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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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Gresham House Strategic PLC - investor in smaller UK public companies - Net asset value per share ends September 30 at 1,867.6 pence versus 1,512.8 at end of March. Annual NAV total return 24.4% versus FTSE All-Share Index and the FTSE Small Cap Index total returns of 7.9% and 13.5%, respectively. Interim Chair Simon Pyper says: "This is a strong performance from this investment portfolio based on the specialist Strategic Public Equity mandate. We were pleased to see the investment thesis playing out in the bid for Augean and in the share price appreciation at RPS Group, which enabled us to realise our profits. We expect further corporate activity based on the underlying intrinsic values of the holdings." Notes appointment of Harwood Capital as investment manager not supported by shareholders at AGM. Pyper adds: "As a result, the board has agreed to commence an orderly realisation of the holdings and to return all the cash to shareholders and, in order to effect this, has proposed appropriate resolutions which will be put to the forthcoming general meeting of shareholders."
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Henderson European Focus Trust PLC - Janus Henderson-managed income and capital growth trust focused on portfolio of listed stocks, mainly in Continental Europe - Net asset value per share ends September 30 at 1,733.82 pence versus 1,441.20p at same point year before. Annual NAV total return 22.6% versus benchmark return of 22.0%. Declares total dividend of 33.1p, up from 31.3p year before. Chair Vicky Hastings says: "European equities have performed surprisingly well over the last year and the FTSE Europe ex UK Index is now considerably higher than before the pandemic struck. I'm delighted to report that once again your company's returns have exceeded that figure: the shares have risen by nearly 29%, portfolio income has risen substantially and your board proposes a rise of 8.3% in the company's final dividend." Separately, announces plans for a stock split which will divide every share held into 10 new shares.
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Lowland Investment Co PLC - Janus Henderson-managed growth and income trust investing mainly in UK equities - Net asset value per share ends September 30 at 1,459 pence, up from 1,031p at same point year before. Annual NAV total return 51.0% versus benchmark return of 27.9%. Annual dividend rises to 60.25 pence from 60.0p. Chair Robert Robertson says: "Two themes are worthy of comment. Firstly, one year's detractors were in many cases the following year's top contributors. Senior, heavily exposed to the aviation sector, is an example of a company widely but prematurely written off. The unexpected speed of recovery of demand has led many companies to recover sales and earnings to near pre-pandemic levels, and return to paying dividends. Secondly, the level of interest from foreign investors has given rise to some exit opportunities, but also underlines the lowly valuation of the UK market, described by one senior observer as approaching pariah status."
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Unicorn AIM VCT PLC - venture capital trust - Net asset value per share ends September 30 at 248.6 pence versus 178.6p at same point year before. Maintains annual dividend at 6.5p. Chair Tim Woodcock says: "The unique circumstances created by the national lockdown have meant that the performance of individual investee companies was again more polarised than normal, with some businesses thriving, while others were unable to operate, or were prevented from trading as a consequence of the government's strict lockdown rules." Fund manager Chris Hutchinson says: " The level of revenue and profit growth delivered by both Hasgrove and Interactive Investor continued to exceed expectations over the course of the financial year. We are also confident that each of these businesses has the capability to generate further significant growth over the medium term and this bodes well for future NAV development."
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Infrastructure India PLC - investor in infrastructure assets in India's energy and transport sectors - Sinks to pretax loss of GBP30.8 million in year to March 31 from GBP18.0 million profit year before. Records GBP10.3 million loss in movement in fair value on investments at fair value versus GBP50.8 million profit year before. Value of investments ends March 31 at GBP259.2 million versus GBP254.4 million at September 30, 2020 and GBP262.0 million at March 31, 2020. Net asset value per share ends year at 13.7 pence compared to 18.2p at same point year before. "The decrease in NAV was principally a result of the devaluation of Indian rupee against sterling and adjustments to the risk-free rate. There continue to be Covid-19 related revisions to business assumptions underpinning the asset valuation of Distribution Logistics Infrastructure Ltd, in particular, delays to completion schedules," company says.
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Ince Group PLC - legal and professional services company - Pretax profit in six months to September 30 rises to GBP2.5 million from GBP2.1 million year before. Revenue grows to GBP49.9 million from GBP47.6 million. Reinstates dividend, paying 0.5 pence to shareholders. Chief Executive Adrian Biles says: "This is a solid set of results. I am particularly pleased to see that the UK business is gaining strength and the offices in Asia are continuing to grow. Second half trading so far has been encouraging, and I am optimistic about our future and for the group's next phase focussing on delivering on our growth strategy."
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Dewhurst PLC - London-based electrical components for lifts and keypads - Pretax profit in year to September 30 rises to GBP9.6 million from GBP6.7 million year before. Revenue rises slightly to GBP56.2 million from GBP55.6 million. Ups total dividend to 14.0 pence from 13.0p year before. Chair Richard Dewhurst says: "Although sales were slightly up overall, our three divisions experienced different patterns of trading over the year. Transport and Highways fell back 19% this year after a strong year in 2020 supported by Government funded cycleway schemes in the UK. Keypad sales stabilised after the fall in 2020 and were broadly flat. The Lift division bounced back 4% from the fall in 2020 to achieve sales very similar to those in 2019. The recovery was primarily in the UK and Canada, which were the markets hardest hit in 2020."
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MS International PLC - engineering products manufacturer - Improves to pretax profit of GBP773,000 in six months to October 31 versus GBP1.1 million loss year before. Interim revenue grows to GBP33.2 million from GBP26.3 million. Maintains half-year dividend at 1.75 pence. "Furthermore, orders received in the period, when added to those already 'in hand', have placed the group in a very advantageous position despite the global pandemic which will, no doubt, continue to disrupt current and prospective business activity across our operations," company says. Adds: "We remain firmly of the opinion that the company is better placed than it has been for some time, despite the current difficulties brought about by the pandemic and its consequences."
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Quiz PLC - Glasgow-based fashion retailer - Sinks to pretax loss of GBP1.3 million in six months to September 30 versus GBP10.6 million profit year before. Revenue surges to GBP36.0 million from GBP17.2 million. Total operating costs rises to GBP22.0 million from GBP14.4 million and notes non-repeat of GBP10.4 million profit from disposal of subsidiary year before. Founder & Chief Executive Tarak Ramzan says: "Quiz has delivered an encouraging set of results during the period with strong cash flows generated and a return to positive Ebitda. The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand's dressy and occasion wear returned. Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz's trademark occasion-wear will support continued profitable growth."
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By Paul McGowan; paulmcgowan@alliancenews.com
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