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Ian Pollard – Allied Bakeries, part of AB Foods #ABF Loses Out On Price “Discussions”
Assoc. British Foods ABF claims that its results for the 24 weeks to the 2nd March are robust, with statutory profit before tax down by 15%, basic earnings per share by 19% and profit at AB Sugar down substantially. Say no more ! Grocery did produce strong underlying growth, with good momentum, Primark reverted to its usual role of saving the day for the rest of the Group, with excellent profit growth of 25%. Group revenue was 1% ahead and adjusted operating profit was 1% lower. Allied Bakeries seem to have been having a rough time and has had its largest private label bread manufacturing contract terminated by a major retailer. Noticeably this happened after recent customer discussions on pricing only some of which were successful. The effect of the volume loss is expected to be seen in the next financial year. A non-cash impairment charge of £65m has been recognised as an exceptional item in the income statement. The interim dividend is to be increased by 3%.
Centamin plc CEY claims to have made a solid start to the year, with the quarter to the 31st March having delivered ahead of expectations. Despite being the weakest quarter forecasted for 2019 , Sukari produced 116,183 ounces of gold in the first quarter compared to the forecast of 105,000 – 115,000 ounces. A stronger second half is forecast, with delivery of approximately 55% of the expected annual production during that half.
Biome Technologies plc BIOM updates that Group revenues achieved for the first three months of the year were 11% ahead of the previous quarter at £2.1m,
Boohoo Group plc BOO claims delivery of yet another excellent set of financial and operational results for the year to the 28th February, with strong growth and solid profitability. Revenue for the year rose by 48% across all geographies with the UK up by 37% and international by 64%. Trading in the first few weeks of the financial year has been encouraging and Group revenue growth for the full financial year is expected to be between 25% to 30%
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Ian Pollard – #BT Riddled In Jargon But ARPU is up 1%
BT Group plc BT.A claims that positive momentum in the second quarter resulted in encouraging results for the half year to the 30th September.That may be so but you will have to take BTs word for it because the update is riddled in jargon that much of it is meaningless to anybody who has not spent a lifetime working for BT, where Engliish now appears to have become a foreign language. Thus you will be delighted to know (inter alia) that group NPS is up 3.6 points and Right First Time up 2.7%, whilst consumer fixed ARPU is up 1%.
Getting back to the real world, reported revenue of £11,588m was down by 2% and adjusted revenue by 1%. Despite that reported profit before tax rose by 24% and basic earnings per share by 29%. The interim dividend has been reduced by 5%
Just Eat plc JE. now anticipates full year revenues will be towards the top end of the £740 to £770 million range, after a strong third quarter which saw revenue rise by 41%. Over the nine months to date the rise was 44%. International order growth was particularly strong, with new restaurant partner sign-ups across major cities.
Croda International plc CRDA The sales momentum seen in the first half of the year has continued into quarter three. Constant currency sales grew by 3.4%, with the Core Business up by 4.5% after a strong performance in the consumer businesses. Growth in Core Business for the year to date has been 4.7%. Constant currency sales were 4.2% higher and the quarter 3 sales reflected the strength of sales in Health Care.
Biome Technologies plc BIOM Group revenues for the nine months to 30 September 2018 showed a 56% increase over the same period last year. At the end of quarter 3, year-to-date Group revenues already exceed those for the whole of 2017. The progress made during the first half of the year has continued into quarter3 and the Board expects this momentum to continue for the remainder of the year.
Elektron Technology plc EKT produced an exceptional third quarter performance with with sales at record levels after rising by 17%. The Board now expects that the full year performance will be significantly ahead of market expectations.
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Ian Pollard – Footasylum #FOOT impacted
Finsbury Food Group FIF has acquired 100% of the share capital of Ultrapharm Limited a specialist Free From bakery manufacturer with site in the UK & Poland. Finsbury claims that the acquisition supports the Group’s ongoing strategy to further diversify its product capability into high growth areas.
Tax Systems plc TAX enjoyed a strong first half with revenue growth of 14% for the six months to the 30th June.EBITDA for the half year grew by 9% and order intake by 22%.
Footasylum FOOT expects growth for the full year to be significantly lower than previous guidance with adjusted EBITDA down to less than half that for full year 2018. Revenue for the six months to the 25th August is expected to show a rise of 18.5% with online revenue in particular up by 28.5%. Trading has however, been impacted by weak consumer sentiment and more challenging conditions in July and August. Delays in store openings and upgrades.have also exacerbated the situation.
Biome Technologies BIOM delivered an exceptional start to the year and an outstanding first half enabled it to deliver a small operating profit of £0.2m. in the six months to the 30th June compared to last years loss of £0.2m. Group revenue for the half increased by 47% to £4.4m.
Safestyle UK plc SFE announces a comprehensive settlement of its claims against NIAMAC Developments Ltd (trading as SafeGlaze UK) for alleged trade mark infringement, passing off, misuse of confidential information, malicious falsehood and various other matters. NIAMAC has agreed that the existing court injunctions against it will be replaced by formal undertakings to the court. Steps have also been agreed to prevent the possibility of any acts of intimidation or harassment of Safestyle UK representatives and in addition, SafeGlaze UK will also change its trading name. A fairly comprehensive victory, if ever there was one.
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450,000 British Companies Financially Distressed
Begbies Traynor BEG announces doom and gloom for many British companies with 450,000 of them suffering from signs of financial distress, even before the effects are felt of any interest rate rise on Thursday. The number has risen by 27% from a year ago and 250,000 have become “zombie” companies with no net worth and who will not have the reserves available to survive increasing employment costs due to changes in the minimum wage and the Revenues crackdown on personal service companies.
Next plc NXT is unable to determine any underlying sales trend in the quarter to the 31st October, the main impact appearing to have come from the weather which does not seem to say much for management’s marketing skills. Sales rose significantly in August and September coinciding with the arrival of warmer weather and temperatures which were higher than last year. The end result is that third quarter full price sales rose by 1.3% compared to last year but 1.2% of that growth came from new space. Total sales including markdowns rose by 0.8% but for the year to date they are down 1.2%. The future does not look any brighter and a further decline of 0.3% is expected for quarter 4.
Paddy Power Betfair PPB found quarter 3 to the end of September to be encouraging and trading since the interim results has been good. The international businesses have performed well with Australia producing an exceptional revenue rise of 29% followed by the US with a rise of 18%. Group revenue for the quarter was up by 9% led by 11% in sports revenue but offset by a 3% drop in online revenue. Underlying EBITDA rose by 7% and it is anticipated that full year EBITDA will be between £450 and £465m.
Biome Technologies BIOM saw third quarter revenue jump from £0.9m. to £1.5m. making a rise of 46% for the year to date and the fourth consecutive quarter of EBITDA profitability. The progress and momentum seen so far are expected to continue for the remainder of the year.
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Johnson Services – “Exceptional First Half Performance.”
Johnson Service Group JSG produced an exceptional first half performance across all its brands with revenue for the 6 months to the 30th June rising by 19.3% and organic growth at 4.8%. Profit before tax was up by 30.3% and the interim dividend is to be increased by 12.5%. Full year results are expected to be slightly ahead of current expectations
Dechra Pharmaceuticals DPH claims another strong financial performance for the year to the end of June and is raising the final dividend by 16.1%. Acquisitions from the previous year have performed well. Repeated references to pipelines without apparently understanding what they are, spoils the presentation but the figures speak for themselves with revenue growth of 28.3%, underlying EBITDA and profit before tax up by 35.5% and 38.4% respectively but please, no more nonsense like ‘pipeline opportunities’.
Michelmersh Brick MBH Claims it is well positioned to produce a strong operational and financial performance in the second half, with forward orders at the half year end on the 30th June ahead of target at 55 million bricks. Following the acquisition of Carlton Main Brickworks the company is going through a transformational period. First half profit before tax fell from £2.6 to £2.4m and earnings per share excluding exceptional items were down from 2.57 to 2.3p per share. An interim dividend of 0.7p. per share is to be paid in January.
Randall & Quilter RQIH produced a very strong first half performance, which was significantly ahead of 2016, with pre tax profits more than quadrupling from £1.2m to £5.4m. and earnings per share rising from 1.5p to 7.9p, including a tax credit of 0.5m. Profit after tax rose from £928,000 to £5.9m. and the outlook beyond the current year is described as looking very promising.
Biome Technologies BIOM saw revenue for the six months to 30th June rise by 38% and group profit up from £1.1m to£1.5m which it describes as an encouraging performance with the Stanelco division order book strong and lengthening.
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