The following is a round-up of updates by London-listed companies, issued on Wednesday and Tuesday and not separately reported by Alliance News:
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Shepherd Neame Ltd - Faversham, Kent-based brewer and pub operator - Revenue in the financial year ended June 24 rises 9.7% to a record £166.3 million, from £151.5 million. Pretax profit, however, falls by a third to £4.9 million from £7.4 million. Operating charges increase 12% to £158.6 million, keeping a lid on profit. ‘Demand has been strong all year with recent trade in our pubs encouraging,’ Chief Executive Jonathan Neame says. ‘We have faced considerable inflationary challenges in the last year but these are now easing.’ In 13 weeks to September 23, like-for-like retail sales grow 5.6%. The CEO adds: ‘The turmoil of the last few years is now settling and the outlook is positive. We have much to look forward to. The balance sheet remains strong and the business has momentum in our pipeline of investment. We are confident we have the team and skills to deliver good returns for our shareholders over the long term.’
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Everyman Media Group PLC - London-based independent cinema chain - Revenue in 26 weeks to June 29 declines 6.1% to £38.3 million from £40.7 million, as the slate of major films releases is tilted to the second half of 2023, unlike in 2022 when they landed in the first, Everyman says. Everyman’s pretax loss widens to £4.3 million from £798,000 year-on-year. Chief Executive Officer Alex Scrimgeour says: ‘We are pleased to report that trading continues to be in line with the board’s expectations, having achieved robust interim results despite this year’s major film titles falling in the second half of 2023. The recent and resounding Box Office success of Barbie and Oppenheimer drove exceptional performance throughout July and August, highlighting the value of high-quality original content. Everyman’s strong year to date performance underpins our confidence in meeting market expectations for the full year, whilst equally demonstrating that the UK cinema sector is as vibrant as ever.’
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Chapel Down Group PLC - Tenterden, Kent-based sparkling wine maker - Hails ‘powerful momentum’ in the first six months of 2023. Net sales, after duty, rise 21% to £8.4 million from £6.9 million. Gross sales, so before factoring in duty, rise 18% to £9.3 million. Pretax profit increases 26% to £618,000 from £489,000. CEO Andrew Carter says: ‘Our focus remains on delivering significant growth in traditional method sparkling wine sales, margins, profits and cash flow, so we are extremely pleased with the powerful momentum of the business in the first half of the year. We are continuing to deliver on our growth plans by building our leadership position in the fast-growing English traditional method sparkling wine category to deliver long-term shareholder value.’ Chapel Down says current trading is in line with expectations. It adds that the 2023 harvest was ‘very positive due to excellent growing conditions’. Chapel Down explains: ‘No damage from frost was incurred, and the weather during the key period of flowering was favourable. We have recently begun harvesting and expect the 2023 vintage to be of an exceptional quality and with a record-breaking volume and yield. We expect it to be materially larger than last year’s excellent harvest.’
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Next 15 Group PLC - London-based digital marketing firm - Expects full-year performance in line with expectations as sets out ‘resilient outlook’. Revenue in six months to July 31 rises 6.9% to £364.9 million from £341.2 million a year earlier. Next 15 swings to a pretax profit of £24.3 million, from a loss of £8.5 million. CEO Tim Dyson says: ‘I am very pleased with the group’s performance given the continued economic headwinds. It demonstrates the strength of our businesses and that our diversified, agile and de-centralised operating model works. This also gives me confidence that we will deliver another year of solid momentum.’ Next 15 says it is continuing to ‘trade broadly in line with management expectations despite the macro-economic headwinds in certain markets’.
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Foresight VCT PLC - invests in UK small and medium-sized enterprises - Net asset value per share at June 30 half-year end declines 1.8% to 85.9 pence from 87.5p at end of December. Adding back a 4.4p dividend, however, would give it an NAV per share of 90.3p, giving it a half-year total return of 3.2%. The 4.4p payout was a final dividend for 2022. After the six-month interim period, it paid a 4.0p special dividend after the sales of Mowgli Street Food Group Ltd, Datapath Group Ltd and Innovation Consulting Group Ltd in the first quarter. Foresight VCT’s net asset value increased to £211.0 million at June 30, from £191.7 million on December 31. The company adds: ‘The company’s current portfolio of investments is highly diversified by number, business sector, size and stage of development and overall has already demonstrated its relative resilience in the face of economic and geopolitical difficulties. We are confident that this approach will continue to provide protection in volatile market conditions.’
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Sivota PLC - backer of later-stage, Israeli technology firms - Revenue in six months to June 30 increases to $3.1 million from $1.1 million a year earlier. However, pretax loss widens to $3.2 million from $1.8 million. Total operating expenses more than double to $3.7 million from $1.7 million. ‘We are delighted with the progress we have made in H1 2023 as we continue to implement a number of growth initiatives. In addition to supporting Apester on driving engagement to capitalise on its market opportunity, we are currently evaluating a number of additional investment opportunities in the Israeli technology sector, that our new business pipeline has generated,’ Chief Executive Officer Ziv Ben-Barouch says. ‘As funding within the technology sector continues to remain challenging as a result of the macro-economic conditions, we believe Sivota continues to be well placed to benefit as the groups new business pipeline suggests.’
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Quantum Blockchain Technologies PLC - investment company focused on technology sector, particularly blockchain, cryptocurrency and artificial intelligence - Pretax loss in six months to June narrows to €1.5 million, from €2.9 million a year prior. Administrative expenses surge to €1.2 million from €2.1 million. Books no revenue, unchanged from a year prior.
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Directa Plus PLC - London-based graphene product maker - Revenue in half-year ended June 30 falls 17% to €4.6 million from €5.5 million. Pretax loss, however, narrows to €1.9 million from €2.2 million. Costs from raw materials and consumables used ebb by a quarter to €2.2 million from €3.0 million. Finance expenses down roughly half to €86,860 from €161,513. ‘Directa Plus has entered the second half in a strong position, with improved margins and a growing business pipeline, providing confidence in our future growth. We secured several meaningful wins in the first half and, notably, our largest single contract win to date with Liberty Galati post-period end, demonstrating the increasing value of our technology,’ CEO Giulio Cesareo says. The three-year pact with Liberty Galati, an integrated steel producer in Romania, was announced earlier in September. It has a value of €5.5 million, with the potential for further expansion up to a total of €8.0 million.
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