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Ian Pollard: Grafton Group #GFTU Increases Interim Dividend By 14%
Grafton Group plc GFTU has produced a strong performance for the half year to the 30th June with all segments reporting double digit growth in profitability and excellent organic growth in key markets. Statutory profit before tax and basic earnings per share both rose by 18% after a 9% rise in revenue and the interim dividend is to be increased by 14% to 6p. per share.
Empresaria Group EMR saw profit before tax rise by 12% on a constant currency basis in the half year to the 30th June as it continued to deliver on its diversification strategy which produced first half organic profit growth. Revenue grew by 5% on a constant currency basis. After regulatory change in two of its main markets, Germany and Japan, both are expected to return to profitability.
Cloudbuy plc CBUY claims to be making progress in reducing losses and cash burn despite a further 21% fall in revenue in the six months to the 30th June. The operating loss for the half year fell by 39%.
Robinson plc RBN First half revenue rose by 15% and underlying volume was up by 9% for the half year to the 30th June. The volume increase came from improved trading with existing customers and new business obtained in Poland and the UK following investment in strengthened commercial teams. With revenue showing some signs of momentum, further growth is expected in the second half and the interim dividend is to be maintained at 2.5p per share.
Paragon Entertainment Ltd. PEL had already warned it had suffered a very poor half year to the 30th June but the order book has started to recover and management claims it is committed to making a substantial recovery in the second half of the year. First half revenue collapsed by 50% and basic earnings per share fell from a positive 0.18p to a negative 1.07p per share.Last years underlying first half profit of £448,000 was turned into a loss of over £2m.
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Vodafone – Sees Robust Momentum As Revenue Drops 3.3%
Vodafone VOD is yet another company which seems to think it can describe a fall in revenue as “good” and a sign of “robust momentum” It even goes to the extent of producing better looking statistics which it calls ” alternative performance measures”, regularly reviewed by management to give readers additional information. Presumably management does not like having to review the real highlights, which include a 3.3% fall in group revenue for the quarter to the 30th June, led by Europe with a reported fall of 4.8% Real momentum there but most people would regard it as going in the wrong direction.
Learning Technologies Group LTG expects revenue in the half year to 30th June to show a 62% rise in revenue to a record £20.8m. After making excellent progress as market leader in the high growth e learning sector, the order book stood at record levels at the end of the half year and the integration of Net Dimensions which was acquired in March, has been completed on time. The benefits from this will start to be seen at the beginning of 1918, as planned.
Beazley BEZ Profit before tax for the half year to the 30th June rose by 6% and earnings per share by 17% after a strong performance in the US. The interim dividend is also being increased by 6% to 3.7p per share.
Homeserve plc HSV has seen the continuation of strong growth in the period from the 1st April to the 20th July, with particularly strong momentum coming from North America where it has signed up 24 new partners providing it with access to 53m homes.
Empresaria Group EMR has delivered a record first half performance with strong growth leading to a 26% rise in net fee income. The company”s investment strategy has proved to be a success and the acquisition of Rishworth Aviation is expected to provide further growth in terms of pilot recruitment, in the coming years.
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PZ Cussons Beaten By An Expected Backdrop of Challenges
PZ Cussons PZC produces one of the strangest apologias for a bad performance, seen in recent months. It faced, they claim, a backdrop full of challenges across most of the markets where they operate and as these were expected, the bad results present a solid performance.
What is the logic or thinking behind that, one must ask. If they knew about the forthcoming challenges, the Board had time to prepare for them. That is what directors are supposed to be there for. The results indicate that they failed so instead they blame macro economic conditions, especially in Nigeria for their bad performance. Tough unspecified trading conditions in Australia also get some of the blame but the board seems lost for an explanation as to why they failed there, so does not even attempt to give one.
The Washing and Bathing division in the UK did put in a robust performance but the Beauty Division had a poor summer. Presumably as Brexit began to loom UK ladies decided that they would leave the EU clean but ugly.
The results for the half year to the 30th November speak for themselves with profit before tax down by 37.8% and basic earnings per share down by 32%. In the opinion of the Board this merits an increase in the interim dividend of 2.3% which also speaks for itself and for the attitude of the Board.
Empresario Group EMR expects its results for the year to 31st December will be strong and slightly ahead of expectations, Adjusted profit before tax should have grown by 23%, to stand at record levels. Earlier uncertainty in the UK has stabilised and 2017 should see exciting growth opportunities for the company
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Record year for Costain vs Stagecoach slowdown
Costain (COST) is raising its final dividend by 16% after strong trading in 2015 saw underlying operating profit also up by 16%. The year ended with a record order book, 11 % up on 2014 and over 90 of which are repeat orders. The share price fell back from its September peak of 395p to 320p but has already climbed back to 357p with the RSI still under 60.
Empresaria Group (EMR) is raising its final dividend by 43% after producing record profit before tax, up 30%, for the year to 30th December. Earnings per share were up by 24% and net debt was down by 26% The company sees exciting opportunities ahead which it is confident will produce profitable growth. The shares which peaked at 106p had fallen back to 78p but have risen over the past 3 weeks to to 86p and have have been marked up a further 10% this morning which looks like it may have been a bit optimistic.
Stagecoach Group (SGC) confirms that lower second half growth in its UK rail and bus businesses has continued whilst business in North America has benefited from new contracts.
James Fisher (FSJ) – Diversity has helped James Fisher offset the sharp decline in offshore oil activity and as a sign of confidence in the future the final dividend is being increased by 8%. Swift action was taken to reduce costs in offshore oil which helped to limit the fall in group profit before tax to 6% despite overall revenue being down by 16%. The strength of the specialist marine and other divisions saw them increase their operating profit by 25%