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Ian Pollard – Clarkson #CKN Challenged By Headwinds
Clarkson plc CKN Despite a challenging start to the year Clarkson produced a robust performance for the year to the end of December.Underlying profit before tax fell by 10% and earnings per share declined from 116p to 105p.The CEO is happy with this as it enables the dividend to be increased by 3% making it the16th consecutive year of increased dividends. Headwinds are having their impact in the form of political uncertainty and natural disasters but these are expected to diminish as the year passes.
Polymetal International POLY Preliminaries to the 31st December showed that 2018 was a year of strong operating and financial results,with revenue rising by 4% and gold sales up by 10$. Adjusted EBITDA was up by 5%, although average realised gold and silver prices both fell. A final dividend of US$ .31 is proposed. The dividend declared during the period has risen by 47% from last years 32 cents to the current 47 cents.
Xaar plc XAR updates that underlying trading results for the year to 31 December 2018 are in line with previous expectations and delays in ramp up of new product volumes in China have resulted in an unfavourable aging profile of working capital. Provisions are therefore being taken on the basis of prudency.
Driver Group plc DRV reports that the cumulative trading result is now behind the Board’s expectations for the current period due to a slowing in the speed of client conversion, in particular in the Middle East and south-east Asian markets. The cumulative trading result is now behind the Board’s expectations for the current period and the shortfall is unlikely to be recovered in the second half. Full year underlying profits before taxation are now expected to be slightly below the 2017/18 result at approximately £3.5m.
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Ian Pollard – Clarkson Sees Recovery In Shipping
Clarkson plc CKN 2017 became the 15th consecutive year of dividend increases after a strong performance showed signs of recovery in shipping markets.Underlying profit before tax rose by 12% with a matching increase in the final dividend whilst earnings per share were up by 11%.
Melrose Industries MRO has made an increased and final offer of 467p per share for GKN which is still refusing all attempts to engage it in constructive discussions, despite the offer representing an attractive and immediate premium of 43%. The deadline for acceptances is 1pm on Thursday the 29th March. Melrose claims that the offer will not be increased under any circumstances.
Polymetal POLY announces a strong operational performance for 2017, with robust earnings and a proposal to recommend a final dividend of $30cents per share in accordance with its revised dividend policy.Revenue for the year to 31st December rose by 15%, gold production increased by 21% but silver fell by 8%. Prices for both metals remained largely unchanged from 2016.
eve Sleep plc EVE Revenue grew by 132% for the year to 31st December which was its third year of operations and gross profit was up by 175%. On a statutory basis the loss before tax jumped from 11.3m to 19.1m. The new year has started strongly and sales in the first 6 weeks of 2018 rose by 94% compared to he same period last year.
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Corporate news review Monday 14th August 2017
Clarkson Plc CKN reports a strong half-year performance, with underlying PBT up 25% at £21.9m, on revenues up to £156.8m (2016: £147.2m). Underlying EPS grew 9% to 57.5p, and CKSN has a robust balance sheet, with £71.4m of net funds, up from £46.7m this time last year. CEO Andi Case says the solid cash position means that irrespective of market conditions, CKSN can invest in the business for future growth, and the company is in a good position entering H2.
DX Group DX. / John Menzies MNZS – Merger discussions have been terminated. While the respective Boards believed that the proposed combination had strong strategic logic for all stakeholders, the DX Board has been unable to agree suitable terms.
EVR Holdings EVRH says its subsidiary MelodyVR Ltd has entered into a music licensing agreement with ARESA GmbH, the Anglo-American Rights European Service Agency. EVRH CEO Anthony Matchett said the agreement with ARESA “further enhances our opportunities for the distribution and monetisation of our vast library of content and further extends our market-leading position as the world’s only licensed VR music platform.”
Tracsis TRCS says group trading for the year has been in line with market expectations, with revenues in excess of £34m (2016: £32.6m) and good trading experienced throughout all parts of the business. EBITDA & adj PBT are in line and also ahead of the previous year (2016: EBITDA £7.6m, APBT £6.9m). TRCS remains debt free and highly cash generative.