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Cello Is a Bowed String Instrument And Not A Fiddle
Alliance Pharma APH has more than doubled revenue and pre tax profits in the 6 months to the 30th June and is increasing the interim dividend by by 10%. Revenue rose by 104% including sales of ex Sinclair products whilst profit before tax rose by 113% and basic earnings per share by 25%. The share price has been showing some signs of strength since the end of June with a rise from 42p to 51p, approaching its previous all time high of 60p.
Advanced Medical Solutions AMS claims to be in robust health, with strong financial growth for the half year to 30th June. LiquiBand continues to perform strongly in the US, producing a rise in revenue of 83% and further gains in market share.The interim dividend is being increased by 20% after a rise in revenue of 20% and a 13% rise in profit before tax. revenue has been helped by currency fluctuations. The share price as grown almost without interruption from 55p at the start of 2013, to its present 227p.
Dunelm DNLM Put in a strong performance for the year to 27th June and continuing a record of ever increasing sales and profits over the last 10 years. The final dividend is to be increased by 19.1% bringing full year dividends to 25.1p, a rise of 16.7%, in addition to which there has been a special distribution of 31.5p per share.Profit before tax rose by 6.2%, basic earnings per share by 7.4% and revenues by 7.1%.
Galliford Try GFRD produced another set of record results for the year to 30th June, but being a housebuilder, that is expected. Profit before tax rose by 18% and the full year dividend payments are up by 21%. Linden Homes saw completions rise from 2769 to 3078 which I make out to be a rise of 11% but revenue was up by only 8%. Housebuilders do not give discounts, not yet at least but did the odd incentive become necessary during the course of the year?
Cello CLL is increasing its interim dividend by 19% following a statutory loss of £0.8m and a statutory basic loss of 1.8p per share, for the 6 months to 30th June. Last year it made a first half profit of £1.9m so this year has seen quite a turn round. Obviously the board must have put its thinking cap on as to how to justify the dividend hike and to do so it came up with a new formula. As from now dividends will be equal to 40% of headline earnings per share, that being one of the few statistics showing a positive outcome, even if at 3.54p they were lower than last years 3.61p. Nice for the shareholders, anyway. And to make sure that no one is confused with the half year results, the company makes it clear that “Headline operating margin is defined as headline operating profit as a percentage of segmental gross profit“. Can’t get fairer than that, can it?
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Bumpy Landing For Easyjet
Easyjet EZJ The chickens have at last come home to roost and Sir Stelios has been proved right. Number crunchers can not run a successful airline and that is why Ryanair and Intercontinental thingummiejigs are two of todays most successful airlines.
Easyjet has quietly tried to distance itself from its origins as a budget airline. Some fares now equal or even exceed those of the “proper” airlines but it can not get away from the fact that it still operates with the attitude of a budget airline and still tries to pretend it is a budget airline. The result is that it is caught between a rock and a hard place. The flying public is not as stupid as Easyjet thinks and has delivered it a strong warning. The results for the half year to to 31st March do not make pleasant reading.
Firstly it has clearly gone ex growth. The load factor is static and revenue has risen by by a tiny 0.3%. Revenue per seat has fallen by 4.2% but costs per seat have risen by 4.3% despite the collapse in the price of fuel, a double whammy if ever there was one.Worst of all it has managed to turn last years half time profit of £7m. into a loss of £24m and earnings per share of 1.3p have become a loss per share of 5.1p
Easyjet calls this a robust performance, more like a bumpy landing
Few managements are capable of taking on board lessons from results like these. There is only one person capable of giving those lessons. At least Sir Stelios will be able to speak with added authority when he gives his next words of warning and advice. For once perhaps, they should listen to him.
Bovis Homes BVS has seen the house building boom continue unabated during the first four months of the year. Freely available mortgage finance has fuelled strong demand. Weekly sales rates have improved and sites have been selling out earlier than expected.
Cello CLL has had a good start to the year. Except in one division, it has a robust income pipelines and is continuing to work towards the resolution of its VAT dispute with HMRC.
Gear4music G4M has had a record year for its first as a listed company, with strong UK growth and excellent progress in Europe. Adjusted operating profit for the year to 29th February grew by 138%, adjusted EBITDA by 100% and revenue by 46%. Last years loss of £797,000 was turned into a tiny profit of £6,000. Year end cash has grown from just under £1million to £3.5m
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