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Ian Pollard – Ted Baker #TBK will continue to be challenged
Ted Baker plc TED group revenue rose by 3.5% in the 28 weeks to the to the 11th August but profit before tax fell by 3.2% and basic earnings per share by 1.8%, so the management did two things. Firstly it increased the interim dividend by 7.8% and secondly it sought refuge in the time honoured excuse of “challenging external trading conditions”, thereby completely ignoring the successful companies which not only face challenging conditions but beat them. Wholesale sales did rise by 10% and e commerce by 24.1%. North America, the UK and Europe did see small sales rises in retail sales but the rest of the world showed a small rise or a small decline depending on how you calculated your currency. As for the future it looks like the board has already succumbed to those challenging conditions which it believes will continue through the second half.
Electrocomponents ECM benefitted from strong momentum in the six months to the 30th September. Group like for like revenue grew by 10% after a strong second quarter and adjusted profit before tax for the half year is expected to grow from last year’s £79m to £100m.
Audioboom Group BOOM produced record revenue for the quarter ended 31 August 2018 with a rise of 14% on Q2 2018 and 26% up on Q3 2017. Despite that revenue for the 13 months ending 31 December 2018 is now expected to be below current market expectations. That will still show a hefty rise on the 12 months to November 2017 which produced $6mUS$ compared to between $11.5m and US$13m which is expected for the end of the current year.
Gooch & Housego GHH has entered its new financial year with a record year end order book, which, as at 30 September 2018, stood at £96.1 million, an increase of 33% compared with last year. On a like for like basis and excluding the impact of foreign exchange this still comes in as a healthy 17% rise. The company is in a strong position and has been able to take advantage of positive market conditions.
Intercede Group IGP updates that operating losses for the six months to the end of September have been substantially reduced to less than £1.0m compared to last years £3.1m. Revenue for the half year has risen by more than 10% compared to last year.
AB Dynamics plc ABDP has performed well throughout the year and the Board expects both revenue and profit before tax will significantly exceed market expectations.
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Ian Pollard – Big Rollers Deserting Rank
Rank Group plc RNK In the 40 weeks to the first of April the digital business has continued to trade strongly but like for like revenue at Mecca and Grosvenor Casinos fell by 2% and 3% respectively. In quarter three the fall at casinos turned into a slump with like for like revenues falling by 9%, the under performance exacerbated by a negative contribution from VIP players. The board is taking corrective measure but expects that the groups UK venues will continue to be impacted for the remainder of the current financial year and will continue into 2018-19
Electrocomponents plc ECM expects results for the year to the end of March will be ahead of their own previous expectations and profit before tax will be slightly head of the top end of market expectations. The second half produced strong year on year growth in free cash flow. Group overall like for like revenue growth for the year shows a rise of 13%, Asia Pacific leading the way with a rise of 18% and The Americas taking second place with a rise of 14%
Homeserve plc HSV adjusted profit before tx for the year to the end of March is expected to be significantly ahead of last years 112m after another strong year. North America produced an excellent performance, driven by continued organic growth and acquisitions
AdEPT Telecom ADT is to recommend an increase from 4p to 4.5p per share in the final dividend for the year to the end of March, making an inrease of 13% for the year a a whole. . Underlying EBITDA will be slightly ahead of market expectations of a 23% year on year rise.
Sophos Group SOPH updates that the year to 31st March was another year of strong growth with reported billings showing n increase of 20-22%, rising to 23% in quarter four.
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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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Greggs – Strong Rise in Like For Like Sales
Greggs GRG Third quarter sales grew by 8.6% over the 13 weeks to the 30th September. On a like for like basis the rise was 3.9%. For the year to date, like for like sales in company managed shops were up by 5% compared to 2.8% in 2016. So far in the current year 98 new shops have been opened and 32 closed with a total of 1830 trading at the quarter end. Recent trading has benefited from greater product availability and service.
Electrocomponents plc ECM expects first half headline profit before tax to rise to 78m. compared to last years 55m. The good trading seen in the first quarter has continued into the second quarter, with stronger than expected progress leading to faster revenue growth and gains in market share, in all five regions. Group revenue for the quarter rose by 14%.
AB Dynamics ABDP expects revenue and profit before tax for the year to 31st August will be slightly ahead of analysts forecasts, with significant year on year growth in underlying revenue and profit before tax.
Inland Homes INL will today start a share back program of up to 1 million 10p ordinary shares, to be completed by 31st December 2017.
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MP Evans Dividends Surge As Palm Oil Back In Favour
M.P. Evans Group MPE enjoyed an excellent 2016 and like for like profit for the year to 31st December more than doubled, rising from from $7.8m to $16m. Total dividends for 2016 will follow suit with a rise from 8.75p in 2015 to 20p (including a special dividend of of 5p per share) and even more is promised for current year when total payments of 25p per share are expected. The board is said to be excited about the addition of significant new plantations.
The share price after steadily declining for a number of years, has recognised the transformation in palm oil prospects, rising from 415p in mid October, to todays 750p.
Homeserve HSV updates that it has had a very good year and expects that results will be at the upper end of market expectations. Customer growth in the UK was at a fairly modest 1% but in the US, there was significant expansion. The CEO is delighted with the company’s performance and promises that there will be further strong growth in the current year.
Electrocomponents ECM Expects that after a strong fourth quarter, results for the year to the 31st March will be ahead of previous expectations and headline profit before tax will be ahead of current market consensus. Revenue growth in quarter 4 accelerated to 8%. strong recovery was seen in North American and Pacific growth and a continuation of robust growth in Europe.But, both revenue and profits have benefitted from significant foreign exchange movements and additional trading days in 2017.
Hardide HDD First half sales to the Oil & Gas sectors have more than doubled compared to 2016 and overall trading is comfortably ahead of both first and second half performances in 2016..
Murgitroyd Group MUR enjoyed a strong third quarter with a 6% rise in revenue over the previous year, leading to a much improved trading perfrmance, ahead of revised internal forecasts.