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Ian Pollard: National Express (NEX) – Another Record Breaking Set Of Results
National Express NEX is delighted to have again delivered a record-breaking set of results. Group revenue rose by 5.6%, profit before tax by 10% and basic earnings per share by 13.1%. It is again proposed to increase the final dividend by 10 per cent.. Growth in the UK was very strong at 12.6% compared to 6.4% in North America and a decline of 15.1% in German rail
CRH plc CRH 2018 was another year of record profit delivery, with basic earnings per share up by 33% and group profit by 31% for the year to the 31st December. Sales for the year rose by 6% and the final dividend is being increased by the same amount. For 2019 the US economy is expected to continue to advance at a similar pace to recent trends and with positive progress also continuing in Europe.
Mondi plc MNDI has produced a strong financial and a robust operational performance for 2018. Whilst revenue was up by only 5%, on an underlying basis EBITDA rose by 19%, operating profit by 28%, basic earnings by 27% and profit before tax by 25%. The recommended full year ordinary dividend of 76.0 euro cents per share, shows an increase of 23%
Bovis Homes BVS claims excellent operational progress and a 47% increase in profits for the year to the end of December. The first eight weeks of the new year have seen good demand with average sales per site per week up 15.7%. The Board is recommending a 20% increase in ordinary dividend for FY18 to 57.0 pence per share reflecting the strong performance and also its confidence in the outlook for the business. Further operational and financial progress is expected in 2019.
Hunting Titan HTG also delivered a record performance in 2018 as the US onshore market accelerated and sales volumes improved in other international operations. Ongoing commodity price and geopolitical volatility ensures that the company remains focused on the agility and flexibility of the business to respond to market conditions.
Howden joinery Group HWDN delivered another good performance in 2018 with sales increased by 7.7%, profit before tax up by 2.7% and basic earnings per share by 4.7%. The dividend is to be increased to 11.6p per share, a rise of 4.5%. Four new depots are to be opened in the Paris region but operations have ceased in the Netherlands and Germany from January 2019;
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Ian Pollard: ASOS Badly Impacted With Online Growth Weakest For Years
ASOS ASC experienced a significant deterioration in “the important trading month of November” and conditions remain challenging. As a result, it has had to reduce expectations for the current financial year. Total retail sales for the 3 months to the end of November rose by 12%, the UK leading the way with a 19% rise and Rest of the World bottom with a fall of 2%. November was seriously behind expectations and there is almost an air of desperation in some of the company’s comments.
Consumer confidence is seen as weakening and growth in online clothing sales is the weakest of recent years. Heavy discounting and promotions will see the weighting between first and second half profitability transformed from the 30/70% seen in recent years to an even more substantial weighting towards the second half. Trading conditions across its two largest European markets of Germany and France, which account for c.60% of EU sales, have become significantly more challenging, with growth at 15% for the year to date.In Rest of the World performance has been significantly behind expectations with an actual fall. Not many companies are so badly hit that they are forced to recalibrate expectations for the full year, at the end of the first quarter
Safestyle UK plc SFE is confident thatits recovery and performance in 2019 will be ahead of current market expectations after delivering an underlying loss before tax for 2018 of between £8.2m and £8.6m)
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Ian Pollard – Churchill China #CHH Smashing Export Records
Churchill China CHH has delivered a strong first half performance and is increasing its interim dividend by 18%. Profit before tax and earnings per share both rose by 24% but perhaps the best news of all is that export revenue which grew by 17%, now represent 63% of group revenue, up from last years 57%.
Hays plc HAS delivered record international profits in the year to the 30th June as well as record total dividends for the year. Profit before tax rose by 17% and basic earnings per share by 18%. As usual the UK & Ireland was the laggard with only 2% net fee growth compared to 17% for the Rest of the World and 16% for Germany. Core dividends for the full year are increased by 18% plus payment of a special dividend of 5p per share.
W.H. Smith plc SMWH updates that the travel business performed strongly for the year to the 31st August. Perhaps not surprisingly the high street business only performed in line with expectations.
Hunting plc HTG is restoring its interim dividend with a payment of cents per share for the half year to the 30th June after enjoying a strong increase in volumes manufactured during the first half of 2018 and compared to 2017 when the interim dividend was nil. Reported profit from operations came in at $38.9m compared to last years loss of $23.9m loss. Results for the half year are underpinned, says the CEO by a strong market environment which has led to outstanding results for Hunting Titan and improving profitability for Hunting’s US operations. Reported diluted earnings per share rose to19.1 cents per share compared to 2017’s loss of 15.8 cents loss per share.
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Dixons Challenged in UK Mobile Market
Dixons Carphone plc DC has been facing challenging conditions in the UK mobile phone market as owners hold onto their existing mobiles for longer, partly due to price rises reflecting the weakness of sterling. It may also have something to do with people waking up to the fact that they do not need to change their mobile every time the model is brought out in a new colour. Apart from that the group produced a good performance in electricals for the 13 weeks to the 29th July, with group like for like revenue rising by 6%, even in Greece – perhaps a sign that at long last that country may be beginning to emerge from the years of austerity. Overall core profit for the year is expected to be in line with last year.
John Laing Group JLG concentrates on NAV in its interim results for the 6 months to the 30th June preferring that rather than more interesting basics such as profit before tax which slumped from from last years £108.3m to this years £36.6m. or even earnings per share which similarly dropped from 29.1 to 10.2p per share. The interim dividend is increased from 1.85p to 1.91p per share.
Hunting plc HTG Despite a 64% rise in revenue in the half year to the 30th June, the company still remains loss making, although the retiring CEO claims that positive EBITDA of $12.1m. indicates that profitability has returned in some of the company’s businesses, especially when one compares it with 2016’s EBITDA loss of $29.5m. The underlying operating loss hows a healthy reduction from $50.8m to to $9.1m. The out look for the full year however, still remains dependent on the price of oil.
CRH plc CRH claims a satisfactory start to 2017 with key European markets stabilising and growth in the Americas. First half profit before tax rose by 27% and basic earnings per share by 29% although sales revenue only grew by 2%. The interim dividend is to be increased by 2.1% and the present momentum is expected to continue for the remainder of the year.
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Sainsbury’s Lesson in Retailing
Sainsbury J. SBRY put in a strong performance during the quarter to the 1st July with retail like for like sales growing by 2.3% and grocery sales by an even larger 3%. Online grocery sales surged by 8%. In General merchandising and Clothing, Sainsbury outperformed the market and this was not a one quarter flash in the pan. Clothing sales rose by 7.2% which is enough to make most clothing retailers turn green with envy, especially as this is the third consecutive quarter in which Sainsbury has stormed ahead on clothing sales, the second half of the previous financial year having produced growth of 15.2%.
The secret to the strong overall performance is put down to three simple things, quality, choice and value. Most of the big retailers would claim the same. The difference with Sainsbury is that it is not just more tired old jargon, it is actually giving it to the customers.
Imagination Technologies IMG completed its restructuring in the year to the 30th April and ended up producing a strong set of results. Group revenue rose by 19% and the adjusted loss per share fell from 9.2p to 0.9p whilst on a reported basis the decline was from 29.8p to 10.1p The impact of the dispute with Apple continues.
Apple no doubt, sees no reason why it should seek a resolution. All it has to do is sit tight and wait for the dawn of the new era when it no longer needs the technology provided for so long by Imagination Technologies. And if Apple is wrong on that, it won’t matter a jot by then. The damage will have been done and were Apple not a completely scrupulous and honest company, it would probably be able to pick up the bits and pieces and buy them for next to nothing. Meanwhile Imagination continues preliminary discussions with potential bidders for the whole Group.
600 Group plc SIXH now conducts over 60% of its activities in the US with only 12% of group sales being made to the EU in the year to the 1st April. Profits for the year rose by 79% and earnings per share by 50%. Current order books at the year end were 29% up in industrial lasers and 50% in machine tools compared to the same time last year.
Johnson Services Group JSG has traded very well during the half year to the 30th June and expects that results will be slightly ahead of management expectations.