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Ian Pollard – Games Workshop #GAW issues secret warning
Games Workshop Group GAW Issues a strange update covering the short period to the 7th October from the date of the last update in September. Sales are ahead and profits are at a similar level to last year, so why the need for an update. Well there seems to be a big “but” in that suddenly the Board decided that it should warn that there are some uncertainties and it remains aware of them.i.e. it has not just discovered them, since September and these uncertainties, are not just any old uncertainties, they are uncertainties about future trading which the Board is keeping secret.So why issue a warning and keep secret the reason for the warning.That makes it sound serious. An update about the update will be given “as appropriate” makes it sound even more mysterious.
RWS Holdings plc RWS has enjoyed its best year ever, with group revenues in the year to the 30th September having risen by 85%. Adjusted profit before tax is also expected to have been slightly ahead of market expectations. The Chairman eulogises that this has been a transformational year underpinned by a strong financial performance and increasing momentum.
Zytronic plc ZYT Preliminary results for the year to the 30th September showed that trading in the second half of the year produced a 10% improvement in revenues over the first half, resulting in total revenues for the year of £22.3m which is in-line with market expectations.The cost of new designs and production techniques however, resulted in lower than expected margins, and in particular a spurious patent claim was settled for £72k, plus legal costs of triple that amount, resulted in full year profits before tax being behind market expectations. Query, why settle a patent claim if it is spurious.
Renishaw plc RSW Saw revenue for the 3 months to the 30th Setember rise by 8% on a like for like basis. Despite a 27% rise in Healthcare adjusted profit before tax for the quarter declined by 9%
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Storm Clouds Gather For Rightmove
Rightmove plc RMV Despite a 19% rise in the interim dividend, today’s half year results from Rightmove contain stark warnings about future trading. On the surface all looks rosy with revenue up by 16%, operating profit by 21% and basic earnings per share by 24%. Traffic growth has been strong with visits up by 15% and time per visit rising by 9%. Average revenue per advertiser has risen strongly to £830 per month and Rightmove still lists 40% more UK properties than any other portal The sky seems cloudless but as Rightmove freely admits, it is not.
The first warning signs to which it draws attention are that although first half transactions rose by 12%, they actually fell in quarter 2 on a year by year basis. Customer numbers since the start of the year have risen by only 1%. The company expects a reduction in the number of agency offices or New Home developments following a reduction in the number of housing transactions. Increased competition is expected to “impact” revenue growth, causing it to lose potential audience, advertisers and demand for additional advertising products.These problems will also be increased by what it describes as “new or disruptive technology and changing consumer behaviour, as will the economic uncertainty caused by the EU situation.
So far however, things have held up, with July trading being in line with the first half.
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Renishaw RSW The Chairman says he is pleased to report results revealing a fall in revenue of some 12% for the year to the end of June. Everything else has followed suite except for the dividend which gets a small uplift from 46.5p per share to 48p. Profit before tax has slumped from £144.2m to £80m and earnings per share are down from 167p to 94.9p. I wonder who writes the Chairmans scripts.
St. James Place STJ enjoyed record fund flows during the half year to the 30th June and is increasing its interim dividend by 15% to 12.33p per share. Operating profit rose from £265.3m to £284m.
Smurfit Kappa Group SKG A strong first half saw EBITDA grow by 8%, with especially strong volume growth in the Americas. Second quarter profit before tax was up by 27% and by 28% for the full half year. Revenue however rose by only 1% in each quarter..
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Churchill China Leads Todays Bunch
NEXT (NXT) claims to have had a solid year with total group sales up by an unexciting 3%. Retail sales are the worry with a meagre rise of only 1.1% compared to 8% in online and catalogue. What is even more worrying is that NEXT brand is not doing well. In the UK NEXT brand sales rose by only 2.3% but LABEL (ie. third party brands ) surged by 21.2%
Profit before tax rose by 5% which has enabled full year dividends to to be increased by 5.3%, matching underlying earnings per share which were up by 5.4%.
As one would expect from one of our world beating industries, happier news comes from Churchill China (CHH) which is raising its final dividend by 15% after a 16% jump in profit before tax, thanks CHH says to its excellence in design, quality and customer service. Not many companies even try to claim that.
Adnams (ADB) is raising its final dividend by 5.9% after a good second half helped to make up for the first half’s 3% fall in turnoverand leaving the full year down by just 0.5%. Operating profit rose by 7.3%. Adnams does not envisage selling any more of its pubs, after six last year, 1 this year and one more still to comer.
The beer market is still not good with competition from computer games and in home entertainment plus fast food and casual dining. In fact the take home market is now the strongest part of the beer market and Adnams is trying to take full advantage of this with its own shops and outlets.
Renishaw (RSW) announces that it is unlikely to repeat last years trading levels contrary to what was expected at the time of the half year’s results.
Mitie (MTO) continues the sombre note with news that revenue in the second half will be below current expectations
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