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Corporate news review Thursday 28th September 2017
Air Partner AIP reports gross profit up 12.2% at £18.1m, with underlying PBT up 34.4% at £4.1m. AIP says it enters the next six months with optimism that FY expectations will be met.
Ascent Resources AST interims – recompletion and flow testing of well Pg-10. Construction of the new pipeline connection at MRS Lendava required to export gas production to Croatia. Refurbishment of separation equipment at the existing CPP (a gas separation facility) owned and operated by partner Petrol Geoterm. Raised £2.9m through PrimaryBid and reduced debt by almost £6m through loan note conversions. Post Period Highlights: Now selling gas, with reported revenues for the first time since 2013 and are now virtually debt free. The Company is now in a strong position to look to expand our operations into new territories and face the future with increased optimism.”
Chapel Down Group CDGP interim year on year sales up 22% to £4.977m and EBITDA up to £235k (H1 2016: £93k). CEO Frazer Thompsonsays the group has a fantastic team of people, and are excited about the prospects for the future.
Clinigen Group CLIN reports FY adjusted gross profit up 22%, adjusted EPS up 25% to 41.8p and strong cash flow with cash generated from operations of £54.7m (2016: £49.4m). Net debt substantially decreased by £33.1m to £35.0m, and the FY divi is up 25% to 5.0p.
CMC Markets CMC pre-close trading update – profitability in H1 2018 is significantly higher than the same period in 2017 with both net operating income and revenue per client higher (and marginally higher than H2 2017), driven by increased client volumes. Regulation remains a key focus, and despite profitability in H1 2018 being significantly higher than the same period in 2017, CMC remains cautious about the future outlook.
Euromoney Institutional Investor ERM pre-close trading update ahead of FY results. Since issuing its trading update on July 21, 2017, overall trading has continued in line with the board’s expectations for the financial year.
Telit Comms TCM updates on trading and narrows its financial guidance such that it expects revenues of $390m-$400m for the financial year to 31 Dec 2017 (2016: $370.3m) and adjusted EBITDA is expected to be $44m-$48m (2016: $54.4m) before one-off restructuring costs which are expected to be incurred as the review is implemented. Telit expects to see, as normal, significant cash generation during H2 and expects to satisfy all financial covenants which are imposed upon it when tested as at 30 September 2017.
NWF Group NWF AGM statement: “Trading has been ahead of the same period last year and in line with the Board’s expectations, with net debt reflecting the normal seasonal fluctuations. “The Board’s outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions.
boohoo Revenue Surges
boohoo.com BOO now expects full year growth to February 2018 will be about 60% and ahead of previous guidance for revenue growth by some 50%. Group revenue for the quarter to 31st May increased by 106%, or on a like for like basis by 78%
Auto Trader Group AUTO will have a happy band of shareholders today after news that it is increasing its final dividend to 3.5p per share making a total payout for the year of 5.2p compared to last years 1.5p. Profit before tax for the year to 31st March rose by 23% and basic earnings per share by 22%. and the company is confident after a number of years of strong growth that it will continue to meet its growth expectations for the current year. After a slump in July, the share price is virtually unchanged over the last 12 months.
Flybe Group FLYB expected a small underlying loss before IT write downs for the year to 31st March. In fact after IT write downs the loss came in at £6.7m compared to 2016’s profit of £5.5m and more IT losses of around some £6m are still to come. However with a new CEO in place, FLYB claims that a platform for a sustainable future can now be built and a fleet reduction is planned for the coming winter. Group revenue for the year rose by 13.4% but load factor fell by 3% because of increased capacity for which there appears not to have been sufficient passengers. On a brighter note it is still the best UK airline for punctuality.
CMC Markets CMCX saw 5% client growth in the year to 31st March but the good news stops there as clients traded less and spent less, producing an 11% fall in revenue per active client. The result is that profit before tax and earnings per share fell by 9% and net operating income by 6%. The number of trades declined by 6% and their value was 3% down. The dividend remains unchanged.
Best Of The Best BOTB is to pay a special dividend of 6.5p per share this month on top of the 1.4p per share ordinary dividend proposed for the year to 30th April. The company describes the results as solid with profit before tax rising by 42.7% and earnings per share by 41.6%. Revenue for the year was up by 7% and further growth is expected in the current year.