(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Everyman Media Group PLC - London-based cinema company - Half-year to July 1 sees revenue nearly halve to GBP7.7 million from GBP15.0 million a year ago, but pretax loss slims to GBP9.2 million from GBP13.8 million. Firm took an impairment of goodwill, property, plant and machinery of GBP5.6 million a year ago which did not repeat in recent period. Says period was challenging with venues shuttered for 20 weeks due to lockdown, but reopening since mid-May has been encouraging with admissions ahead of management expectations, at 66% of pre-Covid levels. Since capacity restrictions were lifted in July, admissions levels have risen to 80% of 2019 levels. Looks ahead to "very strong film slate" in fourth quarter. "We have a healthy balance sheet, new openings in the pipeline, have proven the strength of our offering and taken a very pleasing share of the UK box office across a variety of titles," it says.
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Safestyle UK PLC - Bradford, England-based PVCu double-glazed windows provider - Revenue for six months to July 4 jumps 73% to GBP73.0 million and swings to pretax profit of GBP4.3 million from loss of GBP5.6 million a year ago. Says its underlying pretax profit figure of GBP5.1 million is the strongest result since 2017 and was driven by a recovery in volumes and gross margin improvements. Notes "unprecedented levels" of cost inflation for materials and resources and also labour shortages. However, it adds: "Our margin improvement activity anticipated the cost increases we are now experiencing and we will continue to take proactive action as necessary to protect our margins in H2." Despite uncertainty, has confidence and sees significant potential for future growth. Expects full-year performance in line with current expectations. "The board intends to carefully consider its cash allocation policy during Q4. Clearly sustained progress offers the possibility of a return to a progressive shareholder distribution policy, but due consideration will also be given to any strategic investment opportunities that may also arise," it adds.
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UIL Ltd - closed-end Bermuda-incorporated investment company - Net asset value per share total return 51% for year to June 30, swinging from negative result of 19% the year before. Also outperforms the FTSE All-Share's total return of 22% over same period. NAV per share stands at 431.51p at June-end, "an all-time high", and up from 292.79p a year ago. "As an absolute return fund with a bottom-up selection to investments these results are very pleasing, especially as total debt was reduced in the year as well," it says. Dividend for year 8.00p, up 1.6%.
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Big Technologies PLC - UK-based remote people monitoring technology company - Revenue for half-year to June 30 rises to GBP18.0 million from GBP12.8 million, and pretax profit jumps to GBP8.0 million from GBP4.4 million. Revenue grows on new contract wins and expansion of revenue earned from existing contracts. Gross margin ticks up to 71.3% from 62.8% year-on-year. "The board expectations are unchanged and believes that the group will deliver a full-year financial performance in line with market expectations," it says.
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Advance Energy PLC - upstream oil and gas company - Pretax loss for year to April 30 USD2.9 million, widened from USD1.2 million a year ago, reflecting increased administrative expenses. Cash and equivalents of USD8.1 million at year-end, and directors believe this is sufficient to fund committed expenditure over next 12 months. "This was the first full year of Advance Energy, having established the rebranded company in February 2020 and set out our strategic objectives in March 2020. Those objectives focused on growing the company through strategic partnerships on compelling projects where we could identify and unlock material upside with a view to establishing near-term cash flow and significant value accretion. I'm pleased to report that the company made big strides towards our long-term objectives in this first year," company says.
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Petards Group PLC - Guildford-based developer of security and surveillance systems - Revenue for first half of 2021 rises to GBP7.7 million from GBP7.1 million year-on-year, and firm swings to pretax profit of GBP430,000 from loss of GBP506,000. Notes return to profitability "at all levels" and strong cash generative performance. Revenue improved due to stronger eyeTrain system shipments and after sales support services, while other products experienced slight slip in revenue on a year ago. "The board expects further progress to be made in the second half-year and while some customer delivery schedules are still tending to change at short notice, trading presently remains broadly in line with market expectations and the board expects the group to deliver a cash generative performance for the year," Chair Raschid Abdullah says.
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Xeros Technology Group PLC - developer and licensor of platform technologies - Revenue for six months to June-end GBP341,000, up from GBP215,000 year-on-year. Pretax loss slims to GBP3.4 million from GBP3.5 million. Says results reflect continuing progress in transitioning from a direct operations business model to a licensing business model. Pandemic has caused royalty income to be delayed further, hitting short-term revenue, but remains confident in 2022 improvement. "Despite 2021 revenues reflecting the inevitable impacts of Covid-19, our confidence level in our technologies remains high. Whilst broad commercialisation of our two platform technologies is in the hands of our current and future licensees, we see demand only increasing for them as their benefits are increasingly recognised as essential to the environmental sustainability of the world's fashion and garment value chains," it says.
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itim Group PLC - London-based software provider to multi-channel retailers - Revenue in six months to June 30 rises 16% to GBP6.4 million from GBP5.5 million a year ago and pretax loss slims to GBP108,000 from GBP154,000. Says period saw "outstanding performance" and key performance indicators improved despite challenging environment. Floated in London towards end of the period, in June. "We have maintained positive trading momentum through the early part of H2 2021 and the board anticipates full year results in line with market expectations," says Chief Executive Ali Athar.
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Gulf Investment Fund PLC - invests in companies in Gulf Cooperation Council countries - Net asset value per share rises 42% year-on-year to USD1.7552 as at June 30, just lagging S&P GCC Composite Index which rose by 43%. Says performance was helped by a strong recovery in global stock markets and a 85% climb in Brent oil prices. "The board continues to view the future of the company with confidence expecting healthy growth in the region as a whole, as growth in the non-hydrocarbon sector in a number of GCC members helps to balance their economies," it says. Recommends dividend for year of 3 cents, and sets out plans for tender offer with minimum size condition that post-tender offer share capital is not less than 38.0 million shares.
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Induction Healthcare Group PLC - healthcare technology company - Revenue for financial year ended March 31 GBP1.5 million, multiplied from GBP148,000 the year before. Pretax loss widens to GBP8.1 million from GBP3.5 million, as administrative expenses more than double to GBP5.1 million from GBP2.3 million. Sees 68% increase in users of Induction platforms and says financial year ended with strong pipeline and "solid" order book. "The current financial year is an opportunity for Induction to help the NHS to deliver the benefits of this momentum. The flexibility and adaptability of Induction's SaaS platforms and focus on evidence-based sales is driving growth in all areas of the business. Alongside this, the post year end acquisition of Attend Anywhere further enhances our combined product offering, increasing our attraction to investors and customers alike," company says.
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Rockfire Resources PLC - gold and base metal exploration company - Pretax loss for half-year to June 30 GBP425,937, widening from GBP274,098 a year ago. This reflects increase in administrative expenses. Says exploration activities have pivoted towards large-scale porphyry copper projects in Queensland, Australia at a time when copper prices have "materially increased". "The board believes the timing of higher copper prices, exploration drilling at our copper projects and the stable jurisdiction of Queensland are combining to Rockfire's advantage," company says. Cash and cash equivalents at June end GBP1.5 million, up sharply from GBP181,405 a year ago.
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Hansard Global PLC - specialist long-term savings provider - Pretax profit for year ended June 30 GBP5.1 million, up from GBP4.7 million the year prior, on income which shoots up to GBP214.7 million from GBP52.1 million. New business sales on a present value of new business premiums basis grow 8% to GBP173.0 million. Recommends stable final dividend of 2.65p, taking total dividend for year to 4.45p, again flat on a year ago. "Our new business, profit before tax and assets under administration were all up compared to FY 2020 despite the ongoing challenges presented by Covid-19," says Chief Executive Graham Sheward.
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Dillistone Group PLC - Basingstoke, England-based software and services for recruiters under Ikiru People brand - Revenue in six months to June 30 falls 17% to GBP2.8 million "due primarily to the unwinding of the impact of the pandemic", while pretax loss widens to GBP141,000 from GBP110,000. Says large chunk of revenue contracted annually in advance, so impact of sudden shock such as Covid can "take time to impact through to revenue and profits". "Our business model is such that the impact of Covid 19 will continue to unwind through the remainder of 2021 and this will be evident in our full year results and the level of recurring revenue that we carry into 2022. Nevertheless, the business is seeing improved new business sales, improved orders from existing clients, and improved operating cash flow," it says. Expects to deliver "significantly reduced" pretax loss in 2021 versus 2020.
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Anglo Asian Mining PLC - copper, gold, and silver producer in Azerbaijan - Revenue for first half of 2021 USD43.5 million, slipping from USD45.8 million a year ago, and pretax profit slides to USD5.9 million from USD11.8 million. Total reportable production for period 32,171 gold equivalent ounces, down slightly from 32,501 ounces a year ago, and gold bullion sales fall to 19,582 ounces from 23,979 ounces, though at higher price of USD1,776 per ounce versus USD1,649. Backs full-year production guidance of between 64,000 to 72,000 gold equivalent ounces. "Despite inflationary headwinds, the company has continued to deliver with production levels in line with our expectations. In view of our current performance and expected improved cash generation in the second half of the year, the board is declaring an interim dividend of US 4.5 cents per ordinary share," company says.
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Hawkwing PLC - cash shell - Revenue for six months to June 20 GBP22,000 versus nil a year ago, though pretax loss widens to GBP190,000 from GBP115,000, reflecting higher administrative expenses. Sought to execute on acquisition strategy in period, and since period-end has announced signing of a non-binding agreement to potentially acquire Internet Fusion Group Ltd. Says acquisition proceeding as planned. "We look forward to progressing the proposed acquisition with IFG and it was pleasing to see strong investor support through the recent fundraise, which demonstrated confidence in our strategy and acquisition plans. I would like to thank our shareholders for their continued support and look forward to updating the market on our progress," says Senior Independent Non-Executive Director Keith Sadler.
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By Lucy Heming; lucyheming@alliancenews.com
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