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EARNINGS SUMMARY: Schroder Income roots for sterling; Nightcap profits

Thu, 10th Nov 2022 14:48

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

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Manolete Partners PLC - London-based insolvency litigation financing - In the six months to September 30, swings to pretax loss of GBP5.5 million from a profit of GBP2.5 million a year prior. Revenue falls 46% to GBP5.5 million from GBP10.2 million. Declares no interim dividend, compared to 0.39 pence per share a year ago. Looking ahead, the firm has increased the number of new in-house lawyers as it expects sustained higher operational activity. "We expect the market to grow over the coming months, as the economy realigns across many industry segments. The turnaround, restructuring and insolvency profession plays a critical role in resource reallocation following major economic turmoil events, such as Covid-19 and exceptional rises in inflation and interest rates. Working closely with key government and major financial institutions we continue to develop the Bounce Back Loan recovery opportunity. That is already materially adding to new case opportunities in the second half of the current financial year," Manolete says looking forward.

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Nightcap PLC - London-based owner of Cocktail Club, Adventure Bar and Barrio Familia chains - in the year that ended July 3, swings to profit of GBP238,000 from a loss of GBP5.3 million a year ago. Revenue skyrockets to GBP35.9 million from GBP6.0 million. Cost of sales widens to GBP7.3 million from GBP1.4 million. Administrative expenses widen to GBP27.4 million from GBP10.0 million. Depreciation costs increase to GBP3.9 million from GBP1.3 million. Chair Gareth Edwards says he expects "long-term growth to continue in establishing Nightcap as one of the leading bar businesses in the UK".

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Schroder Income Growth Fund PLC - London-based investment company - Says that weak sterling has made UK equity markets more attractive. In the year that ended August 31, Schroder's net asset value falls 6.7% to 295.26 pence per share from 316.59p a year prior. NAV return is negative 2.7%, underperforming against its benchmark, the FTSE All Share Total Return index, which returned positive 1.0%. Largest detractors were underweights to banks and energy companies, "which benefitted from rising interest rates and elevated energy prices, respectively", Schroder explains. Raises total dividend by 3.1% to 13.2p from 12.8p a year ago. Notes that headwinds such as rising inflation, interest rates and squeezed incomes have strengthened and says that higher interest rates by banks are not good for equity investment returns. "At the same time, currency weakness has made the UK equity market ever more attractive as a destination for overseas corporations looking to grow their UK operations through acquisition. This weakness has also helped UK companies with significant overseas profits increase cash flows and dividends when measured in sterling," Chair Bridget Guerin adds.

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Smoove PLC - Thame, Oxfordshire-based company provider of online services for conveyancing and financial intermediary markets, best known for its conveyancer comparison platform eConveyancer - In the six months to September 30, pretax loss widens by 94% to GBP3.0 million from GBP1.5 million a year ago. Revenue grows 4.2% to GBP10.6 million from GBP10.2 million. Administrative expenses widen by 26% to GBP7.2 million from GBP5.7 million. Looking ahead, Smoove notes signs of slowdown in the property market and banks being more cautious on lending, with home buyers delaying purchases due to increased borrowing costs on top of the cost of living crisis. "Property portals are already reporting a downward shift in activity and prices following two years of record high asking prices as a result of the stamp duty holiday and changing consumer behaviour during the pandemic," Chief Executive Officer Jesper With-Fogstrup says. In response, Smoove aims to further expand and diversify its base of introducers regarding its investments in eConveyancer.

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By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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15 Dec 2023 21:26

EARNINGS AND TRADING: Smoove says acquisition by Digcom approved

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

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4 Dec 2023 21:22

IN BRIEF: Smoove updates shareholders on GBP31 million takeover

Smoove PLC - Oxon, England-based software solutions provider for the housing market - Says regulatory conditions of its takeover have now been satisfied or, where applicable, waived. In October, Smoove said it had agreed a GBP30.8 million takeover from Digcom UK Holdings Ltd, an indirect subsidiary of Pexa Group Ltd. Sydney-listed Pexa which operates Pexa Exchange, a digital property settlements platform in Australia said it believes there is a significant opportunity for Smoove's existing customers to benefit from its digital property settlements platform and wider service offering.

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7 Nov 2023 15:51

UK shareholder meetings calendar - next 7 days

Wednesday 8 November 
Incanthera PLCAGM
JPMorgan Emerging Markets Investment Trust PLCAGM
Thursday 9 November 
D4t4 Solutions PLCGM re name change to Celebrus Technologies PLC
Libertine Holdings PLCAGM
SIMEC Atlantis Energy LtdEGM re appointment of Nexia Singapore PAC as auditors
Friday 10 November 
DFS Furniture PLCAGM
Galliford Try Holdings PLCAGM
Minoan Group PLCAGM
Minoan Group PLCGM re issuing shares
Quartix Technologies PLCAGM
Redrow PLCAGM
Monday 13 November 
Ironveld PLCGM re fundraising
Victoria PLCGM re annual accounts and Grant Thornton UK LLP re-appointment as auditors
Tuesday 14 November 
Celsius Resources LtdAGM
Essentra PLCGM re movement of merger relief reserve
Financials Acquisition CorpEGM re LIU business combination
Fonix Mobile PLCAGM
Petra Diamonds LtdAGM
Smoove PLCGM re takeover by Pexa Group
t42 IoT Tracking Solutions PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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9 Oct 2023 16:58

IN BRIEF: Kestrel Partners increases holding in Smoove to around 30%

Smoove PLC - Oxon, England-based software solutions provider for the housing market - Kestrel Partners LLP buys 1.3 million shares at an average 52 pence each for its discretionary clients on Friday. Worth total GBP676,000. Oliver Scott, a non-executive director of Smoove, is a partner of Kestrel. He is also a shareholder in one of Kestrel's clients, Kestrel Opportunities, and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Smoove. Kestrel Opportunities holds, and consequently Scott is deemed to have a beneficial interest in, 10.7 million shares in Smoove. Other clients of Kestrel, in which Scott has no beneficial interest hold 6.3 million shares in the company. In total, Kestrel indirectly holds voting rights over 17.0 million shares in the company, around 30% of its share capital.

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6 Oct 2023 14:16

Oryx International Growth notes bids for its holdings

(Alliance News) - Oryx International Growth Fund Ltd on Friday noted bids for its holdings in Tribal Group PLC, Pendragon PLC and Smoove PLC.

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4 Oct 2023 17:07

Smoove recommends GBP30.8 million takeover from Pexa

(Alliance News) - Smoove PLC on Wednesday said it had agreed a GBP30.8 million takeover from Digcom UK Holdings Ltd, an indirect subsidiary of Pexa Group Ltd.

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8 Sep 2023 11:28

Smoove extends takeover offer deadline for Pexa for fifth time

(Alliance News) - Smoove PLC on Friday announced that it extended the deadline for Pexa Group Ltd to make a possible takeover offer for the fifth time, now running until October 6.

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15 Aug 2023 15:45

UK shareholder meetings calendar - next 7 days

Wednesday 16 August 
Cadence Minerals PLCAGM
Calnex Solutions PLCAGM
NextEnergy Solar Fund LtdAGM
NFT Investments PLCAGM
StreaksAI PLCAGM
VSA Capital Group PLCAGM
Thursday 17 August 
Harvest Minerals LtdAGM
Quantum Exponential Group PLCAGM
Windward LtdAGM
Yourgene Health PLCGM and court meeting re takeover by Novacyt
Friday 18 August 
Adams PLCAGM
ME Group International PLCGM re proposed share buyback
Oxford BioDynamics PLCGM re placing
Pathfinder Minerals PLCGM re disposal of the subsidiary
Monday 21 August 
Calculus VCT PLCAGM
Home REIT PLCGM re changes to the investment policy
Tuesday 22 August 
Cake Box Holdings PLCAGM
ReNeuron Group PLCAGM
RUA Life Sciences PLCAGM
Smoove PLCAGM
STM Group PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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11 Aug 2023 10:53

IN BRIEF: Smoove extends Pexa's deadline to announce offer intention

Smoove PLC - Oxon, England-based software solutions provider for the housing market - Extends deadline for Pexa Group Ltd to announce its intention to make an offer for the takeover of Smoove

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11 Aug 2023 09:59

Smoove extends merger talks with PEXA Group

(Sharecast News) - Smoove's merger discussions with PEXA Group were looking positive on Friday, as the company announced an extension to the regulatory deadline.

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14 Jul 2023 10:37

AIM WINNERS & LOSERS: Zoo Digital falls on first-quarter disruption

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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14 Jul 2023 08:39

IN BRIEF: Smoove says talks for takeover by Pexa moving forward

Smoove PLC - Oxon, England-based software for housing market - Says discussions with Pexa Group Ltd regarding a possible cash takeover offer for Smoove have advanced, and a formal due diligence process has begun. The deadline by which Pexa is required to announce its intention to make a formal offer for Smoove has been extended to August 11.

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5 Jul 2023 13:00

IN BRIEF: Smoove widens annual loss amid "highly uncertain" backdrop

Smoove PLC - Oxon, England-based software solutions provider for the housing market - Says it performed in line with company expectations in the year ended March 31 against a "highly uncertain" market and macroeconomic backdrop. Pretax loss widens to GBP5.8 million from GBP5.4 million as cost of sales tick up to GBP12.8 million from GBP11.4 million and administrative costs rise to GBP13.8 million from GBP12.6 million. More positively, revenue increases to GBP20.6 million from GBP19.2 million year-on-year.

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8 Jun 2023 13:10

Smoove inks partnership with Mortgage Advice Bureau

(Sharecast News) - Smoove announced on Thursday that it has joined forces with Mortgage Advice Bureau in a strategic agreement to offer conveyancing comparison and related home-buying support services.

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8 Jun 2023 12:35

IN BRIEF: Smoove provides Mortgage Advice with conveyancing services

Smoove PLC - Thame, England-based provider of online services for conveyancing and financial intermediary markets - Signs strategic agreement with Mortgage Advice Bureau Holdings PLC to provide conveyancing comparison and related home-buying support services. The deal also includes DigitalMove onboarding for Mortgage Advice customers, so they can interact with their chosen professional specialists.

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