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EARNINGS AND TRADING: Griffin Mining profit up; Secure Trust confident

Thu, 16th May 2024 14:29

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


Griffin Mining Ltd - mining and investment company focused on China - On Wednesday reports USD146.0 million in revenue for 2023, up 54% from USD94.4 million in 2022. Pretax profit rises 60% to USD24.5 million from USD15.3 million. Earnings before interest, tax, depreciation and amortisation are up 47% to USD51.9 million from USD35.2 million, while earnings per share increase 82% to 8.03 cents from 4.41 cents. Griffin says record amounts of ore were mined in 2023, up 77% to 1.5 million tonnes with increases in mined zinc, gold, silver and lead.


Secure Trust Bank PLC - London-based savings accounts and lending services provider - Says net lending in the first quarter ended March 31 is up 1.7% to GBP3.37 billion from the GBP3.32 billion in the fourth quarter, and up 12% from GBP3.01 billion a year prior. Deposits are up 1.7% in the quarter to GBP2.92 billion from GBP2.87 billion in the previous quarter, and up 15% from GBP2.54 billion in the first quarter of 2023. Chief Executive Officer David McCreadie says: "The group continued to grow net lending in the quarter and is trading in line with management expectations. I am pleased that the positive momentum from last year has continued and that we have taken another step towards our GBP4 billion net lending ambition." McCreadie adds that with the UK returning to economic growth, and an increasingly likely reduction in interest rates, the firm "remain[s] confident in delivering on our plans for the full year and our medium term targets".


Nexus Infrastructure PLC - Braintree, England-based provider of civil engineering and infrastructure services - Reports GBP25.8 million in revenue for the six months ended March 31, in line with its expectations but nearly halved from GBP51.0 million in its previous first half. Nexus says the drop in revenue reflects a continuing "challenging wider economic environment". Nexus delivers an interim pretax loss of GBP1.4 million, compared to a profit of GBP50,000 a year prior. Nexus says it is encouraged by improvements in the housebuilding market, in which it expects a recovery over the next 18 months. Nexus says: "While we believe there is some way to go before we see more confidence in the housebuilding sector, we are making steady progress and have secured significant contracts in the period, for both new phases of existing projects and on new developments." Shares in Nexus are up 15% at 95.00p in London on Thursday afternoon.


All Things Considered Group PLC- Music artist management and production company - Reports GBP24.1 million revenue for 2023, more than doubled from GBP9.4 million in 2022. Says GBP16.2 million of revenue was due to its July acquisition of a 60% interest in merchandising company Sandbag Ltd. ATCG's pretax loss for 2023 is GBP3.0 million, compared to a profit of GBP301,814 in 2022, while operating Ebitda swings to a loss of GBP462,248 from GBP725,845 in earnings. CEO Adam Driscoll says: "Following this year of consolidation, we believe we have the right building blocks in place, including a larger, more diversified client base, a broader service offerings and a robust financial position." ATC also announces the acquisition of a 55% stake in Raw Power Management Ltd, a London-based music management company, for GBP1.4 million cash. ATC says the deal will "significantly bolsters" its artist representation segment, bringing the group's total artist base to 80 from 60. Says the deal will be funded through existing cash resources.


By Hugh Cameron, Alliance News reporter

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