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EARNINGS AND TRADING: Brickability to become BRCK; FIH narrows loss

ALN

The following is a round-up of earnings and trading updates by London-listed companies, issued in the past week and not separately reported by Alliance News:

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Brickability Group PLC - Bridgend, Wales-based construction materials distributor - Pretax profit jumps by 74% to £12.2 million in the six months that ended September 30 from £7.0 million a year before, as revenue rises 4.9% to £347.0 million from £330.9 million. Adjusted earnings before interest, tax, depreciation and amortisation and share-based payments is £28.1 million, up 0.7% from £27.9 million. Both revenue and adjusted Ebitda before share-based payments are in line with the guidance provided by Brickability in October. The company says it is confident in achieving market expectations for the full financial year. It says these are adjusted Ebitda before share-based payments of £52.3 million on revenue of £650 million. It holds its interim dividend at 1.12 pence per share. Brickability also says it will change its name to BRCK Group PLC ‘to reflect the breadth of business activities within the group’, though its individual brands will remain unchanged. BRCK is Brickability’s current ticker symbol, and this will remain unchanged. The name change is planned for January.

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FIH Group PLC - services provider in Falkland Islands and UK, including construction, ferry operation, and art storage - Pretax loss narrows to £2.5 million in the six months that ended September 30 from £6.1 million a year before, despite flat revenue, at £18.9 million compared to £18.2 million. Falkland Islands Co, which is involved in construction, retailing and support services, and Momart, which provides art storage, both suffer a £900,000 underlying pretax loss. This is narrowed from a £6.4 million loss for FIC but swung from a £100,000 profit for Momart. Portsmouth Harbour Ferry records an unchanged £400,000 profit. FIH says the improvement at FIC is due to improved trading for its construction arm, Falkland Building Services. At Momart, a sale and lease back of its warehouse in Leyton, England resulted in a special dividend of 70 pence per share being paid in October. FIH on Wednesday maintains its interim dividend at 1.25 pence, saying this reflects its ‘longer-term trading outlook’.

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Westmount Energy Ltd - oil exploration and production in Falkland Islands, Guyana, Namibia and South Africa - Pretax loss narrows to £551,794 in the financial year that ended June 30 from £745,000 the year before. Westmount has no revenue and administrative expenses are steady, but net fair value losses on financial assets narrows to £295,478 from £491,941. Westmount has £281,000 in cash, £153,000 in securities, and no debt as of June 30. ‘While the longer-term outlook for the E&P sector continues to be positive the near-term picture with respect to supply and demand balance is uncertain,’ Westmount comments, saying recent half year was a ‘challenging period’.

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Parkmead Group PLC - gas projects in the Netherlands and renewable energy projects in the UK - Pretax profit multiplies to £7.5 million in the financial year that ended June 30 from £1.1 million a year before, despite revenue falling by 29% to £4.1 million from £5.7 million. Parkmead books a £11.8 million gain on the sale of its UK North Sea assets, compared to a £2,000 loss on the sale of assets the year before, resulting in the profit jump. Parkmead says it continues to progress organic growth initiatives, as well as look for opportunities to build its asset base through acquisition. The company has cash reserves of £13.2 million as of June 30, up from £9.5 million a year before. It also has potential for up to £120 million in contingent payments from the North Sea disposal, depending on field development plan approvals. ‘Parkmead is now very well placed to exploit new growth opportunities during the next phase of the company’s development, as we look to build value from renewable energies and natural gas,’ says Executive Chair Tom Cross.

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