(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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Hornby PLC - Margate-based toys and hobby products - Sales and margins were slightly lower year-on-year in the April 1 to August 31 period, company says in a trading update. "Trading patterns have begun to return to those experienced in pre-Covid times." Full-year earnings will depend on Christmas trading: the order book is "substantially higher" than a year ago, but Hornby is "mindful" of the potential for supply chain disruption to continue.
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Character Group PLC - London-based toys - Underlying pretax profit in the year ended August 31 will be as much as 10% below company-compiled consensus for GBP12.0 million, company says in a trading update. Earnings were affected by logistics challenges and higher costs, which have since deteriorated further. The outlook for the supply chain is unclear. Sales continued to be strong in the second half, however. "The group has finished its financial year in a strong position, with a robust balance sheet, a sizeable cash balance, and with substantial unutilised working capital facilities."
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Sabien Technology Group PLC - Watford-based boiler efficiency products - Signs deal to become the exclusive UK sales agent for City Oil Field Inc, a South Korean company which produces fuel oil from plastic waste. The deal "represents a precursor to a greater involvement in the waste-to-energy sector, particularly in the UK," Sabien says. Sabien will work with partners to develop recycling plants in the UK and US, getting a commission on sales of COF's technology.
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Pires Investments PLC - investor in technology startups and funds - Net asset value per share rises 83% to 4.94 pence on June 30 from 2.7p on December 31. Swings to pretax profit of GBP1.53 billion in the period, from a GBP427 million loss a year prior. The valuation of a majority of portfolio companies increased significantly based on new funding rounds involving third party investors. "In particular, our investment in [Sure Valley Ventures] is performing beyond the board's expectation." RiverFort Global Opportunities, which owns 17% of Pires, notes the results.
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Tatton Asset Management PLC - Wilmslow-based fund manager - Buys Verbatim funds business from financial markets services firm Fintel PLC for GBP5.8 million, adding GBP650 million assets under management. The two companies also sign a five-year distribution partnership, in which Fintel will provide its Defaqto Engage financial planning software to up to 2,500 Tatton customers. The partnership will generate at least GBP7 million revenue for Fintel. The deals will be earnings enhancing for Tatton in the 2022 financial year. For Fintel, they will be earnings neutral in 2021 and earnings enhancing thereafter.
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By Ivan Edwards; ivanedwards@alliancenews.com
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Tatton Asset Management (TAM)
Character (CCT)
Hornby (HRN)
Riverfort (RGO)
Sabien Tech. (SNT)
Fintel (FNTL)