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Ian Pollard – Character Group #CCT – “Great Strength” – Trading Falls; Divi Rises
Charac
ter Group plc CCT Claims that despite substantial all round declines it continued to trade well as far as its leading in house ranges were concerned and the addition of exciting new ranges. These figures it adds, show great strength and depth, such as revenue dropping from £61.5m. to £50.5m., basic earnings per share down from 27.3p to 16.9p unless you include significant items where the drop was even greater, down from 25.18p to 2.07p. EBITDA collapsed to £2.07m. from from £7.9m. Then it admits what already stands out a mile, namely that trading was lower than in the previous year but unbelievably, showed great strength and depth. In fact, such great strength and depth that the board decided it needed to keep the shareholders onside and did so by upping the interim dividend from 9p to 11p per share. Blame is then laid fairly and squarely not on management but on what it describes as unspecified sector disruption and upheaval.
boohoo.com BOO 2018 was a year of great progress with revenue for the year to 28th February rising by 97% and profit before tax by 40%. Strong gains were made across all “geographies” with the UK showing a 95% rise and international, 99%. The number of active customers during the year rose by 22%. A strong start has been made to trading in the first few week of the new financial year and trading for 2019 is now expected to show a 35-40% rise.
Crawshaw Group CRAW blames everything and everybody except management and the board for its disappointing performance in the year to the 28th January. It managed to transform a statutory loss before tax of £1.4m int a much greater loss of £13.5m, after a rise of 1% in revenue. And believe it or not this is all due to the high street performance being impacted by so called “consumer headwinds” ( oh, not again) and inflationary pressures. And that is not the end of the sad story. Trading in the first 12 weeks of the new financial year has been challenging, in particular. poor weather and continued high street pressures. So there you have it, a list of excuses which is weaker than the trading performance. And this is the company which is focused on becoming Britain;’ leading value butcher. Not surprisingly it is seeking to appoint a new management team. Any takers?
Water Intelligence WATR Strong first quarter growth saw sales rise by 40% and profit before tax by 50%. Parts and equipment sales rose by some 20%. The Executive Chairman claims that the company is just at the beginning of its upward journey and that increasing sales have provided a good start to the year.
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Corporate news review Wednesday 27th September 2017
boohoo.com BOO reports adjusted interim EBITDA up 68% at £27.8m on revenues up 106%. BOO has a strong balance sheet with net cash of £119.2m and raises FY guidance.
Defenx DFX reports increased H1 operating losses of €1.31m (1H16: €296,000) on revenues up 35% to €3.13m. DFX says there may be an adverse effect on revenues and profits in the short term, but remains confident that it has the right strategy to maximise revenues and profits in the medium and long term.
Entertainment One ETO anticipates FY financial performance will be in line with management expectations with a similar H1/H2 weighting to FY17. EBITDA is anticipated to be around 1.2x at the end of the FY18 financial year, in line with guidance given when the Group reported its FY17 full year results.
Hotel Chocolat Group HOTC reports FY revenues up 12% at £105.2m, with underlying EBITDA up 32% to £16.3m. PBT rose 100% to £11.2m driven by strong sales growth across retail, digital & corporate channels. Given the encouraging performance of retail and internet channels, along with the pipeline of opportunities ahead, the group are confident of further growth.
Halma HLMA says it has made good progress in line with expectations. Cash generation was good and the Group’s financial position remains strong.
PZ Cussons PZC says despite tough trading conditions in Q1 it remains on track to deliver full year growth in operating profits with performance underpinned by a robust and innovative product pipeline and tight control of costs.
boohoo Revenue Surges
boohoo.com BOO now expects full year growth to February 2018 will be about 60% and ahead of previous guidance for revenue growth by some 50%. Group revenue for the quarter to 31st May increased by 106%, or on a like for like basis by 78%
Auto Trader Group AUTO will have a happy band of shareholders today after news that it is increasing its final dividend to 3.5p per share making a total payout for the year of 5.2p compared to last years 1.5p. Profit before tax for the year to 31st March rose by 23% and basic earnings per share by 22%. and the company is confident after a number of years of strong growth that it will continue to meet its growth expectations for the current year. After a slump in July, the share price is virtually unchanged over the last 12 months.
Flybe Group FLYB expected a small underlying loss before IT write downs for the year to 31st March. In fact after IT write downs the loss came in at £6.7m compared to 2016’s profit of £5.5m and more IT losses of around some £6m are still to come. However with a new CEO in place, FLYB claims that a platform for a sustainable future can now be built and a fleet reduction is planned for the coming winter. Group revenue for the year rose by 13.4% but load factor fell by 3% because of increased capacity for which there appears not to have been sufficient passengers. On a brighter note it is still the best UK airline for punctuality.
CMC Markets CMCX saw 5% client growth in the year to 31st March but the good news stops there as clients traded less and spent less, producing an 11% fall in revenue per active client. The result is that profit before tax and earnings per share fell by 9% and net operating income by 6%. The number of trades declined by 6% and their value was 3% down. The dividend remains unchanged.
Best Of The Best BOTB is to pay a special dividend of 6.5p per share this month on top of the 1.4p per share ordinary dividend proposed for the year to 30th April. The company describes the results as solid with profit before tax rising by 42.7% and earnings per share by 41.6%. Revenue for the year was up by 7% and further growth is expected in the current year.
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Smith & Nephew Raises Dividend 20% as Growth Slips
Smith & Nephew plc SN. proposes to increase its full year dividend by about 20% at current exchange rates following a fourth quarter fall in reported revenue of 3%. The CEO admits that 2016 growth of 1% in reported revenue was lower than the company wanted and blames market conditions in China & the Gulf States with headwinds and foreign exchange movements also getting their fair share of criticism. 2017 is expected to produce stronger growth, with reported revenue anticipated to rise by between 1.2% and 2.2%.
Thomas Cook Group TCG describes its first quarter performance to 31st December as solid, with revenue up 1% helped by growth in holidays to Spain and long haul destinations and Greece showing particular strength with a rise of 40%. Summer bookings are 9% ahead of last year with 31% already sold and digital is spurting ahead with growth of 20%. There is however some caution about the uncertain economic and political outlook for the rest of the year.
Boohoo.com BOO has agreed to acquire he assets of Nasty Gal, who/which, it says offers exciting opportunities to accelerate its international offering. The deal is due to be concluded on the 28th February.Watch Full Movie Online Streaming Online and Download
Enterprise Inns ETI is to change its name by removing the Enterprise and becoming plain Ei Group which sounds like it was dreamed up by a committee of accountants who hadn’t a clue as to the importance of enterprise in a company. In the 18 weeks to the 4th February, like for like net income rose by 1.6%
Tate & Lyle plc TATE Expects that its full year performance in constant currency will be modestly ahead of expectations at the half year mark. The quarter to 31st December saw profit in both divisions ahead of the previous year.
DFS Furniture DFS Gross sales rose by 7% in the half year to 28th January as the good times continued. The company expects to be able to announce a a proposed special dividend at the end of March but warns that the furniture industry faces increased risk of a market slowdown in 2017 because of the uncertain outlook for consumer confidence.
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Hargreaves Services in Meltdown – Recovery Anyone ?
Hargreaves Services HSP went into meltdown in the year to 31st May leaving the total dividends for the year to be slashed by over 92%, as it went through a second successive year of tumultuous market conditions and almost a complete absence of demand for coal by UK power stations.Last years profit before tax of £24.9m was turned into a loss of £10.6m after like for like revenue declined by 48.6%. Net debt soared by over 3,000% to £32.3m
But, with true Yorkshire grit, Hargreaves has not given up. Fully aware of the problems it was facing, the company has now completed a restructuring and re-positioning programme enabling the Chairman to deliver a positive view of the future which he says, will develop and deliver significant shareholder value. The share price has been comparatively steady since mid May. Anyone for recovery??
Smiths Group SMIN expects revenue for the year to 31st July will be above both expectations and the previous year, due to a stronger operational performance and the favourable impact of a stronger US$, which has more than offset a10% decline in the John Crane subsidiary. Full year operating profit will also be above expectations but because of the John Crane problems will be below the level of last year.
boohoo.com BOO performed well during its first quarter and this has maintained with robust demand and sales momentum continuing into the second quarter. results for the full year will now be above expectations, says the company, with sales growth of between 28 and 33%.
Amec Foster Wheeler AMFW After turning last years first half profit of £73m into a thumping loss of £446m for the current year, Foster Amec has bowed to the inevitable and halved its interim dividend from 14.8p to 7.4p per share. The Chairman blames the very challenging conditions which have led to cancellations and delay in capital projects in many parts of the world.
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