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RBS Not Yet Strong, Simple or Fair But It Has Plans
Royal Bank Scotland Grp RBS is on target to meet all of its financial targets for 2017. Third quarter adjusted income rose by 5.6% and for the nine months to date by 7.5%. Basic earnings per share rose from a loss of 3.9p last year to a positive 5.7% this year whilst over 9 months the improvement was even greater moving from last years loss per share of 21.5p to a positive 11.2p. Last years third quarter loss of 327m was turned into a profit of 838m. and over nine months the loss of 941m. became a profit of 1830m. for the current year. In addition to all the financial goodies the bank stresses that it is progressing with its plan to to build a strong, simple and fair bank, even for its customers which is a fairly strong admission that as yet it has not achieved any of those aims but if and when it does, it should make it fairly unique among British banking.
International Consolidated Airlines Grp IAG reports another strong quarter for the 3 months to the end of September with operating profit up by 20.7%, whilst over the nine months to date the rise was 26.9% and profit after tax up by 5.6%, on revenue up by 1.3%. For the full year a profit of 3 billion Euro before exceptional items, is expected.
Computacenter plc CCC produced a rise of 27% in group revenue for the quarter to 27th October, or 20% in constant currency. Momentum across the group as a whole has been maintained, especially in Europe
Peel Hotels PHO It is difficult to move forward without sales growth comments the Chairman and that, his company has certainly lost. Sales declined by 5.1% in the 28 weeks to the 31st August, basic earnings per share nearly halved from 3.45p to 1.8p and profit before tax collapsed by 46.1%. The Chairman does not seem unduly worried by the figures and looking on the bright side, points out that the company is still generating enough cash to continually decrease debt. However he does not give a single word of explanation as to why the results are so poor.
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Corporate news review Friday 28th July 2017
Barclays BARC – Reports a 13% increase in half-year PBT to £2,341m reflecting materially lower non-core losses of £647m (H116: £1,904m), while core PBT fell 25% to £2,988m impacted by PPI charges of £700m (H116: £400m). EPS came in at 11.8p, while tangible NAV fell to 284p (Dec 2016: 290p) as profit from continuing operations was offset by decreases across reserves.
BT Group BT.A – Q1 revenues rose 1% and underlying revenues rose 0.2%. Adj EBITDA fell 2% due to increased pension costs, business rates, sport programme rights and investment in customer experience. CEO Gavin Patterson said he is “confident in the outlook for our Company.”
Johnson Matthey JMAT – trading is in line with expectations. Q1 saw low single-digit sales growth at constant rates and double-digit reported sales growth. The restructuring programme announced in June which will deliver £10m cost savings in H2, with a further £15m cost savings in 2018/19.
Gear4music G4M – At today’s AGM the company will report that trading in the financial year to date is in line with Board expectations. Based on the overall performance, the Board is confident of another year of good progress.
International Airlines Group IAG – Results for the six months to June 30, 2017 include Q2 operating profit €805m before exceptional items (2016: €555m), with passenger unit revenue for the quarter up 1.5%, (4% at constant currency). Half year operating profit before exceptional items grew 37.3% to €975m
Rightmove RMV – reports an 11% increase in half-year revenue to £119.5m with underlying operating profit up 11% to £91m. Trading in July has been in line with the strong monthly revenue achieved in the first half of the year. The visibility gives the Board confidence in delivering its expectations for the current year.
Boom Time For London Hotels
Intl. Con. Airlines IAG saw first quarter profit after tax fall by 74% as passenger revenue declined by 4.2% and total revenue by 2.8%. But this did not stop it being a record breaking first quarter if you decide to select operating profit before exceptionals as your measure That comes in at £170m. compared to £155m last year and creates the new first quarter record.
Interco Hotels Grp IHG For once London led the way with first quarter Rev PAR growing by 12% compared to a meagre 1.9% for the US and 2.7% for the group as a whole, which is regarded as a good start to the year. The quarter produced growth in both rates and occupancy leading to a year on year net system size growth of 3.4%. Confidence is expressed in the outlook for the full year.
Smith & Nephew SN. First quarter revenue grew by 3% with a good performance from Emerging Markets which returned to double digit growth, with China leading the way at 14%. Knee implants in particular did well which is not surprising when US figures show that some 50% of knee replacement operations in the US are unnecessary. For the full year, underlying revenue growth of between 3 and 4% is expected.
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Rightmove Outstanding
Rightmove RMV describes its 2016 performance as outstanding and is raising its final dividend to 27p per share to give a total increase in the yearly dividends of 19%. Revenue and underlying operating profit both rose by 15%, whilst basic earnings per share were up by 18%. Strong traffic growth of 10% meant that visitors rose to 120m per month. The Board expects more success in 2017.
Intl Con Airline Group IAG That you will remember is the airline which used to have a short sensible name which everyone could remember but swopped it for one which is so long it has to make silly abbreviations to it. CEO Willie Walsh says it put in a good performance in a challenging year and the full year dividend is being increased by 17.5% from 20 to 23.5 cents per share. Passenger revenue fell by 2% and total revenue by 1.3% but operating profit managed a rise of 8.6%. Currency movements were unfavorable and produced an adverse impact of 460m. Euro. 2017 is expected to show a year on year improvement.
William Hill WMH faced a challenging year in 2016 but believes the corner has been turned with positive strength shown in all four divisions in the 7 weeks to 14th February with UK net gaming revenue up by 8% and UK sportsbook wagering by 10%. Profit before tax for the year to 27th December rose a smidgeon by 1% but earnings per share were down by 13%
IMI plc IMI Claims 2016 was a year of significant progress in difficult market conditions. Preliminary results for the year to 31st December show a rise of 6% in revenue, although on a like for like basis, it was down by 5%. Operating profit and profit before tax each rose by 1% and basic earnings per share was up by 2%. The final dividend is being raised by 1%, although there is a warning that the first half of 2017 is expected to see revenue fall by a similar amount to that experienced in the first half of 2016
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Now RBS Abandons Use Of English
Royal Bk Scot Grp RBS No wonder the banks were castigated recently for their inability to communicate in anything resembling English and given a fairly stern warning of the real dangers of insisting on sticking to jargon. As is usual with banks RBS did not listen and obviously does not believe that there any dangers – how could there be – it is a bank, it therefore knows everything and is completely beyond criticism. Its interim management statement published today show the disdain with which it regards its customers but sadly, what else can one expect.
Thus, if one has the time, one can read of such delights as;
- central items adjusted operating profit,
- foreign exchange (FX) reserve recycling gain – it is so into jargon that it believes that its readers will not know what plain simple “foreign exchange” means and need to have it explained to them that it is FX
- NIM of 2.17%
- 8 basis points higher – dont they know that “basis” is a noun not an adjective – perhaps they do not care
- PBB & CPB are down 8% – great if we knew what they are, perhaps we could celebrate
- 3 customer facing businesses – in which direction do all the other businesses face?
- CIB adjusted income
These are just a few of the horrors in the highlights, Wait until you get into the complicated bits, if you have not given up in despair first.
As for the actual third quarter and nine months results, I suggest you set a couple of weeks aside, take a deep breath, reach for a dictionary and try not to fall asleep from boredom.
Intl Con Airline Group IAG is increasing its interim dividend by 10% despite a tough third quarter operating environment, in which it was also beset by significant adverse currency movements and air traffic control strikes. Despite all these woes it claims a strong performance, with operating profit down only slightly from 1250 to 1205m. Euro. Adverse currency movements cost it 162m Euro. Passenger unit revenue for the quarter fell by 13.7% but non fuel costs were down by 6.9% and fuel costs by 25.8%. Profit after tax for the nine months to date is now up by 25.8% and diluted earnings per share by 23.8%.
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RBS Admits It Is Not A Fair Bank – Not Yet
Royal Bank of Scotland Group RBS adds to this weeks banking woes with fairly disastrous 1st quarter results, raising the question as to whether bankers really are fit for purpose when it comes to running banks.
Firstly RBS does not know why it has lost the battle to divest itself of Williams & Glyn by December 2017, so it is going to carry out a further analysis to try and find out what to do about it. Seems to be a fairly serious example of incompetent management but, being a bank, there are no signs of heads rolling – at least yet.
The first quarter loss jumped to £968m, nearly double that of quarter 1 2015. Adjusted operating profit for the quarter fell by some two thirds to £440m and an impairment charge of £196m has had to be allowed on its shipping portfolio. RBS is however pursuing its plan to become a fair bank, which is an admission that it wasn’t and still isn’t.
International Airline Group IAG is moderating its short term growth plans following the impact of the Brussels terrorist attack which has continued into the second quarter and been added to by a softness in premium demand.
Profit after tax for the 3 months to 31st March came in at 104m Euro compared to last years loss of 26m. and last years basic loss per share of 1.5 cents was transformed into basic earnings of 4.9%. Passenger unit revenue fell by 3.5% and fuel unit costs were down 23.4% after the collapse in fuel prices.
Restaurant Group RTN The Chief Financial Officer is leaving with immediate effect after 11 years service and following further deterioration since the preliminary results were published on the 9th March. The unplanned departure means that the search for a successor has only just started. Like for like sales have fallen by a further 2.7% with full year like for like sales expected to be down by as much as 5% , without any signs of an improvement.
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