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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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Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics - Says it delivered positive progress with contract wins and exciting partnerships during the half year, however, the interim results are currently running behind plan. For six months to December 31, revenue of GBP629,000, down from GBP728,000 year before and pretax loss widened to GBP1.3 million from GBP734,000. "Despite today's results, we look forward with confidence. In the last six months, among other positive steps, we have been awarded a six-and-a-half-year contract with Network Rail to replace the UK's National Gauging Database, expanded our relationship with a major US customer, and formed a partnership with Holland LP in the US. The group is carrying a large backlog of work into the second half, which we expect to produce growth for the full year. We are targeting to be cashflow positive in the fourth quarter," said Chair Ian Buddery.
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Mears Group PLC - housing and social care provider - Expects revenue of GBP870 million for 2021, rising 7.9% from GBP806 million in 2020. Adjusted pretax profit is to come in at GBP25.5 million, topping market consensus of GBP25.1 million. "This financial performance has been driven by sustained higher volumes of work across the group. Despite the operational challenges posed by Omicron in December and January, there has been no material impact on activity levels or service quality," Mears says.
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Inland Homes PLC - housebuilder and regeneration specialist focused on South and South East of England - Ends financial year strongly and trading in line with market expectations. For year ended September 30, revenue rose to GBP181.7 million from GBP124.0 million year before and pretax profit surged to GBP13.2 million from GBP3.4 million. "The underlying strength of the housing market and the shortfall in new housing delivery will continue to support demand for the land we own and the homes we build. The group is well placed to make further progress in the year ahead," Chief Executive Officer Stephen Wicks says.
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NWF Group PLC - Nantwich, England-based agricultural feed, food and fuel distributor - Sees volatile market demand and significant inflationary pressures during first half. For six months to November 30, revenue was GBP402.6 million, up 30% from GBP309.4 million year before and swings to pretax loss GBP4.4 million from GBP2.0 million profit. NWF Group holds interim dividend at 1.0p. NWF Group says strong growth in Fuels and Food offsetting weakness in Feeds. Says it has traded well since the period end and carries encouraging momentum into the seasonally busier second half and is confident in delivering full year expectations.
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Plant Health Care PLC - agriculture products firm based in North Carolina - Says Commercial business is now profitable and cash generative and set to deliver profitable growth over the coming years. For 2021, revenue increased 28% to USD8.4 million from USD6.6 million in 2020. Commercial business increased its EBITDA and was cash positive for the period. Post year end, it has seen continued growth into 2022 as it continues to progress to achieve scale by building key distributor relationships.
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Sureserve Group PLC - Basildon, Essex-based compliance and energy services, focused on UK public sector - Says its subsidiary, K&T Heating Services Ltd, has successfully secured a long-term domestic gas servicing, repair and installation contract with Tower Hamlets Homes. The contract term is capped at 10 years, commencing on April 1, 2022 and is expected to generate sales revenue of GBP20 million over the entirety of the contract term.
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Warpaint London PLC - Buckinghamshire-based cosmetics maker - Says unaudited sales for 2021 have exceeded those achieved in 2019 at GBP50 million, up from GBP40.3 million in 2020. Expects 2021 adjusted pretax profit of GBP6.6 million from GBP2.3 million in 2020. "We expect to see a continuing improvement in performance in 2022 and have started the year strongly. In line with our stated strategy we have significant opportunities for further growth, both with our existing retailers, and those such as Boots where we are expecting to launch very shortly, together with others that we are in discussions with," says CEO Sam Bazini.
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Royal Mail PLC - FTSE 100-listed postal operator - Non-Executive Director Rita Griffin has decided not to seek re-election at AGM in July. Griffin, who has been with the business since December 2016, will also step down as chair of the Environmental, Social, & Governance Committee the Nomination Committee at that time. Lynne Peacock is appointed to the ESGC with immediate effect.
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SigmaRoc PLC - London-based construction materials company - Completes acquisition of Johnston Quarry Group Ltd. JQG is a high-quality producer of construction aggregates, building stone and agricultural lime across eight sites in England.
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Gelion PLC - Anglo-Australian battery storage company - Signs test and supply contract with European renewables company Acciona EnergÃa to trial Gelion's Endure zinc-bromide battery technology at Acciona EnergÃa's Montes del Cierzo photovoltaic solar plant in Navarra, northern Spain
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Inspecs Group PLC - Bath-based eyewear company - Says full year trading in line with management expectations despite Covid-19 restrictions. For 2021, expects revenue of USD241.0 million, surging from USD47.4 million in 2020. The integration of Eschenbach acquisition in December 2020 is progressing to plan and the business delivered positive trading in 2021. Inspecs will continue to realise further synergies from the acquisition into 2022.
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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Says final quarter of 2021 saw strong revenue growth over previous periods. Eqtec continues to expect 2021 revenue in range of EUR8 million to EUR10 million, up sharply from EUR2.2 million in 2020. It also anticipates 2021 Ebitda loss - adjusted for one-off, share-based payments - in the range of EUR2.5 to EUR3.5 million. Eqtec says completed 2022 business objectives maintain focus on revenue growth.
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Mobile Tornado Group PLC - Harrogate, North Yorkshire-based communications company - For six months to December 31, expects unaudited revenue to be GBP1.3 million with an approximate Ebitda loss of GBP30,000. As a result, based on unaudited management accounts and subject to audit, full year revenue for 2021 expected to be approximately GBP2.5 million with an Ebitda loss of GBP20,000.
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Kingswood Holdings Ltd - London-based wealth manager - Says 2021 was a transitional year for the company, delivering record levels of revenue and profit. For 2021, it expects to report revenue of GBP148.8 million, up from GBP25.5 million in 2020 and an operating profit of GBP6.9 million, surging from GBP900,000 - in line with market expectations. Separately, Kingswood acquires advisory firm Allotts Financial Services Ltd, in a deal worth up to GBP2.5 million.
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Duke Royalty Ltd - Guernsey-based royalty finance provider - For third quarter to December 31, cash revenue was in line with expectations, totalled GBP3.9 million. It also saw record capital deployments in excess of GBP38 million which is more than double the amount deployed by Duke in any previous quarter. Based on current trading, Duke expects fourth quarter normalised cash revenue to be GBP4.4 million, which would again represent another record quarter of normalised cash revenue.
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Fragrant Prosperity Holdings Ltd - British Virgin Islands-based special purpose acquisition company - For six months to September 30, posts pretax loss of GBP401,714, widened from GBP180,598 year before.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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