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Weak Pound Is Not A Crutch For Weak Management
Experian EXPN produced revenue growth of 6% in the quarter to the 30th June. On an organic basis the growth was 4% and for business to business on an organic basis it was a sturdy 7%. But Experian is yet another company producing appalling figures for the UK which suffers more and more from the devastation wreaked on the country by politicians who regard a weak currency as the greatest benefit they can give to the nation and deliberately pursue policies aimed at destroying the value of the pound. Revenue in the UK & Ireland fell by 13% during t he quarter and even at constant exchange rates there was a decline of 3%.
Royal Mail RMG CEO Moya Green believes that a 1% revenue rise in the three months to the 25th June can fairly be described as “another strong performance” in GLS. Total letter revenue fell by 4% but she remains silent as to whether that is weak or strong. Parcels did better with revenue up by 3% on volume up by 5%. Star performer was Royal Mail Tracked Services with growth of 39%. Despite miserable figures in some areas, she claims that the overall trading performance for the quarter was good.
Dairy Crest DCG Volume sales for Dairy Crests four key brands in the quarter to 30th June are 7% ahead of last year, Cathedral City leading the way with a rise of 15%. There is a cloud on the horizon in the form of increased input costs, which have increased substantially for the butter business and led to a reduction in the promotion of Country Life in order to try and save money. Overall however trading for the quarter has been in line with expectations.
Ideagen plc IDEA is increasing its final dividend to 0.142p per share making a total increase for the year of 15%. Revenue for the year to 30th June rose by 24%, profit before tax by 22% and underlying organic growth by 10%. Trading since the year end has been robust with strong demand from new customers.
Alliance Pharma plc APH Sales in the six months to the end of June grew by 8% with help from a weak pound adding £2.6m part of which was offset by higher import costs. The cp,[any’s international growth brands have been successful with sales growth of 50% or more.
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Flybe Full of Grumbles
Flybe FLYB The airline industry is in for a rough time if Flybe’s grumbles are anything to go by. On the other hand reading todays update for the quarter to the end of March does read a bit like a management clutching at straws. It claims to have suffered from airline overcapacity, coupled with weak demand in an uncertain consumer environment and price competition from railways. to counter these problems it has reduced its year on year seat capacity growth to 10%. Passenger revenue rose by 9.8% compared to 13.5% for quarter 3. The fleet will be reduced by the return of all 6 end of lease aircraft in the second half of the financial year. Summer trading is in line with expectations.
Alliance Pharma APH The integration of 27 products acquired in December 2015 from Sinclair Pharma has been completed without a hitch, effectively doubling the size of APH. Confirmation is provided by the results fore the year to 31st December which saw revenue and EBITDA both grow by 102%, with pre tax profit following suite at 103%. The final dividend is increased by 10% making the total rise for the year, also 10%. APH’s philosophy, with its “can do” approach, is to become the rising star of European specialty pharma. The directors intend to maintain a progressive dividend policy.
TUI Ag TUI expects at least 10% growth in underlying EBITA for the current financial year. Winter revenue rose by 9% and customer numbers were up by 5%, with 97% of the winter programme sold. 48% of the summer programme has been sold so far, with revenue also up by 9% and customers by 4%
Johnston Press JPR saw sign of an improving trend emerge in quarter 4 which has continued into the new financial year, with a rise in the circulation figures of its key titles. for the year to the end of December adjusted revenue fell by 6% but with quarter 4 showing a rise of 1%, as the sector continued to suffer from revenue volatility and structural change. 2015’s statutory like for like profit before tax of £2.2m was turned into a loss of £300m for 2016 and basic earnings per share fell from 10p to a loss of 234p per share.
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Cello Is a Bowed String Instrument And Not A Fiddle
Alliance Pharma APH has more than doubled revenue and pre tax profits in the 6 months to the 30th June and is increasing the interim dividend by by 10%. Revenue rose by 104% including sales of ex Sinclair products whilst profit before tax rose by 113% and basic earnings per share by 25%. The share price has been showing some signs of strength since the end of June with a rise from 42p to 51p, approaching its previous all time high of 60p.
Advanced Medical Solutions AMS claims to be in robust health, with strong financial growth for the half year to 30th June. LiquiBand continues to perform strongly in the US, producing a rise in revenue of 83% and further gains in market share.The interim dividend is being increased by 20% after a rise in revenue of 20% and a 13% rise in profit before tax. revenue has been helped by currency fluctuations. The share price as grown almost without interruption from 55p at the start of 2013, to its present 227p.
Dunelm DNLM Put in a strong performance for the year to 27th June and continuing a record of ever increasing sales and profits over the last 10 years. The final dividend is to be increased by 19.1% bringing full year dividends to 25.1p, a rise of 16.7%, in addition to which there has been a special distribution of 31.5p per share.Profit before tax rose by 6.2%, basic earnings per share by 7.4% and revenues by 7.1%.
Galliford Try GFRD produced another set of record results for the year to 30th June, but being a housebuilder, that is expected. Profit before tax rose by 18% and the full year dividend payments are up by 21%. Linden Homes saw completions rise from 2769 to 3078 which I make out to be a rise of 11% but revenue was up by only 8%. Housebuilders do not give discounts, not yet at least but did the odd incentive become necessary during the course of the year?
Cello CLL is increasing its interim dividend by 19% following a statutory loss of £0.8m and a statutory basic loss of 1.8p per share, for the 6 months to 30th June. Last year it made a first half profit of £1.9m so this year has seen quite a turn round. Obviously the board must have put its thinking cap on as to how to justify the dividend hike and to do so it came up with a new formula. As from now dividends will be equal to 40% of headline earnings per share, that being one of the few statistics showing a positive outcome, even if at 3.54p they were lower than last years 3.61p. Nice for the shareholders, anyway. And to make sure that no one is confused with the half year results, the company makes it clear that “Headline operating margin is defined as headline operating profit as a percentage of segmental gross profit“. Can’t get fairer than that, can it?
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Quoted Micro 9 November 2015
ISDX
Leni Gas Cuba Ltd (CUBA) joined ISDX on 2 November and its shares went to a sharp discount to the 5p a share offer price. The share price ended the week at 1.875p (1.5p/2/25p), which values Leni Gas Cuba at £9.3m, which is still more than double the pro forma net asset value of the company. There have been 2.3 million shares traded at prices ranging from 1.25p to 2.5p. Most of the cash that has been raised by the company was at 2p a share but the majority of shares in issue at the end of July 2015 were issued at 0.01p a share. Leni Gas Cuba has set up a joint venture trading company with Cuba-focused Groombridge Trading Corporation, which is a Canadian company with approvals to trade in Cuba.
Chapel Down (CDGP) brewing subsidiary Curious Brew has raised £790.500 in its crowdfunding offer via Seedrs.com. This is more than double the level a fortnight ago. The minimum investment is £1m and the maximum is £3.65m and the offer closes in 112 days. Meanwhile, the wine maker has reported its second largest harvest, following last year’s record harvest. Chapel Down is holding a general meeting to get permission to issue a new type of share. The growth shares will be issued to management and will only have value if the Chapel Down share price exceeds 33.6p. The management will each receive £2,000 of ordinary shares in returning for giving up redundancy and other employment rights. There will be a total of just over 18.1 million growth shares. If the share price reaches 60p then the board says that the growth shares would have a value equivalent to 14% of the market capitalisation of Chapel Down, which is £32.8m at 32.5p (31p/34p) a share.
Capital for Colleagues (CFCP) is investing £200,000 in Cotswold Valves Ltd, a Stroud-based supplier of specialist valves for the process industries. This will give the employee owned businesses investor a 49% stake in Cotswold Valves, while the cash has been used to provide the company’s employee ownership trust with the funds to acquire the other 51% from the retiring owner. Capital for Colleagues has also made a further loan of £75,000 to The Homebuilding Centre.
Via Developments (VIA1) joined ISDX on 5 November having issued £530,000 7% debenture stock 2020. The Manchester-based residential property development funder is raising up to £3.5m.
Western Selection (WSE) has acquired 600,000 shares in AIM-quoted Northbridge Industrial Services (NBI), taking its stake to 13.6%. Western Selection director David Marshall is a non- executive director of the electrical testing and oil equipment rental business and along with chief executive Eric Hook and chairman Peter Harris a total of 4.6% of the share capital was acquired. Investec halved its stake to 3.74%. Although the share price has recovered since these purchases, it is still well below the peak of just over 600p less than 15 months ago. The share price was more than 300p six months ago. Northbridge depends on demand from the oil and gas sector and it has slumped into loss this year. Reduced need for capital investment and working capital means that net debt could be halved to £9m in the two years to the end of 2016 despite reported losses and the expected final dividend of 1p a share. Banking covenants are being renegotiated. At 91p a share, Northbridge is trading at a discount to its net tangible assets of around one-quarter.
AIM
Transportation software and services supplier Tracsis (TRCS) has reported another set of better than expected full year results. The underlying profit for the year to July 2015 improved from £5m to £5.8m. The total dividend was increased from 0.8p a share to 1p a share. As expected, the revenues from remote condition monitoring equipment fell sharply due to ordering patterns. This was made up for by a full year contribution from software company Datasys and organic growth. There was net cash of £13.3m at the end of July 2015, with just over £2m of this spent on two subsequent acquisitions. SEP provides event parking and management services and fits into the traffic and data division. Mobile analytics provider Citi Logik, where Tracsis acquired a 29% stake, analyses the interaction of people and transport via the Vodafone network. WH Ireland forecasts a 2015-16 profit of £6.2m but history shows that the final outcome should be better than that, particularly if the remote condition monitoring orders pick up faster than forecast. The shares are trading on 24 times prospective earnings.
Document storage services provider Restore (RST) is paying £55.7m for Wincanton’s records management business and this will consolidate the AIM company’s number two position in the sector. The purchase will be financed by a £34m placing at 260p a share and new debt facilities, which total £80m. Wincanton Records Management has operations in the UK and Ireland and the occupancy level of its premises is 71%. In the year to March 2015, the business made a pre-central charges operating profit of £4.9m on revenues of £22.4m. Last year, Restore’s document management division made an operating profit of £11.5m on revenues of £37.4m.
Alliance Pharma (APH) has agreed compensation of £6.7m in settlement of its claims against Sanofi following the suspension of manufacturing of bladder cancer treatment ImmuCyst in the middle of 2012. Alliance hopes to recommence selling ImmuCyst in the UK before the end of this year but there could be supply constraints. Net debt was £26.5m at the end of June 2015.
Premature ejaculation treatment developer Plethora Solutions (PLE) has agreed in principal to an all share bid from Hong Kong listed Regent Pacific. Regent is offering 15.7076 shares for each Plethora share, which on 3 November valued Plethora at £102.9m or 12.5p a share. Regent already owns 29.9% of Plethora and it will be able to provide the finance to help commercialise the PSD502 premature ejaculation treatment.
NWF (NWF) has boosted its fuels division through the acquisition of Staffordshire Fuels, which will increase its annual fuels volume by 8%. The business was established in 1996 and sells 32 million litres a year under the Jet brand.
EKF Diagnostics (EKF), which recently ended talks with potential bidders, says that it will not have to pay any earn out for molecular diagnostics business Selah Genomics. EKF paid an initial $32m (£19.2m) when the return of the shares in escrow is taken into account. The total cost was going to be up to $70.6m (£42.3m).
Magnolia Petroleum (MAGP) says that Continental Resources is drilling 10 wells on the Woodford formation in Oklahoma. Magnolia has a 0.525% working interest in each of these wells. Five will be drilled in November and the rest next March. Gas is being targeted. Magnolia has proven reserves independently valued at $21m and these reserves are still profitable at the current oil price. Magnolia’s share of the production of the wells it is interested in is running at 309 barrels of oil equivalent per day.
MAIN MARKET
CIC Gold Group Ltd (CICG) has announced the potential acquisition of Gobi Minerals Ltd for £5.6m in shares at 2p each but it depends on a share issue raising sufficient cash for the deal to go ahead. Trading in the shares was suspended at 1.4p a share. Due diligence still needs to be completed on the acquisition. Gobi owns 100% of the mineral title to the Tsagaan Suvarga gold and copper prospect in the South Gobi region of Mongolia. There is no proven resource in this mineral interest so the valuation appears high but it is hard to judge without further information. HE Barsbold Ulambayar will be appointed as chief operating officer.
Commercial aircraft leasing company Avation (AVAP) is acquiring an eight year old Boeing 737 operated by a major Chinese airline. The remaining leases term is 5.5 years. This is the first Boeing aircraft acquired by Avation and it takes the number of aircraft owned to 34. .
Electronics designer and distributor Acal (ACL) has acquired magnetic components Flux AS for £3.7m. Flux will broaden the product range and provide an additional customer base. Next year’s profit forecast has been edged up slightly to 18.6p a share.