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Corporate news review Friday 13th October 2017
Angus Energy ANGS says it has successfully completed the drilling of the Lidsey-X2 production well. Angus will produce from a “net oil pay” section of 443 metres from the Great Oolite limestone reservoir. MD Paul Vonk said he was “encouraged the site offers further scope for development.”
Ashmore Group ASHM updates on trading for Q1 and says AuM increased by $6.3bn while gross redemptions continued to fall quarter-on-quarter, delivering the highest net inflows for four years. Performance of the Group’s funds against benchmarks continues to be very strong over one, three and five years.
GKN GKN updates on trading and says it has been made aware of two commercially sensitive claims for GKN Aerospace and GKN Driveline which are expected to result in a charge of around £40m in Q4 2017. Overall in Q3, GKN achieved good organic sales growth, with GKN Driveline continuing to outperform the market and GKN Aerospace delivering sales slightly up on the prior year.
Man Group EMG updates on Q3 trading and says FuM grew 28% year to date to $103.5bn at 30 Sept 2017. Net inflows in the quarter of $2.8bn were driven by strong inflows into alternative risk premia and emerging market debt strategies.
Provident Financial PFG updates on trading, and says a home credit business recovery plan has been developed under new leadership to re-establish relationships with customers, stabilise the operation of the business and improve collections performance. Progress to date is in line with the recovery plan and is consistent with the guidance provided on 22 Aug 2017 of a pre-exceptional loss for the Consumer Credit Division (CCD) in a range of between £80m-£120m for 2017 as a whole. The search for a new CEO is underway.
Halfords – Massaging The Figures ?
Halfords Group HFD will in future issue its summer trading up date for a period of 20 weeks because it will help to make the figures look better. So this years update is issued in two parts, the first for the 13 weeks of quarter one and then the next 7 weeks trading to the 19th August. Thus the 20 weeks figures benefit from the strong trading which the company gets in July and August once the school holidays start at the beginning of July. Pity when a company becomes so desperate to try and improve its image that its management sees the need to resort to practices like that.
The 7 week figures were generallyquite strong except for motoring and especially car enhancement which were down 4.2% over 13 weeks and 3.3% over the 7 week period. Group cycling figures really illustrate how the change affects the figures. Cycling sales rose by 12.5% in the 7 weeks to 19th August after falling by 4% in the first quarter but those strong 7 week sales mean that Halfords can show a 20 week rise of 11%. Overall 20 week revenue rose by 4.8% or 1.2% on a like for like basis. Service related sales were very strong rising by 13.9% over the 20 weeks. The company describes the 20 week performance as solid, whereas the 13 weeks figures appear to have been far less so.
Redrow RDW Delivered its third consecutive year of record results and is rewarding shareholders with a 67% rise in the full year dividend. New homes completed during the year to the 30th June rose by17%, revenue by 20% and profit before tax by 23%
1pm plc OPM has enjoyed a year of strong strategic and organic growth in both revenue and profit and is increasing its final dividend by 43%. Like for like revenue to the end of May rose by 45% and group profit before tax more than doubled from £1.6m to £3.7m
Gear4music G4M Overall profitability for the 6 months to 31st August will be ahead of expectations after the company produced overall sales growth of 73% which included a surge in Europe of 169%. A European distribution centre is to be opened in Sweden and expected to be operational by the 31st Aug
Ashmore Group ASHM Net revenue for the year to the end of June fell by 18% and profit before tax by 8%. A final dividend of 12.1% is to be paid
Learning Technologies LTG is raising its interim dividend by 40% following a 52% rise in revenue for the half year to the end of June and a 145% rise in EBITDA. The company says that it is making strong progress in its strategic ambition to become a diversified international business.
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