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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Epwin Group PLC - Solihull, England-based building products manufacturer - For 2021, pretax profit hikes to £12.9 million from £1.9 million in 2020, also passing the pre-virus figure of £12.4 million, on revenue which grows to a record level of £329.6 million, up 37% from £241.0 million in 2020 and 17% higher from £282.1 million in 2019. Revenue growth is helped by high levels of demand, selling price increases and surcharges implemented due to cost inflation. Declares final dividend of 2.35 pence per share, bringing the total payout to 4.10p, from 1.00p in 2020. Looking ahead, trading in 2022 so far is in line with management expectations as customer demand remains strong, and material supply lines appear solid despite pressure.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - For 2021, pretax profit more than doubles to $6.0 million from $2.2 million in 2020, on revenue which grows 26% to $23.8 million from $18.9 million, driven by long-term fixed gas price contracts and robust output. Average gross daily gas production rises 25% to 81.6 million standard cubic feet per day from 65.5 mmscf per day, also beating guidance. Declares final dividend of 1.16 pence per share, bringing the total payout to 1.73p. Looking ahead, production guidance for 2022 stands between 75 to 85 mmscf per day.
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Baillie Gifford China Growth Trust PLC - aims for long-term capital growth by investing in Chinese companies - For the year ended January 31, net asset value total return is minus 27.0%, underperforming against the benchmark MSCI China All Shares Index, which made a negative return of 20.5%. As at January 31, net asset value per share declines 28% to 353.70 pence from 492.66p the prior year, due to a weak share price performance from its healthcare holdings, on the fear of increased regulatory scrutiny in China.
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Logistics Development Group PLC - London-based Investment company formerly known as Eddie Stobart Logistics PLC - For the year ended November 2021, swings to pretax profit of £84.7 million from a loss of £7.9 million, due to an investment gain of £85.7 million, fostered by the sale of Marcelos’s investment in GreenWhiteStar Acquisitions Ltd, which holds the Eddie Stobart businesses, to Culina Group Ltd.
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Gresham House Energy Storage Fund PLC - London-based utility-scale battery storage fund - As at December 31, net asset value per share increases 14% to 116.86 pence from 102.96p a year prior, driven by an upward revaluation of investments and stronger cash generation from underlying projects. Underlying investment portfolio generated earnings before interest, tax, depreciation and amortisation of £42.5 million, more than doubled from £15.6 million in 2020, on revenue which also more than doubles to £51.4 million. Declares total dividend of 7.0 pence per share, in line with year before.
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Savannah Resources PLC - London-based mineral resource development company - For 2021, pretax loss from continued operations widens to £3.5 million from £2.5 million, due to higher administrative expenses, as the lifting of Covid-related cost control measures caused an uptick in corporate activity. Looking ahead, Savannah will look to finalise its environmentally enhanced process flowsheet, for completing a definitive feasibility study on the Barroso lithium project.
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IGas Energy PLC - London-based oil and gas exploration and production company focused on the UK - For 2021, pretax loss narrows to £12.3 million from £44.1 million in 2020, while adjusted earnings before interest, tax, depreciation and amortisation increases 48% to £5.9 million from £4.0 million. This is on revenue which grows 75% to £37.9 million from £21.6 million due to improved pricing, and a 2.9% rise in production to an average of 1,962 barrels of oil equivalent per day from 1,907 boepd. For 2022, expects net production of around 2,000 boepd.
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Applied Graphene Materials PLC - graphene materials maker with headquarters in Redcar, Cleveland - For the six months ended January 31, pretax loss widens to £1.9 million from £1.8 million a year prior due to ongoing research & development costs into new applications of graphene, in spite of 9.5% revenue growth to £46,000 from £42,000 through the supply of production orders. Looking ahead, company reduces its short term revenue expectations due to current operational conditions in its sector.
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