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Ian Pollard – Forex volatility impacts Diageo #DGE
Diageo plc DGE updates prior to its AGM that the year has started well but increased foreign exchange volatility in emerging markets will have a £175m impact on sales and a £45m.impact on operating profit for the fiscal year.
Stobart Group plc STOB has issued a pre close trading statement for the six months to the 31st August showing that aviation passenger numbers at London Southend Airport have risen by 37%. Further growth will be added with the start of Ryanair flights in spring 2019, the target being to reach 5m passengers per year by 2022. Stobart claims it is well placed to deliver the ambitious growth targets set by the Board to double the value of the business. An interim dividend of 4.5p per share is to be paid.
Kier Group plc KIE announces what it describes as a good set of results for the year to 30th June with all divisions performing well. The year ended with a record order book of 10.2bn in construction and services. Both profit before tax and basic earnings per share rose by 9% and an increase of 2% is proposed in the full year dividend.
Iofina IOF has continued to improve both revenue and profitability. in the half year to the 30th June. Revenue rose by 20% on top of which it benefited from price rises of 8% and production increases. Iodine prices are continuing to rise and production increased by 12% ahead of revised production targets. EBITDA was up by 6% and the operating loss was reduced to $47,000 and the loss before tax to $0.8m.
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Ian Pollard: Iofina #IOF Hit By Anti Dumping Duties
Iofina IOF expects to see a significant rise in production for 2018 with a target of 575 to 605 metric tonnes of crystalline iodine compared to 503 metric tonnes in 2017. As a bonus on top of that, iodine price have continued to strengthen. The cloud on the horizon however, is that Iofina and a number of other companies have been found guilty of dumping iodine into China, resulting in the imposition of anti dumping duties. A final decision on this is not expected until the autumn but the poor state of trade relationships between the US and China means that a favourable outcome is not a certainty
DS Smith plc SMDS produced a strong set of results in the year to 30th April as it saw a return to growth. Revenue and adjusted profit before tax both rose by 17% on a constant currency basis and basic earnings per share rose by 10%. Margins were strong and good momentum is being maintained in the current year.
Volex plc VLX produced its best financial performance for five years and claims that it is strongly positioned for future growth. The year to the first of April saw the company produce its first statutory profit after tax since 2012. Last years statutory loss of $8.5m was turned into a profit before tax of $7m.and revenues are expected to show organic growth in the current year.
Angling Direct ANG is continuing its strategy of consolidating the fishing tackle market with the acquisition of Ted Carter Fishing Tackle which has a 3,000 s.ft. store at Preston. Carter had a turnover of £1.2m. in the year to 31st March and the consideration for the takeover is £125,000 plus stock at valuation, payable in cash.
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Dominos – Swiss Sales Surge Follows Price Reductions
Dominos Pizza Grp DOM Sales during the 13 weeks to the 24th September rose by 11.9% on a like for like and constant currency basis. Demand was strong and the quarter saw a record number of store openings as well as a recovery in like for like sales. Switzerland led the way with like for like growth of 20.4%, following price reductions earlier in the year and a surge of 69.6% in online sales.
Marstons plc MARS Updates that both sales and profits for the year to the end of September, were ahead of last year and despite recent market conditions being subdued further growth is targeted for 2018 when the opening of 15 new pubs and bars and 6 lodges is expected. For brewing the 2017 year has been transformational with own brewed volumes up by 6%. Taverns on the other hand produced like for like sales growth of 1.6% and Destination and Premium only managed 0.9%.
Ted Baker Plc TED Interim results for the 28 weeks to 12th August saw group revenue rise by 9.5% on a constant currency basis whilst basic earnings per share were up by 12.2%. Asia was particularly strong with a rise in sales of 19.6% on a constant currency basis. Overall the half year performance was in line with expectations with profit before tax up by 17.8% and the interim dividend being increased by 17.5%.
easyHotel plc EZH The year to the end of September was one of accelerated growth with a strong like for like performance in both owned and franchised hotels enabling the company to continue to outperform the market. Total sales for the year rose by 39% with like for like revenue in owned hotels up by 13.7% and by 8.6% in franchised hotels. 2560 owned rooms and 2263 frnchised rooms are under negotiation.
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Iofina IOF produced more iodine than expected in the third quarter of 2017 which became a landmark period, as at the same time, global iodine prices continued to recover.
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Iofina Benefits From Increased Production And Rising Prices
Iofina IOF reached a number of significant operation and financial milestones during the six months to the 30th June and is now optimistic about the remainder of the year. Production during the half year exceeded expectations and spot iodine prices have risen by 25% since the start of the year, after earlier weakness which led to a fall in revenue of 18%. EBITDA has more than tripled from US$0.2m to $0.7m and the group is increasingly positive about future profitability
Saga plc SAGA pre tax profit before tax for the six months to 31st July fell by 6.3% and the interim dividend is increased by 11.1%. Saga would prefer that you concentrate on underlying profit before tax which grew by 5.5%, enabling it to claim four consecutive years of growth. Growth in travel was strong with travel profits rising by 63%.
Smiths Group SMIN claims that it is well positioned to return to growth but not just yet and the likely starting date is given as 2018. For the year to 31st July the dividend is being increased by a cautious 3% after full year revenue rose by 11%, pre tax profit by 17% and like for like basic earnings per share by 15%. Problems such as unspecified market challenges in the John Crane subsidiary and new product delays in Smiths medical impacted the years outcome.
Windar Photonics WPHO which developed and produces wind sensors for wind turbines saw first half turnover rise by 62% exceeding that for the whole of 2016 which was a challenging year. At the same time operating costs fell by 47%, resulting in the net loss for the six months to 30th June falling from last years E1.8m to 0.8m and the EBITDA loss falling by 74%. Further growth is expected in the second half.
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Apple Declares War On Imagination Technology.
Imagination Technology IMG. Apple has served notice on IMG that in 15 months to 2 years time it will stop using IMGs intellectual property in its new products, be they phones, tablets, i pods or watches. This means that IMG will not then be eligible for royalty payments from Apple under the present agreement. Apple is IMG’s largest customer and has been using IMG’s intellectual property for many years. Now it looks like war with only the lawyers licking their lips at the prospect.
Apple insists that it has been working on its own separate, independent graphics designs. IMG has asked Apple to produce evidence that these will not infringe IMG’s patents, confidential information and intellectual property rights. Apple, being Apple, has ignored the request. Does the invasion of Poland draw nigh?
Reckitt Benckiser RB. has come to the conclusion that French’s Foods is such a fantastic performer with great brands, great people and a history of out performance that it it is going to launch a strategic review of food so that it can decided what to do with this “great food business” i.e. French’s. Well if its such a good performer and its people are so great, there should only be one answer and a management which was even only slightly clued up would know what that answer was without wasting time on strategic reviews. Simple – replace themselves with the management of French Foods, start a strategic review of their own present performance and ascertain why French’s does so well by comparison.
Obviously a strategic review keeps group management busy and out of harms way but in the end management is supposed to manage.
Iofina IOF Problems with a partner over brine supplies have proved to be a blessing in disguise. Alternative sources of supply have been investigated, as a result of which IOF expects to be able to increase iodine production above end 2016 levels and to reduce overall production costs.
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Sterlings Decline and Fall Is Helpful – So Far
RPC Group RPC claims an encouraging overall performance for the quarter to 30th June. Revenue was significantly higher and adjusted operating profit was significantly ahead of management expectations, plus the added bonus of favorable currency movements, resulting from our politicians successful attempts to destroy the value of our currency.
Amino Technologies AMO Revenue for the half year to 31st May surged by 58% and adjusted profit before tax by 40%. The interim dividend is to be increased by 10%. Last years first half statutory profit of £3.6m. was turned into a stautory loss of £0.5m after taking into account £3.5m of exceptionals and a further £1.1m amortisation of acquired intangibles.
Pinewood Group PWS is increasing its final dividend by 14.3%, after what it claims is another strong set of results. Revenue for the year to 31st March rose by 10.9% and profit after tax was up by 51.6%. The fall in the value of sterling was a positive factor.
Iofina IOF has performed well during the first half of 2016, achieving its production targets and increasing revenue, despite a fall in the price of iodine, which it appears has now stabilised.
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Greggs Slowing But Has A Strong Pipeline
Greggs plc GRG claims a good start to the year but not as good as last years. Total sales rose by 5.7% for the first 18 weeks and like for like sales in company managed shops were up by 3.7% but that is well down on 2015 when they rose by 6%. Hot drink sales are enjoying double digit growth and for the future there is a strong pipeline of product initiatives which at least means that management has been sent on its how to use jargon correctly classes.
Dignity plc DTY Apparantly last year was an exceptional year for deaths but this year is turning out to be more normal. 2015’s abnormally high death rate boosted Dignity’s profits but this years 11% fall has seen 1st quarter revenue drop by 5% and underlying profit by 13%. This is still 21% up on 2014, the last year when the death rate was normal.
Iofina IOF A 73% rise in iodine production for the year to 31st December saw Iofina become the second largest iodine producer in North America. The fall in the price of iodine during the course of the year took the shine off the figures with revenue down by some 20% but the company still managed to halve its losses at $3.31m.
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