TRADING UPDATES: PPHE Hotel crushed by pandemic; Renalytix excited

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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JPMorgan Emerging Markets Investment Trust PLC - investment trust - Net asset value per share ends 2020 at 135.0 pence compared to 108.9p at end of June. NAV total return in first half 24.9%, beating benchmark, the MSCI Emerging Markets Index, which gains 18.5% in same period. Investment manager notes recovery of markets in final six months of 2020. Austin Forey adds: "Although the situation remained severe in many countries, progress on vaccine development also offered hope that the pandemic will eventually pass. Against this background, it may seem strange to see equity markets reaching new highs; yet share prices are determined by investors making forward-looking judgements, and have therefore reflected the economic recovery and the ending of the public health crisis that we all hope for. As a result, the half year that concluded at the end of December saw strong rises not just in markets overall, but also in the share price of your company."

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Renalytix AI PLC - Cardiff, Wales-based clinical diagnostics company - Pretax loss in six months to December 31 widens to USD16.2 million from USD6.3 million the year before. Pharmaceutical services revenue in the first half grows to USD400,000 compared to nothing year before. Administrative expenses jumps to USD14.0 million from USD5.0 million. Chief Executive James McCullough says: "Our path to establishing advanced precision prognostics to guide and inform population-wide kidney health continues to become clearer. The January finalisation of the Medicare Coverage of Innovative Technology rule provides the foundation to achieve broad insurance coverage for KidneyIntelX. With our newly announced partnerships with University of Utah and DaVita, we are on track to exceed our goal of implementing KidneyIntelX across at least three major healthcare networks before our fiscal year ends in June. We expect to announce additional partnerships in 2021 that will further set the foundation for direct access to KidneyIntelX in advance of Medicare coverage by large groups of primary care and specialist clinicians treating early stage diabetic kidney disease patients."

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Supermarket Income REIT PLC - real estate investment trust dedicated to investing in supermarket property - Pretax profit in final six months of 2020 grows sharply to GBP33.0 million from GBP7.8 million year before. Annualised passing rent almost doubles to GBP46.1 million from GBP26.1 million. EPRA earnings doubles to GBP15.5 million from GBP7.2 million. Ups interim dividend by 1.7% to 2.93 pence from 2.88p. IFRS net assets grows 45% year on year to GBP691.8 million from GBP477.2 million. EPRA NTA per share rises to 104p from 101p. Loan to value grows to 27.0% from 19.7%. Chair Nick Hewson says: "The last 12 months have highlighted the critical role of grocery property in the UK's feed the nation infrastructure. Our supermarkets play a key role in supporting the response of the UK grocery sector to the pandemic and as a result we have experienced strong property investor interest in our market and consequently a tightening of yields."

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PPHE Hotel Group Ltd - hotel owner and operator - Sinks to pretax loss of GBP94.7 million in 2020 from GBP38.5 million profit in 2019. Total revenue plunges to GBP101.8 million from GBP357.7 million, as room revenue slips to GBP63.6 million from GBP250.6 million. RevPAR plummets to GBP29.4 from GBP103.6 as average room rate falls to GBP105.1 from GBP128.5 and occupancy plunges to 28.0% from 80.6%. President & Chief Executive Boris Ivesha says: "Despite the challenges presented over the past 12 months, our well-invested portfolio, agile owner-operator model and strong 30-year track record together provide a solid foundation for success, and we remain excited about the long-term future of the business." Expects benefit from the anticipated uplift in domestic and international demand as the global vaccine rollout continues and restrictions ease.

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Uniphar PLC - healthcare services firm - Pretax profit in 2020 improves to EUR33.5 million from EUR26.5 million in 2019. Revenue grows 9.0% to EUR1.82 billion from EUR1.67 billion. Administrative expenses rises to EUR122.1 million from EUR100.5 million. Commercial & Clinical profit grows 20% year on year and Product Access surges 77%, while Supply Chain & Retail grows 9.2%. Company says it delivered a strong performance and exceeding expectations. Chief Executive Ger Rabbette says: "2020 was another important year for the group from a strategic perspective and we completed a number of key value-enhancing acquisitions including RRD International and Diligent Health Solutions in the US and Hickey's Pharmacy Group and Innerstrength in Ireland." Adds: "As we look forward to 2021 and beyond, our people's safety and wellbeing continues to be our number one priority. Meanwhile, we remain very much on course with our strategy of doubling pro-forma Ebitda within 5 years of IPO with continued strong growth in earnings per share on a like for like basis."

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Bluefield Solar Income Fund Ltd - Guernsey-based income fund that invests primarily in solar assets - Net asset value per share ends 2020 at 117.12 pence compared to 117.01p at June 30. NAV total return in first half negative 0.4%. Notes megawatt hours generated 432 versus 459 year before. Chair John Rennocks says: "The performance of the company over the first six months of this financial year has once again been highly pleasing. The board has been delighted with the services provided in relation to technical management of the company's portfolio by Bluefield Services and Bluefield Operations during the extended period of the Covid-19 pandemic."

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Hotel Chocolat Group PLC - Royston, Hertfordshire-based chocolate maker and retailer - Pretax profit in year to December 27 improves to GBP15.5 million from GBP15.0 million year before. Revenue rises to GBP101.9 million from GBP91.7 million. Underlying earnings before interest, taxes, depreciation and amortization broadly flat year-on-year at GBP25.0 million. Co-founder & Chief Executive Angus Thirlwell says: "Databases of active customers grew substantially in all three markets, underpinning our confidence of growth in the years to come. In the UK, our multichannel model truly came of age, and excitingly, both Japan and the USA firmly stepped up from the 'test and learn' phase into 'grow and scale'. Total brand sales, through direct-to-consumer and partner-channels combined, increased 16% year-on-year." Trading after year-end continues to be in line with internal expectations. Expects to open UK stores on April 12.

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Robert Walters PLC - London-based recruitment firm - Reports revenue of GBP938.4 million for 2020, down 23% on GBP1.22 billion in 2019. Pretax profit falls 75% to GBP12.1 million. Says performance "robust" given pandemic backdrop and notes that full-year profit was ahead of market expectations. "Group net fee income was down 26% for the full year but the sequential quarter-on-quarter improvement in net fee income from quarter two onwards, combined with the short-term and targeted cost control measures put in place at the onset of the pandemic, has enabled the group to deliver full-year profits ahead of market expectations," says Chief Executive Robert Walters.

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DX Group PLC - Slough-headquartered courier - Improves to pretax profit of GBP3.1 million in 27 weeks to January 2 compared to GBP2.4 million in first half to December 28 year before. Revenue rises to GBP182.7 million from GBP170.1 million. DX Freight unit revenue grows 19% year on year, while DX Express revenue slips 5%. Chief Executive Lloyd Dunn says: "This is an excellent performance from the group, despite the challenges created by the coronavirus pandemic for some areas of operations. Strong volume growth at DX Freight has been the principal driver of growth, offsetting the anticipated challenges at DX Express." Says trading in second half in line with internal expectations. Notes anticipated levels of new business, as well as greater clarity over a return to more normal levels of activity.

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Shanta Gold Ltd - Tanzania-focused gold miner - Improves to pretax profit of USD39.0 million in 2020 from loss of USD1.2 million in 2019. Revenue grows to USD147.4 million from USD112.8 million. Average realised gold price rises to USD1,495 per ounces compared to USD1,377 per ounce in 2019. Gold production of 82,978 ounces, within 2020 guidance of between 80,000 ounces and 85,000 ounces. Notes 2021 guidance of about 80,000 ounces at AISC of between USD900 and USD950 per ounces on a like for-like basis and USD1,050 and USD1,100 per ounce including development costs. Forecasts gold production to increase throughout the year due principally to the ramp-up of the third mill and forecasted increase in grade, resulting in production being weighted approximately 55% towards the second half of 2021 and says 2021 Tanzanian exploration budget of USD8.0 million, to be largely directed towards securing further mine-life extension on the existing mining licenses at New Luika.

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Synectics PLC - Sheffield, England-based provider of security systems - Sinks to pretax loss in year ended November 30 of GBP6.3 million from profit of GBP1.6 million year before. Revenue drops sharply to GBP44.6 million from GBP68.5 million. Year-end order book GBP25.4 million, down from GBP32.7 million the year before, but rose to GBP32.9 million at February 26. Chief Executive Paul Webb says: "Results have clearly been significantly affected by the pandemic, particularly in our global gaming markets. However, the business is well placed to capitalise on recent landmark project wins, which utilise its latest technology developments." Restarting dividends to be reviewed during this financial year once the timing of recovery is clearer, company notes.

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Cloudcoco Group PLC - IT services provider with offices in Leeds and Warrington - Pretax loss in year to September 30 narrows to GBP3.0 million from GBP5.6 million year before. Revenue improves to GBP8.0 million from GBP7.3 million and administrative expenses slips to GBP6.0 million from GBP8.7 million. Total contract value signed doubles to GBP5.2 million from GBP2.7 million. Chair Simon Duckworth says: "Through careful planning, consistent hard work, determined execution, and by fostering a positive and collaborative working environment, we have made some significant progress in turning the business around in a remarkably short space of time." Makes strong start to new financial year and is "excited" for what lies ahead.

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Argo Group Ltd - London-based alternative investment manager - Pretax profit improves in 2020 to USD1.7 million from USD600,000 in 2019. Revenue dips to USD3.3 million from USD4.5 million. Net assets grow over 2020 to USD22.8 million from USD21.3 million at end of 2019. Chief Executive Kyriakos Rialas says: "As 2021 progresses our thoughts go to those that lost their lives and to the continuing uncertainty and disruption caused by the pandemic. Our staff and our online contingency systems coped very well in the last year keeping disruption to a minimum. Argo group ended the year on a positive note with our restructured Argo feeder Fund returning over 5.5% in its main share class. Operationally we have concentrated all assets and investors in the previously mentioned Argo Master feeder Fund thus reducing expenses and improving efficiency." Notes it has created US Feeder Fund to attract further investments from US onshore investor.

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By Paul McGowan; paulmcgowan@alliancenews.com

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