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Ian Pollard – Countryside Properties #CSP – building cost inflation moderates in London
Countryside Properties plc CSP enjoyed robust trading during the firt half year to the 31st March., in addition to which there was growth from acquisitions. Total pricate completions rose by 15% with the total average selling price falling by 11% to £392,000. Housebulding completions rose by 7% with the average selling price remaining flat. The company claims that private forward bookings were strong with a fall from £347m. to £327m. Current trading is described as robust and building cost inflation has moderated particularly in London and the south east.
Bunzl plc BNZL Since the 31st December revenue at constant exchange rates has risen by 14%, with underlying growth of 6% and an impact of 8% from acquisitions. Underlying growth is expected to return to more normal levels for the reminder of the year. In March two further acquisitions have been completed, one in the US which produced revenue of $50m in 2017 and the second in the Netherlands which produced 6m. Euro in 2017.
Mediclinic Intnl plc MDC Results for th year to the 31st Mach are expected to be marginally ahead of expectations following a significant second half improvement from the Middle East division, which is now entering an expansionary phase. This is expected to produce a srong increase in revenue and margins over time. In Southern Africa revenue growth of 5% is anticipated which is ahead of expectations.
Moneysupermarket.com Group MONY produced total revenue growth of 4% for the quarter to the end of March, in line with expectations and led by Home Services with a rise of 15%. The group anticipates meeting current market expectations for the full year.
AnimalCare Group plc ANCR Revenues to the 31st December will be slightly ahead of management expectations whilst sales growth during the current financial year is expected to be stronger, with underlying EBITDA, net earnings and earnings per share all expected to maintain at least double digit growth
Segro plc SGRO made a strong start to 2018 with a record level of new headline rent delivered for the quarter from the 1st January to the 17th April. Last year the first quarter figure was £16.3m.. This year the figure shot up to £27m.
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Ian Pollard – Centrica #CNA Chickens Come Home To Roost
Centrica CNA Produced weak second half results, after poor performances in Business Energy and in particular in North America created material uncertainty around the company and resulted in what it admits was a very poor shareholder experience.. A combination of political and regulatory interventions gets part of the blame but Centrica makes no comment as to whether these were justified or not. Despite a 3% rise in revenue, adjusted operating profit fell by 17%, EBITDA by 9% and basic earnings per share by 25%. Statutory operating profit collapsed by 80% and the dividend not surprisingly remains unchanged at 12p per share.
British Am Tobacco BATS is increasing its dividends by 15.2% after a record year in 2017 which delivered another set of strong financial result. Revenue rose by 37.6% and adjusted diluted earnings per share by 14.9% after completion of the acquisition of Reynolds American in July which it describes as a transfomational deal. On an organic basis cigarette volume fell by 2.6% but that outperformed the market which fell by 3.5%
BAE Sytems BA Delivered a good performance in 2017 and sees an improved outlook for 2018 for defence budgets in a number of markets. Underlying earnings per share rose by 8%, EBITA by 4% and the increase in the final dividend to 13p per share makes a total increase of 2% for the full year.
Moneysupermarket MONY continued to deliver robust results in its core business for the year to 31st December and is increasing final dividend by 6%. Adjusted EBITDA rose by 5%, profit after tax by 6% and basic earnings per share by 7%.
Go Ahead Group plc GOG produced a good performance in the half year to the 30th December and expectations for the full year have have increased due to one off rail benefits. Results for the rail division are ahead of expectations. Profit before tax rose by 19% and basic earnings per share by 7.3%. The interim dividend remains unchanged.
Serco Group SRP delivered a solid performance in 2017, producing profits at the top end of expectations, in a difficult market. The year ended with a strong order book. Despite a 2% drop in revenue for 2017 underlying profit rose by 10% over 2016 and are expected to contiue to grow in both the current year and in 2019.
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Corporate news review Tuesday 17th October 2017
ASOS ASC says FY retail sales grew strongly at +34% on a reported basis and +27% on a constant currency basis. Customer engagement remains strong with active customers6 +24%, average basket value +2% and average order frequency +5%. CEO Nick Beighton said the new financial year “shows continuing momentum in the business” and the potential for the company “remains huge.”
Bellway BWY reports another record year with completions rising by 10.6% to a record 9,644 homes. Operating profit rose by 16.2% to £571.6m, with EPS up 12.7% to 370.6p and a 13% rise in the proposed total dividend per share to 122.0p.
Hornby HRN updates on trading and says to maximise the value of its brands over the long term, it will no longer offer for sale large quantities of stock at a discount. Hornby warns that current year revenues will be lower and, consequently, there will be a material impact on profitability in the current financial year. Interim Chairman David Adams has indicated his intention to step down to take up another appointment.
Merlin Entertainments MERL updates on trading and reports 12.4% revenue growth driven by continued strong New Business Development, including the successful opening of LEGOLAND Japan, five new Midway attractions, and 381 new accommodation rooms. Trading in recent weeks has remained mixed and Group like for like revenue growth for 2017 is therefore expected to be approximately flat on 2016. EBITDA is expected to be in the range of £470 – £480m.
Moneysupermarket.com MONY updates on trading and says it is on track for another record year.
Virgin Money Holdings VM. updates on trading and confirms profitability, earnings and underlying RoTE are in line with expectations.
Pearson PSON updates on trading and reports a good competitive performance year to date, while plans to complete the digital transformation and simplify the company are on track. Nine-month revenues are in line with expectations.
Sports Direct – Is It “Come Uppance” Day ?
Sports Direct SPD Preliminary results for the year to 30th April show revenue growth of 11.7% but apart from that it looks like Mike Ashley needs to get himself down the pub sharpish for another of those famous non alcoholic problem solving meetings. Profit before tax fell by 58.7% on an underlying basis and 22.2% on a reported basis whilst earnings per share were down by 67.9% on an underlying basis and 15.8% on a reported basis. Mr. Ashley lists a litany of reasons which impacted the company but bouncily proclaims that he is looking to the long term and will try to avoid short term volatility. Meanwhile he sees SDL as a sort of Selfridges. At least trading in his new flagship stores is exceeding expectations but “come uppance” may be today’s popular catch phrase in the city
The third quarter to the 30th June has been a strong one with capacity rising by 9.5% and passengers by 10.8%. Revenue per seat at constant currency rates rose by 2.2%, ahead of guidance and the figures were further aided by strict cost control and an improved underlying trend in the trading environment. The result is that headline profit before tax expectations have been upgraded to between £380m. and £420m. for the full year.
Moneysupermarket.com MONY is increasing its interim dividend for the half year to 30th June by 3% and with a commitment that its progressive dividend policy will be continued. Group revenue for the half year rose by 5% led by a strong performance, especially in quarter 2, from insurance which showed a rise of 18% and good growth from money, credit cards and loans. However adjusted operating profit for the full year is now expected to be at the lower end of the consensus range.
Judges Scientific plc JDG is pleased to have seen the the reversal of a long term trend, in the half year to the 30th June. Organic order growth rose by 28.1%, matched by double digit like for like sales growth. Strong first quarter orders were followed by a good second quarter and interim results will be expected to show solid progress in revenue, EBIT and earnings per share.
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Weir Worse But Hopeful
Weir Group WEI continued to worsen in the third quarter to the 31st October tough trading conditions every every division in decline. Minerals fell by 7%, Oil & gas by 10%, Flow Control by 4% and Continuing Operations by 7%, whether on a reported or like for like basis. Full year profits will be slightly lower than expectations but they reflect tough Middle East conditions and what Weir believes is the nadir for the North American Oil % Gas market and at least there were some signs beginning to emerge that core markets had started to improve.
Royal Dutch Shell RDSA Third quarter income rose by 124% over 2015, as the quarter produced a strong operational and cost performance. Lower oil prices however still presented a challenge. Basic earnings rose by 119% and return on average capital employed more than tripled to 3.8%. Oil and gas production was 25% up on 2015 quarter 3.
BP plc BP. Third quarter profits rose by well over 30% to $933 billion but these are still only half of what they were a year ago, as the results are impacted by weaker prices and margins. Brent oil prices are down by over 10% compared the third quarter of 2015 and high stock levels have caused a steep fall in refining margins. Another sign of how bad things really are is BP’s claim that a fall of well over a third in underlying pre tax cost replacement profits compared again to 2015 quarter 3, is a resilient performance.
Go-ahead Group GOG enjoyed robust first quarter trading with no change in expectations for the full year.
Money Supermarket.com MONY is on track for a record year with a rise of 12% in third quarter revenue, strong growth in insurance, which is continuing to acclerate and impressive growth in energy.
Firestone Diamonds FDI turned last years loss of US10.4m into a profit of $13.6m for the year to the end of June and did so without having produced a single diamond. Production started last month and the first diamond sales are expected to take place in January 2017. The project is expected to be 85% complete by the year end and the company claims that it is now well on the way to becoming a one million carat per year producer. The share price has risen from 15p last November to this mornings 56p.
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