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Ian Pollard – Ferguson #FERG Restructuring for UK After Weak Performance
Ferguson plc FERG Ongoing revenue for the quarter to 31st October.was 5% ahead of last year, including 6.7% organic growth, whilst ongoing trading profit at $432m. was 9.9% ahead. US business saw organic revenue growth of 9.6% . All the US business units generated organic growth in the quarter with continued good demand from residential and commercial customers an. Industrial markets described as growing very well. The UK on the other hand could not have been a geater contrast with like-for-like revenue growth down at 1.5% for the quarter including about 2.5% price inflation. Trading profit was down about 2% and ominously the promised UK restructuring is now under way.
IG Group Hldngs plc IGG expects first half revenue to be around 6% lower than in the record first half of the last financial year. Group revenue in the four month period since product intervention measures came into force in July is expected to be around 10% lower than a year ago.whilst in the ESMA region (UK and EU) it is expected to be around 20% lower. By startling contrast it is expected that in other regions revenue is expected to show growth of 9%.
Victrex plc VCT Preliminary results for the year to the 30th September show that the group enjoyed a strong year with group revenue up by 12% and profit before tax by 15%. Regular and special dividends are being raised by 17%. For 2019 the expectations are for continued momentum and the achievement of more milestones.
James Fisher & Sons plc FSJ for many a year one of the stalwarts of British Industry and which updated only 10 days ago that revenue for the ten months ended 31 October was 14% ahead of the comparable period last year, is to lose its long standing Chief Executive. Nick Henry has informed the Board that he is to retire from the Company after 16 years and step down after 15years as CEO by the end of December 2019.
Mind Gym MIND After a successful IPO revenue for the six months to the 30th September has risen by 13% and adjusted profit before tax by 31%. An interim dividend of 0.8p er share is to be paid. After a start-up at a kitchen table 18 years ago the company has grown to become an adviser to over half of the companies in the FTSE-100 and S&P-100.
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Ian Pollard – Ferguson #FERG finds UK markets challenging
Ferguson plc FERG is proposing to increase its final dividend by 21% for the year to the 31st July after making what it describes as significant progress in a good year. Revenue rose by 7.6% and ongoing trading profit by 14.7%, despite a weak performance in the UK where trading profit declined in challenging markets. 90% of group trading profit is now generated in the USA.
DX (Group) plc (DX) is now on the road to recovery after a new Board took charge in October 2017. Revenue for the year to the 30th June was slightly ahead of market expectations, whilst the EBITDA loss was lower.The loss before tax was down from £82.3m to £19.9m and the loss after tax showed a similar decline. The group remains well positioned to make further progress and trading since the start of the new financial year has been encouraging.Net debt of £1.1m as at 30 June showed a marked improvement, ahead of market expectations, compared to last years £19.1m.
On The Market plc OTMP has doubled the number of branches since its admission to AIM in February and has now signed listing agreements with UK estate and letting agents with more than 11,000 offices. Traffic to the portal reached a record high of 17.4 million visits during September, more than three times the number of visits compared to February 2018.
Wizz Air Holdings WIZZ increased passenger numbers by 17.5% in September, whilst load factor increased by 1.22pp to 94.1%. Seat capacity rose by 16%
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Ian Pollard – Hornby #HRN & self-inflicted wounds
Hornby plc HRN Years of mismanagement continue to take their toll at Hornby, where sadly, things seem to go from bad to worse with every year that passes. Revenue for the year to the 31st March slumped badly from £47.4 to £35.7m whilst the annul loss before tax edged slightly higher to £10.1m. Group sales for the 10 weeks to the 8th June are lower than expected, a self inflicted wound if ever there was one, caused it seems by the impact of insufficient investment in tooling in past years. The new CEO puts a brave face on things, claiming that they are currently laying down the foundations for their future success.
Ferguson plc FERG third quarter revenue rose by 10.2% and trading profit was up by 17.1% despite a miserable performance in the UK. The US continued to grow strongly and the fourth quarter has started well. Yet again the UK let the side down badly with growth of 0.7% which included price inflation of 3%. In the UK organic revenue declined by 10.9%, whilst trading profit slumped by 29.3% at constant exchange rates.
Ashtead Group AHT Announces another very successful year crowned with a strong fourth quarter which saw revenue and profit before tax each rise by 20% and earnings per share by 26%.Revenue for the year to 30th April rose by 20% and it is proposed to increase the final dividend to 27.5p per share making a total rise for the year of 20%.
Telecom Plus TEP performed as expected in the year to 31st March, with further growth in all areas of the business. Revenue rose by 7.1% and on a statutory like for like basis profit before tax just managed to edge ahead by 0.3%, earnings per share rose by 2.1% and the full year dividend is to be increased by 4.2% to 50p per share. The most notable achievement of the year appears to have been winning the Which “Best Utilities Provider” 2018 award.
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Ian Pollard – Victrex – Sales Volume Up 1%, Divi Up 160 %
Victrex VCT managed a whopping 160% increase in dividends for the year to the end of September after a mediocre rise of 1% in sales volume led to a rise of 11% in profit before tax. The dividend increase comprised a 15% rise in the regular dividend plus payment of a special dividend of 68p per share. The support for this largess to shareholders is based on strong core growth and a rise of 88% in.cash generation. Pity they could not do more with the sales volume, then they could really have gone to town on those dividend increases.
Dewhurst plc DWHT announces record results for the year to the 30th September. With the help of positive currency movements sales rose by 12.2% and profit before tax by 17.3% including a 0.4m currency benefit. The final dividend is to be increased by 0.5p per share to 8.5p making a total increase for the year of 1p. UK demand is described as being fragile at present with projects being delayed and deferred whilst overseas markets are buoyant.
IG Group Holdings IGG continued to perform well in the second quarter after a strong first quarter and net trading revenue for the first half is expected to be up 9% on a year ago, whilst operating costs are expected to have fallen by 7% following a reduction in advertising and marketing.
Cerillion CER has won one of those significant major contracts which had been so elusive earlier in the year. The contract, with a European telecommunications provider is to start immediately and is worth an initial £5m. and a total of £8.4m over five years.
Wizz Air Holdings WIZZ grew November passenger numbers by 22% and increased load factor by 1.5ppts to 88.3%.
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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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Wolseley Should Be Grateful For Slump in Pound
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Wolseley WOS has benefited enormously from the slump in sterling created by the UK government’s mismanagement of both the economy and the pound. Revenue for the quarter to the 30th April rose by 4.6% at constant exchange rates or 6.6% on a like for like basis. Exchange rate movements alone increased revenue by £423m and trading profit by £29m. during the quarter. Exchange rates have now become a major factor in Wolseley’s finances. Over the first nine months of the year markets in the UK remained weak and UK trading profit fell by 7.9%.
Barclays BARC has today been charged with fraud by the Serious Fraud Office. Two charges allege a conspiracy to defraud between the bank and some of its former senior officers and employees whilst the second charge relates to an allegation of unlawful financial assistance relating to a $3bn loan. I shall of course make no comment.
RWS holdings RWS with a 39.6% rise in adjusted profit before tax, the company claims an extremely strong performance making the half year to the 31st March outstanding. Sales rose by 35% and the interim dividend is to be increased by 13% to 1.3p per share. Trading in the first two months of the second half has continued in line with the first half’s enhanced performance.
Aukett Swanke Group AUK suffered more misery in the half year to the 31st March with revenue down by 9% and and a loss of £358,000. Continuing market weakness and claims are blamed for the companies problems which have hampered its development. Over the past year the share price has almost halved to yesterdays 2.5p at the close. The company’s only boast is that it has maintained its liquidity.