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Corporate news review Thursday 10th August 2017
Amec Foster Wheeler AMFW reports net pre-tax exceptional gains of £47m in the half-year ended 30 June 2016 and says it has made a strong start to its transformation programme, with the first signs of progress now showing up in the order book.
Cineworld Group CINE reports half year revenue growth of 17.8%, with adjusted profit after tax up 23.5% to £42m. Looking forward the film release programme for the second half of the year includes a number of key releases namely “Justice League”, “Paddington 2”, “Thor: Ragnarok”, “Kingsman: The Golden Circle” and “Star Wars: Episode VIII”, and many more. Based on the H2 film slate the group remains confident of delivering a performance for the year as a whole in line with current market expectations.
DFS Furniture DFS publishes a pre-close trading update, and says H2 has been weaker than expected owing to significant declines in store footfall and customer orders across April, May and June. Overall, Group H2 revenues were 4% lower than the prior year, and following an increase of 7% in H1, expects to deliver growth of 1% over the year as a whole. FY EBITDA will be at the low end of the £82-£87m range previously given.
Evraz EVZ reports strong free half-year cashflow of $549m (H1 2016: $102m), and has reduced net debt to $4.28bn (FY2016: $4.8bn). An interim dividend of $0.30 per share will be paid, equalling an overall payout to shareholders of around $429.6m. Looking ahead, expects the results for the year to also reflect the positive trends on the global steel market.
Glencore GLEN reports adjusted half year EBITDA up 68% and EBIT up 334%, while net debt fell a further $1.6bn to $13.9bn from end of 2016. GLEN says its portfolio of Tier 1 commodities underpins ambitions to create significant long-term value for shareholders.
St. Ives Plc SIV updates on trading and says overall results for the year are expected to be at the top end of the range of current market expectations. H2 revenue was approx 17% ahead of the equivalent period last year and, excluding the effects of currency movements, like-for-like revenue growth was c12%. The group continues to be encouraged by the performance of the segment, which has now returned to strong like-for-like revenue growth, with a significantly improved operating margin. Trading conditions within Marketing Activation segment continues to be challenging, as reported in June 2017.
Greggs Winter Warmer – Chipotle Pulled Beef
Greggs GRG Total sales for the 13 weeks to 1st October rose by 5.6% and on a like for like basis in company managed shops, the rise was 2.8% which are in line with expectations. during the year to date 145 shops have been refurbished, 103 new ones opened and 58 closed. And just in case you gourmets had not heard the news, Gregs is looking to two new gastronomic delights to see it through the winter -Chipotle Pulled Beef, which sounds rather obscene and Fiery Pulled Chicken, yummy, yummy.
St. Ives plc SIV saw revenue rise by 7% during the year to 29th July but adjusted profit before tax fell by 8% and basic earnings per share by 13%. On a statutory basis last years profit before tax of £8.7m. was turned into a loss of £5.7m and basic earnings per share of 4.35 became a loss per share of 5.93p. The company interprets this as making important strategic progress across all three drivers of growth. It claims to be excited by the opportunities and well positioned to make further progress. As this years progress has been to turn last years profit into this years loss, that does not seem to be a very promising definition of “progress”.
Revolution Bars Group RBG produced strong growth and record profits for the year to 30th June. revenue rose by 6.9% or by 2.3% on a like for like basis. Profit before tax rose from last years £2.9m to £7.1m which on an adjusted basis turned into a rise of 10.8%, with adjusted earnings per share up by 14.1%. A final dividend of 3.3p per share is to be paid.
ScS Group SCS has turned last years 5.6p loss per share into positive earnings of 21.8p per share after significant growth for the 53 weeks to the end of July.. Gross sales, revenue and like for like orders each rose by over 14% and gross profit for the year is up by 17.3%. Dividends for the year are to rise by 3.6% after a proposed final dividend of 9.83p per share.The growth has continued after the year end, with like for like orders up by a further 4.5%
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St. Ives Impacted By Economic Uncertainty
St Ives plc SIV Despite trading during the 8th months to 1st April being 5% ahead of last year, St Ives has had to issue an urgent warning that underlying profit before tax for the current year is likely to be materially below expectations. The outlook for the final quarter has deteriorated due to economic uncertainty which has led to the cancellation and deferral of significant projects and the impact is likely to be felt throughout the whole of the next financial year.
Lok’n Store Group LOK claims its interims for the 6 months to 31st January are “great”, with record results ahead of expectations on all fronts. Profit before tax rose by 155% after like for like revenue grew by 8% and adjusted EBITDA by 13.1%. The interim dividend is being increased by 14.6%. As a sign that profit growth should continue in robust fashion, like for like occupancy rose by 2.4% and prices for occupied units by 3.3%.
Randall & Quilter RQIH turned 2014’s loss of £1.6m into a pre tax profit of £2.8m for the year to the end of December, whilst earnings per share came in at 4.2p compared to 2014’s loss per share of 6.3p. The turn round was due entirely to a significantly stronger second half which alone produced a trading profit of over £7m.
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