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Ian Pollard: HSBC Pays The Penalty – Yet Again
HSBC has had to cave in and pay yet another huge penalty to fend off claims in the US of widespread fraud and corruption. It took the benighted bank some ten years until 1916 before it had the grace to cough up and agree to pay compensation to US customers to whom it brought financial misery and in many cases deliberately made homeless. The bank has now been forced to pay a huge $765 million settlement to the US Department of Justice but still will not admit to any wrongdoing, which raises the rather major question, as to why in that case it has agreed to make the payment. Banks are not particularly noted for their generosity.
The bank paid up rather than try to defend itself against allegations that it misled investors, misrepresented the quality of securities, hurt people and abused their trust, caused major losses by investors and contributed to a crisis of foreclosures. The amount involved at $24bn was not chicken feed but this is the worlds bank so nobody has actually been sent to prison. The bank claims that it has put things right by strengthening its internal controls but in the same breath it admits that it is still completing the turn-around of its US operations. Twelve years after the event and it has still not got its act together!
Page Group plc PAGE saw third quarter gross profit rise by 19.7%, the highest quarterly growth rate since 2011. The increase ranged from virtually nil (0.8%) in the UK, to 30% in the Americas and 27.7% in Asia Pacific. operating profit for 2018 is expected to be marginally ahead of consensus
Sanderson Group plc SND updates that trading results for the year to the end of September are significantly ahead of 2017, but also slightly ahead of current market expectations. Group revenue rose by nearly 50% and operating profit by 30% to over £5 million compared to 2017’s: £3.90 million. Sales orders in the second half of the year were strong and on a like-for-like basis, the order book at he year end was up by over 9%..jpg)
Iofina plc IOF produced the largest quarterly total of crystalline iodine in its history with a total of 172.3 metric tonnes for the third quarter, an increase of 37.8% over the third quarter of 2017. The company expects the positive momentum which it is currently experiencing will significantly increase Group revenue and profits from those attained in the first half.”
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Ian Pollard: Bellway Enjoys Inflation Beating Price Increases
Bellway BWY updates that it has broken through the 10,000 homes barrier for the first time in its history, with an increase of 6.9% to a total of 10,307 for the year to the 31st July. Market conditions have remained favourable, trading and customer confidence have been robust, enabling the average selling price to be increased by 9.4% to an all time inflation beating high of 284,900.
Paddy Power Betfair PPB After a flat first quarter, the half year was saved by double digit growth in the second, the pending arrival of the world cup and especially strong performances in the USA and Australia where revenue jumped by 20% and 19% respectively. For the six months to the 30th June, revenue rose by 5%, profit before tax by 4% and earnings per share by 1%. The interim dividend is to be increased by 3% and the company believes that the momentum which is now underway, will carry it through the second half.
Quilter plc QLT reports record adjusted profit before tax of £110 million and a special interim dividend of 12.0 pence per share in its first results as a listed company. The Chief Executive believes that its market offers significant growth opportunities and that the company is someway from demonstrating its full potential.
Page Group plc PAGE increased both profit before tax and basic earnings per share by over 18% in the half year to the 30th June, whilst revenue grew by 11.7% shareholders are rewarded with a 5.1% increase in the interim dividend yo 4,10p per share and the payment of a special dividend of of 12.73p per share. However there are challenges to be faced including Brexit in he UK and elections in Latin America.
Spirax – Sarco Engng SPX reports strong organic sales growth of 7% in the half year to the 30th June. Reported revenue rose by 28%, adjusted profit before tax by 22% and basic earnings per share by 25%. The interim dividend is to be increased by 14%.
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