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Ian Pollard – #WPP Impacted By Client Losses.
WPP plc WPP a company with the spectre of its founder still lurking in the background is never a happy place to be. Naturally Sir Martin does not get a mention in WPP’s third quarter results but the way in which the company’s business has been impacted in many fields after his sudden departure, does get a mention and repeatedly so. The finger points in only one direction, Third quarter like for like revenue less pass through costs fell by 5.3% compared to 3.3% in the second quarter, as client losses continued to grow. Having seen second quarter growth of 1.4% in the UK, quarter three produced a fall of 2%. Most sectors were impacted by client losses as major global companies continued to desert in increasing numbers.
Strong regional differences made for a patchy performance with Australia and New Zealand doing well. A similar story appeared in company sectors with a strong deterioration in advertising and media management, once the heartland of the WPP empire.One suspects that it will take some time for the spectre to be exorcised.
Aveva Group plc AVV updates that it continued to perform well during the first half of its financial year. and delivered low double digit revenue growth on a constant currency basis. A number of contracts were brought forward into the first half.
Elementis plc ELM delivered a resilient overall third quarter performance, although the CEO is less expressive and prefers to be more down beat by describing it as “solid”. Nonethless even he admits they are excited as the integration of their latest acquisition, Mondo Minerals, commences.
Eckoh plc ECK has seen strong progress in both UK and US orders in the half year to the end of September. In the US it has already exceeded in in the first half the total contract value of $9.3m for US Secure Payments it achieved in in the whole of 2018. In the UK, it has seen excellent progress in contract wins and as in the US, the total value of new contracts won in in the first half has exceeded the total won in 2018.
1PM plc OPM updates prior to today’s AGM that in the first four months of the current year it has experienced a continuing robust level of demand. The strong trading has continued into October.
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Ian Pollard Eckoh (ECK) Wins Largest Ever Contract
Eckoh ECK has won its largest ever contract, to provide secure payment solutions to one of the largest corporations in the United States. The contract worth $7.4m. has delighted the CEO of Eckoh and is expected to make a modest financial contribution in the current year, with the majority coming in the following two financial years.
Range Resources Ltd. RRL has seen a significant improvement in operational and financial performance during the 12 months to the 1st June. Revenue increased by 55% to $13.1m.after a 25% increase in production from Trinidad and a 25% increase in the realised oil price from $44.7 per barrel to this years $55.4 dollar per barrel. The loss for the year has been materially reduced from last years US $54.4 million to $17.5m.
Imaginatik IMTK Updates that its financial performance has improved since the 1st June.and not only that but its sales pipeline has has been cleaned, whatever that may mean. The immediate focus of the new management team is for the business to become self funding as soon as possible.
Iomart Group IOM has continued to perform strongly in the six months to the 30th September with both revenue and trading profits expected to be well ahead of last year’s first half. Good levels of new business have continued to be won and these are expected to filter through into increased sales in the second half.
Wey Education plc WEY reports that in its traditional online school and B2B division sales are materially ahead of the same time last year. The formation of the joint venture in China is taking longer to complete than originally anticipated but the delay is not expected to have any material effect on revenues or profits for the current year.
Big Sofa Tech. Grp. BST Claims to have made considerable progress in the half year to the 30th June, with revenue up by 20% on last year and work commissioned showing a rise of 100% compared to a year ago. The company is still loss making but the loss for this half year has been reduced by 19% from £2.1m to £1.7m.
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Ian Pollard – Gloom & Despondency As UK plc Whinges About Its Own Incompetence
Mulberry Group plc MUL Revenue in the year to 31st March rose by 1% and retail sales by 3%. On the international front sales were good with a rise of 20% but the UK was flat and has gone even flatter since the year end with a drop of 9% and leading to a 7% fall in like for like goup retail sales for the 10 weeks to the 2nd June. Mulberry tries to put a brave face on the dismal news but can a fall of 9% in UK like for like retail sales over10 weeks be passed off as significant progress. New subsidiaries have been opened in China, Hong Kong, Taiwan and Japan but that has not been able to offset the lame excuse of a fall in UK footfall. Mulberry has a problem ad it seems to be getting worse.
Redhall Group plc RHL Despite a strongly growing order book, a strong tender pipeline and major contract awards in nuclear new build Redhalls first half performance has been impacted by programe delays. An adjusted operating profit of £0.2m has been turned into an operating loss of £1.9m. and a net cash position of £0.1m has been turned into debt of £4.5m Never mind, it has a transformation strategy underway.
Dewhurst plc DWHT did not have good first half. Sales and profits fell and group revenue declined by 5%. Profit before tax was down by 4% and operating profit collapsed by 19%. The strength of sterling had a 5% negative impact – presumably they must have found a part of the UK which had a different exchange rate to he rest of the country.. The interim dividend remains unchanged at 3.5p. per share. The business climate is seen as being reasonably positive, except of course for the UK., so presumably there my be a good chance of them getting a positive impact from the continuing fall of the pound.
Eckoh ECK at least brings some cheer into what is otherwise a gloomy day for UK plc. A strong performance in the US saw revenue there rise by 16% for the year to the 31st March and the UK order book grew strongly in the second half. Profit before tax increased by 61% and the final dividend is being increased from 0.48p to 0.55p, a rise of 15%. It is good to see that there some companies with management whose eye is on the ball and is not content to just sit back and whinge about the results of its own incompetence.
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Ian Pollard – Centrica Faces “High Level Competitive Intensity.”
Centrica CNA has issued a jargon riddled update, which believe it or not ends with the startling claim that the outcome for the year will be dependent on its operational and commercial performance. Well, well what a surprise. To cover itself all ways up it also adds to the list, the impact of an uncertain regulatory environment, weather patterns and commodity prices. Management skills are, it appears not included in the list as being likely to have any impact on the company, beneficial or otherwise. The year has however begun well, thanks to abnormally cold weather and despite unplanned outages in Morecambe Bay and production issues in Norway. Its core markets have been affected not just by intense competition but by “High level competitive intensity” which makes it sound really, really serious.
Diploma plc DPLM delivered robust growth in revenue and profits during the half year to the 31st March despite currency headwinds and is increasing its interim dividend by 10% to 7.7p per share.Adjusted earnings per share rose by 12% whilst revenue and profit before tax each rose by 8%. Currency movements caused revenue to fall by 4%. The Board believes that the company will continue with its excellent track record of value creation.
Eckoh plc ECK updates that the year to the 31st March ended with a robust balance sheet and a strong order pipeline. Good progress was made in the US where secure payment revenues more than doubled, although in the UK market conditions were more challenging. The company is looking forward to the introduction of European GDPR on the 25th May which could produce substantial opportunities in the UK and in the US where it appears thare will be widespread adoption of the new European regulations.
Angling Direct ANG achieved record revenue and profits during the year to the 31st January, a year in which it not only joined AIM but also went on the acquisition trail in a big way. Group revenue rose by 44%, gross profit by 37% and online sales surged by 54% compared to a rise in store sales of 40%. Like for like sales however gave a much more modest and realistic growth figure of 9%. A good start has been made to the current year, despite adverse fishing weather.
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Ian Pollard – Tesco Forecasts £1.57 Billion Profits and 2p Final Dividend
Tesco TSCO is to publish its prospectus and other documents later today for its proposed merger with Booker. These will include a profit forecast of £1,57 billion for the year to 24th February 2018 and an intention to pay a final dividend of 2p per share.
Electrocomponents ECM The quarter to the 31st January produced a strong underlying revenue performance with growth of 14%. Each of the 5 regions produced double digit underlying growth. The Performance Improvement Plan stage 1 has now been completed and the company is excited by the opportunity for further growth and improvement.
Wizz Air Holdings WIZZ Passenger numbers grew by 24.4% in January, slightly less than seat capacity which was up by 24.8%. Load factor fell by 0.3%
Murgitroyd Group MUR is to increase its interim dividend by 30% to 6.5p per share for the half year to the 30th November. Profit before tax rose by 14% and basic earnings per share by 14%. The board is confident of further long term growth.
Croma Security Solutions CSSG trading for the 6 months to the 31st December has been exceptionally strong and EBITDA is expected to have grown from £0.44m to £1.1m. Record profits are expected for the full year.
Eckoh ECK has secured six sizeable new orders since the interim results were announced on the 17th November. These were in a variety of sectors including, healthcare, insurance and mobile telecoms where the client was one of the UK’s largest mobile telephone operators. Benefits are expected to start accruing in the second half.
Smart Metering Systems SMS saw total annualised revenue rise by 38% in the year to the 31st December. In the Electricity division, meter recurring revenue nearly tripled to £11.2m. Results for the year are expected to be inline with current market expectations
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Reckitt Benckiser – Admits Incapable Of Growth
Net revenue both for the quarter and for the year to date both fell by 1%. The best it could manage was growth in only one category out of four and that was a lowly 1% in hygiene, It was a soft quarter bemoans the CEO whose best expectations are for a flat like for like target for the full year, whilst at the same time claiming to be excited about the prospects for the company.
BHP Billiton BHP updates that its first quarter performance leaves it on track for 7% volume growth in the current financial year but the figures are somewhat patchy. Petroleum and gas production declined compared to the same quarter last year, as did iron ore and coal. Copper was the only bright spot with a rise of 14%. However there are four major projects under development one of which involves investment of $2.5 billion.
Softcat SCT announces another very strong year with double digit growth in both gross and operating profit. Revenue for the year to 31st July rose by 23.8% and operating profit by 18.9%. The final dividend is to be increased by 69.4% and a special dividend of 13.5p per share, down 15% on last year, is also to be paid, making a total dividend increase for the year of 15%. The company has now produced 48 consecutive quarters of top and bottom line year on years growth.
Eckoh ECK has been trading strongly in the UK during the half year to the 30th September, whilst in the US where it only entered the market in 2014 it also appears to be going from strength to strength, having won a total of 30 contracts since then. Good progress is being made in converting its contracts pipeline into orders and new contracts awarded in the first half, have equaled those awarded in the whole of the last financial. year
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Stanley Gibbons Throws in the Towel
Stanley Gibbons SGI has completed a restructuring programme which included a complete overhaul of the board and the executive leadership, costs have been reduced by some £10m and parts of one division have already been sold off but in the end it looks like things are so bad that value for shareholders can only be unlocked if the company puts itself up for sale and that is what it has now done, announcing this morning a formal sales process which could result in a sale of the company. Interested parties are invited to contact the company.
Mitie Group MTO is not paying a final dividend meaning a slump of 66% in dividends for the year and all the Chief Executive can say by way of explanation is that it has been a challenging year. In fact it was so challenging that the company managed to turn last years profit of £107.6m into an operating loss of of £42.9m. Basic earnings per share of 20.1p in 2016 were turned into a loss of 14.7p. Revenue for the year to 31st March fell by 1%.
Accounting adjustments are said to be responsible but why is the Chief Executive so tight lipped with his excuses. What were the challenges, shareholders may ask, which management failed to meet. The share price has stood up fairly well during the course of the year. After a sudden drop to 180p last September it recovered to 245p. and has jumped another 30p on opening this morning.
Eckoh ECK revenue rose by 30% and gross profit by 21% for the year to 31st March, making it the fourth consecutive year of double digit growth in both revenue and gross profit. In what the company describes as a breakthrough year, revenuei n the US jumped by 145%. The final dividend is to be increased from 0.45p to 0.48p per share. A strong start has been made to the new financial year, with monthly revenue averaging £2m.
Northern Bear NTBR claims excellent results which will be ahead of prior year results and management expectations for continuing operations in the year to 31st March. The order book for the new financial year is particularly strong and it is proposed to increase the final dividend from last years 2p. per share.
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Countryside Props. Profit Up 40% After Swingeing Price Rises
Countryside Props. CSP produced strong growth in the year to the end of September which is not surprising with completions up 20% on top of which it managed to impose a swingeing 21% rise in average private selling prices, to £465.000. Adjusted operating profit rose by 40%. Current trading is robust with sales rates and values both above year end levels. The private year end order book is at record levels after a rise of 64%. A final dividend of 3.4% is proposed.
Eckoh ECK Revenue during the 6 months to 30th September rose by 57% and gross profit by 25% despite being impacted by a £0.6m loss incurred by a discontinued division of Eckoh’s US subsidiary, PSS Inc. US operations now account for 30% of group revenue after rising from £31,000 to £4.0 million. The second half year is expected to be strong.
Cranswick CWK is raising its interim dividend by 12.9% after rises of 38.4% in statutory profit before tax and 30.8% in statutory earnings per share. for the half year to end September. Results were helped by a strong contribution from Crown Chicken which was acquired in April and also by strong performances in key export markets, with Far East revenues rising by 83%
Treatt plc TET claims a strong performance in the year to the end of September and is increasing its total dividend by 8% to 4.35p, after an 11% rise in adjusted profit before tax. Basic earnings per share were up by 8% but revenue showed only a modest rise of 2%
Easy Hotels EZH 2015/16 was a transformational year which saw a rise of 38.4% in profit before tax and 40% in basic earnings per share. Total revenue was up by 8.7%. 1527 rooms are now in developments and 576 new rooms will be added by early 2018 with the opening of 5 new hotels.
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McCarthy & Stone – Orders Down, Cancellations Up, Incentives Back.
McCarthy & Stone MCC is yet another housebuilder hoping that the warning signs of a pending slowdown in the housing market can be ignored and, like all the others it seems to be living in the hope that good times can and will go on for ever. For the year to the 31st August, its first as a public company, it enjoyed robust growth, with a revenue rise of 31%, legal completions up by 20% and £52m cash in the bank at the year end. It credits its success on its continued focus on operational excellence and concentrating its efforts on the demand for retirement homes. Its net average selling price rose by 8% because of what it claims was increased quality.
That is now history and the future presents a more gloomy prospect.
The order book is down some 12% on a year ago. Incentives are back and you have not heard much of those in the house building industry for many a year but in recent weeks their use has become necessary to ensure that the volume growth target can be met. Since the company’s last update as recently as the 29th June, weakness in the secondary housing market has become apparent. Perhaps worst of all, cancellations have risen and there is now a fear that continued market weakness could lead to a failure by the company to achieve its 15% planned growth target.
Eckoh plc ECK has been forced to issue a surprise profit warning as management appears to have bitten off more than it can chew, with the disastrous acquisition of Product Support Solutions which has a significant presence in the US and which has suffered from cost over runs on a large, complex, fixed price contract which is expected to lead to losses of £700,000 for that division alone. PSS is now to be closed down and as it was acquired less than a year ago in November 2015, questions must be raised about the effectiveness of Ecko’s management at the time and the due diligence it performed on PSS. Perhaps not surprisingly, today’s update remains silent on the point.
To add to the damage Eckoh has changed its pricing formula thereby leading to a fall in short and medium term margins. The result of all this, is that pre tax profits for the current year will be below market expectations and probably in line with last years results.
Ryanair RYA happily announces that its great success continues, with August traffic up by 11% or 16% on an annual rolling basis. Load factor again rose, by 1% and customers will be pleased to know that average fares over the next 6 months are expected to fall by some 10 – 12%
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Company news, including: Ashtead – Dividends Up By 48%
Ashtead AHD continued to go from strength to strength during its fourth quarter ending on the 30th April. Revenue for the quarter rose by 18%, profit before tax by 38% and earnings per share by 44%. This compares very favourably with the full year figures showing rises of 19% in revenue, 24% in profit before tax and 27% in earnings per share. The big bonus for shareholders is the proposed final dividend of 18.5p which will mean a 48% rise for the full year.
Eckoh ECK is increasing its full year dividend by 20% after revenue to 31st March rose by 31% and in the US where it claims tremendous progress was made, revenue skyrocketed from £0.2m to £4m., giving Eckoh its third successive year of double digit revenue and margin growth. Adjusted operating profit rose by 22% and EBITDA by 20%.
Ted Baker TED Despite challenging external trading conditions, the strength of the brands saw retail sales for the 19 weeks from 31st January, rise by 12.7%, wholesale by 7.3% and e commerce sales by 32.3%.
Crest Nicholson CRST The government fueled housing bonanza continues apace allowing Crest to increase its completions for the 6 months to to 30th April by 7%. Revenue rose by 22% and both profit before tax and basic earnings per share were up by 25%. Forward sales at mid June were up by 19% on a year ago.
Park Group PKG claims an impressive trading performance for the year to 31st March with profit before tax up by 8.5%, earnings per share by 13.3% and a proposal to raise the final dividend by 18.8%.
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