(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Hargreaves Services PLC - Durham, England-based land, property and infrastructure development - Revenue for financial year to May 31 falls to GBP177.9 million from GBP204.8 million, but pretax profit jumps to GBP34.5 million from GBP14.4 million. This is largely due to its share of profit in joint ventures soaring to GBP28.2 million from GBP17.7 million. Says German joint venture saw very strong commodity market conditions. Notes revenue reduction due to exit from coal activities in 2021, adding that like-for-like services revenue was up 19%. Says it now has "significant momentum". "The board has great confidence in the strategy and expectations for the group's financial performance heading into the year ending 31 May 2023," it says.
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Yourgene Health PLC - Manchester-based molecular diagnostics - Reports record revenue of GBP37.6 million for financial year ended March 31, more than double the GBP18.2 million reported the year before. Pretax loss slims to GBP3.2 million from GBP12.0 million. "Despite current market conditions the business has weathered the pandemic and delivered its best ever results. More importantly it has used the income generated from Covid testing to strengthen the growth drivers for the business in the future," it says. Notes Covid test sales are continuing into new financial year through private testing channels, though sales are expected to reduce in line with a global reduction in mandatory testing requirements.
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Quartix Technologies PLC - Newtown, Wales-based vehicle tracking system provider - Revenue for first half of 2022 rises to GBP13.3 million from GBP12.5 million, while pretax profit improves to GBP2.4 million from GBP2.0 million. Notes annualised recurring revenue has moved back into double-digit growth, increasing by 11%. Proposes interim dividend of 1.50p per share, in line with a year before. Says it has made "strong start" to second half, in line with management expectations. "The high levels of recurring revenue and opportunities to grow our operations in the UK, USA, France and the rest of Europe underpin our confidence for the rest of the year and beyond," it says.
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Solid State PLC - Worcestershire-based computing products manufacturer - Revenue for financial year to March 31 rises 28% to record figure of GBP85.0 million from GBP66.3 million, but pretax profit drops 17% to GBP3.5 million on GBP2.4 million of non-recurring charges. On an adjusted basis, pretax profit rises by a third to GBP7.2 million. Proposes final dividend of 13.25p, taking full-year dividend to 19.5p, up from 16.0p the year before. "As Solid State looks forward to FY22/23, the continuing well-publicised supply chain issues within the electronics and particularly semiconductor sector mean the inconsistencies in the traditional supply and order fulfilment balance remain. The strength of the Group's balance sheet means it is better placed to manage the working capital demands than some of its smaller competitors, which is presenting new customer opportunities," it says.
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musicMagpie PLC - Stockport, England-based used-technology reseller - Revenue for half-year to May 31 edges down to GBP71.3 million from GBP72.8 million, but pretax loss narrows to GBP1.0 million from GBP17.7 million. Exceptional operating expenses reduce to just GBP328,000 from GBP21.5 million a year prior. Notes current economic backdrop is "uncertain" for consumer-facing businesses amid cost of living squeeze. However, has confidence into second half of year. "Notwithstanding the challenges presented by the current macroeconomic uncertainty, we expect consumers will continue to seek ways to raise cash and save money and as a result, we are confident that the business is well positioned for future growth in H2 2022 and beyond," says Chief Executive Steve Oliver. Firm adds that adjusted Ebitda remains in line with expectations for full-year, after achieving half-year figure of GBP2.6 million, down from GBP6.2 million year-on-year.
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SME Credit Realisation Fund Ltd - credit investment - Total income for financial year to March 31 amounts to GBP13.1 million, up from GBP4.6 million the year before, which includes release of impairment loss provision on credit assets of GBP7.3 million. Aggregate dividends of 5.25p declared for the year, in line with year before. NAV per share stands at 100.62p at year-end, up from 88.87p a year before.
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Conduit Holdings Ltd - Bermuda-based reinsurer - Gross premiums written for six months to June 30 USD359.0 million, up 71% from USD210.3 million a year before. Net premiums earned surge to USD210.0 million from USD47.7 million. Total loss for period USD61.4 million, widened from USD12.4 million a year before. Net insurance losses mount to USD142.3 million from USD33.4 million. Notes USD24.6 million estimated loss in relation to Ukraine and net unrealised loss on investments of USD54.3 million. To pay interim dividend of USD0.18.
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Permanent TSB Group Holdings PLC - Dublin-based personal and small business bank - Total operating income for half-year to June 30 rises to EUR178 million from EUR167 million year-on-year, though pretax loss widens to EUR36 million from EUR9 million. Takes exceptional items of EUR34 million, more than EUR5 million a year before. "This is primarily due to the significant year on year increase in exceptional costs associated with the Ulster Bank transaction," it explains. Looking ahead, says: "We will maintain our focus on completing the acquisition of certain elements of Ulster Bank's business in the Republic of Ireland and we look forward to welcoming Ulster Bank customers and colleagues to Permanent TSB."
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Grafenia PLC - Manchester-based printing and software company - Revenue for financial year to March 31 grows to GBP12.4 million from GBP9.7 million the year before, while pretax loss narrows to GBP1.7 million from GBP2.3 million. "It looks like we turned the corner in operating performance during the last fiscal year as you can see in the results we are announcing in this report. We sincerely hope that our renewed focus on our core competency - systems and software - will help our partners to scale and thrive as exhibitions open up and the world goes back to normal," it says. Says going forward, will "double down" on software & systems part of business after deciding to sell manufacturing business.
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Citius Resources PLC - Rugby, England-based company seeking to buy precious or base metals projects - Pretax loss for financial year to April 30 widens to GBP259,694 from GBP158,612. This is due to higher administrative fees. Says it is well positioned to complete Kamalenge gold project deal, which constitutes a reverse takeover. "The Kamalenge gold project is a highly exciting project given the exploration work to date and indications that it may host a high-grade gold project with the potential for near term production," it says.
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By Lucy Heming; lucyheming@alliancenews.com
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Hargreaves Serv (HSP)
Quartix Tech (QTX)
Solid State (SOLI)
Musicmagpie (MMAG)
Conduit Hldg (CRE)
Citius Res (CRES)