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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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Kinovo PLC - London-based property services provider offering safety compliance and sustainability solutions - Says in the six months to September 30, continuing operations performed "strongly." Reports uplift in gross margins to 28% compared to 26% a year ago. Expects revenue growth of around 2% to GBP30.3 million from GBP29.8 million in the first half of financial 2023 and a 9.1% rise in gross profit to GBP8.4 million from GBP7.7 million the prior year. Says revenue is expected to "pick up further" in the second half of the year as planned works progress and new contract wins mobilise. It also expects to report adjusted earnings before interest, tax, depreciation and amortisation growth of 21% to GBP2.9 million from GBP2.4 million in the corresponding interim period a year ago. Chief Executive Officer David Bullen says: "The first half was another important period of progress and growth for Kinovo, underpinned by the clear benefits associated with our strategic repositioning, the ongoing effects of legislative drivers and our selective investments... Looking ahead, I am confident that our strategic investments will generate further value for the group, creating opportunities to continue our momentum, including additional contract wins and renewals across our divisions. At this stage of the group's financial year, the board is confident of achieving full year results in line with its expectations."
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Orcadian Energy PLC - North Sea-focused oil and gas development company - Notes UK government's intention to legislate for annual North Sea Transition Authority oil and gas licensing rounds. Remains optimistic its applications will be successful. CEO Steve Brown says: "We are delighted to hear that the Government intends to legislate for annual oil and gas licensing rounds. We believe this puts a lid on the tired argument that domestic oil and gas production is inconsistent with our climate commitments... We believe new projects are the key to reducing the UK's emissions from producing the oil and gas that is needed for a secure transition. The NSTA sets industry stringent hurdles to be cleared before new projects can progress. In a world of flattening oil and gas demand, we believe it is imperative that we refresh the global oil supply with low emission barrels rather than prolonging the life of tired reservoirs with high emissions."
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Zotefoams PLC - Croydon, London-based cellular material technology production firm - Says third quarter sales were lower from a year prior due to subdued demand in Polyolefin foams markets as well as lower economic activity in China and an inventory adjustment in the supply chain to sportswear brand, Nike. Says it continues to take effective pricing, cost and capacity management actions, and continues to invest in the development of ReZorce recyclable barrier packaging technology. Says it has good visibility of confirmed orders for the remainder of the year and expects to deliver revenue for 2023 at a similar level to 2022, which was GBP127.4 million. Also notes improved product mix. CEO David Stirling says: "The group is delivering on its strategy to drive efficiencies and generate an enhanced sales mix in its foams business units, and we anticipate a strong final quarter to the year and good underlying growth in profitability in this part of the group, despite lower economic activity and destocking in many markets recently." Also announces CEO Stirling will retire within the next 12 months after serving since May 2000. Stirling will continue in post until a successor is appointed.
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Pennpetro Energy PLC - Texas-focused oil and gas company - Says first two tankers of 33 API oil trucked from Chalk Talk 1H well in Texas. Says Chalk Talk 1H well site and oil facilities at Whistling Straits 5H site have been commissioned. Initial oil production testing continues and is averaging around 100 barrels of oil per day. Says workover rig for Chalk Talk 4H well has been booked for early December. CEO Tom Evans says: "Needless to say, the company is very pleased with how the Chalk Talk 1H well is performing, with the first oil tankers leaving site. The flow rates seen far exceeded our expectations, especially compared to its flow rates when the well was shut in over a year ago. We have also now booked the workover rig to be on site at our new Chalk Talk #4H well for early in December. Ideally, we would like to end this 2023 calendar year with 2 wells on production. That is what our US management team are working towards. Then straight into the New Year, efforts will swing towards bringing our City of Gonzales #1 well and Whistling Straits #5H well online. I look forward to making regular updates over the coming weeks during this busy time in Texas."
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Cerillion PLC - London-based billing, charging and customer relationship management software solutions provider - Introduces generative artificial intelligence into the latest release of its product suite, Cerillion 23.2. Says release allows communications services providers to build and launch new products and packages into the market. CEO Louis Hall says: "The launch of Cerillion 23.2, the latest version of our flagship software suite, changes the face of business support and operations support systems, with its new generative AI capability that enables our customers to create, for the first time, new products and packages through natural language instructions. This exciting development means that new products and packages can be launched with unprecedented speed. It also enables our customers' non-technical teams to participate much more easily in building new offerings. We are delighted with this latest release of our product suite, which pushes the boundaries for the next generation of digital telcos."
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Gym Group PLC - Croydon, England-based chain of 230 gyms - Says Chief Operating Officer Ann-marie Murphy will step down in early 2024 to take up the role of chief people officer at SSP Group PLC. People & Development Director Ruth Jackson will join the executive committee as chief people officer. Chair John Treharne says: "I'd like to thank Ann-marie for her years of service to the business. She has ensured that The Gym Group has an incredibly strong operational team and is also a great place to work."
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By Sabrina Penty, Alliance News reporter
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