(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Eco Atlantic Oil & Gas Ltd - Toronto-based oil and gas exploration company - Net loss in the year ended March 31 widens to USD6.6 million from USD3.7 million. Revenue falls sharply to USD3,556 from USD47,097 the previous year. Total assets at March rises to USD45.9 million from USD16.9 million at the same time a year prior. Looking forward, company says it remains committed to further drilling on the Orinduik block and assessing opportunities available in Guyana. President & Chief Executive Gil Holzman says: "The past 12 months have seen us make considerable progress as a business, increasing our geographic footprint and overall acreage considerably, growing the company in some of the most active and exciting oil and gas exploration regions on the globe. This, combined with the improved commodity price conditions, means that interest in exploration activity in the areas where Eco has strategically important acreage has increased significantly."
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Seraphine Group PLC - London-based maternity and nursing wear maker and retailer - In the year ended April 3, reports revenue of GBP46.0 million, up from GBP36.1 million the previous year. Pretax loss widens to GBP36.0 million from GBP3.8 million. Calls the year "extremely challenging" for the retail sector due to Covid-19, supply chain disruption and weakening consumer confidence. Adjusted earnings before interest and tax falls 59% to GBP2.2 million from GBP5.6 million year-on-year. In regard to current trading, Seraphine notes "significant" inflation in marketing costs, spending 33% more to maintain prior year product revenue levels. Looking forward, expects product revenue growth of 0% to 15%. In the year ended April 3, product revenue grew 33% on a constant currency basis.
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MiLOC Group Ltd - Hong Kong-based pharmaceutical and beauty product company - Swings to a pretax loss of HKD9.5 million, around USD1.2 million, in 2021 from a profit of HKD6.2 million. Revenue drops to HKD4.9 million from HKD20.5 million. Company also announces that Chow Ching Fung will step down as chair with immediate effect due to a health issue. Ivor Colin Shrago becomes the new chair. Notes issues related to Covid-19 in the year but says it remains confident the business can adjust to such challenges moving forward. Firm does not declare a dividend.
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Tintra PLC - Windsor, England-based firm building banking and infrastructure technology systems- Pretax loss narrows to GBP954,000 from USD1.9 million the previous year. Revenue falls to GBP351,000 from GBP354,000. Company says it entered into a "new and definitive phase" during the year. Notes challenges of dealing with its legacy business and delivering on a global banking infrastructure. Enters new year with a "clean and clear platform for growth" going forward.
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National World PLC - UK newspaper industry investor and owner of JPIMedia Publishing - Swings to a pretax profit of GBP3.9 million in the six months ended July 2 from a loss of GBP900,000 the previous year. Revenue grows to GBP43.5 million in the half from GBP42.1 million. Earnings before interest, tax, depreciation and amortisation nearly triple to GBP4.9 million from GBP1.3 million. Chair David Montgomery says: "We have had a strong first half for 2022 despite the uncertain economic environment. Investment in digital content and development has been increased to transform the business for growth whilst driving efficiencies to manage the challenges presented by the economy." Says current trading environment remains difficult but firm expects business will perform in line with its expectations. Also expects to begin dividend by the time it publishes its full-year results.
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Fulcrum Utility Services Ltd - Sheffield, England-based utility infrastructure and services company - Pretax loss widens to GBP14.2 million in the year ended March 31 from GBP10.3 million the previous year. Revenue grows 31% to GBP61.8 million from GBP47.1 million. Notes "significant" challenges in the year including the impact of the UK energy crisis, but nonetheless company says results are in line with management expectations. Expects challenges in energy market to continue and its order book to soften. At March 31, order book stands at GBP48 million. Does not recommend a dividend.
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Dialight PLC - London-based industrial LED lighting firm - In the first half of 2022, reports a pretax profit of GBP1.6 million, up significantly from GBP100,000 the previous year. Revenue jumps 34% to GBP80.8 million from GBP60.2 million. Says this increase was driven by strong demand for its Lighting and Opto-Electronic products. Gross margin maintained at 35% despite raw material availability and input cost pressures. Chief Executive Fariyal Khanbabi says: "We expect further strong revenue growth with modest gross margin improvement in H2 as price increases and efficiency improvements offset headwinds including inflation and supply chain constraints... Our full year expectations for delivery of meaningful progress in our turnaround remain unchanged."
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By Heather Rydings; heatherrydings@alliancenews.com
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Eco (atlantic) (ECO)
National World. (NWOR)
Dialight (DIA)