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Ian Pollard – GKN winning sales at expense of margins prior to takeover
Melrose Industries MRO & GKN. Melrose has published a trading update for GKN for the 13 weeks from 1st January to the 31st March and based on GKN’s own management accounts produced prior to the takeover on the 19th April. GKN’s performance showed trends which were below market expectations. Melrose has made allowance for further under performance and claims that GKN, with sales up 5% and operating profit down 10%, was achieving sales growth at the expense of operating margins. GKN’s net debt during the period rose from £889m. to £1124m. Despite this Melrose is confident that its net debt at the 2018 year end will be consistent with previous guidance.
London Stock Exchange Group plc LSE produced a strong performance in the quarter to the 31st March. Total income increased by 13% both year on year and on an organic and constant currency basis. All of the businesses performed well and the Group says it is well placed to develop its many growth opportunities.
Focusrite plc TUNE has thoroughly enjoyed its first six months and is celebrating by increasing its interim dividend for the half year to the 28th February by 33% to 1p per share. Group revenue rose by 21.2%, EBITDA by 33%, profit before tax by 26.8% and basic earnings per share by 23.3%. All major regions benefited from revenue growth and Xmas trading was particularly strong.
AB Dynamics ABDP has made an excellent start to the current financial year with revenue growing by 39% in the 6 months to 28th February, profit before tax up by 34% and basic earnings per share by 86%. The interim dividend is to be increased by 10% to 1.465p per share. Demand for driving robots hit an all time high and the forward order book is described as good both for the reminder of this financial year and going through into 2019
Osirium Technologies OSI total revenue for the year the 31st December rose by 63% and bookings by 123% but the loss for the year also rose – from £1,822,497m. to £2,296,814m.The company claims that it is continuing to build both momentum and value
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Ian Pollard – Immarsat #ISAT strong positive momentum leads to dividend cut.
Immarsat plc ISAT 2017 saw strong positive momentum, in fact so strong that it intends to reduce the level of annual dividend payments to 20 cents per share to ensure that it has sufficient financial resources. It will stay at that level until the cash flow of the business rebuilds enough to justify an increase. Group revenue for the year to the 31st December grew by 5.4% and EBITDA by 8% but the figures for quarter 4 were far worse with profit after tax down by 51.3% and EBITDA by 26.2%. Strong long term growth is anticipated in mobile satellite communications with mid-single digit % revenue growth expected on average over the next five years. No doubt shareholders will be hoping that this does not lead to further dividend cuts
GVC Holdings GVC adjusted profit before tax for 2017 rose by 182% and adjusted earnings per share nearly tripled from 0.19 Euro to 0.56 Euro. A second interim dividend of 0.175 euro per share is to be paid giving a full year increase of 13% to 0.34 Euro. A strong start has been made to 2018
Focusrite TUNE has seen first half growth in revenue, profits and cash, across a wide range of product groups and regions.Christmas trading was particularly strong and revenue for the half year is expected to have risen by over 25% to a total of 38m.
Clear Leisure plc CLP updates that its first data mining computers have now completed testing and its mining mobile units is ready to be shipped to its permanent home in Serbia and the first fractions of Bitcoins have already been extracted in ‘mining pool mode’. Delivery of low cost miner machines is expected within 10 days.A continuous daily stream of fractions of Bitcoin can now be mined.The results so far indicate that the joint venture with Miner One Limited will be able to produce more Bitcoin than initially anticipated and at a lower cost.
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