The following is a round-up of updates by London-listed companies, issued on
Tuesday and not separately reported by Alliance News:
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Victorian Plumbing Group PLC - Lancashire, England-based bathroom products retailer - Revenue in half-year to March 31 £133.9 million, down 5% from £140.7 million a year before as firm notes it laps a ‘tough comparable period’ after strong performance during Covid lockdowns. On two years before, revenue is up 39%. Pretax profit drops to £2.7 million from £14.5 million. Says gross profit margin falls to 44% from 49%. ‘This decrease was largely due to continued supply chain pressures and our careful approach to managing price rises during a period of inflationary cost pressures,’ it says. Expects to deliver ‘modest’ year-on-year revenue growth in the second half. ‘There are well reported ongoing inflationary cost pressures and we remain acutely aware that our customers are also managing these pressures. The group will therefore continue its careful approach to price rises through the second half of the financial year,’ it says. Declares no interim dividend but plans a final one. It did not pay a final dividend last year.
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Renew Holdings PLC - engineering services provider - Revenue for half-year to March 31 rises 13% to £414.3 million from £366.4 million year-on-year, with pretax profit up 21% to £21.8 million from £18.1 million. Says it delivered ‘another record performance’ despite inflationary pressures and product shortages. Lifts interim dividend to 5.67 pence, up 17% from the 4.83p paid out a year before. Looking ahead, it says: ‘We continue to successfully manage the ongoing inflationary environment and our strong forward order book underpins our confidence in achieving further growth. In addition, our robust balance sheet and strong cash generation gives us the firepower and flexibility to invest in growth by capitalising on value-accretive M&A opportunities to complement our organic growth ambitions.’
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GENinCode PLC - Manchester-based genetic testing company - Revenue for 2021 rises to £1.2 million from £961,000 year-on-year, with pretax loss widening to £4.1 million from £1.1 million. Administrative expenses rise to £4.0 million from £1.6 million. Firm listed on London’s AIM market in July 2021. Says year was productive and looking to year ahead, says it is focused on US regulatory and reimbursement submissions for Cardio inCode and will accelerate preparations for the US launch and reimbursement of familial hypercholesterolemia test Lipid inCode. ‘We anticipate continued revenue growth over the 2022 financial year,’ added Chief Executive Matthew Walls.
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Angling Direct PLC - UK specialist fishing tackle retailer - Revenue for financial year to January 31 rises 7.2% to a record £72.5 million from £67.6 million, with pretax profit up 51% to £4.0 million from £2.7 million. ‘The Group maintained a strong emphasis on profitable growth, stock shrinkage and cash retention. In addition, there has been a particular emphasis on stock and product/sector categorisation (right product in the right location) and we continue to increase distribution efficiencies and capacity,’ it says. On recent trading, says first-quarter sales grow 5.4%, having annualised significant prior year post lockdown peaks. Expects results for 2023 financial year will meet market expectations, which it places at £82.0 million for revenue and £4.3 million for Ebitda.
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Sureserve Group PLC - Basildon, Essex-based compliance and energy services - Revenue for half-year to March 31 rises 24% to £126.2 million from £101.8 million year-on-year, with pretax profit up 34% to £4.3 million from £3.2 million. Says performance was ‘encouraging’, with order book standing at record £512 million at March-end. Of this order book figure, nearly £400 million relates to the 2023 financial year ‘an beyond’, leaving the firm confident in its prospects for the second-half. It adds: ‘We continue to look for bolt-on acquisitions as well as more strategic acquisitions. In terms of potential targets, we will be absolutely focused on our core Social Housing Energy Services market where we are continuing to develop a strong position with established clients and a growing number of long-term contracts.’
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MyCelx Technologies Corp - Georgia, US-based clean water and air technology - Revenue for 2021 rises to $8.5 million from $7.1 million the year before, with pretax loss narrowing to $1.1 million from $5.8 million. ‘In 2021, a more stable oil price benefitted the company’s core business which focusses primarily on supporting the energy industry’s clean production initiatives. This energy market strength, along with the company’s efforts, helped MYCELX achieve both new contracts and the extension of existing contracts across multiple core geographies,’ says Chief Executive Connie Mixon. Says recent elevated oil prices bode well for the completion of new commercial agreements and it is optimistic that resurgence in bidding activity will support strong performance in 2022 and beyond.
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Venture Life Group PLC - Berkshire, England-based self-care product manufacturer and distributor - Revenue for 2021 rises 8.9% to £32.8 million from £30.1 million in 2020, but pretax profit drops to £946,000 from £3.3 million. Amortisation charges jump to £2.3 million from just £909,000. Profit before tax, amortisation and exceptional items edges up to £4.6 million from £4.4 million. ‘2021 saw a year of significant growth for the Group, despite the challenges we faced. We are delighted to have completed two immediately earnings enhancing acquisitions that are now both integrated into the Group and performing well, and both showing growth over 2020,’ says Chief Executive Jerry Randall. Notes encouraging start to 2022 but says current level of supply chain disruption is ‘unprecedented and cannot be underestimated’. ‘Having made some very good immediately earnings enhancing acquisitions and worked hard to mitigate difficult trading factors seen in 2021, we have a much stronger consolidated business going into 2022, evidenced by the stronger order book, with a much higher proportion of high margin VLG Brands, and the significantly increased revenues and profit in the second half,’ it says.
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