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Alan Green talks #BT, #HFD, #OCDO, #FLTR, #BRES & #TYM on the UK Investor Mag podcast
I discuss BT Group #BT.A, Halfords #HFD, Ocado #OCDO, Flutter Group #FLTR, Blencowe Resources #BRES & Tertiary Minerals #TYM with Jonathan Roy on the UK Investor Magazine podcast
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 – Rightmove #RMV warns of consumer confidence worries
Rightmove RMV provides another warning from the housing industry that all is not well. Transactions in the first half of the year fell by 5% compared to last year and today’s update warns that economic conditions in the UK are such that consumer confidence may be impacted which could in turn affect the level of transactions and the number of agencies it operates.Despite the warning the interim dividend is to be increased by 14% from 22p per share to 25p., after rises of 10% and 14% in revenue and basic earnings per share, whilst underlying operating profit increased by 11%.
BT Group BT Underlying revenue fell 2% in the quarter to the 30th June due to regulated price reductions in Openreach and declines in enterprise businesses offsetting growth in consumer businesses. Adjusted3 profit before tax rose 3% to £816m., which the Chief Executive describes as a good start to the year.
Reckitt Benckiser Gp RB is increasing its interim dividend by 6% to 70.5 p. per share after the second quarter to the 30th June produced a 30% rise in net revenue at constant currency rates and adjusted earnings per share rose by 12%.The full year net revenue target has been increased from +13-14% to +14-15% after growth exceeded expectations.
Pearson plc PSON reports a rise of 46% in underlying operating profit for the half year to the 30th June with good growth in earnings per share. The interim dividend is being increased by 10% from 5p. per share to 5.5p. Expectations continue of a full year decline in net sales in the US.
Gear4music G4M updates that revenue growth continues to be strong and the relocation of the Swedish distribution centre and upgrade to UK distribution facilities are on-track to be delivered ahead of the peak trading period.
Hutchison China Medi HCH reports that it continues to deliver on its clear strategy of “developing its broad pipeline and cultivating and growing its capabilities in global drug discovery and development”. Half year group revenue tumbled from $126m. to $102m and last years net profit of $1.7m was turned into a net loss of $32.7m. for the six months to the end of June.
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Ian Pollard – BT lines crossed; sacrificial lamb chosen; board saved
BT Group plc BT.A Todays announcement from BT that the Chief Executive is to make an unexpected and unplanned exit illustrates that the Board and the Chairman may have a problem which in turn illustrates that BT has a problem. The problem appears to be that the top management is confused and incapable of expressing itself logically. Reaction to recent results, bemoans the Chairman, has thoroughly demonstrated both to him and to the outgoing Chief Executive that there is need for a change of leadership to deliver the strategy set out by the Chief Executive and his team. So the Chief Executive is to go, whether stabbed in the back or falling on his sword, one know not but this is where the Chairman and the Board just tie themselves into knots. There is nothing wrong it appears with the Chief Executives strategy. It has the full support of the board says the Chairman “The Board is fully supportive of the strategy recently set out by Gavin and his team.”
So why has Gavin alone been selected for the chop. It does seem slightly illogical that the board should escape Scot free from the consequences of something to which it gave its full support. Sacrificial lambs, this way, please.
Games Workshop Group GAW has today announced a dividend of 30p per share, payable on the 27th July, as the sales and profit growth previously announced has continued to the and of the year on the 3rd June. Group profit before tax for the year is expected to be not less than 74m.
Hargreaves Services plc HSP updates that trading has been satisfactory during the year to the 31st May and results are expected to be in line with expectations.
Distil plc DIS Both sales volume and revenue continued to grow strongly across all channels during the year to the 31st March.Turnover and gross profit both rose by 23% and the company expects to build on its success during the coming year.
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Ian Pollard – Next #NXT Saved By Online Growth
Next NXT Full price sales for the 14 weeks to the 7th May have risen by 5% compared to last years figures mainly due to online sales jumping by 18.1% whilst retail fell foul of the high street malaise with a fall of 4.8%. First quarter sales were better than expected helped by the recent unusually warm weather. Sales for the remainder of the year howeverare not expected to be as strong as they were in quarter 1 but they are still expected to show a jump in earnings per share growth from 1.4% to 3.7%. The decline in group profit before tax at 1.3% is also expected to be less than previous guidance of 2.9%
Morrison W. MRW has made a strong start to the year with like for like sales for the 13 weeks to 6th May showing a rise of 3.6% and total sales up by3.8% excluding fuels. The quarter also saw the commencement of wholesale supplies to McColls. The Chief Executive is confident of a strong year ahead.
Barratt Developments BDEV Trading has been strong since the beginning of the year and is inline with expectations, driven by strong customer demand across the country. Total forward sales have risen by 2.5% and the outlook for the full year is also in line with expectations.
ITV plc ITV has delivered a strong first quarter performance on and off scree. Total external revenue rose by 5% with ITV studios up by 11% and online revenue growing by 41%. The Chief executive claims that they are having a strategic refreh whatever that is and claims that it is going well. Good organic growth is expected in Studios for the full year, with double digit revenue growth projected for Online.
BT Group plc BT.A claims it delivered solid results for the 4th quarter to to the 31st March. Reported revenue is expected to be down more than expected at 1% for the year and 3% for the quarter. On an adjusted basis EBITDA and profit before tax for the quarter are each up by 1% and basic earnings per share by 5%. Dividends for the year remain unchanged.
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Corporate news review Friday 28th July 2017
Barclays BARC – Reports a 13% increase in half-year PBT to £2,341m reflecting materially lower non-core losses of £647m (H116: £1,904m), while core PBT fell 25% to £2,988m impacted by PPI charges of £700m (H116: £400m). EPS came in at 11.8p, while tangible NAV fell to 284p (Dec 2016: 290p) as profit from continuing operations was offset by decreases across reserves.
BT Group BT.A – Q1 revenues rose 1% and underlying revenues rose 0.2%. Adj EBITDA fell 2% due to increased pension costs, business rates, sport programme rights and investment in customer experience. CEO Gavin Patterson said he is “confident in the outlook for our Company.”
Johnson Matthey JMAT – trading is in line with expectations. Q1 saw low single-digit sales growth at constant rates and double-digit reported sales growth. The restructuring programme announced in June which will deliver £10m cost savings in H2, with a further £15m cost savings in 2018/19.
Gear4music G4M – At today’s AGM the company will report that trading in the financial year to date is in line with Board expectations. Based on the overall performance, the Board is confident of another year of good progress.
International Airlines Group IAG – Results for the six months to June 30, 2017 include Q2 operating profit €805m before exceptional items (2016: €555m), with passenger unit revenue for the quarter up 1.5%, (4% at constant currency). Half year operating profit before exceptional items grew 37.3% to €975m
Rightmove RMV – reports an 11% increase in half-year revenue to £119.5m with underlying operating profit up 11% to £91m. Trading in July has been in line with the strong monthly revenue achieved in the first half of the year. The visibility gives the Board confidence in delivering its expectations for the current year.
BT Admits The Cost of Bad Management
BT Group BT.A airs its dirty washing in public after describing the year to the end of March as a challenging one, made worse by headwinds in the UK public sector. It is still managing to increase its final dividend by 10% despite a 19% fall in reported profit before tax, which slumped even more in quarter 4 with a fall of 48%. Reported basic earnings per share were also down by 33% for the year and 49% for quarter 4. And that is not the end of the bad news. Revenue for the current year is expected to be broadly flat and dividend growth will fail to reach the anticipated 10%.
To add to its list of excuses there were further headwinds from the international corporate market and the self inflicted in house disasters created by BT management itself, including hefty fines and avoidable problems in Italy. Management has learned lessons, it humbly claims. A bit late in the day perhaps but we shall see. The lack of heads rolling around on the boardroom and executive canteen floors may be regarded by some as a cause for concern.
Stobart Group STOB is proposing a 50% increase in dividends for the year to 28th February with a final payment of 4.5p per share. The year produced a statutory loss of £8m after deduction of non underlying items of £ 35.4m. On an underlying basis, profit before tax rose by 48.9% and basic earnings per share by 62.4%.
On The Beach Group OTB is paying a maiden interim dividend of 0.9p for the half year to 31st March, after a 7.3% increase in revenue led to a 33.8% surge in profit before tax. Adjusted earnings per share rose by 27.1% and net debt fell by some two thirds to £2.3m. The group describes this as a solid performance, strengthening towards the end of the half year and continuing to grow in the second half.
United Carpets UCG has announced a special dividend of 1p per share which will be paid on the 25th May
Supergroup SGP The year to 29th April produced good sales and profit growth, with revenue ahead by 27.2%. Profit for the year is ecpected to be in line with expectations at £86-87m
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BT Caught Out in Major Fraud.
BT Group BT.A has reluctantly apologised for cheating on its Openreach customers over a number of years. After a whopping £42m fine which has now been imposed by Ofcom, it did not have much choice but it still has the audacity to try and get away with calling them “mistakes”. Ofcom takes a slighty different view and calls them “serious failings” and they were serious failings which BT doggedly refused to do anything about for three years.
Even after it had been caught out, BT refused for those three years from 2013, to pay any compensation to those of its customers who had suffered loss. In the end Ofcom has forced it to come to the table to agree a compensation figure which it is expected, will reach something in the region of £300m. BT laughingly blathers on about failing to adhere to its extremely high standards of customer service but makes no mention of action against any of its management who were responsible for what was in effect a major fraud.
Elecosoft plc ELCO saw a significant improvement in trading and financial performances in 2016 and the current year has started well. Like for like revenue on a constant currency basis for the year to the end of December rose by 8%. Profit before tax was up by 42%, EBITDA by 35% and basic earnings per share by 55%. The proposed final dividend is 0.25p, making a total of 0.4p for the year. Eleco also claims that it is well placed for trading post Brexit.
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YouGov plc YOU enjoyed a strong period of organic revenue and profit growth in the half year to 31st January. Revenue grew by 24% or 8% on a constant currency basis. Earnings per share were up by 21% and profit before tax by 27% on an adjusted basis. trading in the second half has started positively.
Gama Aviaton GMAA claims an exceptionally busy year for 2016 and a robust financial performance, with aircraft under management up by 12.2% and total revenue at record levels with a rise of 12.6%. US air revenue for the year to the end of December rose by 30% and ground revenue by 15%, as Gamma became a powerful market leader in the US. Europe however told a different story with air revenue down by 5% and ground revenue by 15% as it extricated itself from contracts it may have been better without and entered a restructuring programme. On a reported basis, profit before tax nearly tripled to $19.3m and earnings per share nearly doubled to $42.9m. the dividend is increased by 4%.