The following is a round-up of earnings by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Dekel Agri-Vision PLC - West Africa-focused agricultural company - Revenue in six months ended June 30 rises 8.5% to €21.3 million from €19.7 million a year earlier. Pretax profit, however, falls 83% to €413,000 from €2.5 million. Cost of revenue increases 22% to €17.9 million and general and administrative are 12% higher at €1.8 million. Dekel says its palm oil operation saw a ‘significantly stronger high season’ than a year prior. Fresh fruit bunch volumes and crude palm oil production increased 52% and 49%, respectively. Dekel adds: ‘In the past, we have seen the palm oil operation have periods of strong pricing and weak volumes or vice versa. 2023 is arguably the best year we have seen in terms of both relatively strong volumes and pricing which sets us up for a strong financial performance. The cashew operation has significant upside as daily production volumes continue to improve and we look forward to seeing the benefits of both operations working well in tandem as quickly as possible.’
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Science in Sport PLC - London-based performance nutrition firm - Revenue in six months ended June 30 rises 6.7% to £34.4 million from £32.3 million a year earlier. Pretax loss narrows to £3.3 million from £7.2 million. Says March, April, May and June all achieved monthly revenue records. Chief Executive Officer Stephen Moon says: ‘Whilst we expect [second half] to broadly reflect [first half], the full-year outcome is always heavily influenced by [the fourth quarter]. Provided there is no material deterioration in consumer confidence, the improved and ongoing margin improvements give upside potential with a strong finish to the year.’ In addition, Science in Sport names Dan Wright as non-executive chair, subject to its nomad Liberum Capital Ltd completing due diligence. Wright has been executive chair of Accrol Group Holdings PLC since 2018. Wright says: ‘I am delighted to be joining SiS at this pivotal time for the business. The investment in the manufacturing facility and associated product development has put the business in a position to leverage the deep expertise of its people and the power of its brands into profitable growth.’
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itim Group PLC - London-based software solutions provider to retailers - Revenue in six months to June 30 rises 9.4% on-year to £7.4 million from £6.8 million. However, pretax loss stretches to £1.1 million from £377,000. Administrative expenses increase 13% year-on-year to £2.1 million. ‘The group is pleased to report an increase in revenue in the period despite the well documented challenging market conditions for retail companies,’ itim says. ‘The wider retail market has remained challenging for most operators however there are signs that omni-channel retailers are beginning to fare better than their peers. With this in mind, the group relaunched its consultancy business as a complement to its technology offering and to enable our customers to gain the maximum benefit from it.’
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Novacyt PLC - Eastleigh-based biotechnology group focused on clinical diagnostics - Revenue from continuing operations in six months to June 30 shrinks 80% to £3.3 million from £16.5 million a year prior. Pretax loss widens to £8.3 million from £7.0 million. Just £500,000 of revenue was Covid-19-related in first half, down markedly from £13.0 million a year prior. Novacyt earlier in September completed the takeover of molecular diagnostics group Yourgene Health. Novacyt says: ‘Over the next six months the company will be focussed on the integration of Yourgene and will be evaluating the best ways to leverage our combined capabilities to accelerate growth and drive efficiencies and synergies where appropriate.’
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Mobile Tornado Group PLC - Harrogate, England-based critical communications services provider - Total revenue in first half of 2023 increases 14% to £1.3 million from £1.1 million a year prior. Pretax loss narrows to £527,000 from £775,000. Chair and Acting Chief Executive Jeremy Fenn says: ‘Despite a challenging economic environment, the board is confident that our solution offers quality and good value, particularly when compared to the traditional radio platforms. We are building a much wider partner network and are confident that the developing sales pipeline will convert into new customers in due course. At the same time, we are working with our partners to develop bespoke solutions for key verticals which will provide further opportunity as we look to push those solutions into the wider partner network.’ Fenn has been acting CEO since January, after Avi Tooba stepped down from the post.
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Hummingbird Resources PLC - West Africa-focused, Birmingham, England-based gold producer, developer and explorer - Swings to a pretax profit of $4.1 million in the first half of 2023, from a loss of $23.9 million the year prior. Revenue rises to $103.2 million from $70.4 million. Company’s production costs reduce to $51.0 million from $64.9 million, and its cost of sales fall to $77.4 million from $84.3 million. Explains that 51,149 ounces of gold were sold during the half at an average price of $1,927 per ounce, compared to 35,668 ounces sold at an average price of $1,859 per ounce the year prior. Hummingbird adds that it has agreed to refinance a portion of its existing Coris Bank group loan facilities and has secured additional funding. Financing package will provide new loans totalling $55 million.
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Avation PLC - Singapore-based passenger aircraft leasing firm - Revenue and other income in year ended June 30 declines 15% to $99.3 million from $116.4 million. Pretax profit falls 42% to $13.0 million from $22.5 million. ‘After the recovery from the Covid-19 pandemic, Avation plans to re-grow its business in a prudent and sensible manner. We will target organic growth, which includes leasing the two ATR aircraft we have on order for delivery in 2024,’ Executive Chair Jeff Chatfield says.
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abrdn European Logistics Income PLC - investment fund focusing on European logistics - Net asset value per share at June 30 half-year end falls 8.9% to 108.29 euro cents from 118.89 cents at December 31. Maintains total first-half dividend at 2.82 cents per share. Lead Fund Manager Troels Andersen says: ‘We expect logistics to be one of the best performing sectors once macroeconomic markets regain stability, given both these longer term structural drivers and more immediate pressures impacting on new development. The link to the economy is clear in recent data, but long-term conviction in the European logistics sector remains strong.’
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