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Ian Pollard – Blame The Headwinds, Not The Management
ConvaTec Geoup CTE admits to a disappointing performance in 2017 due to unspecified headwinds and significant challenges, the nature of which are not disclosed..Supply constraints from which it suffered during the year will continue to have an impact in 2018, especially in the first half due to back order fulfillment and lost orders. Revenue for the full year rose by 4.5% and reported operating profit by 60.9%
RELX PLC REL is increasing its fully year dividend for 2017 by 10% after reporting another year of underlying growth in revenue, operating profit and earnings. Adjusted operating profit grew by 6%, underlying revenue by 4%, and adjusted earnings per share on a constant currency basis, by 7%. Further growth is forecast for 2018.
Earthport plc EPO updates that revenue rose by 8% for the 6 months to the 31st December but adjusted gross margins fell by 9% and administrative expenses rose by 7%. The adjusted EBITDA loss more or less doubled to £3.2m. Core services remain strong despite first half challenges and the new business pipeline is also strong but cash flow break even point is not expected to be reached until 2019.
Venn Life Sciences VENN Using the headwind from project deferrals in the first half of 2017as an excuse the board believes that the small fall in revenue from £18.2m to £17.8m, an improved EBITDA performance and a closing cash position down by nearly two thirds, reflects solid progress
Sanderson Group plc SND will report at todays AGM that following the acquisition of Anisa Group in November, total group revenues for the four months to the end of January are approximately one third ahead of the same period last year. On a like for like basis and excluding Anisa, Sanderson revenues are 5% ahead and operating profit some 10% ahead.
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Spectra Systems – To Significantly Exceed Expectations
Spectra Systems SPSY has been notified by its authentication technology licensee that royalties in 2017 will reach a record level to the extent that profits for the year to 31st December will significantly exceed market expectations. For 2018 it is expected that royalties will continue to be higher than average.
Bioventix BVXP is increasing its second interim dividend from 26p to 31p as well as paying a special dividend of 40p per share. after announcing what it describes as yet another set of excellent results for the year to the 30th June. Revenue for the year rose by 31% and profit after tax by 40%
System 1 Group plc SYS1 Trading for the six months to the 30th September has been slower than expected and in constant currency terms, gross profit is expected to show a 12% decline over the previous year. The company remains cautious about prospects because of what it describes as”our usual lack of revenue visibility”.
ConvaTec Group CTEC Organic revenue growth for the full year will be lower than expected after quarter 3 was severely impacted by a number of issues, including supply problems and lower than anticipated revenue from new products. The implications of growth on margins for 2018 are being reviewed. Third quarter like for like group revenue rose by 3.3% but it is now expected that full year organic revenue growth will be down to between 1% and 2%.
Polymetal Int. plc POLY enjoyed a robust third quarter with gold sales rising by 50% and gold output up by 38%. Total sales for the 3 months to the 30th September rose by 17% and gold equivalent production rose to record levels with a 26% increase over the previous year.
Physiomics PYC suffered from a 9% decline in total income for the year to the 30th June and losses for the year rose by 6%, resulting in the company’s cash position becoming constrained until a deal with a major client can be finalised. Active cost control measures have been put in place.
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