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Braemar Shipping Fights Back
Braemar Shipping BMS Half year figures to 31st august illustrate the savage decline which has hit the worldwide shipping market. A fall in revenue from £79.6m to £70.2m resulted in earnings per share falling from 13.3p to 0.4p and operating profit declining from £5.3m to £0.3m. Braemar however gives the definite impression that it is fighting back successfully against the challenges which it faces. Shipbroking has produced a resilient performance in volatile conditions. The Technical division has suffered most but is being realigned to current market conditions and the group claims it is well placed to take advantage of any upturn. The interim dividend is unchanged.
GKN plc GKN The collapse in sterling gave GKN a massive bonus in the 9 months to the end of September with a 21% increase in sales. The currency benefit amounted to £ 474m or some 6% of the rise and three times the miserable 2% which came from from organic growth
Whitbread International WTB claims a good set of results with strong growth for the six months to the 1st September and is raising its interim dividend by 4.9%. Powered by Premier Inns and Costa total revenue grew by 8.1% as both divisions increased market share. Premier Inns revenue rose by 8.9% or 2.4% on a like for like basis whilst total sales at Costa were up by `10.7% or 2.3% on a like for like basis
Pendragon PDG Third quarter sales to 30th September have risen by 5.7% and like for like profit is up by 6.3%. Priority is being given to used car sales, which have been particularly strong with revenue growth of 8.3%. The company has not noticed any change in customer attitudes which can be attributed to the referendum.
On The Beach Group OTB Despite terrorist attacks and the slump in the pound OTB delivered a year of highly profitable growth and traded well during the 12 months to the end of September. UK revenue grew by 12% which was less than expected but underlying profit before tax will be marginally ahead of the top end of market expectations. Since the last update in July demand for beach holidays has remained resilient.
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On The Beach – Takes A Dip
The share price of On The Beach (OTB) may have got a bit ahead of itself, as shown by the morning’s fall of 15p (5%) on news that UK revenue has only grown by 26% in the 4 months to 31st January and the company reports strong growth in both bookings and revenue.
At yesterdays closing price of 305p the shares had nearly doubled since 7th December when they stood at 166p.
OTB claims to be the UK’s leading online retailer for beach holidays. Its target is the disruption of the established operators by having a low cost base, innovative, flexible online technology and a strong customer proposition. Growth is led by the company’s investment in technology and in online and offline marketing, investment which enables it be fleet of foot and beat its more sclerotic competitors by reacting rapidly and successfully to changes in demand, such as the recent huge shift from the eastern Mediterranean and Egypt to the safer shores of the western Mediterranean.
OBT has come a long way from its start up in a terraced house in Macclesfield in 2004 to its 2015 listing on Aim.
Preliminary results for the year to the end of September showed group revenue up by 37% to £63m., adjusted underlying profit before tax up by 46.5% and EBITDA by 44.9%.
Interim results for the 6 months to the end of March are due on the 19th May.