EARNINGS UPDATES: Pittards swings to profit; Immupharma loss widens

Wed, 29th Sep 2021 13:22

(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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Pittards PLC - producer of leather and leather goods for retailers - Reports revenue for the six months to June 30 up 46% to GBP9.7 million from GBP6.6 million a year ago. The company swings to pretax profit of GBP264,000 from GBP2.3 million loss posted in the first half of 2020. Pittards declares interim dividend of 0.5 pence per share versus none paid a year earlier. " We continue to see more opportunity than risk in the "new normal" that is emerging from the pandemic," says Chief Executive Reg Hankey.

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Immupharma PLC - London-based drug discovery and development company - Reports widened pretax loss for the six months to June 30 of GBP3.9 million from GBP3.1 million posted a year prior, as revenue fell to GBP23,531 from GBP62,207 year-on-year. Research & development expenses rose to GBP1.3 million from GBP924,263 in the first half of 2020, while administrative expenses jumped to GBP1.5 million from GBP1.0 million. "We have created positive and constructive changes within the business, with a focus on delivery of product development, value added milestones and a much more commercially focussed corporate strategy," says Chair & CEO Tim McCarthy.

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Eight Capital Partners PLC - London-based investment company - Reports a swing to profit in the six months to June 30 to GBP299,000 from a loss of GBP344,000 posted for the first half of 2020. This was due to a number of factors, including the agreement reached to sell the company's entire 29% holding in Finance Partners Group for EUR2.2 million, revenue from management services agreements and a reversal of some of the adverse currency movements that the firm suffered at the 2020 year-end. Going forward, the immediate future will focus on deriving value from the company's two wholly-owned subsidiaries: Epsion Capital Ltd and Innovative Finance Srl, it says.

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All Star Minerals PLC - company seeking investment opportunities within the technology, mining and gemstone sector - Reports widened pretax loss of GBP112,000 for the six months to June 30 from GBP54,000 posted for the first half of 2020. During the half year, the company signed two non-binding heads of terms, one with a company with gemstone assets and another with a company with diamond assets. "We have successfully progressed our strategy in key diamond and gemstone markets over the period and our strategy for the second half of 2021 remains focused on identifying, evaluating and investing in financial and intellectual capital with diamond and coloured gemstone assets," says Interim CEO an Harebottle.

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Armadale Capital PLC - investment company focussed on mining projects in Africa - Reports narrowed pretax loss of GBP27,000 for the six months to June 30 compared to GBP159,000 loss reported for the first half of 2020. The focus of the company throughout the half year was to obtain all required permits to commence development of the high-grade long life Mahenge Liandu graphite project in south-east Tanzania. Subsequent to the end of the half year the mining licence was granted for an initial 10-year term which can be extended. "The company is now well placed to proceed towards financing and development in an environment where there is increasing demand for graphite and we look forward to updating investors with regards to how our activities progress on this workstream as well as offtakes and additional development activities since the end of the 2021 half-year period," says Director Nick Johansen.

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CMO Group PLC - Plymouth, England-based online retailer of general building materials - Says revenue increases by 63% in the six months to June 30 to GBP38.2 million from GBP23.4 million reported for the first half of 2020, reflecting strong organic growth and an GBP8.8 million contribution from the acquisition of Total Tiles. Like-for-like revenue growth is 27% year-on-year. The company swings to pretax profit of GBP522,000 from a loss of GBP651,000 a year ago. Going forward, the company says it continues to focus on demand planning to mitigate challenging market conditions.

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Directa Plus PLC - London-based supplier of graphene-based products - Says revenue increases by 41% in the six months to June 30 to EUR4.0 million from EUR2.8 million posted for the first half of 2020. The company records narrowed pretax loss of EUR1.1 million versus EUR2.5 million a year prior. "The much improved financial figures are tangible proof of the progress the group is making in terms of market penetration, increasing collaborations and the strengthening of the awareness and adoption of Directa Plus's technology," says Founder & CEO Giulio Cesareo.

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India Capital Growth Fund Ltd - investment firm - Reports net asset value per share as at June 30 of 122.18 pence, up from 97.70p posted at the end of 2020. The company's share price discount to NAV began 2021 at 14% and at June 30 stood at 12%. This discount is wider than the company would like, it said, thus it continues to look for ways to reduce the discount further over time. "The board believes that the company's focus on good quality companies with strong management capabilities and a clear path to growth continues to be the way to generate positive investment performance," says Chair Elisabeth Scott.

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MetalNRG PLC - London-based investor in natural resources - Reports revenue of GBP38,422 for the six months to June 30 versus none a year prior. Pretax loss, meanwhile, widens to GBP890,354 from GBP386,304 posted for the first half of 2020, reflecting an increase in administrative expenses to GBP642,837 from GBP405,647 year-on-year and IPO costs of GBP257,000. The company says a number of projects have been evaluated and good progress has been made to date. Going forward, MetalNRG intends to continue to seek additional projects that meet its set investment criteria.

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Futura Medical PLC - Guildford, England-based pharmaceutical company - Reports widened pretax loss for the six months to June 30 of GBP1.9 million compared to GBP1.4 million posted for the first half of 2020. Research & development costs increased to GBP1.2 million from GBP926,802, while administrative expenses grew to GBP709,301 from GBP466,065 year-on-year. "Futura is in the late stages of regulatory procedures to bring MED3000 to market for erectile dysfunction in the key US market and is targeting US submission by end of the third quarter of 2022. After CE mark approval by the European regulator the company is preparing for first product launches during 2022," says Chief Executive James Barder.

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SEEEN PLC - London-based social media and technology platform provider - Reports revenue for the six months to June 30 of USD5.2 million compared to USD3.7 million posted for the first half of 2020. Pretax loss, meanwhile, narrows to USD1.5 million from USD2.0 million year-on-year. "Market demand for automating and harvesting video moments is only growing worldwide as brands and consumers seek customised content and an ability to readily transact online in a Covid-influenced world," notes Chair Patrick DeSouza.

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TruFin PLC - London-based fintech and banking investor - Says revenue for the six months to June rises to GBP4.9 million from GBP4.2 million posted for the first half of 2020. The half year benefited from interest income from Distribution Finance Capital Ltd, the firm notes. Pretax loss narrows to GBP5.2 million from GBP5.5 million year-on-year. "Given the progress made at every level of the Group we believe there remains significant scope for value creation in the near and medium term and I look forward to updating shareholders on our continued progress before year end," says Chief Executive James van den Bergh.

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Air Partner PLC - Gatwick, England-based aviation services firm - Reports revenue for the six months to July 31 of GBP33.6 million compared to GBP36.6 million posted a year prior. Pretax income declined to GBP3.5 million from GBP8.9 million year-on-year including amortisation of acquired intangibles, acquisition costs and release of deferred consideration. Air Partner reports recovery in Private Jets and a robust performance in Group Charter and Freight as they return to more normalised trading levels. The company declares interim dividend of 0.85p a share, up from 0.80p paid a year earlier. Going forward, Air Partner says it expects underlying pretax profit in the second half of the year to be strongly ahead year-on-year, which will result in performance for the full year being materially above current market expectations.

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Aquila European Renewables Income Fund PLC - investment firm - Completes one new investment during the six months to June 30 and deploys further capital in its construction assets. NAV per share on June 30 stands at 99.4 cents versus 98.6 cents a year ago. Share price at the end of the first half of 2021 was at 111.0 cents, representing a 12% premium to NAV. The fund declares dividend of 2.5 cents a share versus 1.5 cents paid in the first half of 2020.

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Universe Group PLC - Southampton, England-based financial technology company - Reports revenue up by 20% in the six months to June 30 to GBP11.7 million from GBP9.8 million posted for the first half of 2020. Pretax profit rises to GBP1.1 million from GBP826,000 a year earlier. Universe says there are further revenue of GBP10.0 million currently visible through existing recurring and repeatable revenue contracts and the order book to year end. "With a sound balance sheet showing an improving net debt position and undrawn banking facilities, we remain cautiously optimistic that we can meet the Board's expectations in 2021 and see growth in the coming years," says Executive Chair Andrew Blazye.

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Windar Photonics PLC - Copenhagen, Denmark-based light detection and ranging optimization systems developer - Reports revenue for the six months to June 30 of EUR305,991 compared to EUR274,752 posted a year before. Pretax loss narrows to EUR962,340 from EUR1.1 million in the first half of 2020. The company warns on the ongoing delays seen in end-user projects caused by the Covid-19 pandemic, which include the on/off travel restrictions in place, particularly in Asian markets. The various cost cutting initiatives implemented during 2020 continued in 2021. Due to the delays detailed above, part of the order backlog of EUR2.2 million as per the end of the first half year is expected to be carried forward into 2022. The company currently estimates that recognised revenue will grow by 45% to 50% in 2021 year-on-year.

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Providence Resources PLC - Dublin-based oil and gas exploration company - Swings to profit of EUR1.6 million in the first six months of 2021 compared to a loss of EUR9.3 million posted a year earlier. The company reports finance income of EUR3.8 million versus minor income a year prior. In addition, finance expenses narrow to EUR1.1 million from EUR8.2 million year-on-year.

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RiverFort Global Opportunities PLC - investment company - Reports NAV per share as at June 30 of 1.57p, up from 1.36p posted at the end of 2020. The company declared a dividend of 0.04p per share on June 16, making a total of 0.06p per share payout for 2021. "Going forward, we believe that the company has a very attractive portfolio of investments which not only has the scope to achieve income with downside protection but the significant upside potential to generate substantial capital gains as a result of carefully chosen pre-IPO investments whilst, at the same time, being able to provide real cash returns to shareholders," says Non-Executive Chair Philip Haydn-Slater.

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Glantus Holdings PLC - Irish data platform for accounts payable and shared services - Reports revenue for the six months to June 30 of EUR4.3 million compared to EUR4.1 million posted for the first half of 2020. Pretax profit, however, widens to EUR1.5 million from EUR669,000 a year ago, as expenses on exceptional items grow to EUR1.9 million from EUR570,000 in the first half of 2020. " The combination of our organic growth strategies and strategic acquisitions heralds a strong future for our company," says Chief Executive Maurice Healy.

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MyCelx Technologies Corp - Georgia, US-based clean water technology company - reports revenue of USD4.2 million for the six months to June 30 compared to USD3.6 million generated a year ago. Pretax profit totals USD599,000, a swing from a loss of USD2.6 million in the first half of 2020. MyCelx says recovery in financial performance year-on-year was achieved primarily due to improving macro-outlook, but also the sale of the company's building in Duluth, Georgia. "As we see the global economy normalize, we will continue to stay close to our customers, and the markets we are focused on, which we believe will lead to further contract awards in due course," says CEO Connie Mixon.

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Sumo Group PLC - Sheffield, England-based video games company - Reports revenue of GBP50.4 million for the six months to June 30 compared to GBP26.3 million posted a year earlier. Pretax profit rises to GBP3.7 million from GBP2.8 million year-on-year. Sumo Group notes its half year results include Pipeworks which was acquired in October 2020. Going forward, the company says strong underlying growth in videogames market expected to continue in the long-term. "We have an encouraging level of visibility on development fees for both 2021 and 2022 and, with our markets continuing to perform strongly, are very confident about the future of the business," says CEO Carl Cavers.

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Lansdowne Oil & Gas PLC - Irish exploration company - Reports narrowed pretax loss of GBP149,000 for the six months to June 30 compared to GBP195,000 loss posted for the first half of 2020. The company says a considerable amount of new technical work is underway focused upon the eastern part of Barryroe oil field in the Atlantic ocean, which is targeted for the first phase of development. The concept of a phased development of Barryroe, commencing in the eastern part of the field, has long been advocated and a first well location was identified by the Barryroe Partners in 2017 - labelled the K location. A site survey application was lodged for this area in 2020 and approval to carry this out was granted in February. Planning for this survey is advanced and operations are expected to be carried out in October.

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B90 Holdings PLC - Isle of Man-based online marketing company - Reports revenue for the six months to June 30 of EUR404,686 compared to EUR321,089 posted a year earlier after successfully re-launching marketing activities for the sportsbook and casino operations of Bet90. Pretax loss, however, widens to EUR1.4 million from EUR988,742 a year ago, mainly due to incidental expenses relating to fundraises and increased expenses to our B2B provider for the Bet90 platform. "We are very pleased with the progress the business is making, and we look forward with renewed optimism and confidence," says Executive Chair Paul Duffen.

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Comptoir Group PLC - operator of restaurants with Lebanese and Middle Eastern offering - Reports revenue of GBP5.7 million for the six months to June 30, down by 6.9% from GBP6.1 million posted a year ago. The company says its loss narrows to GBP1.2 million from GBP5.0 million year-on-year. Comptoir currently owns and operates 21 restaurants, with a further 4 franchise restaurants. "With strong sales since the phased reopening began in April, a relatively strong balance sheet and the potential for new openings, we are optimistic for the future and the long-term prospects for the business looks extremely positive," says Non-Executive Chair Richard Kleiner.

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1Spatial PLC - Cambridge, England-based IT service management company - Reports revenue for the six months to July 31 of GBP12.6 million compared to GBP11.7 million posted a year earlier. Pretax loss narrows to GBP261,000 from GBP1.4 million recorded for the first half of 2020. 1Spatial reports new customer wins in all regions over the half year and successful investments in partner collaborations. "The depth of the sales pipeline, positive market landscape, our expanding influential partner network and growing levels of recurring revenue, provide the board with confidence in the expected outturn for the year and an exciting long-term future for 1Spatial," says CEO Claire Milverton.

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Forward Partners Group PLC - London-based venture capital firm - Says ventures portfolio value increases by GBP22.0 million over the six months to June 30 to GBP108.0 million, including GBP3.5 million of new investments during the period. The company's NAV per share at the end of the first half of 2021 stands at 104.1p. Forward Partners was admitted to trading on AIM on July 19 after it was incorporated on March 4.

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Mobile Tornado Group PLC - Harrogate, England-based communications technology company - Says revenue was broadly flat in the first six months of 2021 when compared to a prior year. Pretax loss narrowed to GBP378,000 from GBP835,000 a year before as operating expenses reduced to GBP1.3 million from GBP1.7 million year-on-year. "I am hopeful that we may see some revenue growth in the second half as we continue to be engaged with some significant prospects across all key markets," says Chair Jeremy Fenn.

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Ncondezi Energy Ltd - Maputo, Mozambique-based power development company - Reports narrowed pretax loss of GBP540,000 for the six months to June 30 versus GBP1.2 million posted for the first six months of 2020. The company is focused on providing energy to Mozambique, with an 300 megawatts thermal coal power plant and mine project located in the Tete Province, northern Mozambique. The first half of the 2021 has been focused on positioning the Ncondezi project within a challenging market for coal and coal power generation, as well as commissioning its first solar PV and battery storage project in the commercial & industrial sector.

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Manx Financial Group PLC - Isle of Man-based financial services firm - Reports net interest income for the six months to June 30 of GBP8.6 million compared to GBP7.8 million posted for the first half of 2020. Pretax profit rises to GBP1.1 million from GBP1.0 million year-on-year. Manx notes its interest yield on loans fell slightly to 10.9% from 11.6% year-on-year, due mainly to its success in promoting the government-backed loan schemes and the company's move away from sub-prime lending to prime and near prime propositions. "Each of our business units is making steady progress. I have great confidence that the 2021 full year will see the group well on the way to recording the levels of growth and profitability we experienced prior to the onset of this awful pandemic," says Executive Chair Jim Mellon.

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Alina Holdings PLC - Warminster, England-based real estate investment trust - Reports net rental income for the six months to June 30 of GBP146,000 versus GBP186,000 posted for the first half of 2020. Pretax loss narrows to GBP82,000 from GBP209,000 year-on-year as administrative expenses including non-recurring items reduce to GBP245,000 from GBP277,000. IN addition, Alina secures profit from change in fair value of afs investments of GBP125,000 versus no such gain recorded in the first half of 2020. The fair value of the property portfolio of six assets held at June 30 was GBP2.80 billion, down from GBP3.12 billion a year prior.

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NetScientific PLC - London-based life sciences and sustainability, technology investment and commercialisation firm - Reports revenue of GBP407,000 for the six months to June 30 compared to GBP136,000 recorded for the first half of 2020. Pretax loss widens to GBP1.5 million from GBP1.3 million year-on-year. The company says it is now secure and well positioned for future success after turnaround which started in 2020 is largely complete. NetScientific says it has established a robust growth trajectory, with a pipeline of opportunities expected to materialise through the rest of 2021 and beyond.

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Path Investments PLC - Bingley, England-based natural resources investment company - Reports pretax loss of GBP736,254 for the six months to June 30, widened from GBP163,699 posted of the first half of 2020. During the period, the company was exploring acquisition options and in August agreed to acquire DG Innovate Ltd for GBP32 million. The company believes that this transaction will result in a "fundamental" change in its business.

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Harvest Minerals Ltd - Australian remineraliser producer - Says revenue from contracts with customers in the six months to June 30 rose to USD790,224 from USD299,449 posted for the first half of 2020. Pretax loss, meanwhile, narrows to USD1.1 million from USD1.8 million year-on-year. Harvest Minerals says sales of KP Fertil almost tripled to 26,726 tonnes in the half year over the same period of 2020. In addition, the company reports accumulated sales as at end of September 2021 reaching 93% of entire 2021-year target. "We anticipate sales to remain strong in the last quarter of the year and therefore expect to surpass our original sales target," says Chair Brian McMaster.

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Chill Brands Group PLC - Colorado, US-based cannabidiol company - Reports revenue of GBP320,875 for the financial year to March 31, up from GBP92,606 posted the year before. Pretax loss from continuing activities totals GBP4.8 million versus GBP2.9 million in financial 2020. This is due to a higher administrative expenses, which increased to GBP2.2 million from GBP1.9 million year-on-year. The company says its current financial year has already seen positive, value-accretive change for the cimpnay with the acquisition of Chill.com, and it is confident that the future is "bright".

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Mirada PLC - London-based media company - Reports revenue of USD11.13 million for the financial year to March 31, down from USD13.16 million recorded the year prior, in line with market expectations. The company swings to a pretax loss of GBP3.2 million from GBP275,000 profit a year earlier. "The past year has been challenging in many ways, but we emerge from it a stronger business with a powerful product offering that puts us at the forefront of the latest market trends; impressive references; a leaner, more efficient sales strategy; and a growing proportion of recurring revenues. We have ambitious plans to drive the business forward in the coming months," says CEO Jose-Luis Vazquez.

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SolGold PLC - Brisbane, Australia-based mining company - Reports widened pretax loss of USD22.7 million for the financial year to June 30 from USD13.0 million posted the year before, as finance costs rose to USD10.1 million from USD425,440 year-on-year.

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Manchester & London Investment Trust PLC - investment firm - Reports NAV per share of 665.43p as at July 31 compared to 625.23p recorded the year before. The trust keeps dividend unchanged at 14.00p per share for the year. The company's share price at the end of its financial year on July 31 stands at 574.00p, representing a 14% discount to NAV. The company underperforms its benchmark, with NAV total return for the year of 8.7% versus 26%, respectively.

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British & American Investment Trust PLC - investment firm - Declares dividend per share of 3.5p for the six months to June 30, up from 2.7p paid a year prior. The dividend is the same for the company's preference shares, doubling from 1.75p paid for the first half of 2020. NAV per share as at June 30 stands at GBP0.20, down from GBP0.23 posted ta the end of the first half of 2020.

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China Nonferrous Gold Ltd - Cayman Islands-based mineral exploration and development company - Says in the six months to June 30 a total of 343,403 tons of ore was extracted from the Pakrut gold mine in Uzbekistan, 363,030 tons of ore was processed at a grade of 1.95 grams per tonne, and 19,337 ounces of gold ingots were poured. During the half year, the company sold 17,288 ounces of gold ingots, achieving sales revenue of USD30.9 million, up from USD24.3 million reported for the first half of 2020. Pretax loss narrowed to USD644,000 from USD6.9 million year-on-year.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com