EARNINGS: Midwich interim profit jumps; Alumasc eyes long-term growth

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

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Alumasc Group PLC - Kettering, England-based supplier of building and engineering products - Pretax profit for the year to June 30 falls 12% to GBP10.5 million from GBP12.0 million a year prior. Revenue is slightly lower at GBP89.1 million compared to GBP89.4 million. Declares a full-year dividend of 10.3 pence per share, up 3.0% from 10.0p. Expects to benefit from long-term growth drivers in its markets. Says financial year 2024 has started in line with its own expectations. Notes that demand for sustainable building products provide resilience.

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GRC International Group PLC - Ely, England-based provider of products and services for IT governance, risk management and compliance - For the financial year to March 31, pretax loss widens to GBP1.6 million from GBP1.0 million a year prior. Revenue grows to GBP14.7 million from GBP13.9 million. Administrative expenses increase to GBP10.4 million from GBP9.1 million. Looking ahead, notes a continuing "strong" sales momentum. "Our overall growth is driven by client acquisition through our e-commerce division, the continued deployment of expertise through our services division to solve client problems and create opportunities for SaaS deployment. The SaaS division underpins our Cyber Resilience and Cyber Defence-in-Depth offering and should support double-digit organic divisional billings growth in the current financial year," GRC International says.

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Luceco PLC - lighting manufacturer and distributor - First-half revenue slips 5.0% year-on-year to GBP101.1 million from GBP106.4 million, as pretax profit jumps 35% to GBP6.2 million from GBP4.6 million. While lower, the revenue figure was in line with previous guidance from July. "We now expect full year 2023 adjusted operating profit to show clear progress on last year. This is above the current range of market expectations," it says. Further, notes that customer stocking has appeared to return to normal levels at the end of the first half of 2023.

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Midwich Group PLC - Norfolk, England-based specialist audio visual distributor to the trade market - Pretax profit in the first half of 2023 jumps 51% to GBP15.6 million from GBP10.4 million a year prior. Revenue climbs 7.4% to GBP610.4 million from GBP568.6 million. Declares interim dividend of 5.5 pence per share, up 22% from 4.5p a year prior. Hails five completed acquisitions post first half of 2023, for a total of GBP18 million. Expects momentum to continue throughout the second half of 2023. Order book remains strong, Managing Director Stephen Fenby says. Further, he says: "The Europe, Middle East & Africa region performed particularly well, with strong improvements in organic revenue, gross margin and adjusted operating profit."

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Pebble Group PLC - Weybridge, England-based provider of software solutions for broadcasters and streaming services - In the first half of 2023, pretax profit grows 11% to GBP3.1 million from GBP2.8 million a year prior. Revenue climbs 5.0% to GBP63.3 million from GBP60.3 million. Says board does not consider introduction of a dividend necessary at this time. Looking ahead, CEO Christopher Lee says: "We are continuing to deliver on our stated strategies for Facilisgroup and Brand Addition. Both businesses have strong and differentiated market positions and we look forward to FY23 when results are expected to be in line with market expectations."

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By Tom Budszus, Alliance News reporter

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