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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%