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Ian Pollard – Big Rollers Deserting Rank

Rank Group plc RNK In the 40 weeks to the first of April the digital business has continued to trade strongly but like for like revenue at Mecca and Grosvenor Casinos fell by 2% and 3% respectively.  In quarter three the fall at casinos turned into a slump with like for like revenues falling by 9%, the under performance exacerbated by a negative contribution from VIP players. The board is taking  corrective measure but expects that the groups UK venues will continue to be impacted for the remainder of the current financial year and will continue into 2018-19

Electrocomponents plc ECM expects results for the year to the end of March will be ahead of their own previous expectations and profit before tax will be slightly head of the top end of market expectations. The second half produced strong year on year growth in free cash flow. Group overall like for like revenue growth for the year shows a rise of 13%, Asia Pacific leading the way with a rise of 18% and The Americas taking second place with a rise of 14%

Homeserve plc HSV adjusted profit before tx for the year to the end of March is expected to be significantly ahead of last years 112m after another strong year. North America produced  an excellent performance, driven by continued organic growth and acquisitions

AdEPT Telecom ADT is to recommend an increase from 4p to 4.5p per share in the final dividend for the year to the end of March, making an inrease of 13% for the year a a whole. . Underlying EBITDA will be slightly ahead of market expectations of a 23% year on year rise.

Sophos Group SOPH updates that the year to 31st March was another year of strong growth with reported billings showing n increase of 20-22%, rising to 23% in quarter four.

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Vodafone – Sees Robust Momentum As Revenue Drops 3.3%

Vodafone VOD is yet another company which  seems to think it can describe a fall in revenue as “good” and a sign of “robust momentum” It even goes to the extent of producing better looking statistics which it calls ” alternative performance measures”,  regularly reviewed by management to give readers additional information. Presumably management does not like having to review the real highlights, which include a 3.3% fall in group revenue for the quarter to the 30th June, led by Europe with a reported fall of 4.8% Real momentum there but most people would regard it as going in the wrong direction.

Learning Technologies Group LTG expects revenue in the half year to 30th June to show a 62% rise in revenue to a record £20.8m. After making excellent progress as market leader in the high growth e learning sector, the  order book stood at record levels at the end of the half year and the integration of Net Dimensions which was acquired in March, has been completed on time. The benefits from this will start to be seen at the beginning of 1918, as planned.

Beazley BEZ Profit before tax for the half year to the 30th June rose by 6% and earnings per share by 17% after a strong performance in the US. The interim dividend is also being increased by 6% to 3.7p per share.

Homeserve plc HSV has seen the continuation of strong growth in the period from the 1st April to the 20th July, with particularly strong momentum coming from North America where it has signed up 24 new partners providing it with access to 53m homes.

Empresaria Group EMR has delivered a record first half performance with strong growth leading to a 26% rise in net fee income. The company”s investment strategy has proved to be a success and the acquisition of Rishworth Aviation  is expected to provide further growth in terms of pilot recruitment, in the coming years.

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