CARR'S GROUP PLC (Alliance News) - 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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Carr's Group PLC - Carlisle, England-based speciality agriculture and engineering - Pretax profit falls 36% to GBP4.9 million in the six months that ended March 4 from GBP7.7 million a year earlier. Revenue increases 24% to GBP79.8 million from GBP64.5 million, while cost of sales surge 31% to GBP62.0 million from GBP47.4 million and net operating expenses rise 43% to GBP14.2 million from GBP9.9 million. Interim dividend is unchanged at 1.175 pence. Chief Executive Officer Peter Page says: "A strong order book in robotics, fabrication and precision engineering, alongside completion of a long-running defence contract in [the first half], provides the prospect of a considerable step up in profits from the Engineering division for [the second half]. This will offset the quieter summer months for the Speciality Agriculture division, which is managing a period of unprecedented input costs. The outlook for 2024 and 2025 is encouraging in both divisions."
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Facilities by ADF PLC - Bridgend, Wales-based provider of production facilities for UK film and television - Pretax profit rises 64% to GBP4.6 million in 2022 from GBP2.8 million in 2021. Revenue is up 13% to GBP31.4 million from GBP27.8 million. Declares final dividend of 0.90 pence per share. In 2022, pays GBP400,000 in dividends, more than halved from GBP900,000 in 2021. Chief Executive Officer Marsden Proctor says: "Our first full year as a listed business has been one of operational and financial success, and I am incredibly proud of what the ADF team has achieved in the current difficult economic backdrop. We have continued to successfully execute our growth strategy through continued investment in our revenue generating fleet, the acquisition of Location One, and through our geographic expansion across the UK. Following a strong end to [2022], we have continued to trade positively in the new financial year, with an expanding order book and considerable momentum across the whole business. We have a growing addressable market, an expanding network of contacts and a high-quality business model driving growth in group revenue. Alongside positive market drivers, where demand for film and HETV in the UK continues to accelerate, I am confident in the group's ability to deliver on its strategy and plans" in 2023.
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Kanabo Group PLC - London-based developer and distributor of cannabis-derived products and inhalation technologies for medical patients and non-tetrahydrocannabinol products for cannabidiol consumers - Pretax loss in 2022 is GBP6.8 million, widening from GBP4.5 million. Revenue multiplies to GBP603,000 from GBP73,000, but sales and marketing expenses doubles to GBP1.1 million from GBP569,000. General and administration expenses surge by 90% to GBP3.8 million from GBP2.0 million, while other expenses including acquisition and listings costs rise 17% to GBP1.4 million from GBP1.2 million. Chief Executive Officer Kanabo Avihu Tamir says: "2022 has proved to be one of the most strategically important years for our business, as we seek to further expand our operational footprint across both the medicinal cannabis and digital health services arenas. Our acquisition of GP Service will now provide the bedrock of our activities as we continue to evolve Kanabo into a wellness and healthcare specialist, whilst fully leveraging our market leading expertise in the development, and distribution of cannabis-derived medicinal products." Says 2023 has started well, after announcing the launch of its online medicinal cannabis clinic for pain management in March. Says it believes it now has the "right strategic and operational focus" to deliver further financial progress.
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Galantas Gold Corp - developing Omagh open pit gold mine in Country Tyrone, Northern Ireland - Pretax loss in 2022 is USD16.6 million, widening from USD5.3 million in 2021. Post no revenue either year. Records a property, plant and equipment impairment of USD10.1 million in 2022, compared to no such charge in 2021.
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By Greg Rosenvinge, Alliance News reporter
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