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Pin to quick picksMercantile Ports & Logistics Share News (MPL)

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EARNINGS: CMO "not immune" to tough market; Malvern in profit swing

Fri, 29th Sep 2023 12:55

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:

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CMO Group PLC - Plymouth, based online building materials retailer - Revenue in half-year ended June 30 declines 12% to GBP36.9 million from GBP41.9 million 12 months earlier. Swings to pretax loss of GBP763,000 from profit of GBP358,000. CMO says: "The group has delivered positive performance during H1 against its strategic key priorities aimed at driving profitable sales growth for the future. Like-for-likes indicate that we are now outperforming the market with a more encouraging trend in the SUPERSTORES. We expect this improving sales trend to continue into Q4. However, we are not immune to market conditions."

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Malvern International PLC - London-based learning and skills development company - Revenue in first half of 2023 jumps to GBP4.9 million from GBP2.3 million a year prior. Swings to pretax profit of GBP222,000 from a loss of GBP676,000. "We are extremely pleased with our performance in H1 2023 which has been driven by a combination of a strong return in the international study market and our strategy to invest in our sales and marketing function over the last three years," Chief Executive Officer Richard Mace says. "Our forward bookings and revenue visibility in H2 2023 and for the start of 2024 gives us confidence in Malvern's near and longer-term prospects. We expect to see growth in all divisions in 2024."

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Mercantile Ports & Logistics Ltd - developer, owner and operator of ports and logistics facilities in India - In the six months to June 30, revenue declines 40% to GBP2.7 million from GBP1.9 million a year earlier. Mercantile's pretax loss narrows to GBP5.4 million from GBP6.5 million. The firm says: "We started the year strongly and continued to build volumes through the facility. At the same time, we have been pleased with the increased number of enquiries from potential customers that are interested in using our facility. While the existing customers are pleased with the service levels and the overall ease of doing business at our port, the pipeline of new customers looking to use our facility is robust and will further expand our business." It adds: "Notwithstanding the intense monsoon of this year, our port is busy and, we remain confident of a successful outcome in 2023."

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Symphony Environmental Technologies PLC - Hertfordshire-based developer of technology to make plastic biodegradable - Revenue in six months to June 30 increases 20% to GBP3.6 million from GBP3.0 million a year prior. Symphony Environmental's pretax loss narrows to GBP863,000 from GBP1.4 million. It adds: "We are advancing well with some of the macro drivers, such as seeing positive developments with the adoption of our type of d2w biodegradable plastic technology in Saudi Arabia, The UAE, Jordan, Bahrain and parts of Latin America and the Caribbean - with Yemen now added this month."

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Schroder Japan Trust PLC - invests in Japanese stocks - Net asset value per share at July 31 year-end rises 9.4% to 252.25 pence from 230.68p the year prior. It reports a net asset value total return of 11%, beating its benchmark which grew 9.4%. Lifts final dividend by 10% to 5.40p from 4.90p.

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Frenkel Topping Group PLC - professional and financial services firm focused on personal injury and clinical negligence - Revenue in six months ended June 30 up 44% to GBP16.0 million from GBP11.1 million a year earlier. Pretax profit surges 89% to GBP2.4 million from GBP1.3 million. Company adds: "The group has entered the second half of the year carrying real momentum from H1, benefiting from the diversification of revenue and encouraging growth in transactional revenue. We expect financial markets to remain challenging, which will continue to moderately impact AUM growth and consequently the company's recurring revenue. However, the board maintains its confidence in the full year outturn which is tracking in line with management's expectation."

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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Mercantile Ports & Logistics Shares Rise As Facility Nears Completion

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