Unigel Group PLC Trading Update (1569B)
30 Settembre 2022 - 8:00AM
UK Regulatory
TIDMUNX
RNS Number : 1569B
Unigel Group PLC
30 September 2022
Unigel Group plc
(the "Group")
Trading Update
Unigel Group plc (AQSE: UNX), the manufacturer and distributor
of materials used in the manufacture of telecommunication fibre
optic cables, is pleased to provide the following trading update
for the six month period ended 30 June 2022.
As set out in the Group's admission document dated 19 August
2022, the restructuring of the Group only occurred after the
interim period end. As a result, the Group is providing a trading
update rather than a full set of interim results. The financial
data included in this announcement has been prepared using
accounting standards consistent with the Group's annual financial
report, is unaudited, and has been extracted from the Group's
management accounts.
Financial performance
Group revenue, all relating to continuing operations, was
GBP17.9 million and the profit before tax was GBP0.94 million for
the six month period ended 30 June 2022. This represents an
increase of 87% and 94% respectively over the corresponding six
months of 2021.
Operating businesses
Unigel (UK) Limited ("Unigel"), in which the Group has a 60.0%
holding, formulates, manufactures, and markets thixotropic gels
primarily to the fibre optic cable industry. In addition, it also
makes specialty gel products for the construction, green energy,
and high voltage transmission apparatus markets. Unigel achieved
revenue of GBP8.4 million with a profit before tax of GBP0.56
million for the six month period ended 30 June 2022 (30 June 2021:
GBP6.5 million and GBP0.24 million respectively). Revenue increased
by 29% over the corresponding six months of 2021.
Unitape Limited ("Unitape"), a wholly owned subsidiary of the
Group, is one of the largest domestic manufacturers and suppliers
of laminated steel tapes to the fibre optic cable industry in North
America. Unitape achieved revenue of GBP9.5 million with a profit
before tax of GBP0.38 million for the six month period to 30 June
2022 (30 June 2021: GBP3.1 million and GBP0.24 million
respectively). Revenue increased by 200% over the corresponding six
months of 2021.
The Directors are pleased with the growth achieved in the first
half of 2022 which arose from a combination of higher selling
prices, new product introduction and new customer acquisition.
Management continue to optimise the manufacturing capability of the
Group and continue to improve its product range through its
in-house research and development team.
The majority of the Group income is derived in foreign
currencies. The Group continues to monitor the volatility of
exchange rates closely and will take steps to mitigate the effect
of any fluctuations.
Group net assets
The Group had net assets as at 30 June 2022 of GBP3.7 million of
which GBP0.65 million was cash. These figures do not include the
GBP0.82 million cash raised (gross) in the subscription as part of
the Group's admission to trading on the AQSE Growth Market.
Current trading
The Group expects overall trading to be robust in the second
half of the year allowing for seasonal variations within the
respective geographical regions in which its customers are located.
Material prices have been high in the first half of the year and
are expected to reduce marginally in the second half of 2022,
therefore we will continue to operate with flexible pricing
strategies. Logistical challenges which continued post COVID-19 are
expected to ease and the price level is expected to return towards
a pre-pandemic level in the medium term. Leveraging on its three
manufacturing sites, across three different continents, the Group
has worked hard to put its customers first and to continue to
provide delivery of its products to its customers in 43
countries.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
Unigel Group plc
Eric Chhoa +81 7022 613 812
Gary Revel-Chion +44 (0) 1273 612 122
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
James Lewis +44 (0) 20 7213 0880
Jo Turner
Ludovico Lazzaretti
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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