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Ian Pollard – #SSE – Diverting Wrath
SSE plc SSE although interim results for the six months to the 30th September are ahead of previous expectations they are only slightly so and they are still fairly dire. Adjusted profit before tax is down by 40.9% and adjusted earnings per share by 39.9% with a reported loss per share of 22.6p. The Chairman admits that they fall well short of what the company hoped to achieve at the start of the year and that this is disappointing and regrettable. Not however so regrettable and disappointing as to prevent the company from increasing the dividend by 3.2%. No doubt that may help to divert a certain amount of wrath.
Smiths Group SMIN saw revenue fall by 1% in the 3 months to the end of October as the company was impacted by a number of factors. At Smiths Medical, revenue was impacted by the previously announced regulatory and contract challenges. In Smiths Detection, the phasing of orders impacted first quarter revenue but a robust order book is expected to see a strong second half. Management expectations for the full year remain unchanged
AB Dynamics plc ABDP has delivered another year of record revenue and adjusted profit. Revenue for the year to 31st August grew by 51%, profit before tax by 78% and basic earnings per share by 74%. The proposed final dividend is to be increased by 10%. Despite this very strong growth, order intake has continued to run ahead of sales and this has provided a healthy order book with visibility into the third quarter of 2019
Workspace Group WKP reports a strong perfomance driven by customer demand for the half year to the 30th September. Strong growth in net rental income, up 17% year on year, resulted in 20% growth in adjusted trading profit and the interim dividend is also to be increased by 20%. However despite all this talk of strong performances and dividend increases profit before tax fell by 18%
Marshall Motor Holdings MMH updates that following better than anticipated trading during October 2018 and a more positive outlook for the remainder of the current financial year.the Board expects continuing underlying profit before tax for the year ending 31 December 2018 will be ahead of the Group’s record results reported last year.
Falanx Group Ltd FLX Interim results for the six months to the 30th September delivered a rise of 51% in Group Revenue, with an even more spectacular rise in the cyber division of 198%. Cyber attacks pose ever growing threats and provide an increasing opportunity for the company. New business is at record levels, as are tendering opportunities.
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Ian Pollard – From Robust Falls to Negative Net Churn – Silly Season Here Again
Marshall Motor Holdings MMH describes its first half performance as robust with continuing underlying profit before tax up 1.2% on last years first half record of £16.2m. Like for like new unit sales to retail customers fell by 5.9% and used sales were down by 0.3% although strong growth in margins of 7.2% helped to increase used revenue by 5.2%. Total underlying profit before tax suffered a robust 11.7% drop and reported profit before tax was down by a slightly less robust 7.1%. The interim dividend remains robustly flat at 2.15p per share.
LoopUp Group plc LOOP which specialises in premium remote meetings has traded strongly in the half year to the 30th June in what the joint CEOs describe as a transformational period. Group revenue rose by 39% and organic revenue by 22% on a constant currency basis. It also maintained its track record of “negative net churn’ which is apparantly a very good thing because when translate into everyday basic English it actually means “net growth – in its long-term established customer base”. So why cant they say so in the first place, have a remote meeting and leave jargon to the jargon specialists
H&T Group plc HAT the pawnbroking business appears to be thriving but not booming which is perhaps a good sign as to the state of the economy. The half year to the 30th June is described as solid, with profit before tax showing a rise of 10.9% and basic earnings per share rising from 11.7p to 13.51p. The personal loan book surged by 81% and the interim dividend is nudged upwards from 4.3p per share to 4.4p.
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Burberry Fails To Benefit From Collapse In Sterling
Burberry BRBY claims that its ambitious revenue growth plans are on track with a 4% drop in revenue for the six months to the end of September. Presumably it can find some form of logic in that but if there is it certainly seems to have escaped the CEO who produces a wordy paragraph of what read like vague and empty promises and explanations to justify the company’s performance. True, the second quarter did show some improvement with like for like sales rising by 2%, compared to the first quarters fall of 3%. Wholesale revenue for the half year fell by 14%, demand in the Americas is described as uneven and licensing revenue fell by 54% after the planned expiry of Japanese licences. Digital was one strong point and outperformed in all regions.
Burberry is just the sort of company which was supposed to reap large benefits from the collapse of sterling and is yet more proof, if proof were needed that company’s are failing miserably to take advantage of this so called golden opportunity.
Hays plc HAS shows the UK slumping whilst the rest of the world gets on with making itself prosperous.Whilst Asia Pacific grew by 30% in the quarter to the end of September and Continental Europe and the Rest Of the World by 33%, poor old UK & Ireland actually fell by 10%. As an example of how bad this is, France managed to produce 22% growth. recruitment is one of the main bel lweather of any economy. On these figures the UK’s bell is badly cracked. Hays claims it has a world class management team in the UK and it is leading the company through uncertain times.
Utilitywise UTW is increasing its dividend by 30% for the year to the end of July, after a 22% rise in revenue led an increase of 7% in profit before tax. Net debt was down by 97%. Customer numbers were up by 23% in the UK and Ireland and by 49% internationally.
Gear4Music G4M Strong first half revenue and profit growth seems set to be followed by a strong Christmas trading period and the board believes that full year results will now be ahead of its previous expectations.Revenue for the half year to the end of August rose by 73% and gross profit by by 74%. Adjusted profit before tax came in at £966,000 after last years first half loss of £217,000. Europe produced particularly strong growth, especially in July and August and now accounts for nearly 40% of sales.
Marshall Motor Holdings MMH claims it knows of no reason for recent share price movements, other than general speculation about the possible consequence of Brexit. Since the end of June the company has enjoyed material growth in revenue and profits, following two acquisitions and September produced significant like for like new vehicle sales growth, whilst after sales revenue also grew strongly.
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