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EARNINGS UPDATES: Somero, Winkworth see bumper interim performances

Wed, 08th Sep 2021 12:08

(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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M Winkworth PLC - London-based residential real estate agencies franchiser - Reports pretax profit of GBP2.0 million for the six months to June 30, up four-fold from GBP461,000 a year ago. Revenue doubles to GBP5.2 million from GBP2.5 million. Increases interim dividend payout to 8.30 pence per share from 3.08p last year. "We have seen a significant upturn in activity in the rental market as the return to work brings tenants back to London and houses in outer London recover to their pre-pandemic rents. We expect central London flats rents to follow suit over the coming year as international clients, students and young professionals return... While we remain open to exploring small acquisitions at the right price, our focus remains firmly on expanding the network selectively," says company. Shares in Winkworth rise 9.2% to 207.50 pence each in London on Wednesday.

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Somero Enterprises Inc - Fort Myers, Florida-based concrete levelling equipment company - Posts pretax profit for the first half of 2021 of USD23.5 million, up sharply from USD7.5 million a year ago. Revenue almost doubles to USD64.4 million from USD35.3 million. "First half 2021 was a record setting six-month period for the company led by very strong trading in North America, and strong contributions to growth from international markets and new products," says company. Declares interim dividend of USD0.09, up from USD0.04 a year ago. "We maintain a confident, positive outlook for the remainder of 2021 and anticipate delivering record levels of revenues and profits to shareholders for the year," company adds. Somero shares rise 14% to 535.00p each on Wednesday.

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Augean PLC - Walton, England-based hazardous waste treatment and disposal company - Posts pretax profit for six months to end-June of GBP9.9 million, rising 22% from GBP8.1 million a year ago. Operating expenses fall 13% to GBP33.8 million from GBP38.9 million. Revenue falls 8.3% to GBP44.2 million from GBP48.2 million. "The board had previous declared an intent to return to paying dividends in 2021. Given the ongoing potential takeover of the group the board has decided not to declare an interim dividend," says company. No interim dividend was declared last year. "The group is targeting further growth in the core market of Energy from Waste, construction and radioactive waste and expects growth to continue in the second half. We continue to see a tough market for North Sea Services with no new significant decommissioning projects expected in 2021. The board expects full year profit to be in line with management expectations," adds company. In late August, Augean agreed to a takeover bid from a consortium valuing the firm at around GBP341.2 million on fully diluted basis.

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Impact Healthcare REIT PLC - real estate investment trust focused on healthcare properties - Net asset value per share at June 30 up 16% to 110.66 pence per share from 107.17p a year ago. Pretax profit increases 31% to GBP14.5 million from GBP11.1 million. Interim dividend increases 1.9% to 3.21p from 3.15p last year. "We remain a long-term business and the company's sustainable healthcare portfolio continues to provide crucial care-based infrastructure supporting vulnerable elderly people across the UK. The major reforms of adult social care announced by the prime minister on [Tuesday] will help to reinforce the resilience of our business and that of our tenants," says company.

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Zinnwald Lithium PLC - High Wycombe, England-based mineral exploration and development company - Reports widened pretax loss in first half of 2021 of EUR935,488 from EUR408,769 a year prior. Does not generate revenue, unchanged from last year. Ireland and Sweden exploration project once-off impairment cost comes in at EUR1.5 million. "Our focus over the next 12 to 18 months will involve undertaking test work to ascertain the commercial viability of producing a wider range of lithium compounds as well as value engineering and optimisation of the flow sheet and associated infrastructure leading into an updated feasibility study. Work with regard to permitting is also ongoing," says company.

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Ecofin US Renewables Infrastructure Trust PLC - London-based investor in US renewable energy assets - Posts net asset value per share at June 30 of 98.5 US cents, up marginally from 98.0 cents at IPO on December 22 last year. Declares maiden dividend of 1.0 cent per share for the period from its IPO to June 30. On track to achieve its target annual dividend yield of 2-3%. "The company's near-term pipeline of potential investment opportunities continues to be strong and exceeded USD3.0 billion as at August 31, 2021. The investment manager is currently working on both solar and wind opportunities," company says.

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Inspecs Group PLC - Bath-based eyewear design house and manufacturer - Pretax loss for the six months to June 30 comes in at USD2.6 million, sharply narrowed from USD8.3 million a year ago. Revenue soars to USD125.7 million from USD16.7 million. Administrative expenses jump to USD51.4 million from USD9.0 million. "We have strong order books and notwithstanding the potential future disruption from Covid-19 our full year expectations remain unchanged. We look forward to providing a further update with our third quarter trading update at the end of October," says CEO Robin Totterman.

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Tissue Regenix Group PLC - Leeds-based regenerative medical devices company - Posts pretax loss of GBP1.8 million in the first half of 2021, narrowing from GBP2.7 million a year prior. Revenue rises 11% to GBP6.8 million from GBP6.1 million. "I am proud of how the group operated during a challenging 2020 and am encouraged by our strong first half results, with the group making good operational and commercial progress, as the world began its recovery from the Covid-19 pandemic," says CEO Daniel Lee. Expects to deliver further growth going ahead, but notes the ongoing threat of Covid-19.

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By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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