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easyJet Feeling The Competition
easyJet EZJ is beginning to feel the heat of competition now that it has priced itself out of the budget airline market. November passenger statistics showed some growth but only by a comparatively small 2.9%, the comparison of course being with Ryanair. Load factor actually fell by 0.6% to 91.3% leaving it trailing way behind Ryanair’s 95% and not only did load factor fall in November it also fell by on 0.5% a rolling 12 month basis.
Imagination Technologies IMG has completed its restructuring programme on time enabling it to return to profitability for the 6 months to the end of October. Annual cost savings of £27.5m have been acheived and half year like for like revenue grew by 6% as a result of the strong dollar which however caused a loss of £5.2m to be incurred on dollar denominated debt. The strong dollar is expected to continue to help the company’s trading performance. dollar is expected.
Dewhurst DWHT currency movements were the main factor in the changes in Dewhursts results for the year to the end of September. Profit before tax fell by 4.4% which the board finds disappointing after last years performance but 2016 was a volatile year with a very weak first quarter followed by a much stronger second half recovery. The final dividend is proposed to be increased by 1p to 8p plus a 3p special dividend.
RWS Holdings RWS delivered record revenue and profits, ahead of market expectations for the year to the end of September. Sales rose by 28% and adjusted profit before tax and earnings per share by 35%. Useful gains were made from currency movements after the referendum. The final dividend is to be increased by 15% to 4.5%. Trading in the first two months of the new year is described as having been very strong.
OMGplc OMG is to increase its final dividend for the year to the end of September, by 54% after a rise in adjusted profit before tax from £4.9m to £5.6m and growth in revenue from £25.7 to £29.5m. In the past two years over £16m has been returned to shareholders and the target now is to double group profit and triple like for like revenue by 2021.
Headwinds and Challenges Impact Reckitt Benckiser
Travis Perkins TPK The real truth about the state of the UK economy is beginning to bite. With like for like third quarter sales growth falling to 2% and an uncertain UK outlook, TPK is to close over 30 branches and 10 distribution and fabrication centres. In addition challenging market conditions led to Plumbing & Heating sales falling by 3.9%, a performance which management regards as unsatisfactory. Like for like sales growth for the nine months of the year to date stands at 2.7% which adds emphasis to the 3rd quarter decline.
Reckitt Benckiser RB has been impacted by expected third quarter headwinds and other challenges which reduced the quarter’s like for like growth to 2% which became 17% if you take into account sterling devaluation. RB looks like yet another company whose day has been saved by the benefits provided by collapse of sterling. India and China produced strong growth but Brazil proved challenging. The target for full year like for like growth still remains at 4%.
Rentokil RTO is pleased with its 3rd quarter performance which produced like for like growth of 3.1%which was increased to 16.6% by contributions from acquisitions and compares to 2.7% for the year to date. Pest control had an excellent quarter with like for like growth of 5.9% whilst emerging markets shot up by 20.4% and growth markets by an even higher 26.3%. Europe on the other hand was tough in parts and particularly France.
Foxtons FOXT reduced activity in the London property sales market hit Foxtons hard in its third quarter with sales revenue down by a third. It believes that the London market remains very attractive and presents a huge opportunity for growth but it can not quite bring itself to provide any facts to justify its belief.
Hotel Chocolat Group HOTC which was admitted to AIM in May almost doubled last years statutory pre tax profit from £2.9m to £5.6m and expects a strong Christmas with what it describes as its “more cocoa, less sugar” policy.
OMG plc OMG expects revenues for the year to the end of September to reach £29m., ahead of market expectations after what it describes as a successful close to the year
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