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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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Ian Pollard – Smith & Nephew; Knee Implants Stand Out !
Compass Group CPG produced a strong performance in the quarter to the 31st December with organic revenue growth of 5.9% led by North America with 8.2% but Europe down at only 2.1%. Currency movements caused a £24m profit loss during the quarter and if the present spot rate continues for the rest of the year, the impact on profits will amount to £97m.
Sophos Goup SOPH Billings for the first 9 months of the year rose by 21% with growth continuing to accelerate in the third quarter to to 23%. Despite this last years third quarter operating profit of £1.7m was this year turned into a loss of 2.8%.
Tate & Lyle TATE Speciality Food Ingredients delivered good volume growth in the 3 months to 31st December. Helped by growth in sweetener volumes in North America, robust profit growth is expected in Bulk Ingredients for the year to 31st March
Bellway BWY updates that housing revenue for the 6 months to the 31st January is expected to rise by 14% and the average selling price is expected to have risen by almost 7.8% to record levels with the average price now standing at £276,000 due, the company hastens to add to investment in higher value locations throughout the country. Customer demand is strong and the forward order book is up by 15.7%. Operating margins for the first half are expected to be about 22% and should remain at about that level for the rest of the year.
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Corporate news review Tuesday 17th October 2017
ASOS ASC says FY retail sales grew strongly at +34% on a reported basis and +27% on a constant currency basis. Customer engagement remains strong with active customers6 +24%, average basket value +2% and average order frequency +5%. CEO Nick Beighton said the new financial year “shows continuing momentum in the business” and the potential for the company “remains huge.”
Bellway BWY reports another record year with completions rising by 10.6% to a record 9,644 homes. Operating profit rose by 16.2% to £571.6m, with EPS up 12.7% to 370.6p and a 13% rise in the proposed total dividend per share to 122.0p.
Hornby HRN updates on trading and says to maximise the value of its brands over the long term, it will no longer offer for sale large quantities of stock at a discount. Hornby warns that current year revenues will be lower and, consequently, there will be a material impact on profitability in the current financial year. Interim Chairman David Adams has indicated his intention to step down to take up another appointment.
Merlin Entertainments MERL updates on trading and reports 12.4% revenue growth driven by continued strong New Business Development, including the successful opening of LEGOLAND Japan, five new Midway attractions, and 381 new accommodation rooms. Trading in recent weeks has remained mixed and Group like for like revenue growth for 2017 is therefore expected to be approximately flat on 2016. EBITDA is expected to be in the range of £470 – £480m.
Moneysupermarket.com MONY updates on trading and says it is on track for another record year.
Virgin Money Holdings VM. updates on trading and confirms profitability, earnings and underlying RoTE are in line with expectations.
Pearson PSON updates on trading and reports a good competitive performance year to date, while plans to complete the digital transformation and simplify the company are on track. Nine-month revenues are in line with expectations.
Bellway On Crest Of A Wave – But Is That A Safe Place To Be
Bellway BWY is riding on the crest of a wave, with favorable market conditions, the continued availability of cost effective mortgage finance and of the voters friend, Help to Buy. Revenue for the year to the 31st July is expected to have risen by 13%, volume growth in completions by 10% and at the end of the year the forward order book was 16% higher than a year ago. It seems ludicrous that the poorer the country gets, the more its currency collapses and the more its services , from health and education to police, show signs of following suit, the brighter the prospects become for the housing industry.
Standard Life SL s increasing its interim dividend by 8.2% to 7p per share after a strong half year performancew which produced a rise of 6% in half year operating profit before tax and a 5% rise in fee based revenue. The merger with Aberdeen is due to be completed on the 14th August and this it is expected will open the next chapter of the the company’s transformation.
Paddy Power Betfair PPB Management takes full credit for the efficiencies and investments which have seen strong results for the six months to 30th June and a 25% increase in the interim dividend. Half year operating profit rose by 22%, EBITDA by 21% and earnings per share by 23%. The figures were also helped just a little bit by the fact that Cheltenham was far more favourable this year than last, as well as by the provision of better odds and more generous offers.
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BATS Cloaks Itself In Secrecy
British Am. Tobacco BATS has a new policy of keeping its shareholders and investors generally less informed about its financial progress or the lack of it and has stopped issuing interim management statement, replacing them instead with short updates twice a year prior to the start of its closed periods. So all it will tell you with todays update is that the business is trading very well but no figures are quoted to justify that assertion.
All that it will tell is that it has benefited hugely from a currency translation tailwind of 14%, thanks no doubt to the destruction of the value of the pound, by our political leaders. One possible strong point is that full year volume is expected to outperform the market but then it admits that market volume is expected to be down 4%, so in the end that is hardly going to set the share price alight.
WH Smith SMWH has continued to focus on profitable growth with the result that total high street sales fell by 4%, during the 15 weeks to 10th June, as did like for like sales. Travel sales continued to shine with a rise of 8% or 5% like for like but as far as the high street is concerned the lack of focus continues to be alarming.
Bellway BWY experienced strong sales demand and robust market conditions in the period from the 1st February to the 4th June. Volume growth for the year to 31st July is expected to reach 10% and the average selling price should get up to about £260,000 as against last years £252,793. The company also regained its status as a five star housebuilder.
Mulberry Group MUL profit before tax rose by 21% in the year to 31st March with revenue rising by 8% and cash up by 50% to £21m. UK sales did well with a rise of 10%. For the 10 weeks to the 3rd June retail like for like sales rose by 1%. The proposed final dividend remains unchanged at 5p per share.
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Bellway – Moderate Price Increases For 2017
Bellway Homes BWY claims another excellent financial performance for the half year to the 31st January but the effervescence and price rises, such regular features of previous years, appear to be moderating. Increases are well within single digit figures except for earnings per share which just managed to break through the 10% barrier. Revenue rose by 5.9% and profit before tax by 9.3%. One good sign for the future is that as at the 12th March, the order book is 18% higher than a year ago and 5% more houses are expected to be sold in the current year as against 6.5% more completed. Average price increases for private sales are expected to rise by over 4% but this is positively pedestrian compared to industry figures for previous years. Perhaps a sign of the times there.
888 Holdings 888 2016 was another year of outstanding progress, in fact “fantastic” is how the CEO describes it, with very strong organic revenue and profit growth. Revenue for the year to 31s December grew by 13%, or 18% on a constant currency basis. whilst basic earnings per share were up by 74%. Total dividends for the year are increased from 15.5 cents to 19.4 cents, after a final of 5.1 cents plus an additional dividend of 10.5%. trading for the current year so far, is already 11% ahead of a year ago.
Good Energy Group GOOD produced a robust performance in 2016 in an increasingly competitive UK energy market. Revenue rose by 41%, EBITDA by 39% and profit before tax was up from just above a break even point of £100,000 in 2015 to £1.4m. The total dividends for the year remain unchanged.
Mears Group MER produced strong organic growth in the year to the end of December, especially in the Housing Division. Like for like profit before tax rose by 13% and the dividend is being raised by 6% to 11.7p.
Fevertree Drinks FEVR enjoyed exceptional growth in the year to 31st December. Revenue rose by 73%, adjusted EBITDA by 97% and diluted earnings per share more than doubled. The final dividend of 4.71p per share makes a total for the year of 6.25p compared to 2015’s 3.08p.
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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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