Source - Alliance News

The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:


Volex PLC - Basingstoke, England-based electronic components maker - Updates on trading for the three months ended June 30. Reports trading continues in line with management expectations with a continuation of the positive momentum experienced in the prior year. Posts year-on-year constant currency organic growth of 6.5% in the first quarter of the 2024 financial year. Says customer demand is healthy and improved supply chain conditions are accelerating order delivery turnaround, with improvements in lead times across manufacturing resulting in the normalisation of inventory levels for some customers. Remains confident the business will continue to make further progress in the year.


Eleco PLC - London-based specialist provider of software and related services - Reports annualised recurring revenue at June 30 increased 18% to around £19.7 million from £16.7 million the year prior. Total recurring revenue for the six months to June 30 increased around 18% to £9.7 million from £8.2 million. Total revenue for the period is expected to be £13.5 million, little changed from £13.4 million before. Jonathan Hunter, chief executive officer, said: ‘We are delighted with Eleco’s trading performance for the first six months of the financial year, and we remain in line with market expectations for the financial year.’


Fintel PLC - Huddersfield, England-based technology and support provider for the retail financial services sector - Reports positive start to 2023, with a solid performance in its core business and significant strategic progress through a series of successful investments and acquisitions. In the six months ended June 30 core revenue increased to £27.6 million from £27.1 million the year prior, up 1.6% in total and 4% on a like for like basis. Adds core adjusted earnings before interest, tax, depreciation and amortisation rose 8% to £8.8 million from £8.2 million before. States trading is in line with board’s expectations.


Gaming Realms PLC - developer and licensor of mobile-focused gaming content - Confirms that it expects to report revenue in the six months to June 30 of around £11.4 million and adjusted earnings before interest, tax, depreciation and amortisation of around £4.6 million, up 34% and 32% respectively, year-on-year. This strong performance was driven by the continued growth of the group’s licensing business, which consolidated its market share by going live with 25 new partners and launching five new Slingo games, company says. Adds: ‘This strong momentum in the period gives the board confidence that the company is on track to meet its full-year targets.’


Bango PLC - Cambridge, UK-based mobile commerce company - Reports strong growth during the first half of 2023 with revenue up 88% to $20.3 million from $10.8 million the year prior, in line with management expectations. Bango Digital Vending Machine continued to drive growth, with annual recurring revenue up 64% to $5.6 million from $3.4 million and remains on track to reach $10 million by the end of 2023. Adjusted earnings before interest, tax, depreciation and amortisation forecast to dip into the red with a loss of $400,000 compared to a profit of $2.9 million last year, in line with management expectations, reflecting the costs associated with the DOCOMO digital integration.


Animalcare Group PLC - York-based veterinary drug maker - Remains confident of delivering revenue in line with market expectations for the full year and demonstrate revenue growth versus 2022. Says this is despite revenue in the six months to June 30 falling 4% to £36.7 million from £38.3 million the year prior. Companion Animals sales benefited from an enthusiastic customer response to the recently launched Plaqtiv+ oral health range and increased momentum from the Identicare business. This was offset by wholesaler destocking in certain territories and phasing of customer orders. Expects underlying earnings before interest, tax, depreciation and amortisation margin to be ahead of 2022.


Harworth Group PLC - Regenerator of land and property for sustainable development and investment - Expects that EPRA net disposal value at June 30 will be broadly in line with its EPRA net disposal value as at December 31. Explains this is the result of positive valuation movements driven by management actions across the portfolio, supported by continued demand from occupiers for industrial & logistics assets and from housebuilders for serviced residential land. These uplifts have offset market-driven outward yield movements in the industrial & logistics sector which have continued over the first half, reflecting a softer macro-economic backdrop.


XLMedia PLC - London-based digital media company - Reports total revenue was around $29.4 million in the six months to June 30 down from $44.5 million the year prior and total adjusted earnings before interest, tax, depreciation and amortisation was $6.5 million down from $10.6 million. Adjusted earnings before interest, tax, depreciation and amortisation for the full year remains in line with management’s expectations after adjustment for the sale of the three European casino assets announced earlier this month.


eEnergy Group PLC - London-based energy efficiency-as-a-service provider - Reports revenue in the 12 months to June 30 was up 50% to £33.1 million from £22.0 million the year prior. Adds pretax profit of £1.1 million compared to pretax loss of £2.2 million before. Notes the contracted revenue book remains strong at £27.5 million compared to £26.4 million at December 31 and gives good visibility on revenue. Confident in the trading outlook for the remainder of 2023 and beyond.


dotDigital Group PLC - London-based online marketing company - Reports robust trading across all regions is expected to deliver 10% growth in revenue to £69.1 million, from £62.8 million the year prior, slightly ahead of consensus market expectations. Notes recurring and repeating revenue as a percentage of total revenue maintained at 94% and sees a return to growth in the US following stabilisation and investment. Adjusted earnings before interest, tax, depreciation and amortisation, operating profit, and pretax profit are all expected to be in line with market expectations. Intends to pay an increased final dividend in line with market expectations.


RBG Holdings PLC - London-based professional services firm - Says RBG Legal Services has performed broadly in line with the board’s expectations, despite the challenging economic conditions. Suspends dividend policy. This follows consultation with shareholders who wish the company accelerate the process to reduce debt. In the short term, repaying the outstanding term loan of £6.5 million as at June 30 remains the priority. Further, the revolving credit facility of £15.0 million is set for renewal in April 2024 and the process of refinancing this is already underway.


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