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Ian Pollard – Sainsbury #SBRY, Asda & Walmart – Merger Banned To Prevent Price Increases
J Sainsbury plc and Asda. The proposed merger between Sainsbury”s and Asda has been prohibited by The Competition and Markets Authority in its final report published today. As a result, Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.The reasoning behind the prohibition is that the proposed merger would result in increased prices for the consumer. Sainsbury is still unconvincngly trying to argue that it would mean lower prices. I know who I believe. Well done the CMA
Meggitt plc MGGT Revenue during the first quarter was strong with organic growth of 9% excluding the effects of foreign exchange and disposals. Strong revenue growth is expected to continue for the remainder of the year which is expected to be more challenging as air traffic growth is expected to moderate. The demand for defence products is also uneven despite organic revenue growth of 18%
Image Scan Holdings IGE produced a performance which was slightly behind expectations during the six months to the 31st March but expects to meet market expectations for the year to 30 September 2019. Revenue declined by some 30% and the half year profit of £39,000 was turned into a loss before tax of £178,000.The Chairman says that the recent decline in the share price is disappointing for shareholders but what else can he expect with results like that.
Ixico plc IXI updates that it is on track to deliver robust revenue growth for the first half of the year to the 31st March. Reported revenues are expected to show growth of 22% and the company is confident that full year revenue growth will match that. The momentum in building the order book during the first half of the year has continued from 2018. The order book is now robust and is expected to enable the company deliver on the +20% revenue growth targets which the business has set for itself.
Synnovia plc SYN expects results for the year to the 31st March will show strong growth in both sales and profits.Although profits will show a significant rise they are still expected to be marginally below current market expectations. The Industrial Division has performed extremely well as new business came on stream after the unexpected delays encountered in the previous year. Profitability in the Films Division was adversely affected by project delays in the current year.The Group also has to report that it has recently discovered an overstatement of revenue amounting to £1.619 million for the financial year ended 31 March 2018. This it claims, is non material but with repeated delays in its its two main divisions over this year and last, the picture painted by management could have been a happier one.
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Ian Pollard: Stagecoach Pleased With Operating Loss of £6.2m (Unadjusted)
Stagecoach Group plc SGC is pleased to report positive half-year financial results, ahead of expectations, at least according to the Chief Executive, David Griffiths. These included a total unadjusted operating loss of £6.2m compared to a profit of £114.8m profit for 2018, which may lead the more cynical to comment that some people are easily pleased. Virgin Rail did produce a strong profit in the six months to the 27th October but a statutory loss of 5.5p per share compares with last years first half earnings per share of 13.6p. Not surprisingly the interim dividend remain unchanged. Encouraging results have been delivered at the UK regional bus business, together with high customer satisfaction. The above forecast rail earnings have enabled increased expectations for full-year adjusted earnings per share.
Wood Group plc WG has been awarded a $43 million (USD) contract by a large-cap midstream US company to construct 80 miles of steel pipeline in west Texas. This is a strategic pipeline for the US and a milestone project for the company.
Versarian plc VRS is delighted to have entered into an MOU with a subsidiary of a subsidiary of China Railway Group Limited (“CRG”).one of the world’s largest construction and engineering contractors. The cooperation is intended to explore the applications for graphene, which are specific to CTCE’s needs. IT is envisaged that CTCE will provide funding for any manufacturing venture in a structure to be agreed.
Image Scan Holdings IGE after rapid growth in both sales and profits between 2015 and 2017 the year to the 30th September proved to be a disaster. Sales fell from £5m to £3.5 and profit before tax slumped from £480,000 to £90,000 as the company was impacted by exceptional costs associated with the an aborted acquisition and a decline in portable X-ray orders .However the order pipeline is strong, the team has been strengthened and research and development has been refocused with the aim of returning to the growth of previous years.
Brave Bison Grp plc BBSN reports it is on track for a year of real progress in 2018. Trading is ahead of management expectations with an improved financial performance, revenues growing and full-year EBITDA3 positive for the first time since the Group came to market in 2013, as well as expectations of cash flow being positive. In October the company was named as the world‘s second-biggest digital media publisher for views and consistently in the top 10 during 2018. The shares are so far responding well in early trading this morning.
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Walker Greenbank Hikes Interim Dividend by 25.5%
Walker Greenbank WGB benefited from three factors which helped sales to increase by 29% in the half year to the 31st July, enabling the interim dividend to be increased by 25.5%. The first was a strong contribution from Clarke & Clarke, acquired in October 2016 and which produced sales of £10.3m out of a total of £54 million. The second was a 17.9% increase in licensing income and the third was a strong export performance which helped to offset a weaker UK. Despite this, statutory operating profit fell by some 10% due to acquisition costs but underlying operating profit rose by 52.8% and adjusted earnings per share by 39.4%.
Gooch & Housego GHH ended its financial year on the 30th September with a record order book, up by 29% in constant currency terms and on a like for like basis. Strong demand was seen throughout the year in the industrial and telecommunications sectors. About a third of the company’s business now relates to Aerospace and Defence.
Image Scan Holdings IGE has had such a busy September that the update given at the end of August is already out of date. Completion of orders which were due for delivery later in the year has been accelerated as has factory acceptance of other orders. The result is that sales for the year to 30th September are now expected to be £5 million compared to August’s estimate of £4.5million whilst profit before tax is expected to be well up at £450,000 as against August’s estimate of £250,000. The year end order book is also said to be strong.
Lightwave RF plc. LWRF anticipates that revenue for the year to 30th September will have more than doubled from 2016’s £1.44m Gross margins are also expected to have materially increased from last years 32.5%. Even so losses before tax are expected to be broadly in line with the £0.84m. loss for 2016
Redhall Group RHL expects results for the year to 30th September will now be materially below expectations due to client delays, especially relating to work on Hinckley Point C. The delays are not anticipated to continue and a strong performance is expected for 2018.
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Bunzl – 24 years of Dividend Growth
Bunzl plc BNZL is increasing its interim dividend by 8% giving it a 24 year track record of dividend growth. Revenue for the half year to 30th June rose by 7%, adjusted profit before tax by 5% and adjusted earnings per share by 7%, all at constant exchange rates. Like for like revenue growth increased to 3.7%. Eleven acquisitions have been announced so far during the current year.
Real Good Food plc RGF announced at the beginning of the month that it expected EBITDA for the year to the end of March 2017 would be some £2m. Since then the new Finance Director has carried out a review which indicates that it is now expected to be only about half that, at £1m. The Board is now in discussion with its bankers with a view to varying some of the conditions of its banking facility.
Polymetal International POLY First half revenue rose by 17% and gold sales were up by 19%, although silver sales were down 5%.Cash costs fell by 28% due largely to the strength of the Russian rouble. An interim dividend of US$ 014 is being proposed compared to last years US$0.09
Image Scan Holdings IGE announced last month rapid growth in orders across a broad range of its products. Sales for the year to the end of September are now expected to reach £4.5m. with profit before tax of £250,000
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Pearson Gives Notification of Exit & Other Nonsense
Pearson PSON has brought out a new literacy programme which management has obviously not read. Had it done so they could have written their 9 month interim management statement in something like English instead of nonsense such as “some 3,600 Full Time Equivalent employees have been notified of exit.” – and this from a purveyor of higher education products, who seems to be surprised that its nine month sales have declined by7% although this is glossed over as due to retailer inventory corrections. Come off it. A slump in sales is still a slump in sales however you dress it up in fancy language. Pearson even claims that this is a good competitive performance even though sales are continuing to suffer from a further 3% fall and sales are trending lower than expected in North American higher education..
Fortunately the declining pound is there to rescue management to the extent that if current exchange rates persist, earnings per share are expected to increase by about 4.5p or some 8%. Saving weak management is not supposed to be the reason for allowing the pound to collapse.
Lok’n Store Group LOK claims that the year to 31st July was an exciting one which produced an impressive performance with more to come. Document storage more than doubled its profits and self storage performed strongly. The annual dividend is to be increased by 12.5%
Mortice Limited MORT has enjoyed another strong period of growth with year on year revenue for the first half, up by 57%, including contributions from its two acquisitions which have been performing well.
Image Scan Holdings IGE Sales for the year to the end of September have almost doubled with a rise from £1.7m to £3.3m and margins rising from 38% to 42%. Pretax trading profit for the year is expected to have risen over sixfold to £0.64m. As a sign of continuing success the outstanding year end order book has almost tripled from a year ago and now stands at £1.7m.
Tristel TSTL results for the year to the end of June are ahead of market expectations and the full year dividend is to be increased by 11%. Overseas sales rose by 22% and total turnover by 12%. Pretax profit and EBITDA before share based payments rose by 27% and 26% respectively. Tristel has no debt and there is £5.7m in the bank.
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