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Pin to quick picksVelocity Comp Share News (VEL)

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TRADING UPDATES: Dignity posts less profit; Norcros ups interim payout

Wed, 09th Nov 2022 14:42

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

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Dignity PLC - Birmingham-based funeral services provider - Says revenue and profit have been hurt by "fluctuations in the death rate". Underlying revenue in the 39 weeks to the end of September falls 14% to GBP204.7 million from GBP237.0 million a year earlier. Underlying operating profit drops 68% to GBP14.1 million from GBP43.4 million. The period sees 469,000 deaths, down 2.9% from 483,000 a year ago.

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Norcros PLC - Cheshire-based kitchen & bathroom products supplier - Says revenue increases 9.5% year-on-year to GBP219.9 million from GBP200.9 million. Pretax profit, however, declines 21% to GBP14.0 million from GBP17.7 million, as acquisition related costs jump to GBP4.9 million from GBP1.9 million. Interim revenue amounts to a company record and is up 20% compared to pre-virus levels, on a constant currency, like-for-like basis. Declares an interim dividend of 3.4 pence per share, up 9.7% from 3.1 pence a year prior. Looking ahead, expects to deliver further progress in line with expectations for financial 2023.

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Equipmake Holdings PLC - UK manufacturer & developer of electrification products for electric vehicle drivetrains - Expects revenue of around GBP3.7 million for financial 2022, ahead of market expectations. Says on track to deliver its contracted order book for financial 2023, and is "in discussions with a number of parties in regard to additional work and beyond". The company had its initial public offering on July 20 this year.

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Revolution Beauty Group PLC - AIM-listed beauty products retailer - Says Chief Executive Officer Adam Minto resigns immediately. Says the resignation relates to the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes LLP. Notes no conclusions have been drawn. In September, the company's auditor BDO LLP said it had a "number of serious concerns" regarding the audit for the 2022 financial year, concluding that it was not able to sign an audit report. It recommended that Revolution Beauty appoint independent external advisers to conduct an investigation. Says Bob Holt remains as interim chief operating officer.

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Velocity Composites PLC - Burnley, Lancashire-based aerospace composite material kits supplier - Hires Adam Holden as group finance director, effective from December 7. Says Holden will replace Chris Williams, who will eave the company on December 16 following an orderly handover. Holden is currently a finance controller at Bright Blue Foods Ltd, a subsidiary of private equity backed manufacturer of ambient cakes & other baked goods BBF Ltd. Prior to this, Adam was a financial controller of train operating company Arriva Rail North.

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By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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