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Ian Pollard – Morrisons #MRW, Divi Up Lads!
Morrisons W.Sprmkts MRW They don’t beat about t’ bush in Bradford and with a total annual dividend rise of over 150% in three years, they’ve no need to. The 12 months to the 3rd February produced a third consecutive year of strong sales and profit growth and a 24.9% rise in total dividends during that year. In a challenging period , Morrisons can truly claim that it has has continued to progress well.and both sales and profits have again grown strongly. Todays dividend announcements include a further special dividend of 4.00p per share, taking the total dividend for the year to 12.60p.
Hikma Pharmaceuticals HIK delivered a strong performance in 2018, with revenue and profitability significantly ahead of expectations at the start of the year.Group revenue rose by 7%, operating profit by 19% and basic earnings per share by 31%. The full year dividend is to be increased from last years 34 cents to 38 cents.
Stobart Group Ltd STOB updates prior to the announcement of the full year results for the 12 months to 28 February 2019, that it continues to make strong commercial progress in its core Aviation and Energy operating divisions. London Southend Airport saw a 33% increase in passenger numbers. Stobart Energy delivered 1.3 million tonnes of renewable fuel, representing an increase of over 45% on the previous year. Investment and cash flow requirements have led the Board to decide to move to twice-yearly dividend payments of 3p per share each. . The first payment of 3p per share is expected to be paid in July 2019.
Advanced Medical Solutions AMS is to increase its proposed final dividend by 20% for the year to the end of December, after a 12% increase in both profits before tax and diluted earnings per share. This was AMS’s 17th consecutive year of growth with strong financial and strategic progress across the Group.
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Ian Pollard: Morrisons – The Legacy Lives On With Bumper Christmas
Morrisons W. Sprmkts MRW If you do not know how to sell a pack of frozen peas, then you should not be on the board of a chain of supermarkets. Britains high streets are riddled with major retail outlets which are in a state of collapse and its Boards are littered with bankers, accountants and management experts with not a grocer amongst them. At Morrisons however the legacy of “our Ken” lives on and the company is leading the big guns of British retailing a pretty dance. Whilst they cry over their shelves of unsold peach and ratatouille consomme, Morrisons just get on with the job of selling goods which its customers want to buy in stores which they want to visit.
The result, Morrisons has just enjoyed its fourth consecutive Christmas of like for like sales growth. Total sales for for the nine weeks to 6 January rose by 4%. Customer satisfaction increased significantly and the price of its basket of key Christmas items remained the same as last year.
Greene King plc GNK is another company which got its festive hat perched at the right angle, as like for like sales over the last two weeks of Xmas and the New Year leapt by 10.9% compared to a rise of only 3.2% over the first 36 weeks of the financial year. It is accepted that the ongoing uncertainty surrounding Brexit may still have an impact on consumer confidence and spending during the year, but the company is confident of the outlook for the full year.
Safestore Holdings plc SAFE has announced its fifth consecutive year of double-digit earnings per share and dividend growth. Revenue for the year to the 31st October rose by 10.4% or 5.2% on a like for like basis and underlying EBITDA by 6.5%.The dividend has been increased from 14p to 16.2p per share, a rise of 16.1%. The company says that the start to its current financial year has been encouraging.
SIG plc SHI faced challenging market conditions and lower trading revenues in the second half of the year, particularly in December. Group like-for-like revenues were down 2.3% over the full year, with the UK and Ireland being particularly badly hit with a like for like fall of 5.7%.
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Ian Pollard – Direct Line #DLG delivers a robust fall in premiums
Direct Line Ins. Group DLG claims to have delivered a robust third quarter performance in a competitive market. Robust in this particular case being defined as a fall of 5.6% in gross written premiums, compared to the same quarter in 2017, Perhaps this is a definition which not many outside the company could bring themselves to agree with.
Wm. Morrison Supermarkets MRW The third quarter to the 4th November saw another period of strong growth, with group like for like sales, excluding petrol, rising by 5.6%. Apart from the second quarter this was well above the growth rate for any quarter since the beginning of 2017. Including petrol the rise was 6%. Retail like for like sales for the quarter weakened slightly without the impact of favourable weather and the World Cup in the second quarter.
Imperial Brands IMB Claims strong financial delivery for the year to the 30th September, with revenue and earnings growth and high cash generation. . On a reported basis revenue rose by 0.9% and operating profit by 5.7%. Earnings per share fell by 2.7% but the dividend benefited from a further increase of 10%. The company grits its teeth and claims to be pleased with the progress it is making in creating something better for the world’s smokers despite that meaning a fall of 3.6% in total tobacco volume.
DS Smith plc SMDS updates that it expects return on sales and adjusted operating profit in the half-year to 31st October will be materially ahead of the comparable period. This follows recovery of increased input costs earlier in the year and good volume growth..Good ongoing volume and market share growth is expected for the remainder of the year and the company is quite excited about the prospects for Europac which it is in the process of acquiring and which will lead to further expansion in its Iberian market.
William Hill plc WMH is looking to the US becoming its jewel in what would otherwise begin to look like a somewhat tarnished crown. In the year to date online net revenue rose by 4%, whilst retail net revenue fell by 4%. In the US however existing business revenue surged ahead by 29% following a Supreme Court decision in May. The company has now built on its market leading position in Nevada, to make rapid progress in other states as they legalise sports betting. It has already become the only company to be taking sports bets in the first five states to have regulated sports betting Its goal is to be in every state.
Purplebricks Group plc PURP has continued to make good progress in the six months ended 31 October 2018 with year-on-year revenue growth of approximately 20%. It has continued to win market share against a challenging market backdrop in the UK., whilst in Canada where it only opened on the 18th July the business is performing strongly and in line with the company’s high expectations.
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Ian Pollard: Morrisons Smashes Competition With 132% Dividend Rise
Morrison W. Sprmkts MRW which many still regard as that upstart from Bradford has taught the high streets major retailers, the biggest lesson they have had in decades. Forget your Tescos, your M&S and your snooty Sainsbury’s. Morrisons has just smashed the high street competition into little bits and is raising its interim dividend by a record amount. With second quarter like for like sales at a nine year high it has increased its ordinary dividend by 11.4% on top of which it is paying a special dividend of 2p per share making a total increase of 132%. Group like for like sales for the half year to the 5th August rose by 4.9% up from last years 3%. Underlying profit before tax rose by 9% and earnings per share by 8.5%.
The future is seen as containing many opportunities for meaningful and sustainable sales and profit growth. David Potts the Chief Executive, sees Morrisons continuing to become broader and stronger and a more popular brand whilst the Chairman looks forward to “more and more customers trying Morrisons.” Proof if ever proof was needed that the high street is alive and kicking and can be rescued from the damage caused to famous names by sclerotic management and placemen.
Ricardo plc RCDO saw solid revenue growth of 8% during the year to the 30th June with the order book rising by 14% to end the year at record levels. Despite falls in statutory profit before tax and basic earnings per share of 14% and 27% respectively, the final dividend is to be raised by 6% to 20.46p per share. On an underlying basis profit before tax fell by 1% and earnings per share rose by 1%
Amerisur Resources AMER saw strong revenue growth of 93% in the half year to the 30th June and last years first half loss of $2.3m was turned into a profit after tax of $10.8m. The turn round was helped by a rise of 33% in average production and a jump in the oil price from $47.2 to $64.2 per barrel.
SafeCharge Int. Grp SCH enjoyed strong revenue growth of 26% in the half year to the 30th June. Adjusted EBITDA was up by 15% and the interim dividend is also being increased by 15%. The CEO says that the strong set of results has been followed by a good start to the second half and it is anticipated that revenue for the year will be at the top end of market expectations.
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Ian Pollard – Next #NXT Saved By Online Growth
Next NXT Full price sales for the 14 weeks to the 7th May have risen by 5% compared to last years figures mainly due to online sales jumping by 18.1% whilst retail fell foul of the high street malaise with a fall of 4.8%. First quarter sales were better than expected helped by the recent unusually warm weather. Sales for the remainder of the year howeverare not expected to be as strong as they were in quarter 1 but they are still expected to show a jump in earnings per share growth from 1.4% to 3.7%. The decline in group profit before tax at 1.3% is also expected to be less than previous guidance of 2.9%
Morrison W. MRW has made a strong start to the year with like for like sales for the 13 weeks to 6th May showing a rise of 3.6% and total sales up by3.8% excluding fuels. The quarter also saw the commencement of wholesale supplies to McColls. The Chief Executive is confident of a strong year ahead.
Barratt Developments BDEV Trading has been strong since the beginning of the year and is inline with expectations, driven by strong customer demand across the country. Total forward sales have risen by 2.5% and the outlook for the full year is also in line with expectations.
ITV plc ITV has delivered a strong first quarter performance on and off scree. Total external revenue rose by 5% with ITV studios up by 11% and online revenue growing by 41%. The Chief executive claims that they are having a strategic refreh whatever that is and claims that it is going well. Good organic growth is expected in Studios for the full year, with double digit revenue growth projected for Online.
BT Group plc BT.A claims it delivered solid results for the 4th quarter to to the 31st March. Reported revenue is expected to be down more than expected at 1% for the year and 3% for the quarter. On an adjusted basis EBITDA and profit before tax for the quarter are each up by 1% and basic earnings per share by 5%. Dividends for the year remain unchanged.
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Ian Pollard – Morrisons #MRW knows its onions – dividends up by 85.8%
Morrison W Sprmkts. MRW became clear leader of the supermarket pack during the 53weeks to the 4th February, as it enjoyed its third consecutive year of growth, growth which it describes as being meaningful, consistent and sustainable as well as full of confidence and promise for the future. Underlying profit before tax increased by 11%, or 16.9% on a reported basis and group like for like sales rising by 2.8% or 4.1% including fuel. Not one of them has the aptitude or ability to run a corner shop. They couldnt tell the difference between a cabbage and a cauliflower. and have no interest in learning it. Sir Ken Morrison who sadly died just over a year ago, aged 85, was still frequently seen in Morrisons stores, arriving unannounced and opening packs of food to check their freshness. That is what shop keeping is all about but its not for the number crunchers and city whizz kids who whinge about declining footfall and all the ills which afflict the nations high street and their crumbling businesses and haven’t a clue what to do about it.
The final ordinary dividend is to be increased to 4.43p per share making a fully year total of 6.09p, an increase of 12.2% The good news does not end there however, for a special dividend of 4p per share is also going to be paid, bringing the full years total dividends to 10.09 p per share,an increase of 85.8%, all of which goes to show that if you want to run a chain of supermarkets, you’ve got to know your onions
Hikma Pharmaceuticals HIK produced what its Executive Chairman describes as a solid performance in the year to 31st December. Core group revenue rose by 1% on a constant currency basis as management was beset with challenging market conditions in the US. In fact the year was so bad that the solution management came up with to solve the company;s ills was to refresh the corporate branding. That perhaps explains a lot and especially why the previous years reported profit of $302m. was turned into a loss of $747m. Hands up if there is anybody else on the planet who thinks a billion dollar turn down represents a solid performance. Is a fall of 11% in basic earnings per share or 8% on a constant currency basis, a solid performance except to the inhabitants of cloud cuckoo land. The final dividend is being increased but only to 34 cents per share, a derisory increase of 1 cent. which no doubt will be referred to in the boardroom as a solid increase.
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Ian Pollard – Morrisons Bumper Christmas & New Year
Morrison W. MRW has by modern retail and high street standards had a bumper Christmas with group like for like sales up by 2.8% or 3% including fuel. Sales over Christmas and New Year were particularly strong with group like for like sales over the 6 weeks to 7th January up by 3.7%. Morrisons puts its success down to various factors including being more competitive, being more friendly to its shoppers and having more tills open and shorter queues. It will be interesting to see whether other major supermarkets have also shared in an unexpectedly better festive season or whether Morrisons has come out tops.
Persimmon plc PSN provides an update for the year to the 31st December which indicates that the housing boom has continued to moderate compared to the glory days of years gone by but growth is still there aplenty. Revenue for the year rose by 9%, legal completions by 6% and the increase in the average selling price was limited to 3%. Pre tax profits for the year are expected to be modestly ahead of market consensus.
Safestore Holdings SAFE is increasing its final dividend by 21.4% to 9.8p per share for the year to 31st October after a strong operational performance coupled with a combination of both organic and acquisitive growth. Group revenue for the year rose by 12.6% or 3.3% on a like for like basis at constant exchange rates. Strong potential growth for the new year is seen in the integration of Allied Self Storage and in the development of three new sites.
Tasty plc TAST claims that 2018 is expected to produce further deterioration in the difficult trading environment facing the restaurant sector. Progress has been made in the disposal of four under performing sites and two further sites are now under offer.
Dechra Pharma plc DPH enjoyed strong trading during he half year to the 31st December with group revenue up by 10% at constant exchange rates or 11.5% at actual rates.
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Morrisons Bringing Home The Bacon
Morrison W. Supermarkets MRW reports its seventh consecutive quarter of what it calls “positive like for like” after strong first half growth in sales, profits and dividend. Like for like sales excluding fuel and VAT grew by 3% in the 6 months to 30th July, more than double last years first half growth rate of 1.4%. Underlying profit before tax rose by 12.7% and earnings per share by 14.9% and the interim dividend is to be increased by 5.1%. The company now expects to be able to deliver consistent and substantial growth, which is a lot more than can be said for most supermarkets.
GVC Holdings GVC made strong progress during the half year to the 30th June and this is continuing in the third quarter. Clean EBITDA for the current year is expected to be comfortably ahead of analysts consensus.Adjusted profit before tax rose by 99% after a rise of 25% in net gaming revenue. The statutory loss for the half year fell to 6.6m. Euro, down from last years 86.1m Euro
Booker Group BOK performed well in the quarter to the 8th September providing good news for Tesco which is hoping to be allowed to eventually complete the merger of the two companies. Like for like non tobacco sales over the 12 week period rose by 6% whilst tobacco sales continued to decline with a 9.4% fall on a like for like basis. No forward looking statements can be made because of the proposed merger.
Ricardo plc RCDO produced revenue growth of 6% for the year to 30th June after what it described as navigating a year of uncertainty and volatility. It ended the year with a record order book and a strong order intake. Underlying profit before tax rose by 2% and the full year dividend is to be increased by 7%.
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Next Celebrates Falling Profits With a Special Dividend
Next NXT Celebrates its weak trading performance by announcing a special dividend of 45p per share to be paid on the 1st August. Total sales for the 13 weeks to to 29th April fell by 3% as mayhem on the high street continued. On a like for like basis, new space which added 1.6% to sales, made the like for like fall look even worse, at 4.6%. Profit before tax is expected to get worse as the year progresses with the best expectation now being for a fall of 6.4% compared to the previous hope for a fall of at best, only 1.3%.
Morrisons W. MRW performed well in the 13 weeks to the 30th April as it became more popular with customers attracted by lower prices. Like for like volume became more positive and expectations for the full year remain unchanged.
Royal Dutch Shell RDSA enjoyed a strong first quarter as debt was reduced and the dividend ( unchanged) was covered for the third consecutive quarter. Industry conditions in chemicals became stronger, total bpf oil equivalent per day rose by 2%, realised prices for global liquids rose by 64% and for natural gas by 10%. In come before tax rose from a loss of $642m in the same quarter last year to a profit of over $ 3 billion. However impacts are expected in the 2nd quarter from lower gas volumes and upstream earnings will suffer from divestments and lower production in the Netherlands.
Ladbroke Coral LCL expects full year results will be inline. From st January to 23rd. April group net revenue rose by 5% after falls in retail net revenue of 2% in the UK and 3% in Europe. Digital net revenue helped to save the day with a rise of 22%.
esure Group ESUR has made a strong and better than expected start to the year with a rise in gross written premiums of 29% between the 1st January and the 23rd April. Moror led the way with a rise of 29%.
G4S plc GFS enjoyed a strong start to the year with revenues rising by 8.9% at constant exchange rates in the three months to the 31st March. Developed markets showed double digit organic growth whilst emerging markets remained flat.
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Morrisons Surprises Yet Again
Morrisons W MRW has never lost our Ken’s ability to spring surprises and the new management team is doing just that with a 5.3% rise in the interim dividend and underlying profit before tax for the half year to 31st July up by 11%. Whilst total turnover did fall by 4%, first half like for like sales increased by 1.4% and the improving trend continued into quarter 2 where like for like rose by 2%. Cost savings for 2016 – 17 will exceed £1bn. Morrisons claims that its new team is making a real difference with lower prices, better service and improving quality.
NEXT NXT Total brand sales for the half year to the end f July rose by 3% but this was only achieved by discounting, with full price sales down by 4%. Profit before tax is down by 1.5% on a weekly comparable basis, last year having 53 trading weeks, compared to this years 52 weeks. Despite this being the age of the internet, it is perhas surprising that Next is bringing forward new store openings due next year, into the current financial year and will increase net trading space by 350,000 sq.ft. Next direct sales rose by 3%.
John Lewis Partnership BB90 saw small rises in sales for the half year to 30th July translated into whopping falls in operating profit and profit before tax which slumped by 74.5%. The company claims this is due to far reaching changes in society and deep structural changes in the retail market. Gross sales rose by 3.1% and John Lewis showed a like for like rise in sales of 3.1% compared to a 1% fall at Waitrose but the bad news is that the unwanted pressure are expected to continue throughout the rest of this year and next.
Ricardo plc RCDO The year end order book stands at a record high at £231m, up from last year’s£140m The fully year dividend for the year to 30th June is being increased by 90% after a strong performance from the two acquisitions which the company made. revenue rose by 29%, underlying profit before tax by 41% and basic earnings per share by 30%. The company sees the outlook as positive with potential for good further growth.
Crawshaw Group CRAW is disappointed with current trading. The suppressed footfall from which it began to suffer in June has continued to the end of the half year and since then conditions have remained difficult. The company is taking remedial action, it says.
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