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Morrisons Bringing Home The Bacon
Morrison W. Supermarkets MRW reports its seventh consecutive quarter of what it calls “positive like for like” after strong first half growth in sales, profits and dividend. Like for like sales excluding fuel and VAT grew by 3% in the 6 months to 30th July, more than double last years first half growth rate of 1.4%. Underlying profit before tax rose by 12.7% and earnings per share by 14.9% and the interim dividend is to be increased by 5.1%. The company now expects to be able to deliver consistent and substantial growth, which is a lot more than can be said for most supermarkets.
GVC Holdings GVC made strong progress during the half year to the 30th June and this is continuing in the third quarter. Clean EBITDA for the current year is expected to be comfortably ahead of analysts consensus.Adjusted profit before tax rose by 99% after a rise of 25% in net gaming revenue. The statutory loss for the half year fell to 6.6m. Euro, down from last years 86.1m Euro
Booker Group BOK performed well in the quarter to the 8th September providing good news for Tesco which is hoping to be allowed to eventually complete the merger of the two companies. Like for like non tobacco sales over the 12 week period rose by 6% whilst tobacco sales continued to decline with a 9.4% fall on a like for like basis. No forward looking statements can be made because of the proposed merger.
Ricardo plc RCDO produced revenue growth of 6% for the year to 30th June after what it described as navigating a year of uncertainty and volatility. It ended the year with a record order book and a strong order intake. Underlying profit before tax rose by 2% and the full year dividend is to be increased by 7%.
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Ocado – English As A Foreign Language
Ocado Group OCDO got so bogged down in jargon in its half year results to the 28th May that one can easily believe they must have done it deliberately purely to show how clever they are compared to those of us who can only speak ordinary English which everybody else understands. Thus the report is stuffed with platforms, channel shift to online advances. store pick capabilities and other nonsense. Perhaps lack of basic English is becoming a requisite for a senior management position.
As for the results themselves they show a 12.5% rise in revenue because of the strength of its customer offer, a 2.7% increase in gross margins and investment in its platform. The result of all this is an 18.1% fall in profit before tax, as a result of higher depreciation. Active customers during the half year rose by 600,000 but significantly the value of their average basket fell by 1.4%. There are signs that price deflation has begun to ease and management sees that as a possible opportunity for increasing profits, a view which explains why Sainsbury took over as King of the High Street with its results yesterday.
Persimmon PSN claims that its trading performance for the half year to 30th June has been excellent, with legal completions up by 8%. The increase in the average selling price was somewhat restrained at only 3.5% but with over £1 billion of cash swilling around in its coffers it can perhaps afford to show a bit more generosity towards its customers as well as to its shareholders. Mortgage interest rates remain compelling and consumer confidence is seen as resilient. as for the second half forward sales are up by 18%
1PM plc OPM has experienced strong levels of demand and trading results for the year to 31st May are expected to show further strong growth with profit before tax up by 28%, marginally ahead of expectations and revenue by 34%, in line with expectations
Booker Group BOK enjoyed a good first quarter for th 12 weeks to 1st June with non tobacco like form like sales rising by 9.6% and like for like tobacco sales down 7.9%. The competition process for its proposed merger with Tesco, continues.
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Polypipe Dividend Up By 29.5%
Polypipe PLP Excellent like for like UK revenue growth of 10.5% for the year to 31st December, led to a record performance by the group as a whole, with exports adding to the happy picture with a rise of 28.7%. The final dividend is to be increased by 29.5%, after profits before tax rose by 31.1% and earnings per share by 29.2%
DFS Furniture Group DFS Following good sales growth and strong cash generation in the half year to 30th January, DFS is increasing its interim dividend by 5.7% and paying a first ever special dividend og 9.5p per share. Revenue over the six months grew by 6.8% and profit before tax by 3.1%. Online traffic showed double digit growth and the company believes it has excellent prospects for long term growth.
SCISYS SSY produced a very healthy performance and strong organic growth in the year to 31st December and the momentum seen in the second half of the year has continued into 2017. Revenue for the year rose by 27%, leading to a fourfold rise to £3.2m in adjusted operating profit and a leap in basic earnings per share from 1.3p to 9.2p. The full year dividend is to be increased by 10%
Booker Group BOK If the planned merger with Tesco actually takes place the fourth quarter and full year sales to the 24th March will only be of historical interest. Fourth quarter non tobacco like for like sales rose by 4.7%, whilst like for like tobacco sales fell by 7.5% as the government tried to stop people killing themselves. Internet sales rose by 8%. Total sales for the full year rose by 6.7%.
RPC Group RPC expects revenue for the year to 31st March will be significantly ahead of the previous year and adjusted operating profit will exceed management expectations. Acqusitions made in March and August 2016 are both performing ahead of expectations and have been successfully integrated.
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Tobacco Sales Drop Sharply at Bookers
Booker Group BOK has seen tobacco sales drop substantially in the face of the latest set of display restrictions, whilst non tobacco sales have been hit by food price deflation. Like for like tobacco sales for the 12 weeks to the 17th June were down by 7.7% and non tobacco fell by 0.7%. Total group sales rose by 10%. Shareholders will be rewarded with a proposed payment of 3.2p per ordinary share by way of return of capital.
Pure Circle PURE expects a 9% increase in 2016 sales and future orders have increased but apart from that today’s update makes for strange reading. Planned customer launches have been delayed into 2017 and problems with US customs appear to be still ongoing to the extent that they have not been resolved, despite release of the shipments detained in May. The CEO says the business model is robust and he is confident that profitability will improve but then come the warnings that there will be continued volatility in the development of the business and sales growth will be uneven.
Topps Tiles TPT has shown healthy growth during the 13 weeks to the 2nd July with like for like sales up by 6.2% on 2015, although the figures have been skewed slightly by Easter moving about a bit.
easyJet plc EZJ June passenger figures rose by 5.8% and the load factor by 1.44pp but on a rolling 12 month basis the load factor rose only a smidgeon by 0.3pp
EKF Diagnostic Holdings EKF expects that after a difficult 2015, the half year to the end of June will be ahead of both budget and expectations. First half revenue is expected to exceed £16.5m and no impact is expected from Brexit.
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