IP Group Plc H1 Pretax Loss Narrows

IP Group plc (IPO.L) posted a first-half pretax loss of 53.4 million pounds compared to a loss of 309.8 million pounds, last year. Loss per share was 5.20 pence compared to a loss of 29.85 pence. Revenue from services and other income was 3.1 million pounds, flat with prior year.

The Board has declared an interim dividend in respect of the period from 1 January 2023 to 30 June 2023 of 0.51p per ordinary share. The interim dividend will be payable on or around 4 September 2023.

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Smurfit Kappa H1 Profit Down On Weak Volumes

Smurfit Kappa Group plc (SKG.L), a supplier of paper-based packaging, reported Wednesday that its first-half profit before tax fell 14 percent to 659 million euros from last year’s 769 million euros.

Basic earnings per share were 184.0 cents, compared to 221.9 cents in 2022.

EBITDA for the first half was 1.11 billion euros, down 5 percent from last year’s 1.17 billion euros a year ago. On an underlying basis, Group EBITDA was down 3 percent year-on-year, with Europe down 4 percent and the Americas up 3 percent.

Revenue for the first half declined 9 percent to 5.84 billion euros from last year’s 6.39 billion euros. Revenues were 7 percent lower on an underlying basis.

Volumes declined by 6 percent in the first half. Underlying corrugated box volumes were 5.6 percent lower.

Further, the Board has decided to pay an interim dividend of 33.5 cent per share, an increase of 6 percent on the prior year. It is proposed to pay this dividend on October 27 to all ordinary shareholders on the share register at the close of business on September 29.

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Ferrexpo H1 Earnings Fall

Ferrexpo plc (FXPO) an iron ore pellet producer and exporter, on Wednesday reported lower earnings and revenues for the first half of the year, on lower production and realized prices.

Lucio Genovese, Executive Chair commented, “Unfortunately, the war, coupled with the continued closure of the Ukrainian ports mean volumes remain lower than pre-war production levels. Whilst a renewed sense of optimism in Ukraine is noticeable, the situation continues to be challenging.”

Half yearly profit after tax dropped 67 percent to $27 million from $82 million for the same period last year.

Earnings per share decreased 81 percent to 4.5 cents from 13.9 cents of last year.

Operating profit fell 31.8 percent to 107 million pounds from 157 million pounds of the prior year.

Underlying EBITDA also declined 87 percent to $64 million from $486 million of the previous year.

Revenue for the half yearly period dropped 64 percent to $334 million from $936 million for the same period prior year.

On Tuesday, Ferrexpo shares closed at 92.65 pence, up 0.93% on the London Stock Exchange.

CAP-XX Sees Revenue Of A$4 Mln For 2023

CAP-XX Limited (CPX.L), an Australian maker of supercapacitors, said on Wednesday that it expects to post revenue of A$4 million for the 12-month period to June 30, 2023.

For the 12-month period to June 30, 2022, company had registered A$5.557 million in revenue from contracts with customers.

CAP-XX noted that the revenue for the second half was impacted by some orders which were expected to be shipped in June being delayed to the first-quarter of 2024. It further added that its quarterly sales improved throughout the year but at a level slightly lower than expected.

For the year to June 30, adjusted EBITDA is expected to be a negative A$1.2 million, excluding A$2.2 million in exceptional items.

Looking ahead, CAP-XX, said: “…Board looks forward to the 2023-24 financial year with confidence. This expectation is supported by a broadly based increase in orders across the product portfolio and a notable strengthening of the book-to-bill ratio in the past three months.”

The company expects to release its full year results on September 29.

Coca-Cola Europacific, AEV Sign LoI To Buy Coke's Philippines Bottling Business In $1.8 Bln Deal

Coca-Cola Europacific Partners plc or CCEP (CCEP, CCEP.L) announced Wednesday that it has entered into a Letter of Intent to acquire Coca-Cola Co.’s (KO) bottling business in Philippines.

CCEP has teamed with Aboitiz Equity Ventures Inc. for the joint purchase of Coca-Cola Beverages Philippines, Inc. or CCBPI in a $1.8 billion deal, on a debt free cash free basis. The consideration would be paid in cash, which would have a modest impact on CCEP’s leverage.

The firm is in advanced discussions with AEV regarding a potential joint transaction, which may lead to the acquisition of CCBPI from KO, based on a 60:40 ownership structure.

Following the acquisition, the business would be governed by a Board of 5 members, in which three will be appointed by CCEP and two by AEV. CCEP would also appoint the CEO.

The deal is consistent with Coca-Cola’s stated intent to divest bottling operations. CCEP expects the proposed acquisition would position it as the world’s largest Coca-Cola bottler by both revenue and volume.

The deal is subject to a number of conditions, including satisfactory completion of due diligence, among others.

The potential transaction, if entered into, would be expected to close around the end of fiscal 2023.

In the deal, Rothschild & Co are acting as financial adviser to CCEP. Slaughter and May and Villaraza & Angangco are acting as legal counsel to CCEP.

TDK Q1 Profit, Sales Fall; Cuts Annual Outlook

TDK Corp. (TTDKF.PK,TTDKY.PK), a Japanese electronics company, on Wednesday registered a decline in earnings for the first-quarter, amidst a fall in sales and weak demand.

For the three-month period to June 30, the electronic device maker posted a net income attributable to owners of parent of 14.725 billion yen or 38.76 yen per share, compared with 31.413 billion yen or 82.67 yen per share, posted for the same period of previous year.

Pre-tax earnings were at 21.012 billion yen, lesser than last year’s 43.872 billion yen.

Operating profit stood at 26.302 billion yen as against 44.603 billion yen of previous year period.

Sales for the quarter moved down to 503.399 billion yen from 510.504 billion yen of 2022.

Looking ahead, citing lesser than expected sales, the company has revised down its full year guidance.

For the 12-month period to March 31, 2024, TDK now expects its net profit attributable to owners of parent at 105 billion yen against its previous expectation of 147 billion yen.

The company now projects operating income of 150 billion yen, lesser than its previous outlook of 190 billion yen. TDK has also revised down its sales guidance to 1.970 trillion yen from previous expectation of 2.020 trillion yen.

For full year, TDK aims to pay a total dividend of 116 yen per share, which includes an interim dividend of 58 yen per share and a year-end dividend of 58 yen per share.

For the 12-month period to March 31, 2023, the company had paid an Annual dividend of 106 yen per share.