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Ian Pollard – Ocado #OCDO lifted by new Warehouse facility
Ocado Group plc OCDO produced revenue growth of 11.5% in the quarter to the 2nd September plus double digit growth of 11.4% in the average number of weekly orders.The average size of the orders remained constant at 106. The unique proprietary technology at the new warehouse at Erith enabled Ocado to process over 20,000 customer orders with 14 weeks of opening, compared to the 15 months it took the Andover warehouse to achieve the same throughput.
BBA Aviation BBA announces that it has acquired Firstmark Corp for a consideration of $97m. Firstmark is a leading provider of highly engineered, proprietary components and subsystems for the aerospace and defence industries.The acquisition enhances BBA’s exposure to the commercial and military aerospace markets.
Spire Healthcare Group SPI managed to maintain its interim dividend at 1.3p per share despite a decline in performance for the six months to the 30th June. NHS admissions fell significantly, coupled with lower than anticipated growth in Private admissions and the cost of investment in Clinical quality and Consumer engagement.Whilst revenue only fell by 1.1%, EBITDA was down by 20.6%, adjusted profit after tax by 52.7% and basic earnings per share by 52.9%. The company admits that the results are disappointing but claims that everybody else is facing similar headwinds and significant business challenges. Nonetheless it has a new strategy, which it claims “is absolutely the right one”, albeit the outlook for the full year has still had to be revised.
Plant Healthcare PHC expects strong revenue growth in the second half which would lead to growth of 30% for the full year. Revenue for the six months to the 30th June was down slightly from $3.1m to $3m.The company also expects to become cash positive in 2020.
Pure Circle Limited PURE showed a return to growth in both revenue and net profit after tax for the year to the 30th June. Sales rose by 10%, with a particularly strong recovery in North America, volume was up by 17% and net profit after tax by 20%.
Smart Metering Systems SMS is increasing its interim dividend by 15% for the half year to the 30th June, after a 27% rise in sales. EBITDA increased by 29% and profit before tax by 9%
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Pure Circle recovering from US Customs Debacle
Pure Circle PURE Final results for the year to the 30th June were severely affected by it being denied access to the US market where it had been producing a third of its revenue, after it was made subject to a Withold Release Order by US Customs & Border Protection. Extensive investigations resulted in it being removed from that list but not until the 30th January and although sales to the US have now resumed, it will take time for it to rebuild the previous momentum which it had acquired in the US market. Operating profit fell by nearly half to US$17.6m. and earnings per share were also halved from 8.49 to 4.16 cents per share. The company claims it has a unique market position with 72 patents granted and a further 200 pending.
OCADO Group OCDO Revenue in the 13 weeks to 27th August continued to grow strongly with an increase of 13.1%, significantly ahead of the industry average. Orders per week increased by 16% but the average order size fell by 1.2%.
Judges Scientific JDG has made a robust recovery from a year ago with interim results to the 30th June showing new records being set for revenue, profit before tax, earnings per share and dividends. Revenue rose by 20%, (14% on a like for like basis), adjusted pre tax profit by 48%. and basic earnings per share by 65.1%. The interim dividend is being increased by 11% to 10p per share.
Swallowfield plc SWL reports another very strong performance and excellent progress in the year to the 24th June with the final dividend being increased by over 50% to 3.5p per share making a total increase for the year of 68%. Helped by the weakness of sterling and acquisitions revenue grew by 36% or 8% excluding acquisitions. On a constant currency basis the figures were 31% and 2% respectively.
Augean AUG Despite a 14.4% rise in revenue for the six months to the 30th June, adjusted profit before tax fell by 7.2% and adjusted earnings per share by 7.4%, following losses in its Industry and Infrastructure businesses which it describes as legacy issues from Colt. To add to its mixed fortunes waste disposed of by its Energy and Construction business declined by 23.7%.
Keyword Studios KWS delivered another strong set of results for the half year to the 30th June and the interim dividend is being raised by 10%. Like for like revenue rose by 17% and adjusted profit before tax and earnings per share by 60% and 55% respectively.
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Filtronic Returns to Profitability
Filtronic FTC traded strongly in the first half and returned to profitability as revenue leapt from £4.5m to £21.6m and turning last years half time loss of £4.1m into a profit of £1.8m. Increased sales of its main antenna product, and strengthening of its Wireless sales team were responsible for the turnaround. The Chairman went overboard with praise referring not to the company’s growing opportunities but to its growing opportunity pipeline so he has obviously done his bit by attending company speak classes.
Torotrak TRK warns of a material reduction in the mass market for its V charger in passenger cars following the recent shift towards electrification and the move away from diesel engines. This appears to mean that t he company is going to basically have to re-invent itself which includes managing its resources prudently and focusing on KERS. Engineering resources will have to be consolidated.
Hydrodec HYR expects revenue from its core refining business to have risen by 100% for the year to the end of December following the recommissioning of its Canton plant which enabled the company to become EBITDA positive in the last quarter, a situation which is expected to continue throughout 2017. Utilisation of plant increased to 73% as unscheduled plant stoppages declined. Recent changes in the operating environment also impacted the company positively.
Pure Circle PURE has received the happy news that it has been removed by US Customs from the Withhold Release Order and can now resume sales to the US which represented a third of its annual sales.
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YouGov YOU anticipates that trading will be ahead of expectations for the half year to the end of January, following strong revenue growth
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Persimmon Full Of Optimism
Persimmon PSN ends 2016 full of optimism and certainly does not share the gloom displayed by many of its competitors. Revenue rose by 8% during the year and average sales prices were increased by a modest 4% which compares favourably with the greed shown by many of the household names in the industry. Competitive mortgage rates remain a key factor behind the strength of the market, Autumn reservations were strong and second half private sales rates were 15% ahead of 2015 and legal completions rose by 10%. Second half margins are also expected to have improved because of cheaper prices for land.
Churchill China CHH also has a smile on its face with its update for 2016. final quarter trading has been ahead of expectations, performance in export markets has been strong and the operating performance for the year to the end of December gas been ahead of market expectations and well ahead of 2015. Preliminary results will be announced on the 28th March.
<img class="alignleft" src="https://upload.wikimedia herbal slimming pills.org/wikipedia/en/d/d4/PureCircle_logo.jpeg” width=”113″ height=”68″ />Pure Circle PURE experienced very strong growth in 2016 in Europe and in Latin America but first half sales are expected to be down 14% on 2016 following the detention of shipments by US Customs which has been large enough to offset growth in the rest of the world. First half group profits are expected to be down by 19% as a direct result of this and for the full year it is anticipated that for the full year last years profit of $5m. will be turned into a loss of $2m. The company has been working with US Customs from whom a final decision is now awaited.
Science in Sport SIS enjoyed strong growth in the year to 31st December with sales rising by 30%. Direct sales for the year doubled and the new Australian operation delivered sales ahead of expectations. Continuing strong growth is confidently expected for 2017 and beyond.
Johnson Services JSG is disposing of its dry cleaning business to Timpsons for £8.25m. Results for the year to 31st December will be slightly ahead of current market expectations.
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French Connection Strong in UK and Europe
French Connection FCCN Group revenue for the half year to 31st July declined to £69.2m from last years £75.8m as store closures continued but the loss before tax remained steady at £7.9m FCCN does its best in its half year report to point to the better statistics to justify its claim of a strong performance. Square footage fell by 15.8% but like for like sales were only down by 2.3% but the UK and Europes was strong with a like for like rise of 6.5% and the strong performance has continued during the first 6 weeks of the second half.
Kingfisher KGF claims it is starting to build solid foundations and has enjoyed a productive first half, driven by the UK and Poland. 52 of the 65 planned store closures have now been completed. On a statutory basis, pre tax profit grew by 10.6% for the six months to 31st July, on sales up by 4.7% whilst basic earnings per share rose by 3.7%.
Smart Metering SMS is raising its interim dividend by 25% to 1.37p per share for the 6 months to 30th June, after continued strong growth saw it pass the million mark for utility meter and data assets. The electricity meter portfolio rose by 28% but combined gas and electricity metering saw a more modest rise of 10%. revenue for the half year was up by 25%, with underlying profit before tax and earnings per share rising by 15% and 23% respectively.
Pure Circle PURE Despite challenging market conditions, the market for Sevia grew strongly in the year to the end of June, with sales rising by 9%, gross margins by 41% and operating profit by 90%. Net profit after tax soared by 257% and earnings per share following suit with a rise of 242%. The company claims that prospects for the next 4-5 years are also strong.
Fastjet FJET admits to a very difficult and challenging first half as its problems seemed to increase, with the six months to the 30th June producing a loss after tax of $15m as against last years profit of $6.4m. Revenue did rise slightly but the operating loss also surged with a rise from $12.8m to $31m. Action taken by the new CEO will see the fleet of five A319s reduced to three by the end of the year and the head office will be relocated from Gatwick to Johannesburg which is a fairly sensible move for an African airline with its main base in Africa.
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Tobacco Sales Drop Sharply at Bookers
Booker Group BOK has seen tobacco sales drop substantially in the face of the latest set of display restrictions, whilst non tobacco sales have been hit by food price deflation. Like for like tobacco sales for the 12 weeks to the 17th June were down by 7.7% and non tobacco fell by 0.7%. Total group sales rose by 10%. Shareholders will be rewarded with a proposed payment of 3.2p per ordinary share by way of return of capital.
Pure Circle PURE expects a 9% increase in 2016 sales and future orders have increased but apart from that today’s update makes for strange reading. Planned customer launches have been delayed into 2017 and problems with US customs appear to be still ongoing to the extent that they have not been resolved, despite release of the shipments detained in May. The CEO says the business model is robust and he is confident that profitability will improve but then come the warnings that there will be continued volatility in the development of the business and sales growth will be uneven.
Topps Tiles TPT has shown healthy growth during the 13 weeks to the 2nd July with like for like sales up by 6.2% on 2015, although the figures have been skewed slightly by Easter moving about a bit.
easyJet plc EZJ June passenger figures rose by 5.8% and the load factor by 1.44pp but on a rolling 12 month basis the load factor rose only a smidgeon by 0.3pp
EKF Diagnostic Holdings EKF expects that after a difficult 2015, the half year to the end of June will be ahead of both budget and expectations. First half revenue is expected to exceed £16.5m and no impact is expected from Brexit.
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Daily Actions – UK Main & AIM markets 26022016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| Centamin | Sell | Neutral |
| Jubilee Platinum | Buy | Neutral |
| Uru Metals | Buy | Neutral |
| Regency Mines | Buy | Neutral |
| Paternoster Resources | Neutral | Buy |
| Chemicals | ||
| Byotrol | Buy | Neutral |
| Construction | ||
| Michelmersh Brick Holdings | Neutral | Buy |
| Financial Services | ||
| ADVFN | Buy | Strong Buy |
| Tengri Resources | Neutral | Buy |
| Polar Capital Holdings | Neutral | Buy |
| Food & Beverage | ||
| PureCircle | Neutral | Buy |
| Health Care | ||
| Abcam | Neutral | Sell |
| Epistem Holdings | Neutral | Buy |
| Omega Diagnostics Group | Neutral | Buy |
| Industrial Good & Services | ||
| Cap-XX | Buy | Neutral |
| Oil & Gas – Explorers | ||
| Independent Resources | Neutral | Buy |
| Retail | ||
| Asos | Buy | Neutral |
| Technology | ||
| IQE | Buy | Neutral |
| Pennant International Group | Buy | Neutral |
| Telecommunications | ||
| Alternative Networks | Neutral | Buy |
| Utilities | ||
| OPG Power Ventures | Neutral | Buy |
Main Market
| ST Rec. changed | ||
| From | To | |
| Smiths Group | Buy | Neutral |
| Banks | ||
| Barclays | Buy | Neutral |
| HSBC | Buy | Neutral |
| Heavy Construction | ||
| Balfour Beatty | Neutral | Sell |
| Engineering & Machinery | ||
| Halma | Sell | Neutral |
| Rotork | Neutral | Buy |
| Health | ||
| Smith & Nephew | Neutral | Sell |
| Media & Entertainment | ||
| Pearson | Buy | Neutral |
| Photo-Me International | Neutral | Sell |
| St. Ives | Sell | Neutral |
| UBM | Neutral | Sell |
| Pharmaceuticals & Biotechnology | ||
| Dechra Pharmaceuticals | Sell | Neutral |
| Speciality & Other Finance | ||
| Aberdeen Asset Management | Buy | Neutral |
| Charles Stanley Group | Buy | Neutral |
| Support Services | ||
| Aggreko | Buy | Neutral |
| AMEC Foster Wheeler | Buy | Neutral |
| Bunzl | Sell | Neutral |
| Dignity | Sell | Neutral |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.
Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Daily Actions – UK Main & AIM markets 22022016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
| ST Rec. changed | ||
| From | To | |
| Basic Resources | ||
| Goldstone Resources | Neutral | Buy |
| Stellar Diamonds | Neutral | Buy |
| Financial Services | ||
| ADVFN | Strong Buy | Buy |
| Polar Capital Holdings | Neutral | Buy |
| Food & Beverage | ||
| Purecircle | Neutral | Buy |
| Industrial Good & Services | ||
| Holders Technology | Sell | Neutral |
| Media | ||
| Milestone Group | Buy | Neutral |
| Oil & Gas – Producers | ||
| Gulf Keystone Petroleum | Neutral | Buy |
| Northern Petroleum | Neutral | Buy |
Main Market
| ST Rec. changed | ||
| From | To | |
| Banks | ||
| HSBC | Buy | Neutral |
| Leisure & Hotels | ||
| Millennium & Copthorn Hotels | Neutral | Buy |
| Personal Care & Household Products | ||
| Reckitt Benckiser Group | Neutral | Sell |
| Software & Computer Services | ||
| Fidessa Group | Sell | Neutral |
| Support Services | ||
| AMEC Foster Wheeler | Neutral | Buy |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.
Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |