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Unilever Ice Cream Sales Melt In Europe
Unilever plc ULVR Reports that emerging markets drove third quarter sales growth with underlying sales up by 2.6% and, over nine months, by 2.8%. Total third quarter turnover however was down by 1.6% after a 5.1 % currency impact. Developed markets were a problem and remained challenging, with turnover, led by of all things, ice cream in Europe, down by 2.3%. Emerging markets saved the day with volume up by 1.8% and turnover by 6.3%.
Rentokil Initial RTO obtained growth in its third quarter, from acquisitions which produced a total rise in company revenue of 10.10% but on an organic basis growth at 3%, was much lower. Strong performances came from Asa Pacific, Latin America and the target market of North America. Five further aquisitions were made in quarter 3 and prospects for the rest of the year remain good.
Stobart Group STOB is to increase its interim dividend by 50% for the half year to 31st August from last years 3p to 4.5p per share this year. Profit before tax came in at £111.6m compared to last years £10.8m and underlying EBITDA rose from £20.2m last year to £131.8m this year but after taking into account £123.9m of profit from the partial sale of its investment in Eddie Stobart Logistics, which appears to mean that excluding that one off bonus real EBITDA fell somewhat.
Tristel plc TSTL Sales and profitability in the year to the 30th June exceeded both market expectations and the company’s own internal plan,enabling the standard full year dividend to be increased by by 21%. Turnover for the year rose by 19% which included a 43% rise in oversea sale and earnings per share increased from 5.01p. per share to 8.06p
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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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GKN – Headmaster’s Report; Can do Better, Must Do Better
GKN plc GKN The collapse of sterling was to bring a new dawn for what was left of British Industry, lied Diddy David and the rest of his old Etonian clique of rulers. Well the truth is that it hasnt, at least not yet. All it has done is help companies to mask performances which are downright unacceptable. Thus for its first quarter, sales are up by 12%, trumpets GKN. Looks great that, dunnit, until you see that two thirds of that came from acquisitions and a quarter of it from beneficial currency movements. A mere 1% came from like for like growth which means that GKN just failed to take advantage of the opportunities which a collapsing pound were supposed to bring. GKN land systems led the decline with like for like sales down 6% even after taking into account a 3% currency benefit. Headmaster comments – can do better, must do better.
Rentokil Initial RTO First quarter revenue grew by 11% but 9% came from acquisition and only 2.8% from like for like growth. Pest control in North America had a great three months with 54% growth but, wait a minute, most of this so called growth came from acquisitions and only 6.4% from like for like growth. Not surprisingly the company does not offer any hope of beating expectations for the full year. Management seems to think it best not to give any reasons for this.
Punch Taverns PUB The big Punch pub sale has continued apace during the 28 weeks to 5th March and it is so beneficial to the company that it is ahead of target on this front. What is a welcome change is that underlying retail profits and sales are also ahead of expectations. EBITDA is down by some 10% following 18 months of strategic disposals but average profit per pub is up by 3%. Amazing really that what was one of the countries largest pub owners was so bad at managing its estate that it had to sell a lot of it off in the hope that it could make a profit out of what was left. Obviously the buyers of all these pubs, thought they could make a better job of running them, than Punch had.
ARM Holdings ARM Poor old sterling. It can’t do right for doing wrong. Now ARM claims its first quarter results have been impacted by the weakness of sterling, whereas nearly everybody else has been cursing the pound for its continued strength over the past year or so. First quarter revenue rose by 14% in US$ terms or 22% in pounds. There was strong demand for the company;s most advanced technology and the number of chips shipped rose by 10% to 4.1 billion
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