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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Helical PLC - London-based property investor - Swings to pretax loss in the six months to September 30 of GBP12.7 million from a profit of GBP13.1 million a year prior. Revenue is down 4.0% to GBP19.3 million from GBP20.1 million a year ago. Net asset value per share at September 30 was down 2.2% year-on-year to 500 pence from 511 pence. Maintains interim dividend of 2.70 pence per share. Says near-term focus remains on letting the available space across the portfolio. Says it will be focusing on obtaining new projects, including properties acquired for redevelopment and the refurbishment and repositioning of existing buildings.
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Shearwater Group PLC - London-based cybersecurity services provider - Posts a pretax loss for the six months to September 30 of GBP780,000, narrowing 48% from a loss of GBP1.5 million a year prior. Administration expenses are down to GBP4.3 million from GBP5.4 million a year ago. Revenue is down 31% to GBP11.2 million from GBP16.3 million a year before. Says, going forward, it is looking to explore merger and acquisition opportunities and drive organic growth initiatives. Says it is on track "to deliver against market profit expectations for the year".
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Baillie Gifford European Growth Trust PLC - aims for capital growth over long term from European securities - Net asset value per share at September 30 rose 35% year-on-year to 1,249.7 pence from 929.0 pence. Swings to a net gain on investments for the year ended September 30 of GBP125.5 million from a loss of GBP32.5 million a year prior. Recommends a final dividend of 3.50 pence per share, down from 31.00 pence a year before. Says that, going forward, it will inevitably go through periods of underperformance due to the global pandemic, but will continue "to try and invest in companies that are relatively immune to macro-economic and other exogenous shocks but where there is also the potential for huge value creation".
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Mosman Oil & Gas Ltd - Australia and US-focused oil and gas explorer - Pretax loss widens for the year ended June 30 to AUD4.8 million from AUD1.2 million a year prior. Impairment costs were up to AUD4.1 million, whilst not featuring the year before. Revenue is up 36% to AUD1.5 million, from AUD1.1 million, on increased production levels. Says that, going forward, it remains resolute in delivering on its strategic objectives to build its production base with a clear focus on increasing production and cashflow whilst also being in a position to evaluate further acquisition targets.
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James Latham PLC - timber and panel products distributor - Posts a pretax profit for the six months to September 30 of GBP6.3 million, narrowing 26% from GBP8.5 million a year prior. Revenue is down 15% to GBP107.0 million from GBP125.6 million a year ago. Declares an interim dividend of 5.7 pence per share, up from the prior year's 5.5 pence per share. Says it has seen a strong start to the second half, slightly ahead of the first half. "We are seeing significant increased volumes of commodity products, but reduced volumes of some of our added value panel products which predominantly go into market sectors that have been adversely affected by the Covid-19 pandemic," the company says.
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Renalytix AI PLC - Cardiff-based in vitro diagnostics diagnostics company - Reports USD7.2 million net loss attributable to ordinary shareholders for the three months ended September 30, widenings from a USD1.5 million loss the year before. This as general and administrative expenses multiple to USD4.1 million from USD837,000 and research and development expenses rises to USD1.7 million from USD1.2 million. Total operating expenses and loss from operations, which includes administrative and R&D expenses, rises to USD5.4 million versus USD2.0 million the prior year. Notes that: "At this point, the extent to which the Covid-19 pandemic may impact our business, operations and regulatory and commercialization timelines remains uncertain."
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Grafenia PLC - Manchester-based printing business - Pretax loss for six months ended September 30 GBP1.3 million, widening from GBP1.2 million loss the year before. Revenue falls to GBP5.3 million from GBP8.4 million as "sales were severely impacted by the first lockdown". Reiterates mid-term goal for earnings before interest, tax, depreciation, and amortisation margin of between 10% and 15%.
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Galantas Gold Corp - owner of Omagh gold mine in Northern Ireland - Posts CAD776,956 or GBP447,192 pretax loss for three months ended September 30, its third quarter, widened from CAD718,046 loss the year before. No jewellery sales, compared to CAD5,788 of sales year before. Cost and expenses of operations down at CAD115,871 from CAD130,963 and general administrative expenses CAD597,315 versus CAD606,535. However, swings to CAD63,770 foreign exchange loss from CAD13,664 gain. Notes that: "Certain underground work continued during the first nine months of 2020, but ore production is suspended until finance is available to expand the underground operation." Seeks "strategic alternatives including reviewing its licenses and operations and considering the possibility of engaging in a sale, joint venture, partnership or other options with third parties and alternative financing structures."
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Circle Property PLC- UK-focused regional office assets investor, developer and manager - Swings to GBP622,321 pretax loss for six months ended September 30 from GBP1.3 million profit the year before. Revenue rises to GBP3.9 million from GBP3.6 million but records a GBP2.5 million loss on revaluation of investment properties compared to a much smaller GBP390,279 loss the year before, hurting profit. Proposes 2.5 pence per share interim dividend, down from 3.3p per share the year before. CEO John Arnold says: "We believe that demand, particularly in good locations in the regions, will rebound after a short-term contraction as a result of Covid-19. The established position we have in our chosen markets, with a portfolio of assets selected on the strength of location and letting prospects, leaves us well-placed to generate income and value over the medium term."
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British Smaller Companies VCT PLC - venture capital trust - Net asset value per share of 70.3 pence as at September 30, the end of its financial half-year, down from 72.4p the year before but up from 64.5p on March 31. Aggregate dividends paid in financial year to date total 4.0p per share. Chair Helen Sinclair notes: "The ongoing changes to restrictions designed to limit the spread of infections from Covid-19, as well as the unresolved issue of the UK's ongoing trading relationships with Europe, will act as brakes on growth in the short and medium term."
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British Smaller Companies VCT2 PLC - venture capital trust - Net asset value per share as at September 30, the end of its third quarter, 50.6p. This represents an increase from 48.4p on June 30. Portfolio value increases by 3.9p per share share, with GBP1.9 million of increase from ACC Aviation crystallised as a dividend payment to the company. "Demand for growth capital continues, as the recent investment in Force24 shows and the company continues to look for opportunities in innovative businesses and growing sectors." Pays 1.5p per share interim dividend on September 21.
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Templeton Emerging Markets Investment Trust PLC - Lincolnshire, England-based emerging markets investor - Outperforms benchmark with net asset value total return cum-income for six months ended September 30 of 31.2% compared to MSCI Emerging Markets Index total return of 24.4%. NAV per share as at September 30 946.5p, up from 884.1p the year before and from 732.3p on March 31. Will pay interim dividend of 5.00p per share and special dividend of 10.00p per share. Chair Paul Manduca says: "Our investment manager's projection of revenues indicates that companies in our investment universe are, in general, reducing dividend payments. This clearly indicates a degree of natural caution on the level of profits, at least in the short term."
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Alpha Financial Markets Consulting PLC - London-based consultancy services provider to asset and wealth management industry - Reports decline in profit for six months ended September 30 to GBP4.5 million from GBP4.9 million the year before. Although revenue increases to GBP47.6 million from GBP43.2 million, cost of sales rises to GBP31.2 million from GBP26.2 million and administration expenses increase to GBP11.3 million from GBP11.1 million. On top of this, finance expense jumps to GBP568,000 from GBP286,000. Reinstates dividends with interim dividend of 2.10 pence per share, flat year-on-year. "Moving into the second half, there is a good pipeline of new projects and we are confident that results for the full year will be in line with current market expectations."
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Cambria Automobiles PLC - franchised motor retailer - Reports drop in pretax profit for financial year ended August 31 to GBP10.2 million from GBP12.5 million as revenue drops to GBP524.0 million from GBP657.8 million. CEO Mark Lavery says: "We endured the material and devastating impact of lockdown 1, followed by the bounce back and pent up demand experienced during the summer months, which went some way to offsetting the damage the pandemic inflicted during that time." No interims dividend, having paid 1.1 pence per share the prior year. In terms of outlook, he says: "As a result of the unprecedented challenges imposed by Covid-19, lockdown 2, the structural changes facing the automotive industry and the economic challenges that the UK will face post Brexit and pandemic, the board remains cautious in its outlook though confident that the group has the right business model to face the challenges ahead." Financial guidance remains suspended.
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Calnex Solutions PLC - provider of test and measurement solutions for the telecommunications sector - Posts pretax profit rise to GBP1.9 million for the six months ended September 30 from GBP1.1 million the year before as revenue rises to GBP7.7 million from GBP5.7 million. This precedes fundraise and admission to AIM in October 2020, which raised GBP22.5 million. In terms of outlook, Calnex says: "With the strong growth in revenue from FY20 continuing throughout FY21 to date, and with order intake strong, the board anticipates that the company's financial performance for FY21 will be ahead of current market expectations and that revenue and adjusted profit before tax in the second half of the year will be broadly in line with H1 FY21."
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Northern Bear PLC- Newcastle-based building services firm - Swings to GBP2.4 million pretax loss for the six months ended September 30 from a GBP1.2 million profit the year before as revenue drops to GBP20.1 million from GBP27.8 million and the company incurs a GBP2.8 million impairment chare with no such charge the year prior. Charge relates to H Peel & Sons (Holdings) Ltd, which Executive Chair Steve Roberts notes "has seen a major impact on its core hospitality and leisure markets due to Covid-19 restrictions". In terms of outlook, Roberts says: "The group has traded well since the end of the period and this, together with the strong order book and our cash and facility headroom position, means that we are well placed to trade through a further difficult and uncertain period during this second wave of the pandemic and beyond."
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By Greg Roxburgh; gregroxburgh@alliancenews.com and Anna Farley; annafarley@alliancenews.com
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