UK TRADING UPDATE SUMMARY: Joules Expects Annual Profit Drop

Tue, 08th Dec 2020 15:49

(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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Joules Group PLC - Leicestershire-headquartered lifestyle brand - For the 26 weeks ended November 29, revenue was down 15% year-on-year at GBP94.5 million, due to the effect of store closures and cancellation of country shows across the UK, leading to total store trading hours during the period at 60% of normal levels. As a result, interim pretax profit before exceptional items is set to be between GBP3.5 million and GBP4.0 million, down from GBP8.4 million the year before.

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Porvair PLC- King's Lynn, Norfolk-based filtration and environmental technologies - For the year to the end of November, revenue is expected to be 7% lower than the GBP144.9 million reported the year before. Net cash as at November 30 was GBP4.9 million, compared to GBP4.0 million the same date the prior year. Adjusted operating profit is to be in line with management expectations.

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Mears Group PLC - housing solutions provider - For 2020, expects to swing to profit on more than doubled revenue of around GBP825 million from GBP407 million, due to generating operating profit in the second half. Expects return to more normalised levels of trading in 2021 as work volumes in Maintenance remain at current levels until spring.

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CloudCoCo Group PLC - IT services provider with offices in Leeds and Warrington - For the year to the end of September, revenue is expected to grow from GBP7.3 million the year before, with trading earnings before interest, tax, depreciation and amortisation expected to be well ahead in the second half compared to the GBP68,000 in the first half. Looking ahead, remains confident in further strategic progress in current financial year.

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Gaming Realms PLC - London-based mobile games developer - Expects revenue for 2020 to be up 55% year-on-year at GBP10.7 million, leading to adjusted Ebitda of no less than GBP2.8 million. Strong performance attributed to the expansion of company's partners internationally and the release of new Slingo games.

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Echo Energy PLC - Latin American focused energy company - Since November 17, has brought three Springhill fields and one Tobifera field back online in the Chorillos and Palermo Aike licences, increasing gross oil production by 50 barrels of oil per day to 300 bopd. Reflects an uplift of 19% across the Santa Cruz Sur assets, onshore Argentina. Gas production continues at rate of 14 million cubic feet per day.

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ADES International Holding PLC - drilling oil and gas wells company - For the nine months to the end of September, revenue up 2% year-on-year at USD349 million from USD342 million the year before, with backlog at USD1.02 billion at September 30. Despite global challenges, expects broadly flat performance for 2020 as a whole.

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Xtract Resources PLC - miner with projects in Mozambique and Zambia - For the three months to the end of September, total contractor alluvial gold production at 787 ounces, up from 467 ounces the same period the year before, and from 566 ounces for the second quarter of 2020.

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By Dayo Laniyan; dayolaniyan@alliancenews.com