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(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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Sabre Insurance Group PLC - motor insurance provider - Reports gross written premiums of GBP78.2 million for first half of 2021, down from GBP86.9 million a year ago. Pretax profit falls to GBP22.2 million from GBP27.8 million. Interim dividend 3.7p, down from 9.5p year-on-year. Says it had "relentless focus on prioritising profitability over volume". "At the half-year stage our general mood is one of cautious optimism that the anticipated market strengthening and our own development efforts will support growth as we move through 2021 and into 2022," says Chief Executive Geoff Carter.
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Restore PLC - Redhill, England-based document management, commercial relocation and IT recycling business - Revenue for first half of 2021 rises to GBP106.1 million from GBP89.5 million a year ago. Swings to pretax profit of GBP8.9 million from loss of GBP3.1 million a year ago. Declares interim dividend of 2.5p per share, versus nil a year ago. "In recognition of the group's continued strong trading momentum and its confidence in the H2 2021 and future outlook, the board has re-instated its previous progressive dividend policy," it says. Says was "delighted" with first half performance, which was ahead of expectations, and its balance sheet has "substantial capacity" to support further acquisition investment. "Management are in active discussions with a large number of potential target companies representing aggregate revenues in excess of GBP75m. A number of these accretive opportunities are expected to be executed in H2 and although this is dependent on a number of factors, acquisition investment could be between GBP20 million and GBP30 million," it says.
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OnTheMarket PLC - Aldershot, England-based operator of online property search portal - Says as at June 30, total advertisers up 4.5% to 13,289 from January 31 figure, principally due to an increase in agency branches listing, up 4.9% to 11,169. Visits to the portal in June were the second highest achieved by the company, at 28 million, and throughout the month the portal generated more than 1.8 million leads. Notes that residential property markets remain very active. "We will continue to invest in the business to take advantage of our growth opportunities whilst remaining focussed on careful management of cash," firm says.
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Motorpoint Group PLC - Derby, England-based omnichannel vehicle retailer - Reports record sales in first two months of financial year, significantly ahead of a year ago. "A reduced supply of vehicles, driven by the fall in new car production, has contributed to a moderation of revenues during June, and into July. However, throughout the first quarter, gross profit margins remained strong due to appreciation of vehicle values, and trading is in line with the board's expectations for the full year," says Chair Mark Morris at Tuesday AGM.
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Kooth PLC - London-based digital mental health platform - Expects revenue comfortably in line with market expectations for the full year and says balance sheet "robust" with net cash at June 30 standing at GBP8.8 million. "The group continues to make good progress against its strategic priorities: maintaining its leadership position in supporting children and young people via the NHS, and meeting demand from the NHS and Corporate adult market," it says.
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SourceBio International PLC - Nottingham, England-based provider of laboratory services - Says half-year revenue surges to GBP37.3 million from GBP10.6 million a year ago, while adjusted earnings before interest, taxes, depreciation and amortisation rockets to GBP11.2 million in six months to June 30 from GBP1.7 million a year prior. "Trading during the current quarter will be a key indicator to the full year outturn. Whilst the current environment remains fluid with ever changing travel restrictions, the board believes the group is currently trading in line with expectations," it says.
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Kitwave Group PLC - food wholesaler - Revenue for six months to April 30 comes in at GBP147.1 million, while this figure is GBP399.0 million for 12 months to end of April. For 18 months to October 31, revenue was GBP592.0 million. Pretax loss for six-month period to April 30 GBP3.5 million, compared to profit of GBP1.4 million for 12 months to April-end. Firm floated in London in May. "During the six months being reported the group traded in line with the board's expectations. The results were impacted by Covid-19 lockdown restrictions and, in particular, closures within the leisure and hospitality sector. Since April 2021, trading has returned close to pre-pandemic levels and the directors are pleased to confirm the group is currently trading in line with market expectations," it says. Declares interim dividend of 2.25p to be paid in August.
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Ergomed PLC - Guildford, England-based services to pharmaceutical industry - Reports interim revenue growth of 39% to GBP56.0 million. Service fee revenue of GBP47.6 million was up 29% on a year ago. "Ebitda for the full year is expected to be in line with the upgraded market expectations following the company's recent AGM statement, with reported revenues in line with market expectations, notwithstanding the FX headwinds due to a higher proportion of US dollar denominated revenues," it says. Order book remains "healthy" at GBP227.8 million at end of first half, up 18% from end of 2020.
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Foresight Group Holdings Ltd - infrastructure and private equity investment manager - Says assets under management up 59% to GBP7.2 billion with strong organic net flows of GBP800 million. Revenue for year ended March 31 up 21% to GBP69.1 million and core earnings before interest, taxes, depreciation and amortisation up 89% to GBP23.9 million. Final dividend declared at 1.7p per share, equating to 60% of the profit generated from the date of listing to period end, up from proposed 50% reflecting "strength of business and positive outlook". Firm listed in London in February.
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Love Hemp Group PLC - London-based cannabidiol products maker - Revenue for year ended June 30 GBP4.3 million, up 60% on GBP2.7 million the year before. "Our growth strategy puts us on a trajectory to at least double our revenue in FY22," says Chief Executive Tony Calamita.
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In The Style Group PLC - e-commerce womenswear fashion brand - Revenue for financial year to March 31 jumps to GBP44.7 million from GBP19.3 million the year before. Swings to pretax profit of GBP125,000 from loss of GBP2.2 million. Says sales in first quarter of new financial year 44% ahead of year before despite strong lockdown comparatives. "We have maintained very positive trading momentum through the early part of FY22 despite the strong prior year comparatives and continue to progress well against our strategic objectives, driven in part by new initiatives including the exceptionally well received Stacey Solomon collaboration and our nationwide Asda partnership," says Chief Executive & Founder Adam Frisby.
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Ince Group PLC - London-based law and professional services firm - Reports revenue of GBP100.2 million for financial year ended March 31, up 4.0% from GBP96.3 million the year before. However, pretax profit drops to GBP2.0 million from GBP6.2 million. Books non-underlying costs of GBP6.0 million in the year, up from GBP1.7 million the year before. "The group incurred non-underlying costs in the year of GBP6.0 million, primarily in relation to future costs items. The most significant of these is the recognition of costs in relation to the abandonment of part of or UK office at Aldgate Tower of GBP3.2 million," it says. Says first quarter starts well and plans resumption of dividend in 2022 financial year.
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Athelney Trust PLC - invests in UK-quoted firms, including smaller companies - Says net asset value per share up 8.8% to 277.8p at June 30, though notes this improvement lagged the FTSE 250 by 0.4%. Total shareholder return 12%. To pay interim dividend of 2.0p. "We now have a concentrated portfolio reflecting conviction, subject to process for both investment and divestment, that is delivering consistent performance for the investor wishing to reduce risk over the long term. Investment in this company means you benefit from closed-end status and our dividend policy, which has marked us out in an 18 month period when many others have faltered," it says.
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Avation PLC - Singapore-based passenger aircraft leasing company - Says that as at June 30, commercial aircraft fleet totals 44. Fleet is eased to 19 commercial airlines in 15 countries including seven flag carriers. Notes that pandemic has had "materially detrimental impact on aircraft valuations and the airline industry", and says valuation review to reduce book value of fleet by USD32 million. "This will negatively impact the company's financial results for the year ended 30 June 2021. However, the company is confident that these impairments will bracket the impact of Covid-19, as evidence in the marketplace suggests that aircraft valuations have started to recover," it says.
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EverArc Holdings Ltd - investment vehicle - Reports investment income of USD84,098 for period from November 1, 2020, to April 30, 2021. This compares with USD1.3 million for period stretching November 8, 2019 to April 30, 2020. Operating loss widens to GBP954,244 from USD500,741. Is working towards completion of acquisition of Perimeter Solutions. "Following completion of the acquisition, the objective of the company is expected to be to operate the acquired business and implement an operating strategy with a view to generating value for Shareholders through operational improvements as well as potentially through additional complementary acquisitions following the acquisition," it says.
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Ariana Resources PLC - London-based gold exploration and development company - Maintains gold production guidance for 2021 from Kiziltepe at 19,000 ounces, noting output in first half was 7.941 ounces, being 19% above forecast. Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San ve Tic AS. Average monthly mine production during first half was around 34,000 tonnes of ore and a stockpile of over 285,000 tonnes has been established, representing about 10 months of enhanced production capacity.
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Chaarat Gold Holdings Ltd - gold miner in Armenia and mine developer in Kyrgyz Republic - Reports Shahumyan mine production of 25,896 gold equivalent ounces in first half, down from 27,140 ounces a year ago but in line with the mine plan and more than offset by third-party ore treatment. Reports strong financial performance with preliminary unaudited standalone Ebitda contribution of USD13.5 million versus USD4.1 million a year ago. "I am very happy with the performance of the Kapan team in delivering production and financial results ahead of budget to achieve our targets for 2021," says Chief Executive Artem Volynets.
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Black Sea Property PLC - seeks to generate capital gains through the development, financing and sale of property in Bulgaria - Sells investment property in Cyprus for cash consideration of around EUR1.1 million. Property was valued at EUR800,000 when it was bought by Black Sea Property in February 2020. The proceeds of the disposal will be used to repay debt and for general working capital purposes. Adds that it now expects to publish 2020 results by end of August.
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URU Metals Ltd - exploration and development firm - Says Blue Rhino Capital Corp receives condition acceptance from TSX Venture Exchange for its takeover of Zebediela Nickel Company (Pty) Ltd, a wholly-owned subsidiary of URU. Blue Rhino will consolidate its share capital on a 2.3-for-1 basis, following which it will issue 41.0 million post-consolidation shares to URU in consideration for all of the outstanding share capital of Zebediela.
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Power Metal Resources PLC - London-based exploration & development firm - Reports recommencement of the 2020 diamond drilling exploration programme at the Silver Peak Project in Canada. Says drill programme was curtailed by weather conditions, but has now recommenced, utilising a portable electric drive Shaw drill, to test for the extensions of the Victoria Vein along strike and down dip. "With the diamond drilling programme announced today, we are targeting 20 individual high-grade vein intersections and very much looking forward to the findings," says Chief Executive Paul Johnson.
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By Lucy Heming; lucyheming@alliancenews.com
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