(Alliance News) - The following is a round-up of earnings reports by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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React Group PLC - South Derbyshire-based cleaning, hygiene and decontamination - For the financial year that ended September 30, swings to pretax profit of GBP188,000 from GBP183,000 loss the year before, on revenue that grows by 41% year-on-year to GBP4.4 million from GBP3.1 million. The Covid-19 pandemic offers opportunities and challenges for the business, React says, as Covid-19-specific business contributes GBP444,000 in revenue, replacing some lost due to the decline in customer requirements. Looking ahead, current financial year starts with profit and cash generation stronger in first quarter than the same period in the prior year.
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Quiz PLC - Glasgow-based fashion retailer - For the six months to the end of September, swings to pretax profit of GBP10.6 million from loss of GBP6.7 million the year before, due to non-cash gain of GBP16.2 million arising from the administration of subsidiary Kast Retail Ltd. On an underlying basis, however, pretax loss was GBP5.6 million, swung from profit of GBP256,000. Revenue plunges by 73% year-on-year to GBP17.2 million from GBP63.3 million, due to closure of stores from March to June 2020 due to the virus pandemic. In addition, due to store restructuring and new lease negotiations, many stores remained closed until autumn. For third quarter to the end of December, revenue drops by 59% to GBP15.2 million from GBP36.7 million the prior year, as government restrictions continue.
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Real Good Food PLC - Liverpool-based food producer - For the six months to the end of September, pretax loss widens to GBP4.0 million from GBP2.5 million the year before, as revenue from continued operations declines by 26% to GBP23.9 million from GBP32.4 million. The pandemic and national restrictions led to customers purchasing in much lower volumes. Looking ahead, Covid-19 is expected to have an effect on the rest of the financial year, however, third-quarter revenue remained in-line with the same period the prior year. "With further restrictions announced for January 2021, revenues for the year are expected to be in-line with the board's modest expectations," the company stated.
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Agronomics Ltd - Isle of Man-based investor in cellular agriculture with a focus on cultivated meat and alternative proteins - For half year ended December 31, pretax loss widens to GBP1.4 million from GBP493,493 the year before, due to foreign exchange losses widening to GBP1.5 million from GBP7,591. Total investment income increases to GBP510,635 from GBP84,262 the prior year. "The first half of the financial year has been both busy and very exciting. Our current investment portfolio shows considerable promise for future growth given the scale of opportunity to invest in the nascent alternative foods sector. We are expecting significant developments in a number of our portfolio companies that should positively impact their valuation in the coming months," says Chair Richard Reed.
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Advance Energy PLC - upstream oil and gas company - For the six months to the end of October, pretax loss widens to USD631,000 from USD528,000 the year before, due to higher administrative expenses. Post-period, enters into a subscription agreement to buy 50% of Timor-Leste Petroleum Pty Ltd's subsidiary Carnarvon Petroleum Timor for up to USD20 million, and through that a 50% indirect interest in the Buffalo Oil Field. Is looking to raise funds for the acquisition.
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LPA Group PLC - Essex-based LED lighting and electro-mechanical system manufacturer - For the year to that ended September 30, swings to pretax profit of GBP551,000 from loss of GBP237,000 the year before, on revenue that rises by 6.0% to GBP20.7 million from GBP19.5 million. This is in spite of customer delays caused by the pandemic. Order entry drops by 19% to GBP21.9 million from GBP27.0 million. Due to uncertainty, declares no dividend for the year. Appoints Robert Bodnar-Horvath as non-executive director and chair-elect with effect on February 1. Will replace Chair Peter Pollock when he retires later in 2021.
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Blencowe Resources PLC - natural resources company focussed on the development of the Orom-Cross graphite project in Uganda - For the year that ended September 30, pretax loss widens to GBP1.1 million from GBP243,119 the year before, due to a sharp rise in administrative expenses. During the year, completed the acquisition of Consolidated African Resources Uganda Ltd, owner of the Orom-Cross project. Looking ahead, seeking to define maiden JORC resource for project.
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Ideagen PLC - Nottinghamshire-based information management software for regulated industries - For the six months to the end of October, pretax profit rises sharply to GBP1.2 million from GBP93,000 a year before, on revenue that grows by 7% year-on-year to GBP29.2 million from GBP27.3 million. On an adjusted basis, excluding amortisation expenses and one-off costs, pretax profit was 23% higher year-on-year at GBP7.4 million from GBP6.0 million. As at October 31, annual recurring revenue book up 13% at GBP54.8 million from GBP48.7 million at end of April. Interim dividend raised 15% year-on-year to 0.12p per share from 0.104p. Appoints Senior Independent Director Richard Longdon as non-executive chair with effect in May, replacing Executive Chair David Hornsby after three years in the role since 2018.
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Velocity Composites PLC - composite materials supplier for aerospace sector - For the financial year that ended October 31, pretax loss widens to GBP3.2 million from GBP652,000 the year before, on revenue that fell by 44% year-on-year to GBP13.6 million from GBP24.3 million. The pandemic's effect on the airline industry forced Velocity's customers to close plants and operations, leading to lower order levels. Adjusted loss before interest, tax, depreciation and amortisation was GBP1.9 million, compared to profit of GBP834,00 in the prior year. Looking ahead, expects to achieve a breakeven position in adjusted Ebitda in second half of current financial year.
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Standard Life Private Equity Trust PLC - investment company - For the financial year that ended September 30, net asset value total return is 11.7%, outperforming the FTSE All-Share index, which had a negative return of 16.6%. As at September 30, NAV per share is 501.0 pence, up 8.5% from 461.9p on the same date a year before. Share price was 320.0p, reflecting a 36% discount to NAV. Declares a total dividend of 13.2 pence per share, up 3.1% from 12.8p.
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InfraStrata PLC - UK-based strategic infrastructure projects company - For the financial year that ended July 31, pretax loss widens to GBP10.4 million from GBP1.2 million the year before, as management and administrative expenses rose to GBP9.5 million from GBP1.4 million, due to a much larger business leading to a larger cost base. However, reports maiden revenue of GBP1.5 million from ship repair business, through a contract signed with British technology company Triumph Subsea Services Ltd to build two windfarm development vessels.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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Velocity Comp (VEL)
React Group (REAT)
Quiz (QUIZ)
Blencowe Resou. (BRES)
Agronomics (ANIC)