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Ian Pollard – Ferguson #FERG Restructuring for UK After Weak Performance
Ferguson plc FERG Ongoing revenue for the quarter to 31st October.was 5% ahead of last year, including 6.7% organic growth, whilst ongoing trading profit at $432m. was 9.9% ahead. US business saw organic revenue growth of 9.6% . All the US business units generated organic growth in the quarter with continued good demand from residential and commercial customers an. Industrial markets described as growing very well. The UK on the other hand could not have been a geater contrast with like-for-like revenue growth down at 1.5% for the quarter including about 2.5% price inflation. Trading profit was down about 2% and ominously the promised UK restructuring is now under way.
IG Group Hldngs plc IGG expects first half revenue to be around 6% lower than in the record first half of the last financial year. Group revenue in the four month period since product intervention measures came into force in July is expected to be around 10% lower than a year ago.whilst in the ESMA region (UK and EU) it is expected to be around 20% lower. By startling contrast it is expected that in other regions revenue is expected to show growth of 9%.
Victrex plc VCT Preliminary results for the year to the 30th September show that the group enjoyed a strong year with group revenue up by 12% and profit before tax by 15%. Regular and special dividends are being raised by 17%. For 2019 the expectations are for continued momentum and the achievement of more milestones.
James Fisher & Sons plc FSJ for many a year one of the stalwarts of British Industry and which updated only 10 days ago that revenue for the ten months ended 31 October was 14% ahead of the comparable period last year, is to lose its long standing Chief Executive. Nick Henry has informed the Board that he is to retire from the Company after 16 years and step down after 15years as CEO by the end of December 2019.
Mind Gym MIND After a successful IPO revenue for the six months to the 30th September has risen by 13% and adjusted profit before tax by 31%. An interim dividend of 0.8p er share is to be paid. After a start-up at a kitchen table 18 years ago the company has grown to become an adviser to over half of the companies in the FTSE-100 and S&P-100.
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Ian Pollard: Smith & Nephew Impacted By Weak First Quarter
Smith & Nephew SN has produced a mixed performance for the quarter to the 31st March with revenue rising by 5% including currency benefits of 5%. Softer markets and a slowdown in Bioactives were offset by stronger growth in emerging markets which showed a rise of 15% on a reported basis. The trend is expected to improve over the remainder of the year but full year guidance has been impacted by the effects of the weak first quarter and underlying revenue growth is expected to be in the range of 2-3%
Centamin CEY A rise of 23% in first quarter revenue led to a surge of 122% in profit before tax for the quarter compared to a year ago although compared to the previous quarter there was a fall of 17%. Gold sales rose 14% year on year and the results were also helped by a 9% rise in the average price of gold over the year.
James Fisher & Sons plc FSJ Trading for the year so far has been in line with management expectations and offshore oil has been showing signs of recovery. All four divisions appear well set and the outlook for the year is positive.
Johnson Service Group JSG expects full year results will be slightly ahead of current market expectations. Following the substantial growth seen in 2017, trading in the year to date has continued to be strong.
Wizz Air Holdings WIZZ April passenger numbers rose by19% and the load factor for April rose to 90.9%. Six new routes were opened and operations were commenced at 2 additional airports. Three brand new Airbus A 320s were added to the fleet bringing it to a total of 96 aircraft. Wizz has also been named European Airline of the year.
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