(Alliance News) – The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Elementis PLC – London-based chemical manufacturer – First half revenue rises 9.4% to USD318.2 million from USD290.8 million. Operating profit totals USD65.7 million, up 19% from USD55.4 million. Pretax profit climbs to USD58.7 million from USD46.0 million. Swings to attributable profit of USD54.5 million from a loss USD65.1 million. Diluted earnings per share rises to 7.5 US cents from 5.7 cents. Declares first half dividend of 1.5 cents, up 15% from 1.3 cents. “While remaining vigilant about the potential impacts of the Middle East crisis on global demand, input costs and supply disruptions, following good progress in the first half, the group remains confident in delivering full year performance in line with expectations,” company says. Notes consensus for 2026 adjusted operating profit ranges from USD129.4 million to USD136.5 million.
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Vesuvius PLC – London-based molten metal flow engineering and technology – First half revenue rises 1.7% to GBP922.9 million from GBP907.5 million a year ago. Pretax profit falls 32% to GBP38.2 million from GBP56.0 million. Holds interim dividend at 7.1 pence per share. Expects 2026 trading profit to be slightly ahead of prior year at constant exchange rates. “The structural recovery in our steel markets is becoming increasingly evident, with production growth across most major regions and declining Chinese export pressure supporting market conditions. Our pricing discipline, cost reduction programme and technology-led differentiation continued to support performance during the period. However, performance in our Steel division was constrained by operational issues, across both Flow Control and Advanced Refractories, which prevented us from benefiting from the growth in these key markets in H1,” says CEO Patrick Andre. Adds: “Whilst we remain mindful of the geopolitical uncertainty stemming from the Middle East, we believe the structural recovery in our steel markets is resilient and will continue in the second half and beyond. We anticipate making progress in the second half, despite the operational issues being experienced. Those are being addressed and are expected to be resolved by the end of the year. We expect full-year trading profit to be slightly ahead of trading profit for FY25 on a constant currency basis.” Says the company is “strongly focused on cash management and deleveraging, with working capital intensity improving.”
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Hargreave Hale AIM VCT PLC – venture capital trust investing in AIM-listed stocks in London – NAV per share climbs to 32.37 pence at June 30 from 30.62 pence at March 31. Net asset value total return is 5.7%. “Despite the caution around the UK economy, we continued to see strong trading from within our portfolio. 82% of the updates received in the period were in line or ahead of expectations. The outcome is similar when measured over six months. For domestically focused equities, the quarter was dominated by the evolving expectations surrounding the political and geopolitical landscape. For the most part, the market was risk on and the US-Iran ceasefire allowed AIM to fully recover its March losses by mid-May. June saw a modest consolidation as domestic considerations, a return to hostilities in the Middle East and a pullback in certain US and Asian technology stocks contributed to a more cautious tone. Investor sentiment remains highly event-driven and sensitive to developments both here and abroad. AIM returned [plus] 6.52% in the period,” company says.
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Scottish American Investment Co PLC – investment trust focused on global equities – Net asset value per share rises to 556.1 pence on June 30, up from 536.1p on December 31. NAV total return is 5.6% in the first half, compared or 12.9% for the FTSE all-world benchmark. Says the underperformance reflects its “particular objectives and the managers’ investment style.” Notes market returns are driven by narrow group of AI plays. Declares a second interim dividend of 3.98 pence, up 6.1% from a year ago. “SAINTS as a vehicle is intended to provide real, post inflation returns. Increasing trade barriers and geopolitical uncertainty are likely to lead to stickier inflation, higher rates and shorter economic cycles than we saw in the pre-pandemic era,” says Chair Angus Macpherson, adding: “The managers and board are increasingly focussed on SAINTS resilience in a sustained higher inflation and interest rate environment so it can deliver its objectives for shareholders: real income and capital appreciation.”
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Aberforth Geared Value & Income Trust PLC – Edinburgh-based investment trust – NAV per share climbs to 96.1 pence at June 30 from 99.6 pence a year prior. NAV total return totals 3.9% in year to June 2026. Aberforth Geared Value & Income Trust declares second interim dividend of 3.69 pence per share. Brings total underlying dividends for the year up 5% to 5.25p. 0.85p special dividend of brings total dividend to 6.10p. “In the context of UK smaller companies, domestic-facing businesses were seen as more exposed to altering economic activity. They also had to contend with a further bout of political uncertainty after the local elections brought about another change of Prime Minister. The other defining theme within equity markets over the last twelve months has been ever greater enthusiasm for artificial intelligence. While speculation swirls about which business models will prove vulnerable to AI and companies perceived to be beneficiaries of AI continue to attract disproportionate interest, it is my experience that such conditions rarely endure indefinitely. For value investors, such as Aberforth, this environment has created a fertile ground for investment opportunities. It reinforces my confidence both in the qualities of the attractively valued portfolio, which are outlined in the Managers’ Report, and in AGVIT’s capital structure,” says Chair Angus Lennox.
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Kier Group PLC – Manchester, England-based infrastructure services, construction and property investment – Is appointed as the lead construction partner for the redevelopment of Hinchingbrooke Hospital in Cambridgeshire. The GBP500 million contract is in the first wave of schemes under the NHS Hospital 2.0 Alliance, part of the UK’s New Hospital Programme. “Kier will work in partnership with North West Anglia NHS Foundation Trust, with main works beginning in 2028, and targeted completion in 2032. The project will combine digital innovation, modern methods of construction and close collaboration to improve productivity, quality and certainty of delivery,” Kier says.
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Molten Ventures PLC – technology-focused venture capital firm – Completes of the initial GBP10 million tranche of the share repurchase programme announced on January 28. Begins a further tranche of up to GBP15 million, increasing the maximum aggregate consideration under the programme to GBP75 million. Molten now returned a total of approximately GBP60 million to shareholders through share buybacks since July 2024, representing approximately 8.4% of its issued share capital. The further tranche will commence on July 30.
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By Aidan Lane, Alliance News reporter
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