting subdued commercial sector, with other features of the market being the ongoing industry wide supply issues, and associated inflationary pressures, all of which the Company has been largely able to mitigate," firm says. Adds profit performance has been "pleasing" and it expects to deliver underlying pretax profit for 2021 marginally ahead of consensus, which stands at GBP35.0 million.
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GENinCode PLC - Oxford-based cardiovascular disease detection and prevention company - Says over second half, it has seen increased EU produce revenue in line with market guidance. Adds that it is moving towards a "number of important milestones" which will drive growth over the coming years. "These milestones are expected to accelerate the company's commercial programme to lift the Standard of Care for cardiovascular disease by enabling more precise patient diagnosis and risk stratification to improve preventative care," firm says.
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Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric plants - Reports net asset value per share of 102.5p at end of September, up from 2.3% at June 30. Notes that NAV was calculated after payment of a 1p per share dividend in September. Including this payout, NAV return for quarter was 3.3%. "The increase in NAV over the quarter is attributable to various factors. The most significant of these was the performance of the company's hydro and solar assets, which generated a portfolio operating profit for the quarter that was 9% over budget. This strong performance resulted in a positive impact on NAV of approximately 1.5 pence per share," company says. It declares quarterly dividend of 1.25p, in line with payout target for full-year of 5p.
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Good Energy Group PLC - Chippenham-based renewable energy utility - Plans sale of its 47.5 megawatt renewable asset portfolio as part of ongoing strategic shift to energy and mobility services. Proceeds to be used to accelerate and support previously identified strategic growth opportunities. On trading, notes that high wholesale energy prices have led to collapse of 22 supply companies since start of September. Says it expects to incur unforecasted costs of up to GBP1 million through Renewables Obligation and Feed in Tariffs levy mutualisation processes and GBP1.5 million of additional commodity costs from a higher number of business and domestic customers than expected. "However, given our exemption from the price cap, we have flexibility to change tariff pricing further where necessary and we will continue to monitor this closely as the winter continues," company adds.
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By Lucy Heming; lucyheming@alliancenews.com
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