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HarbourVest Global Private Equity is an Investment Trust

To generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private market investments.

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UK EARNINGS: PPHE struggles to recover 2019 levels; Foxtons revenue up

Thu, 28th Oct 2021 13:38

(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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PPHE Hotel Group Ltd - Amsterdam-based hotel owner and operator - Revenue for three months to September 30 surges to GBP75.7 million from last year's GBP31.2 million, but still 38% lower than 2019's GBP121.0 million. Occupancy increases to 54.3% in 2021, from 29.8% in 2020 but remains below 2019's 86.7%. Revenue per available room rises to GBP63.1 in 2021 from GBP28.8 in 2020, but still was about half of 2019's GBP116.3. In the nine months to September 30, revenue comes in at GBP101.4 million, up 9.0% year-on-year from GBP93.1 million, but down 63% on 2019's GBP276.3 million.

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Foxtons Group PLC - London-based estate agent - Revenue in nine months to September 30 rises 50% to GBP103.6 million from GBP68.9 million last year, and is 24% higher than 2019's GBP83.5 million. Lettings revenue is up 28% year-on-year to GBP58.0 million. Revenue more than doubles to GBP38.3 million. Mortgage broking revenue is up 25% year-on-year to GBP7.2 million."Foxtons has traded well during the first nine months of the year. In the third quarter we helped record numbers of tenants find suitable properties as many returned to pre-pandemic work or study arrangements. The sales business has had a strong year reflecting market share growth, increasing prices and transaction volumes which have been at their highest levels since 2016. We have good momentum going into the fourth quarter, with rents back to 2019 levels and an under offer sales pipeline that is significantly ahead of 2019 levels," says Chief Executive Officer Nic Budden.

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Rainbow Rare Earths Ltd - rare earth metals projects in South Africa and Burundi - Pretax loss for 12 months to June 30 widens to USD2.7 million from USD2.2 million a year ago. Revenue rises to USD639,000 from USD422,000. Administrative expenses rise to USD2.7 million from USD2.4 million. "This is a very exciting time for Rainbow as we drive forward with the development of Phalaborwa [in South Africa], and I look forward to updating shareholders on further developments as we continue to drive value through the business," says Chair Adonis Pouroulis.

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Predator Oil & Gas Holdings PLC - oil and gas operator in Trinidad, Morocco and Ireland - Posts pretax loss of GBP929,089 for six months to June 30, widening from GBP784,156 last year. Administrative expenses rise to GBP929,070 from GBP572,247. "It is inevitable that our industry will contract unless informed pragmatic and practical action is taken. At company level we are already, and have been for some time, implementing an energy transition strategy focussed on gas and CO2 sequestration," company says.

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HarbourVest Global Private Equity Ltd - Guernsey-incorporated private equity investor - Net asset value per share at July 31 rises 23% to USD44.11 from USD35.97 on January 31. "The six months to 31 July 2021 was an extraordinary period for HVPE. Despite the backdrop, HVPE delivered its strongest NAV per share growth in any interim period. This is testament to the strength of our investment manager, HarbourVest, and the HVPE business model, which offers shareholders broad, diverse exposure to private companies around the world," company says. Positive about the prospects going ahead. "We cannot expect HVPE's NAV per share growth to continue at its recent pace indefinitely, and should anticipate a degree of reversion to the longer-term trend," company adds.

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Intosol Holdings PLC - London-based luxury travel consultants - Pretax loss in first half of 2021 narrows to EUR699,000 from EUR714,000 a year ago. Revenue rises to EUR566,000 from EUR84,000. Cost of sales rise to EUR172,880 from EUR60,134. Says Covid-19 continues to hurt the company, adding that the duration of the impact of the pandemic "is unknown at this time".

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Frontier IP Group PLC - London-based intellectual property commercialisation company - Pretax profit for 12 months to June 30 comes in at GBP10.2 million, rising from GBP4.2 million. Revenue doubles to GBP12.7 million from GBP6.4 million. "The results and the pipeline of companies now scaling up and starting to achieve their commercial potential shows our innovative business model is delivering. We are confident Exscientia's successful IPO is a foretaste of future success. We have a built a strong platform for growth, and so we are confident about our prospects for the coming year and beyond," company says.

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By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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