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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: Hothschild Starts Delivering Exciting Results
Hochschild Mining HOC is increasing its interim dividend by 42% for the six months to the 30th June, as the exploration pogramme starts delivering exciting results. Attributable gold production for the half year rose by 14% and silver by 8%. Adjusted basic earnings per share were up by 67%. Record gold production at Immaculada helped to make the first half a strong one. The rise in the price of gold during the first half was offset by a fall in the price of silver but still led to an 8% rise in revenue.
Balfour Beatty plc BBY saw basic earnings per share rise five fold from 2p to 10.1p per share during the six months to the 29th June and the interim dividend is to be increased by 33%. Underlying operating profit increased by 69% to £66 million from £39.m in 2017. and the order book rose by11%.
Hikma Pharmaceutical HIK was another first half winner, producing a performance which exceeded expectations. Operating profit rose by 54% in the six months to the 30th June, after group revenue rose by 11%. Basic earnings per share were up by 53% and the interim dividend is being increased increased from last years 11 cents to 12 cents per share.
CLS Holdings plc CLI claims delivery of robust and disciplined first half growth with profit before tax for the six months to the 30th June falling from 119.4 m. last year to 64.9m this year. Basic earnings per share collapsed from 24.5% to 14.9%. As can often happen in these circumstances growth is limited to the dividend which is being increased by 7.3% to 2.2p per share. The Executive Chairman pronounces that the strong half year results underline the benefits of the company’s geographical diversification across Europe’s three largest economies, the UK, Germany and France.
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Balfour Beatty transforming itself
Balfour Beatty BBY is increasing its interim dividend by 33% to 1.2p per share after underlying operating profit for the six months to the 30th June more than tripled from £11m to £39m, as the transformation of the company continues. Underlying revenue rose by 8% at constant exchange rates, profitability is rising and orders from the US and the UK are strong.
Sirius Minerals SXX announces that excellent progress has been made during the last six months in the development of the Woodsmith Mine and its associated infrastructure. Highway works have been completed and commencement of shaft sinking is now eagerly awaited. Worldwide interest in future supplies of POLY4 remains strong.
Lookers LOOK claims and excellent set of results for the half year to the 30th June with growth across all areas of the business and the interim dividend is to be increased by 10%. On a like for like basis profit before tax rose by 14% and earnings per share by 15%
Hochschild Mining HOC suffered from the volatility of precious metal prices during the first half of the year and saw profit before tax slump from $60.3m to $39.9m. The outlook for the second half is that it is still on track to deliver its full year record production target of 37m silver equivalent ounces. An interim dividend of 1.38 cents has been declared.
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Hothschild Enjoys Boom In Mining
Hochschild Mining HOC has returned to profit and produced an exceptionally strong set of first half results, especially for a company in the beleaguered mining industry. Last yea’rs first half loss of $43.4m was turned into a profit of $60.3m after silver production of 17m ozs exceeded expectations with a rise of 31% and gold production rose by 188%. Total revenue was up from $190m to $339m. leading to a rise of 195% in like for like profit and 156% in earnings per share. It describes its environment as being constructive and is paying an interim dividend of 1.38 cents which it regards as being appropriate at “this early stage of the cycle”. More goodies to come then ?
Wood Group WG Despite the challenging conditions in oil and gas and an unchanged outlook for 2016, with EBITA expected to be down by 20%, Wood Group is raising its interim dividend by 10.2%. This reflects the determination of the company to raise its 2016’s dividends by double digits even if the results look fairly disastrous. Like for like revenue for the half year to 30th June fell by 18.7%, profit was down by 63% and basic earnings per share by 63.2% but at least the shareholders are being well looked after.
Menzies (John) MNZS claims a positive first half to the 30th June thanks to the collapse of sterling and a rise in aviation turnover of 7%, which between them enabled the company to increase its interim dividend by 8% to 5.4p. Profit before tax fell from £5.8m to £3m and reported earnings per share of 4.7p became a loss of 2.4p. Turnover was static. Shareholders will be pleased to note that the board is determined to address historic performance shortfalls.
Mears Group MER A fall of 5% in profit before tax has not stopped the company from raising its interim dividend by 6% for the half year to 30th June as a sign of confidence in the future. Net debt soared by some 350% from £4.2m to £14.1m. and he company plans to reduce revenue by getting out of unsustainable contracts which raises the question as to why it got into them in the first place.
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