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Ian Pollard – Countryside Properties #CSP – building cost inflation moderates in London
Countryside Properties plc CSP enjoyed robust trading during the firt half year to the 31st March., in addition to which there was growth from acquisitions. Total pricate completions rose by 15% with the total average selling price falling by 11% to £392,000. Housebulding completions rose by 7% with the average selling price remaining flat. The company claims that private forward bookings were strong with a fall from £347m. to £327m. Current trading is described as robust and building cost inflation has moderated particularly in London and the south east.
Bunzl plc BNZL Since the 31st December revenue at constant exchange rates has risen by 14%, with underlying growth of 6% and an impact of 8% from acquisitions. Underlying growth is expected to return to more normal levels for the reminder of the year. In March two further acquisitions have been completed, one in the US which produced revenue of $50m in 2017 and the second in the Netherlands which produced 6m. Euro in 2017.
Mediclinic Intnl plc MDC Results for th year to the 31st Mach are expected to be marginally ahead of expectations following a significant second half improvement from the Middle East division, which is now entering an expansionary phase. This is expected to produce a srong increase in revenue and margins over time. In Southern Africa revenue growth of 5% is anticipated which is ahead of expectations.
Moneysupermarket.com Group MONY produced total revenue growth of 4% for the quarter to the end of March, in line with expectations and led by Home Services with a rise of 15%. The group anticipates meeting current market expectations for the full year.
AnimalCare Group plc ANCR Revenues to the 31st December will be slightly ahead of management expectations whilst sales growth during the current financial year is expected to be stronger, with underlying EBITDA, net earnings and earnings per share all expected to maintain at least double digit growth
Segro plc SGRO made a strong start to 2018 with a record level of new headline rent delivered for the quarter from the 1st January to the 17th April. Last year the first quarter figure was £16.3m.. This year the figure shot up to £27m.
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Ian Pollard – Dixons Carphone will keep twitching its antenna
Dixons Carphone plc DC claims that its international businesses had a “terrific” Xmas but as is so often the sad story of late, the UK lagged far behind. In the 10 weeks to the 6th January, the star of the show was Greece with a like for like sales rise of 23%, followed by the Nordics with 11%. The UK and Ireland came last with a 3% rise compared to 6% for the company as whole. Looking forward management asserts that it is keeping its antenna twitching.
Computacenter CCC describes 2017 as a year of great progress and it is now anticipated that adjusted pre tax results will be ahead of the Boards expectations, which have already been upgraded on a number of occasions during the year.Group revenue rose by 12% on a constant currency basis but the UK produced the best quarter 4 growth seen for a number of years, with a rise of 16% just ahead of the Germans with 15% and France with 13%.
AnimalCare Group ANCR Revenue for the year to 31st December was slightly ahead of expectations with a revenue rise of 9.5%, 10.9% on a like for like basis. The integration with Ecuphar which was acquired in July is going well.
Strix Group KETL maintained its clear market leading position during 2017 with a global volume share of some 39%. Results for the year to 31st December are expected to be in line but particularly strong cash flow should produce a significantly improved net debt performance.
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Corporate news review Tuesday 26th September 2017
AA Plc AA. Reports a robust H1 for Roadside and Insurance. Trading EBITDA rose 1% to £193m reflecting gains in insurance broking as well as reduced Head Office costs. Chairman John Leach said the Board “is very pleased that Simon Breakwell has agreed to take the role of CEO on a permanent basis”
Animalcare Group ANCR says pre-merger trading for 12 months ended 30th June 2017 was in line with the Board’s and market expectations. Total revenues were up 7.9% at £15.87m, underlying operating profits grew 11.8% to £3.57m. The enlarged group is confident in prospects for growth and expectations for earnings accretion in 2018 and beyond.
Barr (A.G.) BAG says interim revenues grew 8.8% to £136.6m, while PBT fell to £19.4m (2016 : £21.1m) including an exceptional credit of £1.9m. Free cash flow of £20m has resulted in a net cash position of £7.9m (2016 : net debt (£6.6m) and an 5% hike in the interim dividend has been declared. The Company remains on course to meet the FY expectations.
Ebiquity EBQ reports a 5.6% rise in total revenue to £44.6m, and underlying PBT down 21.8% to £6.2m, in line with market expectations and implementation of growth acceleration plan. Underlying operating cashflow conversion increased significantly to 89.2%, while net debt decreased as expected by £1.8m to £26.3m. EBQ remains on track to meet FY expectations.
Netcall NET reports a significant increase in mix of cloud services contracts, with an order book of contracted future minimum revenues up 13% to £17m. Annualised recurring core revenues increased by 8% to £11.8m, while adjusted EBITDA increased 1% to £4.49m. A final dividend of 1.16p is proposed, an increase of 5%.
Thomas Cook TCG publishes a pre-close trading update, and says summer 2017 is closing out as expected, with FY underlying EBIT outlook unchanged. Overall Group bookings remain in line with expectations, up 11% compared to this time last year, with average selling prices up 1%.
Transense Technology TRT reports FY revenues steady at £2m (2016: £2.08m), and pre tax losses from continuing operations of £2.16m (2016: Pre tax profit of £1.59m, adjusted pre tax loss of £1.17m). Executive Chairman David Ford, said: “The forward looking cash flow based on the anticipated level of activity indicates that the Group should have sufficient funds available for the short to medium term”
United Utilities UU. says FY revenue is expected to be just under 3% higher than the first half of last year, reflecting regulatory revenue changes, partly offset by the accounting impact of Water Plus business retail joint venture, which completed on 1 June 2016. Underlying H1 operating profit for 2017/18 is expected to be higher than the first half of 2016/17
Animalcare grows as Blur Group burns cash
Animalcare Group ANCR – Enters into a conditional share purchase agreement to acquire the entire issued share capital of European animal health company Ecuphar NV. The consideration for the Acquisition is structured on a consolidated Animalcare/Ecuphar Enlarged Issued Share Capital ratio of 37:63 (after taking into account dilution from certain Animalcare incentive arrangements), and will be satisfied through the issue of shares & cash to the Ecuphar vendors. The cash component will be satisfied in part through a placing of approximately 8.6m new shares (representing approx 40.4% of the existing share capital) to raise gross proceeds of not less than £30m, with the balance (of £4m) to be funded by existing cash held by the Group. The number of shares to be issued to the vendors of Ecuphar, will be determined following completion of the placing.
Blur Group BLUR – Continues to burn cash in its update today, cash balances at 31 May of $1.14m. Trading since 31 Dec 2016 has been in line with expectations, with finals from Blur due on 29 June 2017. As a result of the current cash balances, the company are sounding out new and existing potential cornerstone investors and evaluating alternative sources of near-term funding, which may or may not be forthcoming, within the next three to six weeks. If alternative sources of financing are not available the board would be required to take action to protect the interests of creditors and which could result in the value attributable to shareholders being severely reduced or becoming nil.
Trinity Exploration TRIN – Following the difficulties of 2015 and 2016, Trinity now has a clear strategic focus going forward, which is to grow reserves and production to maximise the cash flow from our assets while achieving a market value that is more reflective of underlying assets and business. Production has declined significantly from average levels of 3,600 barrels of oil per day in 2014 to current levels of approximately 2,500 bopd due to a lack of investment. The funding required to stabilise operations and recommence value extraction from the asset base was received in January, the primary focus during H1 has been to initiate essential maintenance and upgrades to infrastructure and to sustain base production levels whilst undertaking parallel planning activities to grow production across the portfolio from a range of; workovers, swabbing, re-activations, re-completions and new infill drilling.
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Hargreaves Services; Profits Down 75%, Divi Up 58%
Hargreaves Services HSP warned in December that the half time figures would be bad and they are. Although like for like revenue for the 6 months to 30th November fell by only 2.2%, like for like profit before tax was down by 75% and underlying diluted earnings per share by 95.7%. As is usual in these circumstances the Board decided that it would be wise to look after the shareholders and they have certainly done that with a rise in the interim dividend of of 58.8%. The share price has been strong since the end of October having risen by a maximum of 40%.
The Chairman says it is pleasing to see how much progress has been achieved in meeting the targets which the company set itself a year ago.
NEX Group NXG benefited substantially in quarter 3 from the high volatility and increase in trading activity which followed Trump’s election success. On the day after Trump’s victory BrokerTec enjoyed its second highest volume day on record. Average daily volume for quarter 3 in IS and EU repos rose by 8% and 11% respectively. Volatility in the dollar/yen saw average daily volume surge by 23%.
Group like for like 3rd quarter revenue rose by 11% on a constant currency basis but the arrival of the new year saw volumes become much more muted and NEX admits that it is too early to say that previous long term subdued market conditions have come to a permanent end.
Tracsis TRCS Group revenue for the half year to 31st January rose from £13.1m. to £15.5m. and both EBITDA and adjusted pre tax profit are expected to be slightly ahead. The second half should prove to be significantly stronger than the first half and full year revenue and profit are expected to be in line.
Animalcare Group ANCR reports a very strong first half, ahead of the boards expectations and the interim dividend is to be increased by 11.1%. Revenue for the 6 months to the 31st December rose by 12%. Reported operating profit was up by 23.5% and basic earnings per share by 23%. Exports led the way with export revenue rising by 37.7%
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Alan Green discusses Barclays (BARC) & Animalcare Grp (ANCR) on the ADVFN podcast
Alan Green discusses Barclays (BARC) & Animalcare Group (ANCR) with Justin Waite on the ADVFN podcast.
Click here to listen to the podcast.