(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Eleco PLC - construction software developer based in London - Expects pretax profit of no less than GBP2.2 million for the six months that ended June 30, up around 17% year-on-year and 33% higher than the same period in 2019. Guides for first-half revenue of at least GBP13.7 million with organic growth of 13% from that period in 2020 and 9% since 2019. Anticipates recurring revenue of around GBP7.4 million, up around 8% from a year prior and 12% higher than 2019. Remains "confident" of meeting market expectations for the full-year. Plans to release its interim results in late September.
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Property Franchise Group PLC - UK-based residential property franchise business - Sees revenue more than double to GBP11.4 million in the first six months of 2020, from GBP5.4 million a year prior. Says government initiatives, remote working and high customer demand contributed to rising house sales in the first half. Notes that network income more than doubled to GBP89.4 million in the first half, from GBP41.0 million the year before. Sees management service fees rise by 69% year-on-year to GBP7.1 million from GBP4.2 million. Says agreed sales pipeline shot up to GBP29.5 million from GBP8.5 million. Rental properties under management jump 25% to 73,000 at the half year from 58,000 at that point in 2020. Notes net debt of GBP5.0 million after borrowing GBP12.5 million to fund acquisition of Hunters Property PLC.
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Water Intelligence PLC - water leak detection and repair company based in London and Palm Springs, California - Says pretax profit jumped to USD3.8 million in the six months that ended June 30, up 92% year-on-year from USD2.0 million. Notes that first-half revenue increased by 44% to USD24.7 million from USD17.1 million a year prior. Sees earnings before interest, tax, depreciation and amortisation rise 73% to USD5.4 million in the first half, from USD3.1 million a year before. Says accelerated first quarter performance continued in the second quarter for a "strong" first half. Plans to announce interim results by mid-September. Notes acquisitions of franchises in Florida, Nevada and Arizona, plus a plumbing company in Louisville, Kentucky. Expects strong demand resulting from the US government's American Jobs Plan, which includes USD100 billion investment in water and wastewater infrastructure.
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Mirriad Advertising PLC - London-based advertising agency - Says jump in US market demand drove 27% year-on-year increase in revenue to GBP1.1 million in the six months ended June 30. Notes contracts with 22 broadcast and digital content partners by the end of the first half. Signs new agreements with Crown Media Holdings, the owner of Hallmark publishing, and television production company Up Entertainment. Notes closing cash of GBP29.8 million at the end of June compared to GBP14.4 million at that point a year prior. Anticipates second-half revenues to be 70% to 90% higher than the first half. Expects year-end cash between GBP23 million and GBP24 million. Management forecasts annualised revenue run rate of GBP6 million by the end of 2021.
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Quixant PLC - Cambridge-based technology outsourcer for gaming industry - Anticipates profits comfortably in line with management expectations in the six months that ended June 30. Expects to report double-digit year-on-year revenue growth in the first half. Holds USD15.1 million in net cash at the end of June, compared to USD17.4 million at the end of 2020. Notes strong demand across Gaming and Densitron segments, which drove healthy order intake over the period. Adds that component shortages and input stock price inflation continue to present headwinds that the company has been actively managing through an elevated strategic stock holding and customer price increases.
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Trackwise Designs PLC - Tewkesbury, England-based company which produces products using circuit technology - Expects to report a narrowed pretax loss of GBP230,000 in the six months that ended June 30, from GBP920,000 in that period a year prior. Anticipates a 71% year-on-year increase in revenues to GBP4.1 million in the first half, from GBP2.4 million. Says improved IHT revenues are likely to boost its gross margin to 29% in the first half, compared to 18% a year prior. Notes net cash of GBP2.6 million on June 30, compared to GBP13.8 million at the end of 2020.
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Empresaria Group PLC - Crawley, West Sussex-based specialist staffing - Expects profits for the six months ended June 30 to be "significantly ahead" of that period in 2020. Says first half net fee income rose 1% year-on-year - or 4% in constant currency - after a 30% increase in the second quarter offset a 19% decrease in the first quarter. Notes headroom of GBP12.4 million after net debt rose to GBP16.5 million at June 30, up from GBP13.6 million at the end of 2020.
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Biome Technologies PLC - Southampton, England-based developer of biodegradable natural polymers and radio frequency systems - Says group revenues rose slightly to GBP2.6 million in the six months that ended June 30, from GBP2.5 million in that period a year prior. Notes group cash balance of GBP1.4 million on June 30 with no net debt, compared to cash of GBP1.6 million cash on March 30. Says its performance remains in line with revised market expectations noted in prior trading statement.
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discoverIE Group PLC - Guildford-based designer, manufacturer and supplier of customised electronics - Says "strong" order growth has continued into the first quarter of the firm's financial year that ends on March 31, 2022. Notes strengthened order book. Adds that revenue was "significantly ahead" of financial 2021 and of its pre-Covid level. Notes order book worth GBP220 million at June 30, 50% higher than that period a year prior and 30% higher than 2-years ago. Mentions that production capacity has returned to near-normal levels at its facilities in India and Sri Lanka despite ongoing Covid-related social distancing restrictions. Says gross margins in the first quarter were consistent with the year prior. Overall, first quarter performance exceeds management expectations.
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Everyman Media Group PLC - UK-based cinema company - Says business returned to profit and cash generation upon re-opening of 33 venues on May 17, plus Glasgow re-opening on June 6. Notes that social distancing measures remained in place until July 19. Sees admissions reach 66% of 2019 levels in the 26-week period that ended July 1 despite continuation of social distancing restrictions. Notes GBP21 million in liquidity headroom in the period.
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i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Finishes drilling, tie-ins on two wells on schedule at Marten Hills Clearwater acreage in Canada, in which the company holds a 50% working interest. Says oil was evident throughout via oil shows on cuttings. Expects to provide updates on initial stabilised oil flow rates after three- to four-week clean-up process. Plans to reactivate six wells at Wapiti project, also in Canada, to increase output to 310 barrels of oil equivalent per day from current 230 barrel output. Notes well spud on July 27 at Elmworth Wapiti acreage, where it plans to drill two wells with a partner for a net cost of USD2.1 million.
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By Scarlett Butler; scarlettbutler@alliancenews.com
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