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Ian Pollard – Intertek #ITRK Dividend Rises 39%
Intertek Group ITRK is going from strength to strength, with consistent progress on strategy and performance leading to a 39.1% increase in the full year dividend. In 1918 revenue grew by 3.7% on a like for like basis at constant currency rates,. profit before tax was up by 8.3% and diluted earnings per share by 7.7%. Good organic revenue growth at constant currency is expected in 2019.
Ashtead Group AHT delivered a strong quarter in the 3 months to the 31st January. Underlying profit before tax and earnings per share rose by 18% and 34% respectively. whilst revenue was up by 19%. As a result, for the nine months to date revenue and underlying pre tax profit both increased by 18% at constant exchange rates.
Direct Line Insurance DLG delivered a strong set of results for the year to the 31st December driven by what it describes as its resilient business model which it claims, performed well in a highly competitive market. A final dividend of 14.0p, is announced, an increase of 2.9% on last year plus a special dividend of 8.3p.
Ibstock Brick plc IBST claims that the year to the 31st December was a busy year of development with profit before tax rising by 19.1% on revenue up by 7.9%. Statutory earnings per share rose by 17.5% but the final dividend remains unchanged at 6.5p making the 2018 full year dividend 9.5 pence per share compared to 9.1 pence per share for 2017. Market fundamentals remain encouraging for the medium term, says the CEO
Netcall plc NET has seen strong sales momentum continue into the second half with order inflow significantly ahead of the same period last year. Profit before tax for the six months to the 31st December leapt by 49% on revenue up by 6%. Revenues for the full year are expected to be more weighted toward the second half, as Cloud services growth accelerates.
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Ian Pollard – Ibstock Warns As Production Falls
Ibstock plc IBST updates that demand in the UK brick markets is robust and factories have been producing at, or close to, full capacity for an extended period. Adjusted EBITDA for the six months to the 30th June is expected to be about £58m which reflects the impact of bad weather at the start of the year and higher energy costs.But whilst demand from the new housing sector has been strong and market fundamentals are favourable, there are clouds on the horizon and it looks as if the tide may be turning to reflect the realities of life among the house builders. In recent months and particularly in July, production has been lower than expected and it is now anticipated that output for the second half of the year, will be below expectations.
Keller Group KLR is increasing its interim dividend by 24% for the half year to the 30th June, after rises in statutory pofit before tax and earnings per share of 31% and 37% respectively. First half revenue was a record at £1,075m with constant currency growth of 15%. The strong financial performance was achieved despite a harsh winter in the northern hemisphere and markets have remained broadly healthy.
Cranswick CWK revenue in the first quarter to the 30th June was 3.2% ahead of the same period last year and export revenues were modestly ahead. The Group is in a robust financial position with net debt of 18m. a year ago having been turned into net cash of 8m. at the quarter end despite substantial ongoing capital investment.
Senior plc SNR Trading in the six months to the 30th June has been slightly ahead of expectations with profit before tax for the half year riing by 36% and basic earnings per share by 25%. The interim dividend is to be increased by 6.8% and he order book remains strong across most of the businesses.
Dialight plc DIA claims to have taken targeted actions to improve its operational performance during the six months to the 30th June. Despite that, statutory profit before tax fell from 4.0m. to 2.8m. and earnings per share from 8p to 6.4p. Late orders have been significantly reduced since the start of the year and on-time delivery and cost performance are now both excellent, it says. The move from recovery to growth leaves the Group excited by its future prospects.
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Daily Mail Ups Divi After Profits Slide
Daily Mail & General DMGT After a dismal half year the Daily Mail is increasing its interim dividend by 3%, justified no doubt by an 11% fall in both profit before tax and earnings per share for the six months to 31st March. The big impact came from weak print advertising, with no explanation provided as to why. Perhaps the board doesn’t have one and is hoping that shareholders will not bother to ask. Statutory profit before tax did rise by £68m. after some of the family silver was sold off and the Chief Executive is to retire next month after 27 years with the company.
Tate & Lyle TATE claims a solid financial performance and strong project delivery for the year to the end of March, with a five fold rise in profit before tax and almost sixfold in diluted earnings per share. The adjusted results show more modest growth of 5% and 8% respectively but let it not be denied credit for its long awaited success. The total dividend for the year remains unchanged at 28p per share.
Ibstock IBST expects another year of progress after good trading momentum continued during the first four months of 2016. Demand for new housing was robust, even the weather was favourable and a housing recovery in the US got under way. Full year results are due on the 5th August.
Henry Boot BHY has found that trading has been encouraging since the beginning of the year despite some uncertainty caused by the referendum Activity in Land development has been particularly strong.
Paypoint PAY After a fall of 83.6% in profit before tax PAY is raising its ordinary dividend by 10% and making a special payment of 21p following the sales of parts of the business which have been completed. It claims to have been severely impacted to the tune of £72m by the sale of online and the non sale of its mobile payments business, a double whammy if ever there was one. The company is confident that its strategy is correct and appears to have stopped making any more boardroom changes because of the large number of changes already carried out.
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