EARNINGS UPDATES: AMS ups dividend; tinyBuild profit slips after IPO

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on ...

Alliance News 15 September, 2021 | 1:59PM
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(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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tinyBuild Inc - video games publisher and developer - Pretax profit in six months to June 30 slides sharply to USD684,000 from USD2.7 million year before. Revenue broadly flat year on year at USD18.6 million versus USD18.5 million. Total administrative expenses rise to USD12.5 million from USD7.3 million. Carried out IPO in March. Notes forward pipeline stands at 29 titles. Chief Executive Alex Nichiporchik says: "We are really excited about tinyBuild's progress this year, with major titles in our pipeline showing strong KPIs ahead of launch. Our successful listing on AIM earlier this year and the additional expected USD25 million facility announced today, provide a platform from which we can deliver our organic and M&A growth ambitions. Our back catalogue has performed strongly, and we remain focused on finding new games at different stages of development. We are evaluating a number of M&A targets to help accelerate growth." Remains confident on track to meet expectations.

Separately, buys Russia-based development studio Bad Pixel. Deal includes USD6.5 million up front, made up of USD4.9 million in cash and USD1.6 million in new shares, plus deferred payments of up to USD10.6 million. Total deal can be worth is USD17.1 million.

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Advanced Medical Solutions Group PLC - Winsford-based surgical dressings - Pretax profit in six months to June 30 surges to GBP11.2 million from GBP4.3 million year before. Revenue grows 28% to GBP50.2 million from GBP39.3 million. Declares interim dividend of 0.58 pence, up from 0.50p year before. Chief Executive Chris Meredith says: "I am pleased to report the continued growth of the business as demand returns towards pre-pandemic levels. During the period, AMS delivered strong revenue growth, profitability and cash generation, alongside significant regulatory and clinical progress in developing the next generation of innovative products that we expect to drive further growth over the coming years. AMS is in robust financial health to deliver organic and acquisitive growth, and reflecting the confidence of the board, the interim dividend is being increased for the half year."

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Pendragon PLC - car dealer and operator of Evans Halshaw and Quickco brands - Says revenue in the six months to June 30 jumps 49% to GBP1.82 billion from GBP1.2 billion a year earlier. Its swings to a pretax profit of GBP28.4 million from a GBP41.4 million loss a year earlier. Chief Executive Bill Berman notes its online growth, which helped ensure 40,000 vehicles were delivered to customers during lockdown in the UK. He says: "The first half of the year marked another strong period of progress and growth within the business despite the impact of a nationwide lockdown in the first quarter. We exceeded our initial expectations for the half and delivered an underlying profit before tax of GBP35.1 million." Adds: "In line with the wider market, we are anticipating continued shortages in both new and used vehicle supply for the remainder of the year. We're continuing to deliver on our strategy and see significant prospects for the group to capitalise on the exciting market opportunities ahead. We remain confident that underlying profit before tax for the full year will be GBP55 million to GBP60 million, ensuring we stay on track to deliver our target of GBP85 million to GBP90 million by 2025."

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Ricardo PLC - West Sussex-based engineering and environmental consultancy - Swings to pretax profit in 12 months to June 30 of GBP3.9 million, from GBP5.3 million loss year before. Revenue broadly flat at GBP351.8 million from GBP352.0 million. Order intake in period slips 4.5% to GBP352.1 million from GBP368.7 million. Order book ends June 30 at GBP293.5 million versus GBP314.0 million year before. Annual dividend upped by 10% to 6.86 pence from 6.24p. Outgoing Chief Executive Dave Shemmans says: "Although we remain in an uncertain world, the resilience of our operating model and the focused delivery of our strategic priorities has ensured that we have steered back onto a course that will guide our business to a position of strength." Shemmans will be replaced by former Intertek Group PLC and BT Group PLC executive Graham Ritchie on October 1.

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Anpario PLC - Nottingham, England-based manufacturer of animal feed additives - Pretax profit in six months to June 30 grows 12% to GBP2.7 million from GBP2.4 million. Revenue, however, slips 1% to GBP16.0 million from GBP16.2 million. Administrative expenses slides to GBP5.4 million from GBP6.2 million. Declares interim dividend of 3.00 pence, up 9% from 2.75p. Chair Kate Allum says: "The board is pleased to report a good sales and improved profit performance with sales at a similar level to last year and 3% ahead on a constant exchange rate basis. Our strategy of offering more sustainable and environmentally friendly products as an alternative to anti-biotic growth promoters and some of the harsher chemical treatments is gaining traction. This performance should be seen in the context of a very strong comparative period and at a time when the UK's trading relationship changed with the EU." Notes "strong" start to second half.

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RBG Holdings PLC - London-based law firm - Pretax profit in six months to June 30 surges to GBP3.9 million from GBP1.4 million year before. Revenue grows to GBP16.9 million from GBP12.0 million. Declares interim dividend of 2.0 pence, down from 3.0p the year before. Chief Executive Nicola Foulston says: "The group has had an excellent first six months which is reflected in our revenue and profit growth. With strong demand for all group services, we are on track to meet our recently upgraded market expectations for the full year. While acknowledging the economic conditions continue to be volatile, we look forward to the coming months with optimism and are excited about the long-term prospects for the group."

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Eleco PLC - London-based construction software - Pretax profit in six months to June 30 rises 17% to GBP2.3 million from GBP1.9 million year before. Revenue improves to GBP13.8 million from GBP12.2 million. Declares interim dividend of 0.2 pence, after withholding payment the year before. Chair Serena Lang says: "Eleco delivered a positive performance in the first half of 2021, with growth in all regions. It has been a transformational half year as we reshape and reposition the company, we launched our growth strategy and focused on our people and performance. The direction we are taking is to move toward a customer centric organisation to deliver the value to our core customers segments." Expects profitability over the next 18 months to "temporarily reduce" as it moves to SaaS subscription model.

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Science in Sport PLC - Nelson, England-based nutrition company - Pretax loss in six months to June 30 largely flat year on year at GBP2.6 million. Revenue rises to GBP29.3 million from GBP23.6 million but total costs grows to GBP14.7 million from GBP11.5 million. Chief Executive Stephen Moon says: "Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted. The group returned to over 20% revenue growth, overcoming Brexit supply chain disruptions. Gross margin percentage and underlying profitability continued to improve. This reflected last year's strategic progress and continued investment in our premium brands and online capability." Says second half started "strongly" and notes its continues to manage successfully input cost pressure. "While uncertainties remain, we expect to exceed revenue targets for the year, and continue to be very optimistic about growth prospects over the medium and long-term," Moon adds.

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DeepVerge PLC - Ireland-based clinical research company - Pretax loss in six months to June 30 widens to GBP2.6 million from GBP955,000 loss year before. Revenue surges to GBP3.3 million from GBP1.0 million but administrative costs grows to GBP4.2 million from GBP1.5 million. Chief Executive Gerry Brandon says: "The company continues to expand across all divisions meeting expectations and delivering another triple digit percentage growth rate with record first half revenues. Despite a substantial increase in investment in highly skilled staff for new products, services and higher administration costs associated with that growth, the group is in the strongest financial position ever with large orderbooks, a strong balance sheet, and a year-on-year history of revenues heavily weighted in H2 over H1 since 2018."

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Surgical Innovations Group PLC - Leeds, England-based surgery devices manufacturer - Pretax loss in six months to June 30 narrows to GBP223,000 from GBP2.6 million year before. Revenue 63% higher to GBP4.2 million from GBP2.6 million. Operating expenses slips to GBP1.6 million from GBP3.5 million. Chair Nigel Rogers says: "A strong recovery in trading is evident from the results for the first half of the year, and this view is further reinforced by the continued improvement in revenues in post-period trading. The steps taken by management last year, initially to protect the business and subsequently to simplify and strengthen our operational and regulatory processes, are having demonstrably positive effects on the financial and commercial effectiveness of the business." Notes revenue in first two months of second half about 45% higher year on year and slightly ahead of same period in 2019.

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Biome Technologies PLC - Southampton, England-based developer of biodegradable natural polymers and radio frequency systems - Pretax loss in six months to June 30 narrows to GBP790,000 from GBP821,000 loss year before. Revenue rises to GBP2.6 million from GBP2.5 million. Administrative expenses up to GBP1.7 million from GBP1.6 million. Chief Executive Paul Mines says: "We continue to see a healthy level of orders and enquiries for Biome Bioplastics' products and our opportunity pipeline is increasing. The ongoing delays in shipping and transportation constrained the first half and we have been investing in inventory to mitigate the effects as we progress through H2. Demand for our biodegradable filtration mesh from our new end-customer is already encouraging, and the further conversion of this customer in Q4 2021 should provide significant long-term benefits." Notes it continues to trade in line with board expectations.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Biome Technologies PLC 395.00 GBX 0.00 -
Eleco PLC 111.00 GBX 1.37 -
Anpario PLC 605.00 GBX 0.00 -
TinyBuild Inc 215.00 GBX -1.15 -
Advanced Medical Solutions Group PLC 332.50 GBX 0.45
RBG Holdings PLC Ordinary Shares 135.00 GBX -0.37 -
Ricardo PLC 414.00 GBX -1.19 -
Surgical Innovations Group PLC 2.35 GBX 0.00 -
Pendragon PLC 18.90 GBX 4.42 -
Science in Sport PLC 76.00 GBX 0.00 -
Deepverge PLC Ordinary Shares 25.25 GBX 12.22 -

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