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Ian Pollard – Sports Direct #SPD splashing the cash
Sports Direct Intl. plc SPD has confirmed that it is considering making a firm offer to Debenhams of 5p in cash per ordinary share valuing Debenhams current issued share capital at approximately £61.4 million. This would represent a premium of approximately 127 % to the closing price of Debenhams shares on 26 March.
Imperial Brands plc IMB updates that it is on track to meet constant currency net revenue and earnings expectations for the full year. Group net revenue growth is at, or above, the upper end of its 1-4% revenue growth range and earnings per share growth is within its 4-8% guidance range. Even tobacco is on track to deliver modest revenue growth.
Bellway plc BWY claims a robust performance for the six months to the 31st January with revenue rising by 12.4%, profit before tax by 8.7% and earnings per share by 8.3%. The interim dividend is to be raised by 5% but even more important than that is a sign which makes it appear that old fashioned boom times may be returning. The average selling price during the half year has risen by 6.5% which makes a number of the other housebuilders look quite pedestrian by comparison, unless they are about to play catch up when they release their latest figures. No wonder the much subsidised industry remains the governmments friend.
Hilton Food Group plc HFG saw revenue on a constant currency basis rise by 21.9% during the year to the end of December, whilst volume was up by 13.5%. After rises of 23.3% in adjusted profit before tax and 14.3% in adjusted basic earnings per share of 14.3%, the increase in the final dividend brings the total increases for the year to 12.6%.
Goals Soccer Centres GOAL has requested that its shares be suspended from trading on AIM. after announcing that there has been a substantial misdeclaration of VAT, going back over several years. The value currently stands at approximately £12.0 m.but the final figure has still to be established. Future profitability may be impacted by the accounting policies which the company intends to adopt and it remains in discussions with its lenders about new facilities.These may lead to a material change in the overall financial position of the company and it is currently unable to provide clarity as to the extent of that impact without the receipt of further information.
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Ian Pollard: Bellway Enjoys Inflation Beating Price Increases
Bellway BWY updates that it has broken through the 10,000 homes barrier for the first time in its history, with an increase of 6.9% to a total of 10,307 for the year to the 31st July. Market conditions have remained favourable, trading and customer confidence have been robust, enabling the average selling price to be increased by 9.4% to an all time inflation beating high of 284,900.
Paddy Power Betfair PPB After a flat first quarter, the half year was saved by double digit growth in the second, the pending arrival of the world cup and especially strong performances in the USA and Australia where revenue jumped by 20% and 19% respectively. For the six months to the 30th June, revenue rose by 5%, profit before tax by 4% and earnings per share by 1%. The interim dividend is to be increased by 3% and the company believes that the momentum which is now underway, will carry it through the second half.
Quilter plc QLT reports record adjusted profit before tax of £110 million and a special interim dividend of 12.0 pence per share in its first results as a listed company. The Chief Executive believes that its market offers significant growth opportunities and that the company is someway from demonstrating its full potential.
Page Group plc PAGE increased both profit before tax and basic earnings per share by over 18% in the half year to the 30th June, whilst revenue grew by 11.7% shareholders are rewarded with a 5.1% increase in the interim dividend yo 4,10p per share and the payment of a special dividend of of 12.73p per share. However there are challenges to be faced including Brexit in he UK and elections in Latin America.
Spirax – Sarco Engng SPX reports strong organic sales growth of 7% in the half year to the 30th June. Reported revenue rose by 28%, adjusted profit before tax by 22% and basic earnings per share by 25%. The interim dividend is to be increased by 14%.
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What’s In A Name – Ask Balfour Beatty
Balfour Beatty plc BBY Any construction company which calls its transformation programme “Build to Last” has obviously got serious problems as the repeated use of the name just provides further reminders of past problems. The sooner it removes the blinkers and changes the name of the programme the better for the company. The first phase of the transformation is nearing completion but there are still 2 years to go before it can achieve industry standard margins so there is plenty of time in which to find a more marketable name for it and bury the past – even simply “transformation programme” would be enough if it is beyond the wit of management to find something more alluring.
Bellway plc BWY Robust customer demand has enabled Bellway to put in a strong performance over the 18 weeks since the first August which produced a 7% increase in the reservation rate. For the year as a whole volume growth of 5% is expected.
NCC Group NCC First half group revenue grew by 35% with strong like for like growth of 18% but the loss of profitability caused by 3the cancellation of 3 contracts and the deferral of a fourth will not now be made up for by the year end at the 31st May. Full year adjusted EBITDA is seen as coming in at 5%, less than earlier expectations.
Zytronic ZYT is increasing its dividend by 20% for the year to the end of September after a significant improvement in trading profits and making it the company”s third successive year of double digit dividend growth. Exports now account for 95% of total revenue. There has been an encouraging start to the new year with orders, revenue and trading all ahead of last year.
Veltyco VLTY Following strong fourth quarter trading, full year results are expected to be ahead of market expectations.
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Home Retail Still Clueless On Customer Overcharging
Home Retail Group HOME Having admitted that its Financial Services division had been overcharging customers on excess fees., has now discovered that the practice was far more widespread than had been initially discovered. There’s a sign of good strong management for you – it can’t even correct its mistakes properly. The result is that it may now have to make an additional provision of about £30m.
Despite this, in the 13 weeks to the 28th May Argos enjoyed its strongest sales growth for 2 years, despite poor weather and a deflationary price environment. Internet sales rose by 16%, the strongest quarterly growth for 3 years. Like for like sales rose by 0.1%
FlyBe Group FLYB After five years of losses FLYB has at last turned the corner and produced a reported profit after tax of £6.8m, compared to the previous years loss of £35.7m. Passenger revenue in the year to 31st March increased by 8.2% and passenger numbers were up by 5.9%. Seat capacity rose by 9.7% and 52 new routes were launched. Costs per seat fell by 4.2%.
Wincanton WIN Returns to the dividend lists with a payment of 5.5p per share for the year to the end of March which saw strong earnings growth and debt reduction. Underlying profit before tax and earnings per share rose by 12.4% and 13.3% respectively, whilst net debt was reduced by 31.4%. The CEO believes that the business is now on a strong footing.
Bellway BWY expects that full year housing completions will show a rise of at least 10% , leading to yet another record performance. Markets are robust, customer demand is positive and there is no sign of any effect from the pending referendum. The average weekly reservation rate is up by 8% and the forward sales position is strong.
Auto Trader AUTO has celebrated the end of its first year as a public company with a dividend payment of 1p. per share making a total of 1.5p for the year. Revenue for the year to 31st March rose by 10%, reported operating profit by 27% whilst basic earnings per share were up from 0.85p to 12.67p. Net debt fell by some 40%
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