THE CITY PUB GROUP PLC (Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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City Pub Group PLC - London-based pub operator - Revenue in 26 weeks ended June 25 climbs 21% on-year to GBP31.7 million from GBP26.1 million. However, City Pub swings to a pretax loss of GBP815,000 from profit of GBP77,000. Administrative expenses are 24% higher at GBP24.0 million from GBP19.4 million, hurting City Pub's bottom-line. "The business has continued to strengthen its financial position and trading has remained strong. This is despite the poor weather in July and early August and the continuation of train strikes. The group enjoys one of the lowest levels of gearing in the whole hospitality sector with net debt of only GBP8.0 million putting the group in a very strong position to take advantage of appropriately priced opportunities in the market. Whilst our continued focus remains on delivering organic growth, we are currently engaged in negotiations on a number of acquisitions," City Pub explains. The company says its second half, traditionally a stronger period anyway, will benefit from events in the world of sport, including the Rugby Union world cup.
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Real Good Food PLC - Liverpool, England-based cake decoration company - In the year ended March 31, revenue declines 20% to GBP32.4 million from GBP40.4 million, due to "macroeconomic headwinds". Real Good Food's pretax loss narrows to GBP9.0 million from GBP19.0 million. In the prior year, it had booked a GBP16.1 million goodwill impairment. "Market conditions remain challenging. We are however starting to see volumes in some segments slowly rebuild. Over the last few months, our trading performance has been affected by our tight cash position, but we are gradually trading our way into a better place as the seasonally busier autumn season kicks in. After five months of trading, demand is higher than last year and despite sales being broadly the same due to cash constraints, [earnings before interest, tax, depreciation, and amortisation are] better," the company adds. Real Good Food says its "radical reforms" have transformed the company. Its recovery plan included "significant price resets" to products, as well as plans to "improve business processes and create smarter ways of working throughout the business".
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CT Automotive Group PLC - supplier of interior components for automobiles - Revenue in first half ended June 30 increases 26% to USD68.2 million from USD54.2 million a year earlier. CT swings to a pretax profit of USD1.3 million from a loss of USD9.0 million a year prior. CT adds: "We are encouraged by stabilising order volumes, pricing and inventory patterns since the start of FY23 and entered H2 2023 with good visibility." CT says that while uncertainty remains, there are signs that supply chain issues for original equipment manufacturers are improving.
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Clean Power Hydrogen PLC - Doncaster, England-based green hydrogen technology and manufacturing company - Reports no revenue in six months ended June 30, unchanged from a year prior. Clean Power's pretax loss widens to GBP2.1 million from GBP1.1 million a year earlier. Total administrative expenses up roughly double to GBP2.3 million from GBP1.2 million. It does not expect any "significant income" in 2023 as it has encountered delays with delivery of a membrane-free electrolyser.
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Life Science REIT PLC - London-based life science property-focused real estate investment trust - IFRS net asset value per share at June 30 half-year end declines 1.6% to 89.8 pence from 91.3p at end of December. EPRA net tangible assets per share fall 2.9% to 87.4p from 90.0p. Life Science REIT maintains its first-half dividend at 1.0p per share. Its gross property income rises 36% year-on-year to GBP7.6 million from GBP5.6 million, though its pretax profit declines 23% to GBP5.3 million from GBP6.9 million. Fair value gains on investment properties fall 48% on-year to GBP3.0 million from GBP5.8 million. "While the macro-economic backdrop has been challenging for real estate, the REIT's operational performance reinforces our conviction in its markets which are characterised by tight supply, resilient demand and as a result, growing rents," says Simon Farnsworth, managing director of the firm's investment adviser Ironstone Asset Management Ltd.
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Aquis Exchange PLC - London-based financial markets operator, including pan-European equities trading platform Aquis Markets and UK growth-company market Aquis Stock Exchange - Net revenue in first half ended June 30 rises 17% year-on-year to GBP9.7 million from GBP8.3 million. Pretax profit surges 64% to GBP1.1 million from GBP699,000. It notes the Aquis Stock Exchange saw five new listings during the period, "despite tough market conditions and low admissions throughout the market". Chief Executive Alasdair Haynes says: "Despite challenging market conditions, we remain positive on the long-term potential of the Aquis Stock Exchange, which remains profitable. With economic uncertainty continuing to affect all market participants, we are pleased to be delivering continued growth, strategic progress and value for shareholders. We have had a positive start to 2023, with continued revenue growth across all divisions and trading remains in line with board expectations for the full year."
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By Eric Cunha, Alliance News news editor
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