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(Alliance News) - The following is a round-up of business updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Treatt PLC - Bury St Edmunds-based ingredients supplier - For the financial year that ended September 30, revenue is expected to be 14% higher at around GBP124 million, reflecting an 18% increase on a constant currency basis. Rise is driven by the company's healthier living categories, including tea, health & wellness and fruit & vegetables. As a result, expects pretax profit before exceptional items for the year to be in line with its revised expectations, which is for at least GBP20.0 million. Pretax profit before exceptional items in financial 2020 was GBP13.7 million. Looking ahead, Treatt's order book is up year-on-year, and the company is planning to make strategic investments to support future market opportunities.
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Science Group PLC - Cambridge, England-based science and technology consulting company - Despite supply constraints, foreign exchange headwinds and increasing cost pressure, expects further rise in its profitability in 2021. The company's services divisions are performing well, with R&D Consultancy continuing to benefit from the Medical sector, while other sectors begin to recover economically. Meanwhile, Frontier Smart Technologies has performed strongly by managing for global component shortage well, and it is in negotiations for a potential add-on acquisition.
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LendInvest PLC - London-based asset management platform and property finance group - As at September 30, platform's assets under management up 32% on a year before to GBP1.83 billion, while funds under management increased 40% to GBP2.88 billion, driven by record originations within buy-to-let loans, as well as the upsizing of the company's JPMorgan separate account through the sale of a portfolio of loans. Look ahead, market conditions remain positive with the strong trading performance for the first half of LendInvest's financial year supporting confidence for its annual performance.
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Argentex Group PLC - London-based foreign exchange services - For the six months that ended September 30, expects a 38% annual rise in revenue to GBP15.7 million from GBP11.8 million, due to a 27% increase in clients trading to 1,241, following the onset of Covid-19, leading to a recovery in trading volumes. "Our track record of prudent risk management continues to be a key differentiator, reflected in our focus on revenue quality and continued low levels of bad debt. This is a key factor contributing to the positive performance delivered over the last six months and the strength of our business model," said Chief Executive Officer Harry Adams.
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Good Energy Group PLC - Chippenham-based renewable energy utility - Despite volatile energy prices in the UK and low wind speeds in the third quarter, its expectations for the year remain unchanged. Company is over 90% hedged for the next 12 months, limiting its exposure to the current price volatility. In its interim results, Good Energy resumed dividend payments, announcing an interim payout of 0.75 pence per share for the half-year that ended June 30. On Friday last week, Ecotricity Group Ltd's hostile takeover offer for Good Energy lapsed, having fallen short of the acceptance level of more than 50%.
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Intercede Group PLC - cybersecurity software firm with offices in the US state of Virginia and in Leicestershire, England - For the six months that ended September 30, revenue is up 2% year-on-year at GBP4.9 million, but is up 8% on a constant currency basis, reflecting orders from both new and existing customers.
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CyanConnode Holdings PLC - Cambridge, England-based narrowband radio frequency smart mesh networks - For the six months that ended September 30, revenue more than doubles to GBP4.1 million from GBP1.5 million, with 315,000 Omnimesh modules being shipped to customers during the period, more than tripling from 92,000 a year prior. "As with many companies, there have been challenges which impacted our business during the period. The year started with further Covid-19 lockdowns and ongoing component shortages, which resulted in higher costs and longer lead times. Nevertheless, we have been able to continue manufacturing and shipping our products to meet customer requirements on time. Despite these challenges, I believe CyanConnode will meet market expectations for the current financial year," said Executive Chair John Cronin.
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Woodbois Ltd - forestry and timber trading company focussed on Africa - For the third quarter, reports the highest production of sawn timber and veneer so far in 2021, leading to a 41% year-on-year increase in revenue to USD4.5 million from USD3.2 million. For the nine-month period, revenue rose 7.6% to USD12.7 million from USD11.8 million. Sawn timber output reaches 4,700 cubic metres, with average daily production more than doubled from the first nine months of 2020, while veneer production was 1,140 cubic metres, average daily production up 85% from the first nine months of 2020.
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United Oil & Gas PLC - producer and explorer in the Mediterranean, Caribbean and Latin America - For the three months ended September 30, average net production is 2,022 barrels of oil equivalent per day, and 2,491 boepd for the first nine months of 2021. Looking ahead, 2021 output remains on target to meet the guidance range of 2,100 to 2,300 boepd. All production comes from United's 22% interest in the Abu Sennan licence in Egypt.
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Equals Group PLC - London-based payments services for small and medium enterprises - For the three months ended September 30, continued momentum has allowed revenue to rise 62% year-on-year to GBP11.7 million from GBP7.2 million.
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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