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Crest Nicholson Ups Divi And Prices As Sales Fall
Crest Nicholson CRST imposed swingeing increases of 12% in its open market average selling price for the half year to 30th April, giving it the courage to increase its interim dividend by 23%, despite rises in profits before and after tax and in earnings per share of only a modest 5% each. Worse still those hefty price rises produced only a 3% revenue increase as completed unit sales for the half year fell from 1206 a year ago to 1064. Forward sales as at mid June were only 4% ahead of last year. Certainly not much evidence of a continuing boom in those figures except of course in the increased dividend.
Ashtead Group AHT reports another very successful year with rental revenue rising by 28% and the final dividend lifted to 22.75p per share making a rise of 22% for the full year to the 30th April. On a statutory basis, profit before tax and earnings per share both rose by 8% and revenue by 10%. In the fourth quarter revenue rose by 11% and profit before tax and earnings per share by 5% and 4% respectively. The current financial year has got off to a good start and is expected to produce strong cash flow.
Ted Baker plc TED produced a continuing good performance in the 19 weeks to the 10th June with total retail sales for the period up by 14.3% and e commerce sales by by 32.3% both on a constant currency basis. This was achieved despite an uncertain macro environment which sounds very impressive but in plain English means the economy as a whole was uncertain. Really??
Telecom Plus TEP chalked up its 20th consecutive year of organic growth and did so against a challenging market backdrop – hands up first to know the difference between challenging markets and a challenging market backdrop. Like for like profit before tax for the year to 31st March rose by 16.5% and earnings per share by 15%. The full year dividend is raised by 4.3% to 48p per share.
Halma HLMA produced a strong performance in the year to 1st April, its 14th consecutive year of record revenue and profits.Profit before tax rose by 16%, earnings per share by 19% and revenue by 17%. The final dividend is to be increased by 7%.
Iomart Group IOM has a large and long runway for success which it seems to think is a good thing to have and as seems right and proper with such an asset, is proposing to increase its final dividend for the year to 31st March by 90%, following rises in both revenue and profits of 13%. Basic earnings per share were up by 9%.
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Vislink Board To Examine Itself
Vislink VLK has abolished its interim dividend and intends to keep it that way until bad debt is below 1 x EBITDA. Orders for the half year to 30th June fell by nearly 25% and revenue was also substantially down , leading to a basic loss per share of 26.9%. Last years half year profit of £2.2m has been turned into a loss of £1.1m and the company is forecast to breach its banking covenant in September i.e. today. Fear not however, the Board is continuing to examine its own structure as well as that of the group, some may say a bit late in the day.
Speedy Hire SDY is on the rebound with results for the half year to the end of September expected to show an improved performance. Revenue is slightly ahead of expectations and overheads are lower indicating that profits for the full year will be ahead of expectations.
Iomart IOM has performed strongly in the 6 months to 30th September and both revenue and profit are expected to be materially ahead of last years first half.
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Last Gasp For Herencia ?
Herencia HER has raised a further $150,000 as part of its struggle to keep going pending the hoped for sale of its 70% interest in Paguanta. The new funding is to be paid in two tranches but if the second one is not forthcoming, then Herencia will have to cease trading on the 16th June. The proposed sale transaction is proceeding well but due diligence is still in progress and there can be no gaurantees. A new long stop date of the 4th July has been agreed for satisfaction or waiver of all conditions and completion of the sale.
RWS Holdings RWS claims an excellent 6 months to the 31st March and is increasing its interim dividend by 12% to 1.15p. Despite a substantial adverse impact from foreign currency movements sales rose by 25% and adjusted profit before tax by 28.7%, including a 5 month contribution from Corporate Translations Inc. Trading in the first two months of the second half has continued to be strong.
Iomart IOM proposes to increase its final dividend by 26%, after rises of 21% and 24% respectively in profit before tax and basic earnings per share for the year to 31st March.trading since the end of the year has remained good and the CEO sees the long term future as being bigger than ever.
Gooch & Housego GHH is increasing its interim dividend as its first half performance turns out to have been as expected i.e bad, with flat sales and statutory profit before tax and basic earnings per share, both down by a third. Shareholders , it appears need not worry however, as the order book is robust and up by a third on a year ago and the company is well positioned to benefit from improving market conditions. The second half should show an improvement.
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