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Ian Pollard – The Poles Are Doing Well Back Home
Kingfisher KGF Third quarter sales illustrate the problems facing many European high streets. The UK & Ireland did reasonably well with a rise of 1.5% on a like for like and constant currency basis although this was only possible because of a 10.2% rise at Screwfix. France, Russia and Spain performed badly and the only bright spot was Poland with a gain of 6% but that was perhaps to be expected now that all those Polish plumbers and plasterers have left the UK and gone back home for a better life. Overall the total result was a decline in sales of 0.5%. Let us hope that this is not a harbinger of things to come as the internet takes over.
CRH plc CRH the 9 months to the end of September saw the continuation of underlying growth in the Americas, although this was impacted by adverse weather. Positive momentum in Europe continued with a 2% rise in sales but Asia was bad news with the first halfs decline in sales rising by 50% in quarter 3 to 12%. Like for like EBITDA in Asia slumped by 45% whilst the rest of the world only managed a tiny rise of 2%. Once again the Poles came up trumps with cement volumes well ahead of 2016.
Entertainment One ETO claims strong and robust first half results with last years loss of 2.5m being wiped out and replaced with a reported profit before tax of 0.8m. Revenue was stable and on an adjusted basis, profit before tax rose by 53%.
Halma HLMA produced record revenue, profits and dividends in the six months to the 30th September, with both statutory profit before tax and earnings per share rising by 18%. Revenue was up by 15% with growth in all major regions and sectors. The interim dividend is to be increased by 7%
Homeserve HSV is increasing its interim dividend by 15% for the half year to the 30th September after good rises of 17% in EBITDA and 13% in adjusted operating profit. Strong momentum continued in North America and there was further growth in France & Spain
Big Yellow Group BYG is increasing its interim dividend by 13% in line with adjusted profit before tax, after a good first half performance and a rise in like for like revenue of 6%
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MP Evans Dividends Surge As Palm Oil Back In Favour
M.P. Evans Group MPE enjoyed an excellent 2016 and like for like profit for the year to 31st December more than doubled, rising from from $7.8m to $16m. Total dividends for 2016 will follow suit with a rise from 8.75p in 2015 to 20p (including a special dividend of of 5p per share) and even more is promised for current year when total payments of 25p per share are expected. The board is said to be excited about the addition of significant new plantations.
The share price after steadily declining for a number of years, has recognised the transformation in palm oil prospects, rising from 415p in mid October, to todays 750p.
Homeserve HSV updates that it has had a very good year and expects that results will be at the upper end of market expectations. Customer growth in the UK was at a fairly modest 1% but in the US, there was significant expansion. The CEO is delighted with the company’s performance and promises that there will be further strong growth in the current year.
Electrocomponents ECM Expects that after a strong fourth quarter, results for the year to the 31st March will be ahead of previous expectations and headline profit before tax will be ahead of current market consensus. Revenue growth in quarter 4 accelerated to 8%. strong recovery was seen in North American and Pacific growth and a continuation of robust growth in Europe.But, both revenue and profits have benefitted from significant foreign exchange movements and additional trading days in 2017.
Hardide HDD First half sales to the Oil & Gas sectors have more than doubled compared to 2016 and overall trading is comfortably ahead of both first and second half performances in 2016..
Murgitroyd Group MUR enjoyed a strong third quarter with a 6% rise in revenue over the previous year, leading to a much improved trading perfrmance, ahead of revised internal forecasts.