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Share Price: 13.25
Bid: 13.00
Ask: 13.25
Change: 0.55 (4.33%)
Spread: 0.25 (1.92%)
Open: 12.75
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TRADING UPDATES: Somero upbeat after strong year; Scancell in profit

Wed, 26th Jan 2022 20:18

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

Somero Enterprises Inc - Fort Myers, Florida-based concrete levelling equipment company - Reports "strong, profitable trading" and now expects 2021 revenue, earnings before interest, tax, depreciation and amortisation, and year-end cash ahead of guidance. Expects revenue of around USD133.0 million versus guidance of USD130.0 million, adjusted Ebitda of USD48.0 million, up 83% on 2020 and ahead of guidance at USD45.0 million, and year-end cash of USD42.0 million, versus guidance of USD39.0 million. Expects 2022 will be "highly profitable year".

Scancell Holdings PLC - Nottingham, England-based cancer immunotherapies developer - Reports pretax profit of GBP2.5 million for six months to October 31, swinging from loss of GBP4.4 million year-on-year. Firm gets boost from GBP7.2 million gain on substantial modification of convertible loan notes. Says firm is well-funded and strong cash position should allow it to "pursue multiple clinical programmes". "The funding received in the last financial year will also provide the company with further flexibility regarding the development plans for its existing therapies, to ensure both optimal development and commercialisation strategies can be pursued, and to limit the potential impact on the company of economic pressures caused by Covid-19," it says.

Hargreaves Services PLC - Durham, England-based services to industrial and property sectors - Revenue for six months to November 30 falls to GBP76.1 million from GBP92.0 million a year ago but pretax profit jumps to GBP10.4 million from GBP1.1 million on boost from share of profit in joint ventures. Says revenue reduced as expected following exit from coal business. Interim dividend lifted to 2.8p from 2.7p. "The German joint venture continues to deliver substantial profits and our balance sheet is strong with no bank debt. The board has increased its expectations for financial performance in the current and future years materially and I look forward to reporting further progress in due course," says Chair Roger McDowell.

Henderson Smaller Cos Investment Trust PLC - invests in medium and small UK companies - Net asset value total return minus 2.1% for six months to November-end, faring better than benchmark which falls 2.8%. NAV per share stands at 1,286.2p at November 30, down from 1,329.1p at May 31 but up from 1,017.4p a year ago. Maintains interim dividend at 7.0p per share. "During the six months to 30 November 2021, UK equity markets were broadly flat, although smaller companies underperformed larger stocks as investor sentiment shifted from growth-oriented companies to those with more value type characteristics," firm notes.

Rockpool Acquisitions PLC - special purpose acquisition company - Reports pretax loss of GBP13,004 million for six months to end of September, widened from GBP5,887 a year ago. No revenue recorded in either period. Says continued hunt for acquisition in the period and remains confident in a transaction materialising "delay in and the anticipated termination of the transaction previously proposed with Greenview Gas". Plans to apply to UK Financial Conduct Authority to have share suspension lifted as soon as transaction with Greenview is terminated, expected to happen by March-end.

Okyo Pharma Ltd - London-headquartered biotechnology company - Reports loss of GBP2.0 million for six months to September-end, widened from GBP485,960 a year ago. Total assets down to GBP4.2 million from GBP5.1 million at March 31. Firm says it needs to raise additional investment in order to meet liabilities over next 12 months. "Consequently, in the opinion of the directors there is a material uncertainty that may cause significant doubt about the group's ability to continue as a going concern. Despite this material uncertainty, the directors conclude that it is appropriate to continue to adopt the going concern basis of accounting," firm says.

Chrysalis Investments Ltd - investor in technology and finance startups - Net asset value per share rises 57% to 251.96p at end of September from 160.97p a year ago. Says it achieved further diversification during the year and added five new investments, taking portfolio to 15 holdings. "The board is delighted with the performance of the investment team, to which further resource was added post year end to bolster the Finance and ESG functions. In the space of three years, the team has built a unique platform by which ordinary investors can access the opportunities available in the late-stage private market. With interest in private investing growing, I believe Chrysalis is extremely well placed to continue its development," says Chair Andrew Haining.

Warehouse REIT PLC - real estate investment trust focused on warehouse assets - Has completed 12 new lettings and 10 lease renewals since October 1, with transactions completed at 11% ahead of March estimated rental value, generating GBP900,000 per year of contracted rent. Rent collection has remained strong with over 98% of rent due for the financial year ending March 31 collected. Affirms near-term intention to move to London's Main Market.

Bushveld Minerals Ltd - South African vanadium producer - Reports 2021 production of 3,592 metric tonnes of vanadium, at the upper end of guidance but slightly below 2020's 3,631 mtV. Sales of 3,314 mtV in year were "impacted by challenges in international logistics channels arising from Covid-19, the unrest in South Africa and disruptions at local ports in July and August". Expects production of between 4,200 mtV and 4,400 mtV in 2022. "We look forward to the year ahead on the back of the strong foundation we have set and the production growth mostly attributable to the Kiln 3 commissioning in 2022. Production growth is key to unit cost reduction and margin expansion, as reflected in the guidance for 2022," says Chief Executive Fortune Mojapelo.

Medica Group PLC - Hastings, England-based provider of medical imaging services - Shows "robust recovery" in 2021 and expects revenue for year to be GBP61.9 million, up 68% on the year before and 33% higher than 2019. "An increase in gross margin compared with 2020, together with careful control of costs during the pandemic means that underlying profit for the year is expected to be ahead of market expectations," it says. Ends year with net cash of GBP3.6 million after starting with debt of GBP3.9 million. Notes risks from new Covid variants, but is confident clients have now developed strategies to minimise hospital disruption. "Building on a successful 2021 and our recent acquisitions, we believe Medica is well positioned to take advantage of future opportunities," it says.

Revolution Beauty Group PLC - AIM-listed beauty products retailer - Says sales over peak Christmas trading period up 41% year-on-year on underlying basis and retains guidance for full-year. "As we look forward, our growth in our direct to consumer business coupled with our successful retail expansion into the UK and the US provides strong momentum for the business. We look forward to updating the market with our full year results later in the year," says Chief Executive & Co-Founder Adam Minto.

Dianomi PLC - London-based digital advertiser - Says revenue growth in excess of 25% in 2021, while adjusted Ebitda is seen slightly ahead of market expectations. Says year was "excellent". "Demand from both advertisers and publishers has been strong and the second six months of the year saw further new advertisers and publishers 'go live' on Dianomi's platform, as well as growth within the existing publisher and advertiser base," firm says.

Restore PLC- Redhill, England-based document management and IT recycling business - Says 2021 performance was ahead of expectations after strong final quarter. Expects to report "record" levels of revenue and underlying profit . Says annualised revenue run rate has expanded to GBP255 million, up 18% on pre-pandemic levels. "Trading since the end of FY21 has followed the same positive trajectory seen in December and the board remain very confident in delivering further significant progress in 2022," company adds.

Anpario PLC - Nottingham, England-based manufacturer of animal feed additives - Earnings for 2021 to be in line with current market expectations with full year sales to be not less than GBP33 million. Says operating performance strong despite "number of challenges" in global markets and supply chains due to pandemic. "We have continued to experience increased logistics and raw material price inflation, the cost of which is being passed on through sales price increases. We are seeing some encouraging signs that cost price inflation has begun to stabilise and the improving international travel situation will help our sales teams drive new business development initiatives," firm adds.

Flowtech Fluidpower PLC - supplier of technical fluid power products - Expects to report 2021 revenue around GBP109.9 million, up 15% on 2020 but 3% below 2019. Expects underlying profit to be in line with board expectations. Expects to reintroduce final dividend payment for 2021. Says is satisfied with trading performance in year and encouraged by start to 2022, though adds: "Whilst demand throughout the fluid power market has continued to recover, it is clear that it will be well into 2022, if not longer, before global supply chains for fluid power product return to pre pandemic levels of both consistency and breadth of supply. Good progress against our strategic objectives continues to enhance the group's medium term prospects. However, until supply is fully recovered, the board is more cautious in the short term outlook."

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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