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(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News:
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James Fisher & Sons PLC - Barrow-in-Furness, England-based marine services firm - Swings to pretax profit of GBP54.0 million in 2024, from loss of GBP39.9 million. Revenue declines 12% to GBP437.7 million from GBP496.2 million, but rises 8.6% when adjusted for the impact of disposals and business closures. Aiding its bottom line, James Fisher & Sons reports a profit on disposal of businesses of GBP49.5 million. "I am encouraged by our 2024 performance, ending the year in a stronger financial position and with our business better positioned to take advantage of supportive end markets. We delivered underlying operating profit in line with our upgraded expectations and have significantly deleveraged the group. The disposals provided funds to pay down our debt, re-finance our facilities on improved terms and strengthened our balance sheet as a result - providing a stable platform for growth with a more resilient capital structure," Chief Executive Officer Jean Vernet says. James Fisher & Sons says its dividend will be "reinstated at the appropriate time". It did not pay one for 2024, nor for 2023. Looking ahead, it adds: "Conditions remain supportive in most of our end markets, and while we are mindful of the near-term geopolitical and macro-economic uncertainty, we remain committed to delivering our ambition. We will continue to monitor emerging risks and their potential impact on global operations. February year-to-date trading was in line with management expectations and subject to geopolitical uncertainty, the board remains confident on delivering further progress this year."
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Eurocell PLC - manufacturer, recycler and distributor of window, door and roofline PVC products - Pretax profit in 2024 increases 18% to GBP13.8 million from GBP11.7 million in 2023, despite revenue falling 1.8% to GBP357.9 million from GBP364.5 million. Cost of sales fall 11% to GBP169.6 million. "Our financial performance in 2024 was resilient, in the context of trading conditions that remained challenging," Chief Executive Darren Waters says. "Our cash generation was solid and our financial position remains strong, following completion of a GBP15 million share buyback programme." Earlier in March, it completed the acquisition of Alunet Ltd for GBP29 million, plus an earn-out. The deal includes GBP22 million upfront, plus a deferred consideration of GBP7 million, payable in four annual instalments. There is also the potential for up to GBP6 million in performance-related payments over four years that would raise the total consideration to GBP35 million. Waters adds: "The recent acquisition of Alunet is a compelling strategic fit for Eurocell: it addresses a growing trend towards aluminium fabrication across the fenestration sector, significantly strengthens our position in composite doors, and adds aluminium garage doors to our home improvement product portfolio."
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Central Asia Metals PLC - base metals producer with operations in Kazakhstan and North Macedonia - Pretax profit in 2024 increases 18% to USD76.7 million from USD64.9 million as revenue rises 5.3% to USD214.4 million from USD203.5 million. "2024 was a year of significant transition for CAML, both in our executive leadership team and in our operations. At Sasa, in particular, we continued to invest significant capital in the future of the business, extending the mine's life to at least 2039 through the transition to new mining methods. The investment has also involved optimising our ore haulage and other transport arrangements, and moving to international best practice in tailings disposal. The programme is now nearing the end of its main phase, and we look forward to enjoying the fruits of the hard work of all those involved in the years to come," CEO Gavin Ferrar says. CAML maintains its final dividend at 9 pence per share, and its total payout at 18p. Its 2025 production guidance is for 13,000 to 14,000 tones of copper, 19,000 to 21,000 tonnes for zinc-in-concentrate and 27,000 to 29,000 tonnes for lead. In addition, a "key focus" for the year will be the pursuit of a "material transaction" to build its project pipeline.
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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss in five months to December 31 narrows to GBP345,000 from GBP864,000. Revenue rises 16% to GBP1.2 million from GBP1.0 million. Last year, it announced it would change its accounting reference date to December 31 from July 31. "As a result, Europa's next full annual report will be for the 17-month period ending 31 December 2025," it adds. CEO Will Holland says the recent period was "busy". "Despite the lower oil price resulting in a constrained increase in revenues during the interim period, we expect to continue generating meaningful cashflow from our UK assets. This, and the planned activities for the year, sets Europa up well for the future and will allow us to work up our well-balanced portfolio and deliver value for shareholders," Holland adds.
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PetroTal Corp - focused on oil and gas development in Peru - Net Income in 2024 rises 0.9% to USD111.5 million from USD110.5 million. Oil revenue improves 18% to USD373.9 million from USD316.9 million. "PetroTal reported strong financial and operational results in 2024, increasing our production by an average of 25% over 2023, while returning more than USD65 million to shareholders through dividends and share buybacks. The company also successfully managed a period of record low river levels during the dry season, on our way to exceeding annual production guidance," Chief Executive Officer Manuel Pablo Zuniga-Pflucker says. It paid a total dividend of USD0.06 per share in 2024, unchanged from 2023.
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Touchstone Exploration Inc - onshore oil and gas producer in Trinidad - Pretax profit in 2024 totals USD6.0 million, swinging from a loss of USD12.7 million. Touchstone's revenue improves 21% to USD43.7 million from USD36.0 million. Contributing to the swing to profit, impairment expense falls to USD2.7 million from USD21.4 million. "In 2024, Touchstone maintained its growth trajectory, achieving record annual production and delivering net earnings, driven by a full year of Cascadura production. We successfully drilled, completed, and brought online two wells at the Cascadura C pad, alongside the installation of a new natural gas separator. With most infrastructure now in place, we are well-positioned to accelerate the transition from drilling to production for future wells," CEO Paul Baay says.
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Mineral & Financial Investments Ltd - investor focused on junior mining companies - Net asset value per share at December 31 half-year end rises 25% on-year to 32.2 pence from 25.8p. NAV progress came despite "continued volatile economic and political environment". It reports net gains on investments totalling GBP1.6 million, rising from GBP888,000. Pretax profit more than doubles to GBP1.3 million from GBP595,000.
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European Smaller Companies Trust PLC - invests in smaller and medium sized companies listed in Europe or have operations there - Net asset value per share at December 31 half-year end falls 9.1% to 182.66p per share from 201.01p at end of June. NAV total return is negative 7.5% over six months, falling short of negative 3.8% return from benchmark, the MSCI Europe ex UK Small Cap Index. European Smaller maintains its interim dividend at 1.45p per share. "Europe remains home to the key enablers of the big structural growth trends; these small businesses provide the nuts and bolts of innovation, along with some fresh thinking to develop new solutions. Alongside this, the sector also remains very attractively valued and continues to trade at the widest discount in comparison to its European large cap counterparts than it has over the past 15 years," it says. "Falling interest rates, and the likelihood of further easing of monetary policy in 2025, combined with the robust labour market, bodes well. Smaller companies are often overlooked, even more so in a recessionary environment, leaving the space awash with exciting companies, some breaking ground in new areas, at very keen valuations."
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Hostelworld Group PLC - Dublin-based online travel agent focused on the hostel market - Pretax profit in 2024 totals EUR11.1 million, swinging from a loss of EUR1.1 million. Revenue amounts to EUR92.0 million, falling 1.4% from EUR93.3 million. Operating expenses fall 8.5% to EUR80.9 million from EUR88.4 million. Finance costs fall to EUR300,000 from EUR6.1 million. Full-year net bookings rise 6% to 6.9 million, amid "record performances in Asia and Central America". "In a year marked by lower-than-expected revenue growth, driven by our customers' preference for lower-cost destinations, our social strategy continued to reduce marketing expenses, driving a net margin growth of 7% year-over-year," Chief Executive Officer Gary Morrison says. "Looking ahead, we are confident that our distinctive social strategy will continue to be a key differentiator in the online travel market. We will continue to invest in our technology and expand our social features to enhance the customer experience and drive future growth." Hostelworld will set out a "detailed growth strategy and capital allocation update" at a capital markets day on April 29. Hostelworld says its Non-Executive Chair Ulrik Bengtsson will step down. Bengtsson will become the full-time CEO of a large internationally based company at a later date in 2025. He will remain as chair until October 31. "The board will immediately begin the recruitment process for a new independent non-executive chair to guide the company on its next stage of ambitious growth, and a further update will be provided in due course," Hostelworld says. "The company acknowledges the compelling opportunity this new CEO role represents and thanks Ulrik for his valued and continuing contribution since joining the board in May 2024."
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By Eric Cunha, Alliance News news editor
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