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BT Admits The Cost of Bad Management
BT Group BT.A airs its dirty washing in public after describing the year to the end of March as a challenging one, made worse by headwinds in the UK public sector. It is still managing to increase its final dividend by 10% despite a 19% fall in reported profit before tax, which slumped even more in quarter 4 with a fall of 48%. Reported basic earnings per share were also down by 33% for the year and 49% for quarter 4. And that is not the end of the bad news. Revenue for the current year is expected to be broadly flat and dividend growth will fail to reach the anticipated 10%.
To add to its list of excuses there were further headwinds from the international corporate market and the self inflicted in house disasters created by BT management itself, including hefty fines and avoidable problems in Italy. Management has learned lessons, it humbly claims. A bit late in the day perhaps but we shall see. The lack of heads rolling around on the boardroom and executive canteen floors may be regarded by some as a cause for concern.
Stobart Group STOB is proposing a 50% increase in dividends for the year to 28th February with a final payment of 4.5p per share. The year produced a statutory loss of £8m after deduction of non underlying items of £ 35.4m. On an underlying basis, profit before tax rose by 48.9% and basic earnings per share by 62.4%.
On The Beach Group OTB is paying a maiden interim dividend of 0.9p for the half year to 31st March, after a 7.3% increase in revenue led to a 33.8% surge in profit before tax. Adjusted earnings per share rose by 27.1% and net debt fell by some two thirds to £2.3m. The group describes this as a solid performance, strengthening towards the end of the half year and continuing to grow in the second half.
United Carpets UCG has announced a special dividend of 1p per share which will be paid on the 25th May
Supergroup SGP The year to 29th April produced good sales and profit growth, with revenue ahead by 27.2%. Profit for the year is ecpected to be in line with expectations at £86-87m
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Mothercare Impacted By Unseasonable Weather.
Mothercare MTC Senior management seems not to understand one of the basic facts of life about the UK, namely that it does not have a climate, it has weather and for much of the year its weather is unseasonable, thoughtlessly providing mini heat waves in February, snow in May and year round excuses for management’s failures.
So MTC goes unthinkingly into the excuses drawer and plucks out unseasonable weather as having impacted it during the quarter to 9th July, when UK sales fell by 2.1% although on a like for like basis they rose by 1.2% after allowing for closures. International sales in actual currencies rose by 5.1% and worldwide sales by 2.7%, after an increase of 2.3% in space. As for the future, MTC says that its vision is clear, except of course when it is foggy in summer.
Supergroup SGP is paying a a final special dividend of 20p per share, on top of the full ordinary dividend of 23.2p after a year of significant progress in which revenue rose by 21%, underlying profit before tax by 16.3% and basic earnings per share by 21.8%. The company exudes with confidence for the future.
Dart DTG is increasing its final dividend from 2.25p. per share to 3.10p making an increase for the full year of 33%. Profiut before tax soared by 159%, basic earnings per share by 169% and group operating profit by 216%
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Talk Talk “On-Net Adds Flat” & Other Tripe
Talk Talk Telecom TALK wins today’s prize for gibberish with a claim that on-net adds flat. RGU growth + 148k . Quarterly churn ( presumably from the dairy division) is the lowest ever at 1.3% and the company is now a trusted value champion. Presumably it was previously either untrusted or not a champion. When will these people who run some of Britains best known companies wake up to how much damage they do to themselves and their companies with this sort of tripe. ( at least for those of us from the North of England who recognise a good piece of tripe when we see one.)
As for the understandable bit of the preliminary results, TALK enjoyed a strong bounce back in quarter 4 and there are strong opportunities for growth across all products. Corporate revenue for the year to 31st March fell back by 2.9% whilst Data revenue rose by 40%. Statutory profit before tax fell from £32m to £14m because of exceptionals and earnings per share plummeted from 7.8p to a miserly 0.2p. Obviously after a bit of a nightmare year the shareholders have to be persuaded not to ask too many questions and the dividend is being increased by 15%.
ITV plc ITV has made a good start to the year with external revenue up by 14% and ITV Studios revenue surging by 44% in the first quarter to the end of March. Viewing share was up by 3% and good group profit growth is expected for the first half.
Stobart Group STOB appears to have turned the corner in the year to the end of February, with a rise of 98% in underlying profit before tax and last years loss of £9.4m having been turned into a profit of £10m on a like for like basis. Basic earnings per share have nearly doubled from 2.6p to 5p and like for like revenue has risen by 8.6%. All five divisions produced improved profitability. The final dividend is held at 4p.
Southend airport which is still misleadingly named as London Southend airport was named by Which as Britain’s best airport.
Supergroup SGP enjoyed robust trading during its 4th quarter, helping full year group sales to rise by 21% and retail sales by 24.5%. Wholesale revenue was up by 13.7% for the full year but the strength of the second half was sown with a rise of 19.6%
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