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TRADING UPDATES: LSL Property profit surges despite lower revenue

Wed, 28th Apr 2021 16:35

(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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LSL Property Services PLC - Newcastle-upon-Tyne, England-based estate agency - For 2020, pretax profit rises 31% year-on-year to GBP20.9 million from GBP16.0 million, driven by improved growth in Financial Services and Surveying. Underlying operating profit were up 12% at GBP41.5 million from GBP37.0 million, in spite of revenue declining 14% to GBP266.7 million from GBP311.1 million due to the planned reduction of 164 estate agency branches to reshape the Your Move & Reeds Rains network and Covid-19. No final dividend declared for 2020 but dividend payments are expected to recommence in the second half of 2021

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French Connection Group PLC - London-based fashion retailer - For the year ended January 31, pretax loss widened to GBP19.7 million from GBP7.3 million the year before, driven by a 40% fall in revenue from continuing operations to GBP71.5 million from GBP119.9 million, as the Covid-19 pandemic causes store closures and reduced demand from wholesale customers.

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Image Scan Holdings PLC - Leicestershire, England-based X-ray imaging systems provider - For the six months ended March, revenue declines 62% year-on-year to GBP868,000 from GBP2.3 million, reflecting the low opening order book of GBP633,000 and delays in several important projects due to continued measures by governments to fight the pandemic. As a result, swings to pretax loss of GBP201,000 from profit of GBP180,000. Looking ahead, expects stronger second half due to pipeline of new business. Also receives order for 30 portable X-ray systems, specifically the ThreatScan-LS1 system. The systems will be delivered to a government customer in Asia.

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Ceiba Investments Ltd - investment firm dedicated to investing in Cuba, with interests in the commercial and tourism real estate sectors - As at December 31, net asset value per share at 103.8p, down from 114.5p the same date the year before. Meanwhile, NAV per US dollar share also dropped year-on-year to USD1.41 from USD1.50.

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Brave Bison Group PLC - London-based social video company - For 2020, pretax loss narrows to GBP2.3 million from GBP3.3 million due to lower administrative costs and impairment charges. However revenue declines 14% year-on-year to GBP14.5 million from GBP16.8 million, due to a reduction in revenue from Facebook, following a change on the social network's monetisation policies, starting from April 2019. Looking ahead, trading for the first quarter of 2021 has been strong, leading to management optimism for the year as a whole.

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Tissue Regenix Group PLC - Leeds-based medical devices for regenerative medicine - For 2020, pretax loss widens to GBP10.2 million from GBP7.7 million the year before, due to a rise in administrative expenses, while revenue dropped 2% year-on-year to GBP12.8 million from GBP13.0 million due to a decline in the DermaPure portfolio, as a result of the cessation in US elective surgeries.

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Gresham House Energy Storage Fund PLC - London-based utility-scale battery storage fund - As at December 31, net asset value per share up 2.2% to 102.96 pence from 100.79p the same date the year. Underlying portfolio earnings before interest, tax, depreciation and amortisation more than doubled for 2020 to GBP15.8 million from GBP6.7%, while revenue grew 89% to GBP19.0 million, driven by Frequency Response services. Meanwhile, total operational capacity rose to 315 megawatts from 174 megawatts.

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1Spatial PLC - Cambridge-based location data software provider - For the year ended January 31, pretax loss narrows to GBP1.4 million from GBP1.7 million, as revenue grows 5% year-on-year at GBP24.6 million from GBP23.4 million, through new customer wins in all regions, including the US state of Michigan, and the Environment Agency in the UK. For the 2021 financial year, trading is in line with management expectations.

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AB Dynamics PLC - Wiltshire, England-based simulation and testing systems provider - For the six months ended February 28, pretax profit falls to GBP1.4 million from GBP3.7 million the year before, as revenue declined 21% year-on-year to GBP27.3 million from GBP34.7 million, as in spite of a recovery in order intake and customer activity, testing operations remain constrained by Covid-19. Resumes interim dividend at 1.6 pence per share.

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Great Western Mining Corp PLC - mineral exploration and development company with gold, silver and copper assets in the US - For 2020, loss widens to EUR852,042 from EUR815,795 the year before, while cash position as at December 31 rose to EUR2.3 million from EUR306,675. Concerning the company's programme in Mineral County, Nevada, drilling has progressed rapidly, with four holes completed at Trafalgar Hill, with positive initial indications of structure and strike length.

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Pires Investments PLC - invests in companies that have the potential for major transformation and exponential growth - For the 14 months ended December 31, net asset value rises 14% to GBP2.9 million from GBP2.5 million for the year ended October 31, 2019. Due to GBP149,000 loss on fair value of investments, Pires swings to pretax loss of GBP687,000 from profit of GBP866,000.

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Home REIT PLC - investor focused on properties across the UK that are dedicated to providing accommodation for the homeless - For the period from August 19, 2020 to February 28, posts a maiden pretax profit of GBP11.4 million, and total income of GBP3.1 million. Declares interim dividend of 0.83 pence per share, and is on-track for total payout of at least 2.5p.

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SimiGon Ltd - Orlando-based simulation training solutions provider - For 2020, pretax loss widens to USD2.2 million from USD1.5 million the year before, as revenue declined % year-on-year to USD3.2 million from USD4.9 million, driven by a decrease reflecting slower progress in delivering against project milestones due to Covid-19 restrictions.

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HeiQ PLC - Zurich-based textiles technology firm - For 2020, pretax profit rises sharply to USD7.0 million from USD1.0 million, on revenue that grew 80% year-on-year to USD50.4 million from USD28.0 million, driven by a 16% rise in HeiQ Smart Temp sales, the launch of HeiQ Viroblock and entry into the medical device market.

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Altus Strategies PLC - Africa-focused mining royalty company - For 2020, pretax loss narrows to GBP2.1 million from GBP2.4 million, as revenue rose sixfold year-on-year to GBP361,425 from GBP59,911. During the year, for Diba gold project in Mali was given a mineral resource estimate comprising 4.83 million tonnes at 1.39 grams per tonne of golf for 217,000 ounces in the Indicated category.

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Mosman Oil & Gas Ltd - New South Wales-based oil exploration, development and production company - For six months to December 31, net loss narrows to AUD708,822 from AUD4.3 million the year before, due to impairment charges in the prior year, while revenue declined to AUD383,138 from AUD998,369. Revenue was affected by lower production driven by Covid-19 constraints and some output challenges. Net production to Mosman was 9,871 barrels of oil equivalent.

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Fintel PLC - Huddersfield-based business services provider to financial advisers - For the first quarter of 2021, trading is robust, increasing its overall confidence for the full year.

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President Energy PLC - oil and gas company focusing on Latin America - Notes drilling of new well EV-1001, on time and on budget. Electric and mud logs indicate net gas pay as expected and support pre-drill projection of an initial production of 60,000 cubic metres per day. Completion of new well LB-1002 is currently in progress, with further news expected at the start of May.

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By Dayo Laniyan; dayolaniyan@alliancenews.com