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Ian Pollard – #OMG Profit Up By 94% As Music Industry Surges
One Media iP Group OMG A resurgent music industry saw its longest period of revenue growth since the 1990s so it is no surprise that One Media Group enjoyed strong growth over the year to the 31st October 2018. Revenue rose by 16%, EBITDA by 44% and operating profit by 94%. Growth was also driven by increased consumer demand and the board was enhanced by the appointment of Lord Grade.
Gooch & Housego GHH Has seen during the six months to the 31st March 2019 a downturn in demand for critical components, particularly from China. In contrast to demand for fibre optic products used in undersea networks, which is strong. The microelectronics sector is cyclical and expected to follow the usual pattern by picking up during the second half of the year. The order book at the year end was string, standing at £93.2 million .
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Ian Pollard – Gooch & Housego #GHH Impacted by Microelectronic Headwinds
Gooch & Housego plc GHH updates that it is suffering from microelectronic headwinds despite which growth has continued. During the first four months of the financial year the business has seen a downturn in demand particularly from China. A cyclical downturn is also currently being experienced for industrial lasers. 2019 group trading performance is still expected to show low single digit growth compared to last year.
Glencore plc GLEN is pleased to report that it has delivered both record Adjusted EBITDA, up by 8% and significant cash returns to shareholders in 2018. The preliminary results also include net income attributable to equity holders down 41% and basic earnings per share also down 41%. Other highlights are that resolutions have been achieved with the Ontario Securities Commission regarding accounting, governance and disclosure matters and a refreshed management team has been appointed. Committees have been created to oversee the Group’s response to the U.S. Department of Justice’s investigation. Production guidance in all commodities for 2019 is that it is expected to be higher than 2018.
Intu Properties plc INTU claims its management team has produced robust operational performance in a challenging market for the year to 31st December, with increased like-for-like net rental income for the fourth consecutive year and 97 per cent occupancy. property valuations declined as sentiment weakened significantly. Valuations fell by a further 3 per cent in the final quarter of 2018, in addition to the 9 per cent fall over the first nine months. Sentiment in the retail sector is at an all-time low.
Hochschild Mining plc HOC reports another strong year of record production and prudent cost control. Revenue for the year to 31st November fell by 3%, adjusted EBITDA by 11%, Profit from continuing operations (pre-exceptional) was down by 66% and Profit from continuing operations (post-exceptional) by 88%. 2018 operational delivery exceeded guidance.
Lloyds Banking Group LLOY 2018 results show that it was a year of strong strategic and financial delivery. The UK economy has proven itself resilient with record employment, which has enabled the bank to see profits jump by 24% whilst the total ordinary dividend of 3.21 pence per share, is up 5 per cent on 2017 In addition to this a share buyback of up to £1.75 billion is proposed. A continued strong performance is expected for 2019 with a statutory return on tangible equity of 14 to 15 per cent.
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Ian Pollard – Ted Baker #TBK will continue to be challenged
Ted Baker plc TED group revenue rose by 3.5% in the 28 weeks to the to the 11th August but profit before tax fell by 3.2% and basic earnings per share by 1.8%, so the management did two things. Firstly it increased the interim dividend by 7.8% and secondly it sought refuge in the time honoured excuse of “challenging external trading conditions”, thereby completely ignoring the successful companies which not only face challenging conditions but beat them. Wholesale sales did rise by 10% and e commerce by 24.1%. North America, the UK and Europe did see small sales rises in retail sales but the rest of the world showed a small rise or a small decline depending on how you calculated your currency. As for the future it looks like the board has already succumbed to those challenging conditions which it believes will continue through the second half.
Electrocomponents ECM benefitted from strong momentum in the six months to the 30th September. Group like for like revenue grew by 10% after a strong second quarter and adjusted profit before tax for the half year is expected to grow from last year’s £79m to £100m.
Audioboom Group BOOM produced record revenue for the quarter ended 31 August 2018 with a rise of 14% on Q2 2018 and 26% up on Q3 2017. Despite that revenue for the 13 months ending 31 December 2018 is now expected to be below current market expectations. That will still show a hefty rise on the 12 months to November 2017 which produced $6mUS$ compared to between $11.5m and US$13m which is expected for the end of the current year.
Gooch & Housego GHH has entered its new financial year with a record year end order book, which, as at 30 September 2018, stood at £96.1 million, an increase of 33% compared with last year. On a like for like basis and excluding the impact of foreign exchange this still comes in as a healthy 17% rise. The company is in a strong position and has been able to take advantage of positive market conditions.
Intercede Group IGP updates that operating losses for the six months to the end of September have been substantially reduced to less than £1.0m compared to last years £3.1m. Revenue for the half year has risen by more than 10% compared to last year.
AB Dynamics plc ABDP has performed well throughout the year and the Board expects both revenue and profit before tax will significantly exceed market expectations.
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Ian Pollard – Glencore #GLEN Strongest Performance on Record
Glencore GLEN claims that its 2017 performance was the strongest on record with industrial adjusted EBITDA rising by 60% and basic earnings per share by 310%, helped by rising commodity prices which are completely outside the control of the company and a strong unit cost performance for which it must be given credit. Net debt fell by a hefty 31%. As for the future it believes that its unrivalled positioning and commodity diversification can create superior long term value for all stakeholders – until the next commodity slump that is but in the meantime enjoy the ride.
First Group FGP updates that reported revenue for the year to date rose by 10.7% but in constant currency terms that was reduced to 1.1%. Greyhounds long haul business was affected by intense airline competition. Even the weather with heavy snowstorms on the eastern sea board as far down as Florida, proved to be a challenge. Modest first half growth at Greyhound has turned into a decline of 0.4% for the year to date as the second half worsened with a 2.8% decline for the period from the end of September to January. At First Rail like for like passenger revenue rose by 3.2% both for the year to date and for the second half so far. TransPennine Express is described as producing industry leading growth which has got even stronger with the introduction of its new fleet in the autumn.
Bilby plc BILB Revenue and profitability for the year to the end of March will be ahead of current market expectations as the company continues to win new clients, new contracts and invitations from existing and long term customers to broaden the scope of work which it provides.Excellent customer service is regarded by the company as the clue to its success.
Gooch & Housego GHH is experiencing exceptional demand for critical components used in micro electric manufacturing, the order book as at the beginning of January stood at record levels with a rise of 48% compared to the same tie lasy year and put icing on the cake, overall market conditions are good.
Hotel Chocolat Group HOTC announces another period of strong sales growth for the half year to 31st December, with revenue, underlying EBITDA, profit before and after tax and earnings per share all rising by 15%. An interim dividend of 0.6p per share is to be paid following the maiden dividend of 1.6p at the year end in September. Mothers Day, Easter and Valentines Day results are all being looked forward to eagerly.
Inspirational Healthcare Group IHC has continued to perform strongly in the second half, as forecast the the half tear stage. Full year profit are expected to be in line.
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Walker Greenbank Hikes Interim Dividend by 25.5%
Walker Greenbank WGB benefited from three factors which helped sales to increase by 29% in the half year to the 31st July, enabling the interim dividend to be increased by 25.5%. The first was a strong contribution from Clarke & Clarke, acquired in October 2016 and which produced sales of £10.3m out of a total of £54 million. The second was a 17.9% increase in licensing income and the third was a strong export performance which helped to offset a weaker UK. Despite this, statutory operating profit fell by some 10% due to acquisition costs but underlying operating profit rose by 52.8% and adjusted earnings per share by 39.4%.
Gooch & Housego GHH ended its financial year on the 30th September with a record order book, up by 29% in constant currency terms and on a like for like basis. Strong demand was seen throughout the year in the industrial and telecommunications sectors. About a third of the company’s business now relates to Aerospace and Defence.
Image Scan Holdings IGE has had such a busy September that the update given at the end of August is already out of date. Completion of orders which were due for delivery later in the year has been accelerated as has factory acceptance of other orders. The result is that sales for the year to 30th September are now expected to be £5 million compared to August’s estimate of £4.5million whilst profit before tax is expected to be well up at £450,000 as against August’s estimate of £250,000. The year end order book is also said to be strong.
Lightwave RF plc. LWRF anticipates that revenue for the year to 30th September will have more than doubled from 2016’s £1.44m Gross margins are also expected to have materially increased from last years 32.5%. Even so losses before tax are expected to be broadly in line with the £0.84m. loss for 2016
Redhall Group RHL expects results for the year to 30th September will now be materially below expectations due to client delays, especially relating to work on Hinckley Point C. The delays are not anticipated to continue and a strong performance is expected for 2018.
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Brand CEO Alan Green talks markets, Gooch & Housego (GHH), Andalas Egy (ADL) & IG Group (IGG) on TipTV Finance Channel
Brand CEO Alan Green talks markets, Gooch & Housego (GHH), Andalas Egy (ADL) & IG Group (IGG) with Zak Mir on the TipTV Finance Channel.
McCarthy & Stone – Divi Raised 80% As Profits Slump
McCarthy & Stone MCS blames the referendum for its poor performance in the 6 month to 28th February but doesn’t even attempt to explain why it should have been so badly affected. On the face of it, the ludicrous explanation makes it look as if management is scrabbling round trying to find excuses for its own weakness. Revenue for the half year fell by 5%, completions were down by 6% and profit before tax slumped by 25%. Net debt surged nearly fivefold. Management is however, perhaps wisely, determined to look after shareholders and is maintaining its “progressive” dividend policy with a rise in the interim dividend of 80%.
The total order book over the last 5 weeks is now down only 1% on a year ago which the company describes as ( please try not to laugh at this ) “an increase in sales momentum”.
HSS Hire Group HSS is basically a tool hire business but it looks like management took its eye off the ball so that its core business in 2016 lacked both growth and momentum. The aim for 2017 is to try and restore that momentum. Revenue for the year to 31st December grew by 9.6% but on a statutory basis last years operating profit of £6.8m was turned into a loss of £2.7m and the reported loss before tax rose by some 25%, reflecting, the company says, a year of investment. As is proper in these circumstances, the dividend remained unchanged at 57p per share.
Gooch & Housego GHH reports good trading in the 6 months to 31st March, helped by positive market conditions and favourable currency movements. The order book is now 70% up on a year ago but this is reduced to 17.2% without the benefit of currency movements.
Telford Homes TEF has gone into built to rent in a big way. Now there is only one reason a housebuilder will do that, namely that building to sell has become less profitable. A stark warning if ever there was one, for the house building industry. record revenue and profits are forecast for the year to 31st March and profit before tax is expected to be slightly ahead of market expectations. The non prime London market remains robust. Taken as a whole, this is definately not the sort of news expected from housebuilders. And if buyers are leaving the housing market how long will it be before investors start doing the same. Hands up any one who knows what a de -risked forward sale is ? Its a rental ! You have been warned.
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Metro Bank – Providing A Service, Does Pay
Metro Bank MTRO Cheeky little Metro Bank is giving the big bad banks a lesson in growth and has now moved into profit for each quarter of the second half. Profit before tax in quarter 3 was a tiny £0.6m, increasing to £1.5m in quarter 4. Losses for the full year shrank from £46.4m in 2015 to £11.7m. Asset growth came in at 64%, lending and deposit growth were both at record levels with rises 56% and 66% respectively, whilst revenue was up by 62%. Somebody must love its policy of actually trying to provide a service to its customers.
Barratt Developments BDEV Despite a fall of 5.8% in completions and revenue down by 3.2% in the six months to 31st December, Barratt claims it was a strong half year with profit before tax up by 8.8% and shareholders rewarded with a rise of 21.7% in the interim dividend. Total forward sales orders now stand at record levels after a rise of 17%. The one statistic which is omitted for some strange reason, is the increase in the average selling price. I wonder why.
Lloyds Banking Group LLOY is increasing its final ordinary dividend by 13% and maintaining last year’s special dividend of 0.5p meaning an overall rise for the year of 11%. Statutory 2016 profit before tax rose by 158% to £4.2b and earnings per share by 263%, whilst operating costs were reduced by 3%.
Gooch & Housego GHH good trading conditions during the first four months of the current financial year enabled GHH to see its order book up by 64.9% as at 31st January compared to last year, although on a like for like basis, excluding foreign exchange movements and acquisitions, the figure comes in at a more modest 19.4%. So far trading for the full year is expected to be in line but there does seem to be a hint of optimism in today’s trading update as a result of continuing good market conditions.
Hotel Chocolat HOTC produced strong growth in both sales and profitability in the 6 months to 25th December. Profit before tax rose by 28% on reported revenue up by 14% and the net cash position was transformed with a positive balance of £16.1m compared to debt of £1m at the end of the previous year.
Blue Prism Group PRSM now expects full year revenue will be materially ahead of current market expectations following the positive trading momentum evidenced at the end of last year, continuing into the current year.
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Tesco Blows A Trumpet or Two
Tesco TSCO blows a fanfare of trumpets over today’s interim results and when one considers that over the past two years prices have fallen by over 6%, it is perhaps right to do so. It claims significant progress in the first half with positive like for like sales and volume growth in all regions. UK and International sales volume grew by 2.1% and3.3% respectively. Operating profit rose by 38% and net debt fell by 49.3% year on year. On the statutory basis profit before tax was down by 28.3% but for the full year Tesco expects it will turn in an operating profit of £1.2bn before exceptionals.
Topps Tiles TPT claims record sales for the year to the 1st October despite a slowdown in the fourth quarter caused by weaker market conditions and the decision to exit from low margin wood flooring. These reduced like for like sales by 1.9%. leaving a rise for the quarter of 1.4% compared to the headier rises of the first three quarters. For the full year a healthy like for like rise of 4.2% is anticipated.
Gooch & Housego GHH is enjoying a positive trading environment in its second half, which has produced a robust order book standing 10.5% higher than it was a year ago, excluding recent acquisitions, which makes the company well placed for further growth.
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Last Gasp For Herencia ?
Herencia HER has raised a further $150,000 as part of its struggle to keep going pending the hoped for sale of its 70% interest in Paguanta. The new funding is to be paid in two tranches but if the second one is not forthcoming, then Herencia will have to cease trading on the 16th June. The proposed sale transaction is proceeding well but due diligence is still in progress and there can be no gaurantees. A new long stop date of the 4th July has been agreed for satisfaction or waiver of all conditions and completion of the sale.
RWS Holdings RWS claims an excellent 6 months to the 31st March and is increasing its interim dividend by 12% to 1.15p. Despite a substantial adverse impact from foreign currency movements sales rose by 25% and adjusted profit before tax by 28.7%, including a 5 month contribution from Corporate Translations Inc. Trading in the first two months of the second half has continued to be strong.
Iomart IOM proposes to increase its final dividend by 26%, after rises of 21% and 24% respectively in profit before tax and basic earnings per share for the year to 31st March.trading since the end of the year has remained good and the CEO sees the long term future as being bigger than ever.
Gooch & Housego GHH is increasing its interim dividend as its first half performance turns out to have been as expected i.e bad, with flat sales and statutory profit before tax and basic earnings per share, both down by a third. Shareholders , it appears need not worry however, as the order book is robust and up by a third on a year ago and the company is well positioned to benefit from improving market conditions. The second half should show an improvement.
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