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Finsbury Food Faces Up to A Deflationary Market
Finsbury Food Group FIF claims it produced a strongly resilient performance in the year to 1st July, as it faced the challenges of a deflationary market which saw group like for like revenue remain flat. A final dividend of 2p per share is to be paid making a total of 3p for the year, a rise of 7.1%.. Sales and profit margins both increased and on a like for like basis adjusted profit before tax rose by 5.6%. The competitive success of the company is illustrated by a 15% rise in sales to continental Europe.
Dairy Crest DCG expects that profit for the half year to 30th September will be ahead of last year after Clover and Frylight showed strong volume growth and Cathedral City remained “the nations favourite cheese”. Problems remained with Country Life as sales volume was impacted by reduced promotional activity to try and mitigate the high price of cream. Seems a bit illogical to try and save money by reducing sales.
Hiscox HSX expects Hurricane Harvey will produce claims of some US$150m. which is within the range expected from a major hurricane. It is anticipated that 2017 will be a bad year for natural disasters. Harvey was the first major hurricane to hit landfall for 12 years and the aim is to pay claims quickly. Premiums, after a long period of decline, are expected to stabilise and then ti start increasing.
Petra Diamonds PDL Net profit after tax slumped by 69% for the year to 30th June as finances were impacted by delays in the expansion programme, the strength of the Rand against the dollar and rising costs, despite revenue for the year having rise by 11% on volume up by 8%. Basic earnings per share fell from 10.38 cents to 3.47cents. Net debt which is expected to start falling from the second half of 2018, rose from US$382m. to US$553m and lenders have agreed since the year end to waive two covenants. The signs for 2018 do not appear to be all that sparkling as like for like diamond prices fell by 3% at the first tender of the year.
MP Evans MPE is doubling its interim dividend after operating profit for the six months to 30th June more than tripled, following a 56% rise in crude palm oil production, at the same time as prices enjoyed a 10% rise. Crops rose by 26% as young trees began to mature.
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HSBC – Positive Jaws And An Urivalled Footprint ! – A fish with feet !!
HSBC Holdings HSBA announces that a further share buy back programme of up to 2bn pounds will start shortly and will be completed in the second half of 2017. The interim dividend remain unchanged after a rise of 12% in adjusted half year profit before tax, following a 3% rise in revenue. Global banking performed strongly with a 16% rise in revenue and to match its positive jaws which delivered a rise of 0.5%, it claims that its footprint in Asia and the Middle East is now unrivalled.
Trinity Mirror TNI Claims a resilient performance for the half year to 2nd July despite difficult trading conditions and a volatile environment in print. Like for like revenue fell by 14.6% and management claims full credit for being so strong and managing to limit the fall in adjusted operating profit to only 9.4%. The interim dividend is to be increased by 7.1% to 2.25 p. per share and the second half is expected to show improving revenue momentum.
Coats COA Good to know that we still have a textile industry and that this part of it seems to be thriving. Coats is increasing its interim dividend by 7% after a strong first half in which adjusted operating profit for the six months to the 30th June rose by 14% and revenue by 5%, both at constant exchange rates. Adjusted basic earnings per share rose by 38%
Utilitywise UTW warns that revenue for the year to today will be 4.0 to 4.5m below managements previous expectations. The gross order book for the year however is 18% higher than for the year to 31st July 2016.
Hiscox HSX Interim profit before tax for the half year to the 30th June halved to 102m or rose by 12.5% if the impact of foreign exchange movements are ignored and the interim dividend is to be raised from 8.5p to 9.5p per share . Hiscox USA stood out with growth in premiums of 31.3% in local currency terms.
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Weak Sterling Continues to Hit Primark
Associated British Foods ABF expects excellent progress in adjusted operating profit and earnings per share for the half year to the 4th March. Primark sales are expected to be11% ahead at constant currency rates and 21% ahead at actual exchange rates but on a like for like basis UK Primark sales will show growth of only 2%, positively pedestrian compared with past performances. Most of the groups extra profit will come in the current half and there are warnings that sterling’s weakness last year will produce greater margin decline in Primark in the second half of this year..
In grocery, revenue and operating profit are expected to be ahead of last year and sugar is expected to be well ahead.
Bunzl BNZL is increasing its dividend for the year by 11% after producing a set of strong results for the year to the end of December and continuing 24 years of unbroken dividend growth. Statutory operating profit and profit before tax each rose by 12% and basic earnings per share by 14%.
Hiscox HSX admits that its strong results for the year to the end of December have been flattered by foreign exchange movements, as well as by a strong investment returns. Profit before tax, with an increase of 64% grew to record levels and the final dividend is being increased by 15% to 27.5p. Gross written premiums for the year grew by 23.6%
Persimmon PSN continued to outperform in 2016 and is to repay shareholders a further 25p per share on the 31st March as a first interim dividend for 2016. That is in addition to the already agreed second interim dividend of 110p. per share which will be paid on the 3rd July. Underlying profit before tax for 2016 rose by 23% on revenue for the year which was up by 8%. Underlying basic earnings per share rose by 19%. The average selling price during the year was increased by what for housebuilders is the very modest amount of 3.8%. Forward sales at the year end showed an increase of 9%
Rotork plc ROR despite a “currency tailwind” of 10%, 2016 profit before tax still slumped by 20% and earnings per share by 19.9%. The trading environment did stabilise in the second half but any near term growth in the nergy market is expected to be modest, reflecting those sombre thoughts, the full year dividend is raised by 1%.
Dechra Pharm plc DPH All products produced sales growth in the half year to 31st December and growth in recently acquired businesses, exceeded expectations. Total group revenue was up by 34.7% at constant exchange rates or 55.9% and actual exchange rates. Underlying operating profit rose by 28.6% and EBITDA by 27.7%
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Ryanair Beats The Competition
Ryanair Holdings RYA has more than halved its planned UK growth from 12% to 5% because of weaker sterling and slower economic growth. For the half year to 30th September profits rose by 7% on fares down by 10% and unit costs also down by 10%. Basic earnings per share for the half year rose by 15%. Some competitors have been unable to stand the competition and have closed bases and routes. The 18% fall in sterling has reduced full year guidance by 75m Euro.
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Hiscox HSX In the 9 months to 30th September material foreign exchange gains helped Hiscox to increase gross written premiums by 20.9%, compared to 14.3% in local currency. All segments put in a strong performance but Hiscox London Market and Hiscox RE continued to find trading conditions difficult and margins are evaporating in some areas.
Keywords Studios KWS Revenues and adjusted profit before tax will be significantly ahead of current market expectations for the year to 31st December, with adjusted profit before tax expected to be not less than 14m. Euro.
Fevertree Drinks FEVR has continued to perform strongly in the second half, particularly in the UK and anticipates that results for the year to 31st December will be materially ahead of current market expectations.
EKF Diagnostics EKF Revenue and adjusted EBITDA will exceed current market expectations for the year to the end of December. Early fourth quarter trading has been materially higher than budget and exceeds the previous revised figures.
Dignity DTY Underlying operating profit fell by 2.9% in the 39 weeks to the end of September, slightly ahead of expectations, as the number of deaths declined by 2.9% at the same time as the company lost market share.
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