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Ian Pollard – AA lifted by potholes & exceptional weather
AA plc AA claims it is well positioned to return to growth from 2019 and that a revenue rise .of 2% reflects a solid performance especially in what it calls “roadside.”. The real reason for roadsides strength was exceptional weather conditions for which even the AA dare not claim credit, as it benefited from extreme cold and snow in February and March to the hottest summer in recent memory. The severe winter created a pothole ‘epidemic’ and led to a 15 year high in the number of breakdowns it serviced. Despite the support of the weather gods, profit before tax for the six month to the 31st July collapsed by 65% and basic earnings per share by 64%, a financial performance which the company claims was in line with expectations.Hopefully management will be able ensure that 2019 return to growth, actually happens, irrespective of the weather.
SSP Group SSPG updates that for the period from the 1st July to the 30th September like for like sales continuing at the same level as in quarter three. Full year like for like sales grwoth is expected to be unchanged at between 2% and 3%.
PZ Cussons PZC updates that Europe and Asia are continuing to perform well, whilst improvement in Africa will largely be dependent on the macro environment in Nigeria during the remainder of the year. The UK Washing and Bathing Division is enjoying good growth in its three main brands.
Futura Medical FUM has made excellent progress in the six months to the 30th June, at least according the CEO, as last years first half net loss of £1.6 grew to 1.95m. The first patient dosing of MED2002 the company’s breakthrough erectyle disfunction gel, is expected next month in the first Phase 3 trial in Europe. The company is excited about this No comment is made about the patient’s state of mind. aa
Boohoo Group plc BOO produced another strong performance in the six months to the 31st August and delivered record sales and profits. Sales jumped by 50%, profit before tax rose by 22% and adjusted EBITDA by 43%. Sales growth of at least 25% per annum is forecast for the medium term. For the full year to the 28th February 2019 revenue growth is expected to be 38% to 43%, up from previous guidance of 35% to 40%.
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JD Sports On Track For More Records
JD Sports (JD.) has produced yet another record set of half year results, with strong growth in the six months to 29th July producing a 41% rise in revenue. Profit before tax was up by 33% and the interim dividend is to be increased by 4%. Sales in the second half have continued at the same level and it is anticipated that year end figures will be towards the upper end of market expectations.
1PM plc OPM The year to 31st May was one of strong organic and strategic growth, continuing the trend of recent years. Revenue rose by 35% and profit before tax and exceptionals by 17%. Basic earnings per share were up by 4%. Robust levels of demand were experienced in all the company’s trading subsidiaries. A proposed dividend of 5% is proposed on the 83.8m shares currently issued compared to last years 52.5m.
Ashtead Group AHT produced another strong set of results for the first quarter to 31st July with revenue at constant exchange rates rising by 17% and both profit before tax and earnings per share by 21%.
Futura Medical FUM claims that excellent progress was made with MED 2002 in the first half of 2017 and a phase III study is now expected to start in the first half of 2018. Discussions with potential licensees have have already started. CSD500 has been successfully launched in the Middle East. First half losses fell from £1.89m to £1.5m as R&D expenditure on MED2002 was reduced.
AA plc (AA.) has admitted that yesterdays speculation was correct and that in early summer it did have preliminary discussions with Hastings about combining its insurance business with that of Hastings.
Tasty plc TAST experienced a weak trading environment in the 6 months to the 2nd July, with pressure on sales and margins forcing it to to take decisive action to improve its position. Despite an 11.8% rise in half year revenue, like for like sales actually declined and profit before tax slumped from £1,615,000 in 2016 to just £210,000. Challenging conditions, it claims, have been recognised, under performing sites have been identified, some are in the process of being disposed of and others placed on the market.
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