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Ian Pollard – Harvey Nash #HVN – “Core” Blimey
Harvey Nash HVN Preliminary results show that a record “core” performance was delivered during the year to 31st January, which actually saw profit before tax down by 37.!%, earnings per share nearly halved with a fall of 45.5% and the final dividend increased by 5%. The CEO says these were excellent results which were ahead of expectations, provided only you look at the “core” figures which ignore non recurring items and the cost of office closures. Without these the transformation of the company is proving to be a huge success Looking at it that way profit before tax rose by 24.4% and earnings per share by 29.3%. The UK and Ireland produced robust growth and market share gains and Benelux and the Nordics delivered strong organic growth. In the Rest of the World operating profit rose from £0.2m to £0.9m although gross profit fell by 11.9%.
As for the present, the company is encouraged by the strong trading momentum in the second half which is continuing into the current year.
Royal Bank of Scotland Group RBS updates that income in the quarter to the 31st March rose by 2.8% whilst costs fell by 2.1%. Attributable profit was well on its way to tripling with a rise from £259m. to £792m and basic earnings per share did triple from 2.2p per share a year ago to 6.6p this year. Operating profit before tax rose from £713m. to £1,213m
Computacenter plc CCC The quarter to the 31st March was better than expected with group revenue rising by 19% excluding a one off software sale of £34m in the UK which would have taken it up to 23%. The company sees no reason why the current positive market conditions should not continue in the near term,
Nexus Infrastructure Services NEXS For the half year to the 31st March both revenue and operating profit were ahead of last year.The order book was up by 33% year on year and the company retains its very strong market position.
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RBS Not Yet Strong, Simple or Fair But It Has Plans
Royal Bank Scotland Grp RBS is on target to meet all of its financial targets for 2017. Third quarter adjusted income rose by 5.6% and for the nine months to date by 7.5%. Basic earnings per share rose from a loss of 3.9p last year to a positive 5.7% this year whilst over 9 months the improvement was even greater moving from last years loss per share of 21.5p to a positive 11.2p. Last years third quarter loss of 327m was turned into a profit of 838m. and over nine months the loss of 941m. became a profit of 1830m. for the current year. In addition to all the financial goodies the bank stresses that it is progressing with its plan to to build a strong, simple and fair bank, even for its customers which is a fairly strong admission that as yet it has not achieved any of those aims but if and when it does, it should make it fairly unique among British banking.
International Consolidated Airlines Grp IAG reports another strong quarter for the 3 months to the end of September with operating profit up by 20.7%, whilst over the nine months to date the rise was 26.9% and profit after tax up by 5.6%, on revenue up by 1.3%. For the full year a profit of 3 billion Euro before exceptional items, is expected.
Computacenter plc CCC produced a rise of 27% in group revenue for the quarter to 27th October, or 20% in constant currency. Momentum across the group as a whole has been maintained, especially in Europe
Peel Hotels PHO It is difficult to move forward without sales growth comments the Chairman and that, his company has certainly lost. Sales declined by 5.1% in the 28 weeks to the 31st August, basic earnings per share nearly halved from 3.45p to 1.8p and profit before tax collapsed by 46.1%. The Chairman does not seem unduly worried by the figures and looking on the bright side, points out that the company is still generating enough cash to continually decrease debt. However he does not give a single word of explanation as to why the results are so poor.
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Corporate news review Friday 4th August 2017
Ascent Resources AST updates on progress with its Petišovci project in Slovenia, and says the installation of the necessary infrastructure to accommodate export production has now been completed. As a result, recertification on the Croatian side of the border is moving towards a positive conclusion.
Pearson PSON reports a 1% increase in half-year sales to £2,047m, with a statutory operating profit of £16m (H1 2016: £286m loss. The group declared an interim dividend of 5p (2016: 18p) and plans a share buyback of £300m following the announced reduction and recapitalisation of the stake in PRH.
Royal Bank of Scotland RBS reports H1 operating profit before tax of £1,951m. Adjusted return on equity across PBB, CPB and NatWest Markets was 14.1% compared with 10.9% in H1 2016. Common Equity Tier 1 ratio increased by 70 basis points in the quarter to 14.8%, and remains ahead of the stated RBS target of 13%. RBS retains 2017 FY financial guidance and medium term financial outlook as provided in 2016 Annual Results document.
S & U SUS says trading at motor finance subsidiary Advantage continues at record levels, while Aspen Bridging is proceeding cautiously and gradually establishing itself in the bridging market.
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YouGov YOU says trading for the year ended 31 July 2017 is now expected to be ahead of the Board’s previous expectations. YouGov reports another year of revenue growth well ahead of the global market research sector and has maintained the performance trends reported in the first half of the current financial year.
(“SREP”) PRA Reduces CET1 Pillar 2A of RBS’s ICG to 2.1% of RWAs.
The Royal Bank of Scotland RBS claims that it is committed to creating a stronger simpler, safer bank for customers and shareholders but somehow it just can’t seem to get round to doing it and in the end it can not avoid admitting that it has much to do to restore its stress resilience and has had to submit a revised capital plan to its regulators.
The statement which the bank has released this morning appears to have been written with the sole aim of making it unintelligible except to other bankers. Its promises about making things simpler are exposed as yet more empty, meaningless words. Let us hope it is more sincere about the stronger and safer bit.
Only a bank could be so arrogant as to address its shareholders, let alone its long suffering customers, with such nonsense as “As part of its Supervisory Review and Evaluation Process (“SREP”) the PRA has reduced the CET1 Pillar 2A component of RBS’s ICG from the previously disclosed 2.8% to 2.1% of RWAs.” . Further evidence as if more were needed that the banks think they are a law unto themselves and customers exist purely to do as they are told.
The Bank of England put it quite clearly in terms which are readily understandable “The stress test demonstrates that RBS remains susceptible to financial and economic stress,” Why does RBS try to obfuscate the issue. There can only be one reason, namely the hope that people who read the statement will either fall asleep before they get to the end of it or if they get to the end of it will not have an inkling that the bank has failed its exams but daren’t fess up that it is not strong, safe or simple enough.
It has failed to divest itself of Williams & Glyn, which it was ordered to do as part of the deal which enabled it to be bailed out by the taxpayer. It has made more promises about cutting costs and selling off more loan portfolios but it still warns that “additional management actions may be required until RBS’ balance sheet is sufficiently resilient to stressed scenarios”.
Basically the results of the Bank of England stress tests reveal that the UKs big banks are still uncontrolled, too big to tame and can get away with blue murder, compared to what would be allowed in any other UK industry.
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Now RBS Abandons Use Of English
Royal Bk Scot Grp RBS No wonder the banks were castigated recently for their inability to communicate in anything resembling English and given a fairly stern warning of the real dangers of insisting on sticking to jargon. As is usual with banks RBS did not listen and obviously does not believe that there any dangers – how could there be – it is a bank, it therefore knows everything and is completely beyond criticism. Its interim management statement published today show the disdain with which it regards its customers but sadly, what else can one expect.
Thus, if one has the time, one can read of such delights as;
- central items adjusted operating profit,
- foreign exchange (FX) reserve recycling gain – it is so into jargon that it believes that its readers will not know what plain simple “foreign exchange” means and need to have it explained to them that it is FX
- NIM of 2.17%
- 8 basis points higher – dont they know that “basis” is a noun not an adjective – perhaps they do not care
- PBB & CPB are down 8% – great if we knew what they are, perhaps we could celebrate
- 3 customer facing businesses – in which direction do all the other businesses face?
- CIB adjusted income
These are just a few of the horrors in the highlights, Wait until you get into the complicated bits, if you have not given up in despair first.
As for the actual third quarter and nine months results, I suggest you set a couple of weeks aside, take a deep breath, reach for a dictionary and try not to fall asleep from boredom.
Intl Con Airline Group IAG is increasing its interim dividend by 10% despite a tough third quarter operating environment, in which it was also beset by significant adverse currency movements and air traffic control strikes. Despite all these woes it claims a strong performance, with operating profit down only slightly from 1250 to 1205m. Euro. Adverse currency movements cost it 162m Euro. Passenger unit revenue for the quarter fell by 13.7% but non fuel costs were down by 6.9% and fuel costs by 25.8%. Profit after tax for the nine months to date is now up by 25.8% and diluted earnings per share by 23.8%.
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RBS Admits It Is Not A Fair Bank – Not Yet
Royal Bank of Scotland Group RBS adds to this weeks banking woes with fairly disastrous 1st quarter results, raising the question as to whether bankers really are fit for purpose when it comes to running banks.
Firstly RBS does not know why it has lost the battle to divest itself of Williams & Glyn by December 2017, so it is going to carry out a further analysis to try and find out what to do about it. Seems to be a fairly serious example of incompetent management but, being a bank, there are no signs of heads rolling – at least yet.
The first quarter loss jumped to £968m, nearly double that of quarter 1 2015. Adjusted operating profit for the quarter fell by some two thirds to £440m and an impairment charge of £196m has had to be allowed on its shipping portfolio. RBS is however pursuing its plan to become a fair bank, which is an admission that it wasn’t and still isn’t.
International Airline Group IAG is moderating its short term growth plans following the impact of the Brussels terrorist attack which has continued into the second quarter and been added to by a softness in premium demand.
Profit after tax for the 3 months to 31st March came in at 104m Euro compared to last years loss of 26m. and last years basic loss per share of 1.5 cents was transformed into basic earnings of 4.9%. Passenger unit revenue fell by 3.5% and fuel unit costs were down 23.4% after the collapse in fuel prices.
Restaurant Group RTN The Chief Financial Officer is leaving with immediate effect after 11 years service and following further deterioration since the preliminary results were published on the 9th March. The unplanned departure means that the search for a successor has only just started. Like for like sales have fallen by a further 2.7% with full year like for like sales expected to be down by as much as 5% , without any signs of an improvement.
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