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Ian Pollard – easyJet #EZJ, excellent winter performance
Vodafone Group VOD claims that the year to 31st March was one of significant operational and strategic achievement which produced a strong financial performance. In fact it was so strong that revenue fell by 2.2% and in troubled India, Service revenue was down by over 18%. Despite these little local difficulties operating profit rose by 15.4% and the final dividend was increased by 2% to 10.23 euro cents.It also suffered from something called “roaming headwinds”. There is a new entrant in Italy and competitive pressure in Spain but profit growth is expected to continue in the current year.
easyJet plc EZJ produced an excellent performance during the half year to the 31st March with a total profit of £8m, one of its best ever winter trading results. The strong performance was helped by capacity reduction in other airlines but passenger number increased by three million, 8.8%, to £36.8m. Total revenue jumped by 10.5% and revenue per seat was up by 10.9%. Forward bookings for the second half are ahead of last year.
Spirax Sarco Engng SPX updates before today’s AGM that the trading environment remains positive with global Industrial Production growth similar to last year. The currency tailwinds of the last two years have become a headwind during the current year but on an organic constant currency basis, group operating profit for the irst four months of the year is ahead of 2017
Gear4music (Holdings) G4M The year to the 28th February saw revenue rise by 43%, gross profit by 34 % and customers by 39% but pre tax profit slumped by 43% and EBITDA was down by 4%. The year was expected to be transformational with short term profitability implications. The target now is to deliver strong and sustainable revenue and profit growth
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William Hill Surges in Australia and US
William Hill WMH has made a positive start to the year with group net revenue rising by 9% and online revenue up by 16%, for the 17 weeks to 25th April. Australia and the US both surged by 41% after producing double digit “wagering” growth.
Spirax- Sarco SPX Organic sales growth for the quarter to 30th April, helped by a strong economic background, exceeded that of 2016 which was unusually weak. China & Korea put in a particularly good performance and the fall in the pound provided a strong “tailwind.” Expectations for the full year remain unchanged.
Gear4music G4M saw record growth in sales a profits for the year to 28th February which it describes as transformational. International markets were particularly strong with a rise of 124% and the number of active customers rose by 50%. Revenue was up by 58% and on an underlying basis EBITDA rose by 115% and operating profit by 192%. The company sees the next 12 months as exciting.
Cello Group CLL has made a strong start to the year and sees the outlook as pleasing.