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Ian Pollard – Fastjet #FJET fights to survive as losses fall
Fastjet FJET expects to become cash flow positive in the second half of 2018 which if it does will give the lie to the rabid and gleefull forecast of a speedy demise announced earlier in the week by one Tom Winnifrith who used to try and earn a living in the Isle of Man.The year to the 31st December saw the operating loss fall by 61%, load factor up by 17% and costs down by 48%. It restructured its operations, which it certainly needed to, in a relatively short space of time. It realigned its network, withdrew from loss making routes, reconfigured its fleet and significantly reduced its cost base. A major milestone was the purchase of the brand from easy Group. It is still Africa’s leading low cost airline.It also announces this morning a proposed capital raising of not less than US$10m
Serco Group SRP updates that profits are now beginning to grow as part of its five year strategy and first half underlying trading profit is expected to increase by about 20% at constant currency rates. The order book continues to be strong and 80% of orders will come from outside the UK. Full year revenue however, is expected to be down largely due to contracts ending in 2017.
Nighthawk Energy HAWK The demise of the company draws close with the approval of the US bankruptcy court to the sale of the company’s assets for US$18m. after which it will be wound up. Nothing is available for shareholders.
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fastjet says goodbye to Stelios and easyGroup Holdings
Fastjet FJET says it has made steady progress in implementing stabilisation efforts, including inter alia, a re-fleeting process, relocation of its headquarters from London to Johannesburg and a right-sizing of its operations in Zimbabwe and Tanzania. Accordingly fastjet aims to achieve a cashflow break-even position for the final quarter of 2017. The Company also announces that it has, on 29 June 2017, entered into an agreement with easyGroup Holdings Ltd to acquire all intellectual property rights associated with the fastjet brand for a total consideration of $2.5m, to be satisfied in cash, resulting in saving to the Company over the next 5 years. This agreement represents a major step forward as the Company continues with its stabilisation efforts under new management. Bye bye Stelios!
Angus Energy ANGS increases interim LBT of £(985,000) (2016: LBT £344,000). Says production guidance for the Lidsey Oil Field remains unchanged while production from the Brockham Oil Field could improve materially after bringing X4Z on stream from the Kimmeridge.
John Laing Group JLG says its investment portfolio as a whole is performing in line with expectations in a pre-close update for the half-year ending 30 June 2017.
Trinity Mirror TNI updates on trading and says group revenue is expected to fall by 9% on a like for like basis over the period. CEO Simon Fox said: “The trading environment for print in the first half remained volatile but we remain on course to meet our expectations for the year. I anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”
French Connection Strong in UK and Europe
French Connection FCCN Group revenue for the half year to 31st July declined to £69.2m from last years £75.8m as store closures continued but the loss before tax remained steady at £7.9m FCCN does its best in its half year report to point to the better statistics to justify its claim of a strong performance. Square footage fell by 15.8% but like for like sales were only down by 2.3% but the UK and Europes was strong with a like for like rise of 6.5% and the strong performance has continued during the first 6 weeks of the second half.
Kingfisher KGF claims it is starting to build solid foundations and has enjoyed a productive first half, driven by the UK and Poland. 52 of the 65 planned store closures have now been completed. On a statutory basis, pre tax profit grew by 10.6% for the six months to 31st July, on sales up by 4.7% whilst basic earnings per share rose by 3.7%.
Smart Metering SMS is raising its interim dividend by 25% to 1.37p per share for the 6 months to 30th June, after continued strong growth saw it pass the million mark for utility meter and data assets. The electricity meter portfolio rose by 28% but combined gas and electricity metering saw a more modest rise of 10%. revenue for the half year was up by 25%, with underlying profit before tax and earnings per share rising by 15% and 23% respectively.
Pure Circle PURE Despite challenging market conditions, the market for Sevia grew strongly in the year to the end of June, with sales rising by 9%, gross margins by 41% and operating profit by 90%. Net profit after tax soared by 257% and earnings per share following suit with a rise of 242%. The company claims that prospects for the next 4-5 years are also strong.
Fastjet FJET admits to a very difficult and challenging first half as its problems seemed to increase, with the six months to the 30th June producing a loss after tax of $15m as against last years profit of $6.4m. Revenue did rise slightly but the operating loss also surged with a rise from $12.8m to $31m. Action taken by the new CEO will see the fleet of five A319s reduced to three by the end of the year and the head office will be relocated from Gatwick to Johannesburg which is a fairly sensible move for an African airline with its main base in Africa.
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Redrow Admits To Decades Of Under Supply
Redrow RDW managed to increase its average selling price in 2016 by over 10% which is not bad going in an economy parts of which are struggling with price deflation. Redrow blames the continuing housing boom on decades of under supply, which raises the question of course as to why Redrow and all the other house builders kept the market under supplied for all those years. Why didn’t they build the number of houses which the market needed.
2016 pre tax profits are expected to beat analysts estimates. Private reservations rose by 46% and at the end of June the private order book was up by over 50% on a year ago. Annual turnover rose by 20% and legal completions by 17%.
Carpetright CPR Statutory profit before tax for the year to 30th April soared by 137% and basic earnings per share by 198%. Despite a reduction of 5.4% in store space, revenue for the year only fell by 1.3%. UK like for like sales rose by 2.8% whilst Europe did even better with a 4.8% rise. New store format and branding was completed within the year. The current year got of to a very bad start in May with like for like sales collapsing by 7./6% but they recovered in June with a rise of 6.3%. No doubt we will read in the not too distant future about market volatility and challenging conditions.
Ocado OCDO Price deflation took its toll during the half year to 15th May, with the value of the average basket down by 2.2%. Volumes including Morrisons, on the other hand were up by 30% and the number of orders rose by 17.8% to 225,000 per week., which Ocado claims is steady progress.
Anglo American plc AAL De Beers saw a fall in sales in its 5th cycle of 2016 but claims it was nothing more than expected. Despite stable prices, it remains cautious about the future.
Fastjet FJET finds that the trading environment is still challenging with passenger numbers lower than expected and the load factor down to 47%. The board believes that the new CEO will give the group a viable and attractive future but none of the present members seem to think that the mess created by their governance is anything for which they can be blamed.
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Fastjet Survived After All
Fastjet FJET Claims 2015 was a year of change and challenge but contrary to the hopes of some pundits who enjoy making a living out of predicting and helping to create, doom and disaster, it survived. Passenger numbers for the year to the end of December rose by 32% but the load factor for Tanzania fell 6.6% following the woes of the Tanzanian economy.
Year end cash rocketed from $1.4m to $28.9m and like for like revenue was up by 21%, helping to bring the loss for the year down from $58.5m to $16.9m and the loss per share down from 3.38 cents to 0.71 cents. Short term targets include continuing to reduce costs and to match capacity to the reduced demand,
Johnson Matthey JMAT The usual story from a company which has not had a good year and feels that it needs to explain away, if it can, a 22% fall in profit before tax. It does not need much guesswork to expect that a dividend increase is on the way, and it is. As soon as it claims a robust performance and that some markets have been particularly challenging, you can guess the news is not too good and that one way or another the board will be seeking shelter.
So for the year to 31st March Johnson Matthey’s revenue rose by 7%, and the dividend is to be raised by 5%. It suffered from falls in 3 out of its 4 main markets, precious metals being especially hard hit. To be fair improvement is expected for the current year, with strong growth drivers leading the way.
RPC Group RPC is raising its dividend for the year to 31st March by 20% after revenue rose by 34%. The company claims that the year produced good underlying growth and a strong business performance. Like for like net profit before tax was up from 67.1m to 75.6m and adjusted earnings per share rose by 14%.
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Fastjet Slows & Warns
Fastjet (FJET) It seems only yesterday that Fastjet was rapidly extending its network and Sir Stelios had a wide beam on his face. Now, all that can be forgotten and rationalisation of the newly built network has become an urgent necessity. 2016 results will be materially below expectation, the year will not be cash flow positive and the company may need to raise further funds during the course of the year. The source of the problems is that the challenges facing the African aviation industry have been far more prolonged than management envisaged. The shares have been marked down 26% to 49p, prior to the start of trading this morning.
Seeing Machines (SEE) produced record revenue and profits for then half year to 31st December. sales and service revenue grew by 594% Last years loss of A$14.2m has been turned into a profit of A$11.2m. The partnership with Caterpillar proved to be a milestone event, producing a A$21m licence fee which helped to create the record profit.
Clarkson (CKN) has put in a robust performance in what it describes as an incredibly challenging year. Revenue for the year to the end of December and profit before tax both rose by some 25%. despite all the doom mongering in which the media engaged in 2015, overall sea born trade actually grew and the company continues to see signs of a healthier shipping market which is at least one indication that the world economy is perhaps not as bad as pundits proclaim.
Petroceltic (PCI) Oil woes spread as trading in shares of Petroceltic International has been suspended as from this morning pending clarification of the company’s financial position.
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