EARNINGS: Sanderson swings to profit; Keystone Law revenue climbs
The following is a round-up of earnings for London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Sanderson Design Group PLC - London-based interior design and furnishings group - Sanderson swings to a pretax profit of £3.1 million in the year to January 31, from a £13.9 million loss the year prior. Revenue, however, falls 1.0% to £99.5 million from £100.4 million. Sanderson’s bottom line was hit by a £16.3 million impairment of intangible assets in financial 2025. ‘We retain a high degree of confidence in our brands, products, people and strategy, and concluded the year with good trading momentum. Proactive management actions delivered meaningful improvements: the cost base has materially reduced over the last three years which, alongside strategic progress, provides us with the agility and ability to better adapt to market conditions as they evolve,’ Chief Executive Officer Lisa Montague says. Sanderson holds its dividend at 1.5 pence per share.
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Keystone Law Group PLC - London-based law firm - Pretax profit in the year to January 31 surges 26% to £14.7 million from £11.7 million the year prior, with revenue up 18% to £115.2 million from £97.7 million. It hails an ‘excellent operational and financial performance with strong client demand across the business’. It says it has made a ‘positive start’ to the new financial year, and expects adjusted pretax profit ahead of market expectations of £13.6 million. Adjusted pretax profit in financial 2026 rose 21% to £15.3 million. Keystone Law lifts its final dividend to 17.2 pence per share from 14.0p, bringing the total dividend to 24.7p, up from 20.2p.
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Northcoders Group PLC - Manchester-based software coding training provider - Swings to pretax loss of £2.9 million in 2025, from profit of £388,864 in 2024. Revenue decreases to £4.9 million from £8.8 million. Northcoders says it has made a ‘strong start’ to 2026. ‘The group has over £4.0 million of pipeline deals at multiple stages with actively engaged prospects, covering both current and new clients, providing further confidence,’ Northcoders says.
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Skillcast Group PLC - London-based digital compliance content and technology provider - Pretax profit in the year to December 31 surges to £1.6 million from £548,639 a year prior. Revenue rises 16% to £15.3 million from £13.2 million. Skillcast raises its dividend per share by 20% to 0.620 pence from 0.517p. Annualised recurring revenue was 19% higher in 2025, easing from 2024’s 25%. ‘ARR has continued to grow strongly in 2026, supported by new customer wins, resilient net retention and disciplined pricing. Growth rates have moderated to around 15% due to slower decision-making as a result of the global uncertainty, particularly among larger clients. We continue to attract many new logos and grow our pipeline. Net retention has remained above 100%, with slightly lower-than-expected churn and downsell offset by similarly lower upsells,’ Skillcast says.
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SpaceandPeople PLC - Glasgow, Scotland-based promotional and short-term retail space provider - Pretax profit in 2025 more than doubles to £491,000 from £225,000 in 2024, as revenue improves 20% to £8.0 million from £6.7 million. ‘The last year has seen a strong financial performance by the group, with significant revenue and profit growth in all areas and, importantly, the full repayment of all bank borrowings incurred during Covid-19 period. The group has continued to make progress against its strategic objectives, including product development and European expansion, although further progress remains to be delivered. These areas will remain a key focus in 2026,’ SpaceandPeople adds. SpaceandPeople says has ‘previously noted its intention to return to dividend payments at a suitably prudent time’. It adds: ‘This is not expected in the near term and will remain dependent on the continued delivery of strong and consistent financial performance.’
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Solvonis Therapeutics PLC - London-based biopharmaceutical company, focused on central nervous system disorders - Pretax loss in 2025 widens to £5.7 million from £1.4 million, as administrative expenses more than double to £3.0 million from £1.2 million. Solvonis also reports a £2.3 million impairment. It reports no revenue in either year. ‘Solvonis now enters its next phase with a transformed portfolio, a clinically grounded Phase 3 lead asset, a meaningful US opportunity and an emerging proprietary pipeline across addiction and psychiatry,’ CEO Anthony Tennyson says.
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North Atlantic Smaller Cos Investment Trust PLC - backs smaller companies largely based ‘in countries bordering the North Atlantic Ocean’ - Net asset value per share at January 31 year end rises to 555.4 pence per share from 539.7p the year prior. ‘I remain cautiously optimistic that the coming year may yet produce further progress - despite the broader economic weather,’ Chair Charles Wake says.
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Chapel Down Group PLC - Kent, England-based still and sparkling winemaker - Chapel Down swings to a £469,000 pretax profit in 2025, from a loss of £1.4 million in 2024. Net sales revenue rises 19% to £19.4 million from £16.4 million. The firm has made a ‘strong start’ to 2026. It is ‘trading well ahead of the same period in the prior year across all key channels’. ‘The board has taken the decision to increase discretionary investment into marketing initiatives that will strengthen the brand, capture further market share and reinforce gross margin,’ it adds. Marketing spend as a percentage of revenue is expected to climb to between 13.5% and 14.5% for 2026, from 11% in 2025. It adds: ‘Whilst we are not seeing any immediate impact on trading from the Middle East war (our proportion of sales in that region is small, and UK Easter activity generated sales in line with management expectations) we remain alert to the impact that a rise in fuel and energy costs might have on consumer confidence and disposable income levels, as well as on input costs for our viticulture and winemaking operations.’ Chapel Down expects 2026 results in line with market expectations, which it puts at £22.1 million for net sales revenue and £3.7 million for adjusted earnings before interest, tax, depreciation and amortisation, excluding fair value adjustments related to biological produce. That would represent a flat outcome from £3.7 million for 2025. Its adjusted Ebitda last year was 25% higher from £3.0 million in 2024.
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Warpaint London PLC - Buckinghamshire, England-based colour cosmetics supplier - Pretax profit in 2025 falls 24% to £18.1 million from £23.8 million but revenue rises 3.4% to £105.1 million from £101.6 million. Administrative expenses increase to £29.8 million from £17.9 million. ‘The difficult trading environment experienced in 2025 has continued into the current year, but I believe that Warpaint is making the right decisions to sustain long term growth,’ Chair Clive Garston says. ‘Whilst the board is mindful of the continuing global macroeconomic uncertainty and continued subdued consumer confidence in many parts of the world, we expect the group performance to improve in 2026, particularly in the second half.’
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Orosur Mining Inc - South America-focused minerals explorer and developer - Net loss in nine months to February 28 amounts to $6.6 million, swinging from profit of $1.1 million. No revenue is reported in either period.
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Nostrum Oil & Gas PLC - operates gas processing facilities and export hub in north-west Kazakhstan - Pretax loss in 2025 widens to $79.9 million from $47.4 million in 2024. Revenue falls 14% to $118.0 million from $137.1 million. CEO Viktor Gladun says: ‘2025 was a year of changes and transformation for Nostrum amid challenging macroeconomic environment.’ Nostrum says average daily processed volumes climbed 23% to 24,431 barrels of oil equivalent per day, from 19,831.
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