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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Premier Miton Group PLC - Guildford, Surrey-based asset manager - Reports GBP12.6 billion in closing assets under management as at March 31, up 19% on opening position for period. Further, says that this grows to GBP13.1 billion at end of April. Net inflows for the half-year period were GBP359 million versus outflows of GBP389 million a year prior. Net revenue for half-year GBP38.5 million, up from GBP33.4 million year-on-year, and pretax profit rises to GBP6.2 million from GBP5.3 million. Proposes interim dividend of 3.7p, up 48% on the 2.5p paid out a year ago. "With attractive investment performance and a clear sense of client service, coupled with a growing brand and targeted marketing activity, this is an exciting time for the firm. I believe that the business is well positioned to deliver for our investors and for our wider stakeholders over the years ahead," says Chief Executive Mike O'Shea.
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Petards Group PLC - Guildford-based developer of security and surveillance systems - Revenue in 2020 falls to GBP13.0 million from GBP15.7 million, but pretax loss slims to GBP1.2 million from GBP1.5 million. Administrative expenses fall to GBP5.9 million from GBP6.1 million. Says trading in year "extremely challenging", but entered 2021 with optimism given order book, which stood at GBP12 million at 2020-end, and benefits from cost alignment programme. "The first four months of 2021 have started well with all businesses broadly in line or slightly ahead of management expectations in terms of profitability, and revenues are anticipated to be weighted towards the first half of the year," says Chair Raschid Abdullah.
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HarbourVest Global Private Equity Ltd - Guernsey-incorporated private equity investor - Net asset value per share at end of January USD35.97, up 30% from USD27.58 a year ago and representing largest 12-month NAV per share increase in company's 13-year history. Says valuations declined in early stages of Covid-19, but strong rebound in middle of the year recovered all of the losses. "We now look forward with cautious optimism, confident that HVPE is well-placed to deliver a long-term private markets solution to investors otherwise unable to access the many high-quality and exciting private companies that are our investment focus," says Chair Ed Warner.
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Helios Underwriting PLC - London-based investment vehicle which acquires and consolidates underwriting capacity at Lloyd's - Net premiums written for 2020 rise to GBP50.6 million from GBP42.3 million in 2019, but pretax profit drops to GBP336,000 from GBP2.4 million. Net insurance claims incurred and loss adjustment expenses rise to GBP34.1 million from GBP27.6 million. Says profit drop reflects "poor" underwriting conditions in the year and the impact from Covid-19. "Whilst the results for 2020 were impacted by the poor underwriting conditions and the impact of Covid-19, which severely tested the insurance industry, Helios has nevertheless continued to pursue its growth strategy," says Chief Executive Nigel Hanbury, noting that firm outperformed the Lloyd's market by 5.7%. Adds: "Looking ahead, the strong upward momentum in premium rates on renewal business is expected to continue and should continue to enhance the underwriting performance in 2021 and 2022. We see opportunity for further growth and we intend to continue to take advantage of the improving market environment, whilst judiciously optimising our portfolio to enhance value for shareholders."
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Beowulf Mining PLC - exploration and development of gold, copper, lead-zinc-silver and graphite with projects in Finland, Sweden and Kosovo - Reports pretax loss of GBP526,578 for three months to end of March, widened from GBP217,342 a year ago. This is direct result of administrative expenses rising. "During the first part of the year, we have made significant progress in Finland with Fennoscandian Resources and we are very pleased with our collaboration with EAMPL. In the coming weeks we will be dispatching Aitolampi graphite concentrate to EAMPL, for batch testing through their pilot plant with the aim of producing pre-cursor anode material from Finnish graphite," says Chief Executive Kurt Budge.
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Volvere PLC - turnaround investment firm - Net asset value per share at end of 2020 GBP13.65, down from GBP13.85 the same point a year ago. Says this reflected losses incurred at Indulgence Patisserie, offset partly by an increase in the value of Shire's property. Shire's trading "outstanding" in year, while Indulgence showed encouraging signs of improvement in second half. Revenue for 2020 rises to GBP30.8 million from GBP23.0 million, while firm swings to pretax loss of GBP547,000 from GBP137,000. "The lifting of national and international trading restrictions related to the Covid-19 pandemic will influence the timing of improved trading performance in our existing portfolio. Opportunities to make further acquisitions are expected to increase as government support for businesses is reduced. We remain cautiously optimistic about the prospects for the group as a whole," company says.
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Drum Income Plus REIT PLC - real estate investor, primarily in the office, retail and industrial sectors - Net asset value per share at March-end 68.97p, a fall of 5.5% since end of September. Says fall the result of a reduction in the market value of the investment portfolio. In period, notes it collected around 90% of the rent and service charges due and payable, a "very good outcome" in uncertain circumstances. "The vaccination programme in the UK is no doubt helping to turn the tide, but any optimism needs to be cautious at best, as, with regard to real estate in particular, it is not yet fully understood exactly what long term impacts the pandemic will have caused," company says.
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Galantas Gold Corp - Northern Ireland-focused gold producer - Net loss for first quarter of 2021 narrows to CAD639,963, or around USD528,929, from CAD680,315, with no revenue reported for either period. Says that concentrate sales provisional revenue totalled USD567,000 for the first quarter of 2021 compared to USD186,000 a year ago, though until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.
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By Lucy Heming; lucyheming@alliancenews.com
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