TRADING UPDATES: Novacyt UK dispute holds back revenue; Tasty sales up

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

Alliance News 27 September, 2021 | 11:16AM
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Novacyt SA - Surrey-based biotechnology group focused on clinical diagnostics - Revenue in six months to June 30 falls 15% to GBP54.0 million from GBP63.3 million. However, revenue for first half of 2021 excludes GBP40.8 million of revenue from UK Department of Health & Social Care as a contract dispute continues. While the DHSC dispute remains unresolved, the company will not recognise the related revenue. Swings to pretax loss of GBP15.1 million from GBP40.3 million profit a year earlier. Books GBP35.8 million in one-off sales costs.

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Tasty PLC - London-based casual dining restaurant operator - Revenue in 26 weeks to June 27 up by a third to GBP11.6 million from GBP8.7 million. Pretax loss narrows to GBP2.7 million from GBP10.9 million. "The start of 2021 like 2020 has been a very challenging time but thanks to our dedicated teams, who have worked tirelessly to sustain the business, Tasty has been able to navigate its way through the issues caused by the pandemic," company says. Adds that trading since full reopening of out-of-home dining sector in UK has exceeded board expectations.

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Ukrproduct Group Ltd - Ukrainian producer and distributor of dairy goods - Posts 7.2% revenue fall in six months ended June 30 to GBP25.5 million from GBP27.5 million. However, swings to pretax profit of GBP81,000 from GBP440,000 loss. Posts net foreign exchange gain of GBP366,000, swinging from GBP673,000 loss. Says second half outlook uncertain amid Covid-19 and acriculture commodity price inflation.

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SpaceandPeople PLC - AIM-listed retail, promotional and brand experience specialist - Notes venues remained closed in first six months of 2021 but manages to attain revenue of GBP1.1 million, largely unchanged year-on-year. Pretax loss narrows to GBP266,000 from GBP2.1 million a year earlier as sales costs fade to GBP292,000 from GBP829,000 and administrative expenses fall to GBP1.5 million from GBP1.9 million.

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Norman Broadbent PLC - London-based recruitment - Pretax loss in six months to June 30 stretches to GBP143,000 from GBP52,000 a year earlier. Revenue falls 30% to GBP3.1 million from GBP4.4 million. Earnings before interest, tax, depreciation and amortisation down by almost half to GBP6,000 from GBP11,000 a year prior. Executive Chair Peter Searle says: "These are a solid set of results and it's pleasing to see positive Ebitda in the first half of 2021 despite the continued disruption due to the Covid-19 pandemic. We now have the leadership team in place to begin leveraging the full potential of the Norman Broadbent brand which remains highly respected across executive search and interim markets."

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FireAngel Safety Technology Group PLC - Coventry, England-based fire safety firm - Revenue in six months ended June climbs 35% year-on-year to GBP22.2 million from GBP16.5 million. Pretax loss narrows annually to GBP1.7 million from GBP2.8 million. FireAngel says it is on track to meet market expectations for the year but retains a cautious outlook for second half due to global supply chain challenges.

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Crossword Cybersecurity PLC - Richmond, England-based cyber security and risk-focused technology commercialisation company - Revenue in six months to June 30 rises 22% to GBP824,923 from GBP674,008. However, Crossword's pretax loss widens to GBP1.5 million from GBP1.4 million. Administrative expenses rise 25% to GBP1.5 million from GBP1.2 million. Revenue for the full year is to grow 50%, according to market expectations. "Looking ahead the board is confident of delivering strong revenue growth in FY 2022 taking revenues to GBP4 million," Crossword says. Revenue in 2020 amounted to GBP1.6 million.

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Instem PLC - IT solutions provider based in Staffordshire, England - Revenue in six months to June 30 jumps 41% yearly to GBP19.8 million from GBP14.0 million. However, pretax profit falls 38% to GBP1.2 million from GBP1.9 million. Instem's finance costs jump to GBP766,000 from GBP124,000 a year earlier. Operating profit before non-recurring costs rises 37% to GBP2.7 million from GBP2.0 million. Instem lifts its annual expectations. The company says: "The improvement in our trading profitability in the first half has been sustained post the period end and, as a result, we now expect trading performance, excluding any negative impact of the fair value adjustment to acquired deferred revenue, for the current financial year to be slightly ahead of the board's previous expectations."

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Zinc Media Group PLC - UK-based TV and multimedia content producer - Revenue in six months to June 30 falls 2.4% year-on-year to GBP7.0 million from GBP7.1 million. Pretax loss widens annually to GBP2.1 million from GBP1.7 million. Zinc expects to be profitable in second half alone, an "important milestone" for company and despite Covid-19 disruption. Zinc adds: "With the group currently expecting to be profitable in H2 2021 the medium and long term outlook is increasingly positive. The underlying TV business is returning to growth, the margin improvements demonstrate that profitability and cash generation can be achieved from these divisions from a lower base of revenues than was required historically, and all the new business initiatives are generating revenues in previously untapped markets."

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Octopus Renewables Infrastructure Trust PLC - UK-based closed-ended investor in renewable energy assets - Net asset value per share at June 30 falls 1.0% to 97.31 pence from 98.26p at December 31 year end. Dividend for half year amounts to 2.5p per share, in the form of two 1.25p payouts. In first six months of 2020, Octopus Renewables paid a 1.06p dividend. Since then, it has paid quarterly payouts. For 2021, it targets a 5.0p payout, which would be up 57% from 3.18p a year earlier.

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Sivota PLC - investment vehicle focused on later-stage, Israeli technology-related sectors - Posts no revenue in six months to June 30. Says pretax loss during period widens to GBP47.1 million from GBP550,000 in the six months to March 31. Sivota floated in July, at GBP1.00 per share. Shares untraded on Monday morning in London, last quoted at 160.75p.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Octopus Renewables Infrastructure Ord 105.00 014 -
Norman Broadbent PLC 6.00 -
Sivota PLC 152.50 -
UKrproduct Group Ltd 4.50 -
Tasty PLC 5.75 -
SpaceandPeople PLC 11.50 -
Instem PLC 770.00 -
Zinc Media Group PLC 72.50 -
Crossword Cybersecurity PLC 33.00 -
FireAngel Safety Technology Group PLC 13.50 -
Novacyt SA 4.03 -

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