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Bovis Hikes Prices By 10% To Grab Record Revenues.
Bovis Homes BVS Issues a trading up date for the year to date and what a good year it has been. Demand for new homes has outstripped supply. Of course credit for that can be given mainly to the government, rather than the house building industry which can just sit back, hikes is prices as much as it dare and watch the profits come rolling in. Bovis has not been backward at this and admits to increasing its average selling prices robustly i.e by 10%, in order to help it deliver what it hopes will be record revenues for 2016. Completions for the year will be 5% ahead of last year so with the 10% price rise on top, those record revenue (more socially correct than record profits) seem virtually gauranteed.
Auto Trader Grp AUTO There is no holding back the fearless British consumer once he, or she, has got the bit between the teeth and so it goes for Autotrader which is more than tripling its interim dividend for the six months to the 25th September. On a rise of 11% in revenue, operating profit was up by 21% and basic earnings per share by 28%. And as for that interim dividend, it is raised from 0.5p to 1.7p. Growth expectations for the second half are expected to ne met.
Halfords HFD is increasing its interim dividend by 3% on the basis that a 12% fall in profits and a 13.5% decline in basic earnings per share represents a strong sales performance. True, like for like revenue for the 6 months to the 30th September did rise by 2% but the CEO admits that the rise can only be justified by progress on strategy implementation which is intended to transform the future of the company.There are some grounds for optimism in that like for like sales for the 6 weeks to the end of September did rise by 6.1% and total revenue was up by 12.3% but that at present is a very short term view. Halfords has also been buffeted by the headwinds of currency fluctuations but claims to have found ways of mitigating these. The next quarter with Christmas trading could be all important.
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Brand CEO Alan Green talks UK PMI numbers, Halfords (HFD) & Forbidden Tech (FBT) on TipTV
Brand CEO Alan Green talks UK PMI numbers, Halfords (HFD) and Forbidden Technologies (FBT) with Zak Mir on TipTV.
Halfords – Massaging The Figures ?
Halfords Group HFD will in future issue its summer trading up date for a period of 20 weeks because it will help to make the figures look better. So this years update is issued in two parts, the first for the 13 weeks of quarter one and then the next 7 weeks trading to the 19th August. Thus the 20 weeks figures benefit from the strong trading which the company gets in July and August once the school holidays start at the beginning of July. Pity when a company becomes so desperate to try and improve its image that its management sees the need to resort to practices like that.
The 7 week figures were generallyquite strong except for motoring and especially car enhancement which were down 4.2% over 13 weeks and 3.3% over the 7 week period. Group cycling figures really illustrate how the change affects the figures. Cycling sales rose by 12.5% in the 7 weeks to 19th August after falling by 4% in the first quarter but those strong 7 week sales mean that Halfords can show a 20 week rise of 11%. Overall 20 week revenue rose by 4.8% or 1.2% on a like for like basis. Service related sales were very strong rising by 13.9% over the 20 weeks. The company describes the 20 week performance as solid, whereas the 13 weeks figures appear to have been far less so.
Redrow RDW Delivered its third consecutive year of record results and is rewarding shareholders with a 67% rise in the full year dividend. New homes completed during the year to the 30th June rose by17%, revenue by 20% and profit before tax by 23%
1pm plc OPM has enjoyed a year of strong strategic and organic growth in both revenue and profit and is increasing its final dividend by 43%. Like for like revenue to the end of May rose by 45% and group profit before tax more than doubled from £1.6m to £3.7m
Gear4music G4M Overall profitability for the 6 months to 31st August will be ahead of expectations after the company produced overall sales growth of 73% which included a surge in Europe of 169%. A European distribution centre is to be opened in Sweden and expected to be operational by the 31st Aug
Ashmore Group ASHM Net revenue for the year to the end of June fell by 18% and profit before tax by 8%. A final dividend of 12.1% is to be paid
Learning Technologies LTG is raising its interim dividend by 40% following a 52% rise in revenue for the half year to the end of June and a 145% rise in EBITDA. The company says that it is making strong progress in its strategic ambition to become a diversified international business.
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Halfords Impacted by Weak Cycling Market
Halfords HFD Preliminary results for the year to 1st April show that cycling was impacted by what management claims were weaker market conditions, which of course absolves them from any responsibility. Like for like group revenue rose by 1.5% and the full years dividend is to be increased by 3% after a 1.2% fall in profit before tax. Basic earnings per share were flat and underlying EBITDA rose by 4.3%. It is a pity that the success of British cyclists over the past few years and the increase in popularity of the sport, seems to have passed Halfords by. After all it was where most of us got our first bikes.
Wolseley WOS Third quarter revenue to the 3rd April rose by 10.8% and trading profit by 17.9%, against a background of mixed market conditions and deflationary headwinds. Foreign exchange benefits actually increased trading profits by £11m. Signs for the immediate future are, to say the least mixed. Deflation in the US reduced 3rd quarter growth rate by 2.3% and the Nordics were weak with a fall in revenue of 0.9%. Demand in several markets remains subdued.
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Halfords (HFD) Management by Gobbledygook As Profits Fall
Gobbledygook – “language that is meaningless or is made unintelligible by excessive use of technical terms.”
“jargon, unintelligible or obscure language.”
And Halfords is full of it as Chief Executive, Jill McDonald searches for obscure excuses to explain the interim results and make vague meaningless statements about the future. CEOs and Directors have a false belief that the more they hide behind grand sounding gobbledygook the less they can be blamed for weak results or a failure to come up to expectation in the future.
The great give away about jargon is that it is never used if results are good. Then the CEO and Directors suddenly find the ability to express themselves in perfectly good English.
And now for Halfords – in plain English, first.
Cycling sales were “weak” for 2 months in the peak of the summer selling season. In fact they must have been quite bad because the figures are not given.
Group interim profit before tax fell by 5.9% so naturally the interim dividend is increased, although to be fair only by 2.9%.
Halfords promises for the future – in gobbledygook;
“Investing in customer insight capabilities to maximise the lifetime customer value.”
“Embedding the focus on customer service”
“A seamless customer experience – (please what is a seamed customer experience ?)
“Leveraging customer data analysis”
“A fullfilment infrastructure for modern times.”
Is this nearest the Chief Executive can get to expressing herself in her native language. Full year profits are expected to be broadly unchanged – perhaps senior management may be somewhat at a loss as to what their boss expects of them by way of management fulfillment infrastructure.
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