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Alan Green discusses markets Eddie Stobart Logistics #ESL, Byotrol #BYOT, AstraZeneca #AZN & Metro Bank #MTRO on Vox Markets podcast
Alan Green discusses markets Eddie Stobart #ESL, Byotrol #BYOT, AstraZeneca #AZN & Metro Bank #MTRO with Justin Waite on the Vox Markets podcast. Link on the image to listen.
Alan Green talks Coronavirus and markets, plus Open Orphan #ORPH & Metro Bank #MTRO on the UK Investor Magazine podcast
Alan Green discusses Coronavirus and markets, plus Open Orphan #ORPH & Metro Bank #MTRO with Jonathan Roy on the UK Investor Magazine podcast. Link on the image to listen.
Alan Green discusses Polarean Imaging #POLX, Open Orphan #ORPH & Metro Bank #MTRO on Vox Markets podcast
Alan Green talks Metro Bank #MTRO, CyanConnode #CYAN, Eve Sleep #EVE & Team 17 #TM17 on Vox Markets podcast
Alan Green discusses Metro Bank #MTRO, CyanConnode #CYAN, Eve Sleep #EVE & Team 17 #TM17 on the Vox Markets podcast with Justin Waite.
Ian Pollard: Barclays Grovels Again
Barclays Bank PLC BARC yet another British Bank bites the dust and grovels before the US department of Justice as it is forced to agree to a huge settlement to try and escape the consequences of its past dishonesty. The bank claims a strong financial third quarter performance and earnings per share over the first nine months came in at 21.6p.excluding litigation and conduct charges. Group expenses fell by 3% and profit before tax rose by 23% to £5.3bn.excluding litigation and conduct charges. Including those thumping costs and charges of £2.4bn., third quarter profit before tax was down on Q3 2017 when they only amounted to £0.8m. The group intends to pay a dividend of 6.5p per share for 2018.One could be left with the impression that huge settlements for past dishonesty are regarded as one of the acceptable risks of life in British Banking.
Fresnillo plc FRES After a strong third quarter, gold production continues to beat expectations and guidance is once again being revised upwards. Year to date silver production increased 8.5% compared to 2017 but.third quarter silver production was not as high as anticipated. Guidance for total silver production for the full year has been revised downwards to 62.0 – 64.5 moz as against previous guidance of 64.5 – 67.5 moz.
Metro Bank plc MTRO set out with the intention of bringing a breath of fresh air into British banking and that it has certainly done. Having started life with one branch n 2010 it has now opened its 60th and added 303,000 new customers so far this year, taking the total to 1.5m.The first nine months of the current year produced a strong performance, with profit tripling to £39.2m and underlying basic earnings per share soaring by 179%. It was duly rewarded for its efforts and came second for overall service quality in both personal and business banking in a CMA survey, And it was not asked to pay even a penny to the US Department of Justice.
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Lloyds – The UK Economy Is Resilient
Lloyds Banking Group LLOY produced a strong financial performance in the nine months to the 30th September with profits improved on both an underlying and on a statutory basis. Underlying profit rose by 8% and total income by 6%. The improvement continued into the third quarter which saw income rising by 8%. Statutory profit before tax over the nine months rose by 38%, the overall performance no doubt being helped by what the bank describes as a resilient UK economy and Brexit not even getting a mention.
Metro Bank MTRO also reports a strong third quarter with record customer growth of 33% compared to the previous year and a 77% rise in underlying quarter on quarter profits. Revenue increased by 113%. The Banks presence is no longer limited to central London as it takes what it calls its revolution in banking out into the high streets of suburban England.
Nighthawk Energy HAWK has seen a steady but significant decline in both gross and net production during the first nine months of the year. Gross production fell from 373,146 barrels in the first nine months of 2016 down to 317,445 barrels this year. On a net basis the fall was from 305,153 barrels last year down to 236,864 in the first nine months of the current year. Work has been suspended on the preparation of a circular about share payment options for deferred interest and royalties which will now revert to being paid in cash whilst the company assesses its restructuring options.
Defenx plc DFX Results for the year to 31st December are now expected to be materially below market forecasts to such an extent that a loss is expected, mainly due to weak management. Reasons for the turn round include previously anticipated orders are unlikely to be recognised in 2017, updates to address “certain performance issues” are taking longer than expected and the broadening of the product portfolio is also behind schedule. Steps are being taken to strengthen the executive management team.
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Metro Bank – Providing A Service, Does Pay
Metro Bank MTRO Cheeky little Metro Bank is giving the big bad banks a lesson in growth and has now moved into profit for each quarter of the second half. Profit before tax in quarter 3 was a tiny £0.6m, increasing to £1.5m in quarter 4. Losses for the full year shrank from £46.4m in 2015 to £11.7m. Asset growth came in at 64%, lending and deposit growth were both at record levels with rises 56% and 66% respectively, whilst revenue was up by 62%. Somebody must love its policy of actually trying to provide a service to its customers.
Barratt Developments BDEV Despite a fall of 5.8% in completions and revenue down by 3.2% in the six months to 31st December, Barratt claims it was a strong half year with profit before tax up by 8.8% and shareholders rewarded with a rise of 21.7% in the interim dividend. Total forward sales orders now stand at record levels after a rise of 17%. The one statistic which is omitted for some strange reason, is the increase in the average selling price. I wonder why.
Lloyds Banking Group LLOY is increasing its final ordinary dividend by 13% and maintaining last year’s special dividend of 0.5p meaning an overall rise for the year of 11%. Statutory 2016 profit before tax rose by 158% to £4.2b and earnings per share by 263%, whilst operating costs were reduced by 3%.
Gooch & Housego GHH good trading conditions during the first four months of the current financial year enabled GHH to see its order book up by 64.9% as at 31st January compared to last year, although on a like for like basis, excluding foreign exchange movements and acquisitions, the figure comes in at a more modest 19.4%. So far trading for the full year is expected to be in line but there does seem to be a hint of optimism in today’s trading update as a result of continuing good market conditions.
Hotel Chocolat HOTC produced strong growth in both sales and profitability in the 6 months to 25th December. Profit before tax rose by 28% on reported revenue up by 14% and the net cash position was transformed with a positive balance of £16.1m compared to debt of £1m at the end of the previous year.
Blue Prism Group PRSM now expects full year revenue will be materially ahead of current market expectations following the positive trading momentum evidenced at the end of last year, continuing into the current year.
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Lloyds Loses Robustness in Quarter Three
Lloyds Banking LLOY produced what it describes as a robust underlying performance during the first nine months of the year with underlying profit down by 4% and operating costs down by 2%. Statutory profit before tax surged by over 50% and earnings per share rose from 1.8p to 2.5p. Third quarter figures however could in no way be described as robust, with earnings per share falling by 75% from last years 0.8p to this years 0.2p Statutory profit before tax fell by 15%, whilst after tax the fall was much greater with a decline of 68%.
Bunzl plc BNZL Weak sterling has made a significant positive impact on 3rd quarter results but Bunzl can not bring itself to enlighten us as to how large that impact was. Group revenue rose by 7% including contributions from acquisitions.
Metro Bank MTRO, that upstart bank which dared to come to the UK with promises of actually trying to meet its customers needs and give them a taste of what proper banking customer service should be, has moved into profit as customers rise towards the million mark.With strong third quarter trading, deposits rose by 66% year on year, lending was up by 73% and revenue by 78%. Underlying profit before tax for the quarter came in at £0.6m compared to the second quarters loss of £3.4m.
Red24 plc REDT Apart from a robust performance by the special risks business, the company has outperformed in some areas and under performed in others. Overall margins have been impacted by a changed sales mix and by adverse currency movements particularly in South Africa and Singapore which have materially affected the cost base and more than offset the weakness in sterling. The outcome is that the company is now cautious as to its full year performance.
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