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Ian Pollard – Ashtead #AHT ups expectations & interim dividend
Ashtead Group plc AHT delivered a strong second quarter with a good performance across the Group. As a result, Group rental revenue increased 18% for the half year to the 31st October and underlying pre-tax profit by19%. Earnings per share rose by 38% in the second quarter and by 42% over the half year. Accordingly the company expects that full year results will now be ahead of prior expectations.The interim dividend reflects the success of the first half with an increase of 18% from 5.5p to 6.5p per share.
RWS Holdings plc RWS claims an outstanding performance for the year to the 30th September with revenue up by 87% and adjusted profit before tax up by 43%. The proposed final dividend is to be increased by 15% making a total increase for the year of 15%. A very good start has been made to full year 2019 with a strong performance in the first two months, leading to expectations of another record year
My Sale Group plc MYSL is very disappointed in its performance during this year’s peak trading period. Challenging conditions impacted the second quarter and as a result the board now believes that revenue and profits for the year to 30 June 2019 will be significantly below market expectations. Selective price increases have had to be reversed after adversely affecting both revenue and transaction volume. Higher levels of discounting and postage promotions had to be used in order to offset lower demand. In Q1 the business traded in line with expectation, but in Q2, the peak trading period, the ongoing disruption caused by legislative changes in Australia was more acute than anticipated and gross profit was negatively impacted.
Zytronic plc ZYT Reported profit before tax for the year to the 31st September fell to £4.2 from £5.4m..in 2017 , as a result of reduced revenues, lower gross margins and litigation costs. An unchanged final dividend of 15.2p is proposed bringing total dividends for the year to 22.8p a rise of 20% year on year. Present revenues and trading are at similar levels to last year.
LightwaveRF plc LWRF Enjoyed a strong last quarter with revenue run rate up 50% on the previous three quarters after a weak first half performance. Revenue for the year to the 30th September fell to £2.81 million compared to 2017’s £3.03 million, whilst the loss before and after taxation slumped to £2.54 million from last years £0.85 million.However things are now improving Revenue run rate for first two months of the 2019 financial year, up a further 25% on the strong last quarter of 2018
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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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Ian Pollard – More World Beating Technology From The UK
Oncimmune ONC bears witness to the world leading position which it is carving out for itself in medical technology. with the half year to the 30th November seeing excellent progress being made with its cancer detection technology which will detect cancers up to four years earlier than other methods and will do so by means of a simple blood test
The half year produced revenue of only £0.1m from early sales of its lung test kit but far more importantly for the future it took serious strides in establishing its technology and products in world markets.An exclusive distribution agreement and product development agreement was concluded in China, which included a minimum £10m. equity investment in the company plus a minimum £15.7m in royalties. Further agreements have been reached in twelve countries with minimum sales commitments amounting to £25.6m and in the US a preliminary distribution partnership has been entered into with a major US company. In the UK over 12,000 patients have been recruited for a lung cancer screening trial.
Liver test kits have commenced commercial sales and early lung cancer kits have received minimum payment guarantees of £7.9m over the next five years in the Asia Pacific region, excluding China, plus approximately £2m in Europe
TUI AG TUI has made a good start to the year with first quarter turnover rising by 8.1% and the net loss down from 81.6m to 58.7m. On an underlying like for like basis EBIT was up by 35.1% and net debt was halved. Expectations are that underlying EBITA growth for 2018 will be at least 10%.
RWS Holdings RWS The financial year to the end of September saw the fourteenth successive year of growth in sales, profits and dividends and RWS is confident of further substantial progress in 2018, when, despite currency headwinds in the US it aims to consolidate its global leading position in its chosen sectors. The integration of Monrovia which it acquired on the 3rd November will continue and the current financial year has started well.
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RWS Holdings – Excellent Performance In An Outstanding Year
RWS Holdings RWS expects revenues for the year to the end of September to have risen to £163m, an increase of 33%, after producing an excellent performance in what it claims to have been an outstanding year. Profit before tax is expected to be strong and ahead of market expectations, helped by two acquisitions and currency benefits.The strong momentum across the group is expected to continue.
Finsbury Foods FIF has issued an update laden with gloom. Since the last update on the 23 August it has decided to close its loss making Grain D’Or factory, the closure to be completed by the 2nd December at a cost which could exceed £10m spread over 7 years compared to the current annual loss of £3.3m. The hurried decision to close the factory follows the loss of two large contracts since the year end. Savings will be made from the cancellation of capital investment programs which are described as having been significant. Current market conditions add to the air of gloom as does the high price of butter. The shape of the future depends on an upturn in the market.
CRH plc CRH has reached agreement to acquire Ash Grove Cement Company (“Ash Grove”), a leading US cement manufacturer based in Kansas, for a total consideration of US$3.5 billion. The proposed transaction remains subject to Ash Grove shareholder and regulatory approval.
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Wolseley Should Be Grateful For Slump in Pound
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Wolseley WOS has benefited enormously from the slump in sterling created by the UK government’s mismanagement of both the economy and the pound. Revenue for the quarter to the 30th April rose by 4.6% at constant exchange rates or 6.6% on a like for like basis. Exchange rate movements alone increased revenue by £423m and trading profit by £29m. during the quarter. Exchange rates have now become a major factor in Wolseley’s finances. Over the first nine months of the year markets in the UK remained weak and UK trading profit fell by 7.9%.
Barclays BARC has today been charged with fraud by the Serious Fraud Office. Two charges allege a conspiracy to defraud between the bank and some of its former senior officers and employees whilst the second charge relates to an allegation of unlawful financial assistance relating to a $3bn loan. I shall of course make no comment.
RWS holdings RWS with a 39.6% rise in adjusted profit before tax, the company claims an extremely strong performance making the half year to the 31st March outstanding. Sales rose by 35% and the interim dividend is to be increased by 13% to 1.3p per share. Trading in the first two months of the second half has continued in line with the first half’s enhanced performance.
Aukett Swanke Group AUK suffered more misery in the half year to the 31st March with revenue down by 9% and and a loss of £358,000. Continuing market weakness and claims are blamed for the companies problems which have hampered its development. Over the past year the share price has almost halved to yesterdays 2.5p at the close. The company’s only boast is that it has maintained its liquidity.
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RWS Becomes A Major Global Player
RWS Holdings RWS After a strong first half performance, record revenues of not less than £76m are expected for the six months to 31st March, a rise of 33% on 2016. Adjusted profit before tax is expected to show a rise of 36.7%. Following the acquisition of LUZ in February, integration of which has proceeded smoothly, RWS is now a major force in Life Sciences and a premier global supplier of intellectual property support services. This makes it an attractive home for niche companies specialising in these fields. Further expansion and further progress are expected during the remainder of the year.
The share price has risen by over 50% since May 2016 and now stands at 340p.
WH Smith SMWH is increasing its interim dividend by 9%, after what it calls a good first half in which group revenue remained flat but group trading profit rose by 5% and earnings per share by 7%. Travel was particularly strong with a like for like sales rise of 5%.
PageGroup plc PAGE produced a record first quarter with gross profit growth of 9.1%. Regional profits grew strongly on a world wide basis except for the UK which lagged way, way behind and actually managed to produce a decline of 0.1%, all due it is claimed, believe it or not, to the uncertainties created by Brexit
HydroDec Group HYR First quarter revenue grew by 25% over quarter 1 2016, leading the company to believe that it will have achieved positive EBITDA. Further growth in both revenue and EBITDA is expected for the remainder of the year, as further progress is made in establishing the company as a profitable business.
Tricorn Group TCN benefited from an improvement in trading towards the end of the year with second half revenue up by 7.5% on the first half and 20% on the second half of 2016. The energy division was particularly strong and it is anticipated that adjusted profits before tax for the year to 31st March will now exceed market expectations.
D4t4 Solutions D4T4 expects that profits (excluding foreign exchange gains) will be ahead of current market expectations for the year to the 31st March. Software revenue and recurring revenues both showed strong growth with sales of Cerebrus rising by 48%. The company claims it is in robust shape.
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easyJet Feeling The Competition
easyJet EZJ is beginning to feel the heat of competition now that it has priced itself out of the budget airline market. November passenger statistics showed some growth but only by a comparatively small 2.9%, the comparison of course being with Ryanair. Load factor actually fell by 0.6% to 91.3% leaving it trailing way behind Ryanair’s 95% and not only did load factor fall in November it also fell by on 0.5% a rolling 12 month basis.
Imagination Technologies IMG has completed its restructuring programme on time enabling it to return to profitability for the 6 months to the end of October. Annual cost savings of £27.5m have been acheived and half year like for like revenue grew by 6% as a result of the strong dollar which however caused a loss of £5.2m to be incurred on dollar denominated debt. The strong dollar is expected to continue to help the company’s trading performance. dollar is expected.
Dewhurst DWHT currency movements were the main factor in the changes in Dewhursts results for the year to the end of September. Profit before tax fell by 4.4% which the board finds disappointing after last years performance but 2016 was a volatile year with a very weak first quarter followed by a much stronger second half recovery. The final dividend is proposed to be increased by 1p to 8p plus a 3p special dividend.
RWS Holdings RWS delivered record revenue and profits, ahead of market expectations for the year to the end of September. Sales rose by 28% and adjusted profit before tax and earnings per share by 35%. Useful gains were made from currency movements after the referendum. The final dividend is to be increased by 15% to 4.5%. Trading in the first two months of the new year is described as having been very strong.
OMGplc OMG is to increase its final dividend for the year to the end of September, by 54% after a rise in adjusted profit before tax from £4.9m to £5.6m and growth in revenue from £25.7 to £29.5m. In the past two years over £16m has been returned to shareholders and the target now is to double group profit and triple like for like revenue by 2021.
Last Gasp For Herencia ?
Herencia HER has raised a further $150,000 as part of its struggle to keep going pending the hoped for sale of its 70% interest in Paguanta. The new funding is to be paid in two tranches but if the second one is not forthcoming, then Herencia will have to cease trading on the 16th June. The proposed sale transaction is proceeding well but due diligence is still in progress and there can be no gaurantees. A new long stop date of the 4th July has been agreed for satisfaction or waiver of all conditions and completion of the sale.
RWS Holdings RWS claims an excellent 6 months to the 31st March and is increasing its interim dividend by 12% to 1.15p. Despite a substantial adverse impact from foreign currency movements sales rose by 25% and adjusted profit before tax by 28.7%, including a 5 month contribution from Corporate Translations Inc. Trading in the first two months of the second half has continued to be strong.
Iomart IOM proposes to increase its final dividend by 26%, after rises of 21% and 24% respectively in profit before tax and basic earnings per share for the year to 31st March.trading since the end of the year has remained good and the CEO sees the long term future as being bigger than ever.
Gooch & Housego GHH is increasing its interim dividend as its first half performance turns out to have been as expected i.e bad, with flat sales and statutory profit before tax and basic earnings per share, both down by a third. Shareholders , it appears need not worry however, as the order book is robust and up by a third on a year ago and the company is well positioned to benefit from improving market conditions. The second half should show an improvement.
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