(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and Thursday and not separately reported by Alliance News:
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Norcros PLC - Wilmslow, Cheshire-based kitchen and bathroom products supplier - For the 26 weeks ended October 3, expects revenue to be around GBP200 million, up 49% from GBP135.3 million in the same period a year before, and up 18% from GBP181.2 million reported two years before. Revenue growth is attributed to a strong performance from the UK on increased demand in the repair, maintenance and improvement sector, and from South Africa, as Tile Africa benefits from higher demand and market share gains in the retail renovation market. For the interim period, expects underlying operating profit to be at least GBP21 million, up 64% from GBP12.8 million. Underlying operating profit for the year ending March 31, 2022 is set to be "significantly ahead" of management's prior expectations.
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Braemar Shipping Services PLC - London-based shipbroker - For the six months ended August 31, expects underlying operating profit at GBP6.9 million, up 23% from GBP5.6 million in the same period a year before, thanks to strength in most of Braemar's shipbroking markets. Also expects to resume interim dividend at 2 pence per share. Looking ahead, due to the trading environment remaining positive, expects underlying operating profit for the financial year ending February 2022 at GBP10.8 million, up 21% from GBP8.9 million the year before, and 15% above previous guidance.
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Trinity Exploration & Production PLC - oil exploration company focused on Trinidad & Tobago - For the three months ended September 30, production volumes averages 3,018 barrels of oil per day, dipping 1.0% from 3,047 bopd in the prior quarter. For the year to date, production averages 2,995 bopd, down 7% from 3,232 bopd a year before. Cash balance as at September 30 up 7.4% to USD20.4 million from USD19.0 million at the end of June. Looking ahead, retains 2021 production guidance range of 2,900 to 3,100 bopd, down from 3,226 bopd the prior year. Looking to finalise a drilling programme during the fourth quarter of 2021, and start it up in early 2022 with 16 drill-ready candidates.
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XPS Pensions Group PLC - London-based pensions consultancy - For the six months that ended September 30, revenue grows 10% year-on-year on an organic basis, driven by growth from the Advisory business on high client activity levels and new business wins. In addition, the National Pensions Trust business reports a 49% rise in revenue, due to a faster than expected recovery in asset prices. Asset under management within the NPT unit has exceeded GBP1.2 billion. Looking ahead, remains on track to deliver an annual performance in line with expectations, while the new business pipeline has returned to pre-pandemic levels and is set to support growth in the 2023 financial year and beyond.
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Charles Stanley Group PLC - London-based investment manager - Total funds under management and administrations as at September 30 rises 1.1% to GBP27.4 billion from GBP27.1 billion at June 30. Notes this rise compares favourably to a 0.2% increase in the MSCI WMA Private Investor Balanced Index. Revenue in the second quarter grows 15% year-on-year to GBP46.0 million from GBP39.9 million, as a rise in fee and commission income more than offsets a fall in interest income. For the six month period, revenue rises 12% to GBP91.9 million from GBP82.0 million. Updating on its acquisition by US investment bank Raymond James Financial Inc, Charles Stanley says the deal is now conditional on approval by the UK Financial Conduct Authority, and on court sanction at a hearing set to take place within the fourth quarter of 2021.
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City of London Investment Group PLC - London-based specialist asset manager focused on closed-end funds - As at September 30, funds under management stand at USD10.92 billion, down 4.4% from USD11.42 billion at the end of June, as net outflows for the three-month period come to USD172 million, due to client rebalancing in emerging markets strategies.
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JKX Oil & Gas PLC - hydrocarbon exploration and production company - For the three months ended September 30, total production drops 8% to 8,575 barrels of oil equivalent per day from 9,332 boepd the quarter before, due to an overall fall in output from Russia. For the nine-month period, output declines 13% to 9,026 boepd from 10,378 boepd the same period a year prior, due to a decline from all operations, more than offsetting rising prices.
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Polar Capital Holdings PLC - London-based investment manager - As at September 30, assets under management increases 12% to GBP23.36 billion from GBP20.86 billion at the start of April, driven by a positive market and fund performance of GBP1.81 billion as well as GBP689 million in net inflows. For the six-month period, net performance fee profits rise 37% to GBP19.5 million from GBP14.2 million a year prior.
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Brooks Macdonald Group PLC - London-based investment manager - Funds under management at the end of September rise 2.2% to GBP16.81 billion from GBP16.46 billion at June 30, driven by a strong investment performance of GBP227 million over the first quarter and positive net flows. Investment performance was 1.4% positive, ahead of the MSCI PIMFA Private Investor Balanced Index, which was up 0.2%.
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Fair Oaks Income Ltd - Guernsey-based closed-ended investor in collateralised loan obligations - Resets collateralised loan obligation Fair Oaks Loan Funding III, which will give it a weighted average coupon of Euribor plus 1.79 percentage points and an investment period ending April 2026, compared to a prior coupon of Euribor plus 2.01 points and investment period ending October 2023. The reset is expected to increase the potential total return for the investment by 4.8% per annum.
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Xtract Resources PLC - copper-gold projects in Australia, Mozambique and Zambia - For the third quarter ended September 30, total contractor gold production from the Manica Concession in Mozambique more than triples to 1,586 ounces of gold equivalent from 427 ounces the previous quarter. The total value of the Explorator's share of gold produced is USD784,998, up from USD218,413.
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Sabien Technology Group PLC - Watford-based boiler efficiency products - As at October 13, has a cash balance of GBP1.1 million, allowing for "significant capacity" to pursue its strategy of investing into solutions for the green economy. "The board looks forward to a year of opportunity and achievement which, with the support of shareholders, will see value created as the company attains the leadership role it has targeted in the green economy," Executive Chair Richard Harris tells Sabien's annual general meeting.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Xtract (XTR)
Brooks Macdonald (BRK)
Fair Oaks Inc21 (FAIR)
Polar Capital (POLR)
City Lon Inv (CLIG)
Braemar Shipping (BMS)
Norcros (NXR)
Trinity (TRIN)
Xps Pensions (XPS)
Sabien Tech. (SNT)