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Ian Pollard – Access Intelligence – A Little Acorn ?
Access Intelligence ACC has in the last five months produced growth of £450,000 in net annual contract value compared to £0.2m in the the whole of the first half. October alone produced growth of £130,000. The success follows a decision to concentrate on establishing Vuelio as a flagship brand. New clients include household names such as Dyson, BMW, Thomson Reuters, Sellafield and Lloyds, on top of which, it has also captured over 50% of UK councils and universities and 85% of police authorities.
William Hill WMH updates that it has delivered a good financial performance so far during the second half. Net revenue from 28th June to the 24th October rose by 4%. The US led the way with a rise of 28% and UK online wagering came in with a 14% rose.
Mitie Group MTO has been busy transforming itself and building foundations during the half year to the 30th September but could not do anything to stop a large cut in the interim dividend which has been reduced to 1.33p per share, compared to last years 4p. Adusted basic earnings per share was down by 60% and reported operating profit fell by 38%.
Diploma plc DPLM Produced double digit growth in revenue and earnings in the year to he 30th September. Revenue rose by 18% and both profit before tax and basic earnings per share were up by 24%. Shareholders received their reward with a 15% rise in the interim dividend to 23p. per share. The CEO described it as another strong performance with contributions from all sectors of the group.
NEX Group NXG has, despite a 13% rise in revenue (7% on a constant currency basis) been forced to slash its interim dividend from 11.5p to 3.5p. per share after statutory operating profit for the half year to the 30th September fell by 29% and statutory earnings per share by 45%. The CEO says it is an agile company, with market leading products, investing in innovation and led by an experienced management team.
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Barratt, Eddie Stobart, Robert Walters and Wetherspoons all upbeat
Barratt Developments BDEV is upbeat on trading, and reports total completions of 17,395, the highest level of completions in nine years. PBT is expected to beat current expectations at around £765m (2016: £682.3m), and year end net cash balance of around £720m is also ahead of guidance, driven by strong performance and the timing of land and working capital payments.
Eddie Stobart ESL reports a 13% hike in sales for six months to 31 May to approx £287m, with operational efficiencies improving the growth rate at an EBIT level. H2 has started well despite the challenges for the logistics sector due to the current political and economic environment, plus the period will benefit from a full six months’ contribution from the recently acquired iForce business.
Micro Focus International MCRO reports FY revenues of $1,380.7m, slightly above the mid-point of management guidance. Underlying adj EBITDA rose 4.2% to $640.9m, adj diluted earnings per share rose 19.7% to 175.65 cents and the FY dividend increased by 32.1% to 88.06 cents. The board says it is confident that medium-term low single digit revenue growth, industry leading margins and strong cash conversion will ensure that Micro Focus can deliver on its strategy.
NEX Group NEX says NEX Markets revenue grew 11% on a constant currency basis (20% on a reported basis) during Q1 principally driven by the CFETS partnership. Trading activity was hit by low volatility albeit with episodic activity around macro events such as the French election and a US rate rise.
JD Wetherspoon JDW says like-for-like sales increased by 5.3% for the 11 weeks to 9 July 2017, while LfL sales year to date (50 weeks to 9 July 2017) rose 3.9% (total sales up 1.9%). Around £24m of exceptional, non-cash losses are expected this financial year, mainly from pub disposals and closures.
Robert Walters RWA reports a record quarter, with net fee income up 16% (25% actual) year-on-year. The performance benefited from the group’s international footprint and breadth of recruitment solutions. The RWA board is confident that FY PBT will be ahead of current market expectations.
Xaar XAR reports an in line trading performance, and expects to report revenue of approx £44m for the six months ended 30 June 2017. The co also reports a joint development agreement with Xerox to develop together the next generation of industrial bulk piezo printheads using the extensive combined resources and IP of both companies