(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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K3 Capital Group PLC - Bolton, England-based professional advisory services firm - In the year ended May 31, revenue jumps 50% to GBP70.7 million from GBP47.2 million, with organic growth of 24%. Revenue and profit growth is seen across all divisions, K3 notes. Pretax profit rises 67% to GBP12.7 million from GBP7.6 million. Recommends final dividend of 8.1 pence, bringing total payout to 12.1p, an increase from 9.1p in the previous year. "The business has the foundations in place to be recognised as the leading mid-market specialist advisory business to [small and medium entreprises]. The board remains confident in the outlook for [financial 2023] and beyond, as early indicators show yet another strong year of trading ahead, with a robust pipeline and opportunities to grow," says Chair Ian Mattioli.
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Cornerstone FS PLC - cloud-based payment provider - In the six months ended June 30, total revenue more than doubles to GBP1.9 million from GBP837,000 a year before. The growth came from clients it serves directly, with a key contributor being its new Asia team that was onboarded in the second half of 2021. Loss before tax widens to GBP3.0 million from GBP1.2 million, primarily reflecting great administrative expenses. "The strong trading momentum that was experienced in the first half of the year has been sustained through the second half, reflecting underlying growth as well as the initial contribution from Pangea FX," says Chair Gareth Edwards. Cornerstone expects "significant" revenue growth for 2022 as a whole.
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President Energy PLC - Leeds-based oil & gas company focused on Latin America - In the first half of the year, revenue edges up to USD17.6 million from GBP17.1 million a year before. Swings to pretax profit of USD1.5 million from loss of GBP3.0 million. Average net daily production drops 26% year-on-year to 1,969 barrels of oil equivalent, resulting from production outages in Argentina, delays to new wells coming on stream, and its Louisianna site being offline for over half of the period. Expects Louisianna production to resume in full in October, with Puesto Flores also expected to resume normal production following a fire in August. Notes currency restrictions in Argentina, which limit the transfer of funds to UK solely to servicing interest on intercompany loan.
"President has delivered a period of solid profits but we recognise the difficulties of the group's current reliance on cashflow from its Argentine-centric main business when it is not possible to repatriate such profits to group level," says Chair Peter Levine. Levine says the formation of Green House Capital is the first step in diversification programme that is "subject to active internal debate". Aims to build on success of its holding in Atome Energy PLC, where shares have appreciated by around 30%.
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Medica Group PLC - Hastings, England-based company which provides services such as X-ray and MRI scan analysis to hospitals - In the six months to June 30, reports "further growth and recovery", as revenue rises 36% year-on-year to GBP36.0 million from GBP26.4 million. Profit before tax rises 99% to GBP4.4million from GBP2.2 million. Notes "significant" contract renewals during the period, as well as new client wins. Says shortage of radiologist capacity limited its ability to capitalise on strong client demand in Elective in the second quarter, and it plans to increase capacity to support growth going forward. "Demand for our services is at an all-time high in the UK and Ireland as healthcare providers grapple with the huge backlog of patients waiting for diagnosis and treatment following the pandemic," explains Chief Executive Officer Stuart Quin. Medica lifts its interim payout by 4.5% to 0.93p per share.
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Ergomed PLC - Guildford, England-based service provider to the biopharmaceutical industry - In the first half of the year, revenue rises 25% to GBP69.9 million from GBP56.0 million. This results from "strong organic growth" as well as value coming from recent acquisitions such as Adamas. Pretax profit rises to GBP9.2 million from GBP8.3 million. Its order book at June 30 stands at GBP284.5 million future contracted revenue, rising 19% from the end of December. Says it is trading in line with market expectations and looks ahead to the full year with confidence.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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