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Corporate news review Tuesday 26th September 2017
AA Plc AA. Reports a robust H1 for Roadside and Insurance. Trading EBITDA rose 1% to £193m reflecting gains in insurance broking as well as reduced Head Office costs. Chairman John Leach said the Board “is very pleased that Simon Breakwell has agreed to take the role of CEO on a permanent basis”
Animalcare Group ANCR says pre-merger trading for 12 months ended 30th June 2017 was in line with the Board’s and market expectations. Total revenues were up 7.9% at £15.87m, underlying operating profits grew 11.8% to £3.57m. The enlarged group is confident in prospects for growth and expectations for earnings accretion in 2018 and beyond.
Barr (A.G.) BAG says interim revenues grew 8.8% to £136.6m, while PBT fell to £19.4m (2016 : £21.1m) including an exceptional credit of £1.9m. Free cash flow of £20m has resulted in a net cash position of £7.9m (2016 : net debt (£6.6m) and an 5% hike in the interim dividend has been declared. The Company remains on course to meet the FY expectations.
Ebiquity EBQ reports a 5.6% rise in total revenue to £44.6m, and underlying PBT down 21.8% to £6.2m, in line with market expectations and implementation of growth acceleration plan. Underlying operating cashflow conversion increased significantly to 89.2%, while net debt decreased as expected by £1.8m to £26.3m. EBQ remains on track to meet FY expectations.
Netcall NET reports a significant increase in mix of cloud services contracts, with an order book of contracted future minimum revenues up 13% to £17m. Annualised recurring core revenues increased by 8% to £11.8m, while adjusted EBITDA increased 1% to £4.49m. A final dividend of 1.16p is proposed, an increase of 5%.
Thomas Cook TCG publishes a pre-close trading update, and says summer 2017 is closing out as expected, with FY underlying EBIT outlook unchanged. Overall Group bookings remain in line with expectations, up 11% compared to this time last year, with average selling prices up 1%.
Transense Technology TRT reports FY revenues steady at £2m (2016: £2.08m), and pre tax losses from continuing operations of £2.16m (2016: Pre tax profit of £1.59m, adjusted pre tax loss of £1.17m). Executive Chairman David Ford, said: “The forward looking cash flow based on the anticipated level of activity indicates that the Group should have sufficient funds available for the short to medium term”
United Utilities UU. says FY revenue is expected to be just under 3% higher than the first half of last year, reflecting regulatory revenue changes, partly offset by the accounting impact of Water Plus business retail joint venture, which completed on 1 June 2016. Underlying H1 operating profit for 2017/18 is expected to be higher than the first half of 2016/17
Royal Mail Responds To Challenges
Royal Mail Group RMG One can adjust ones view of Royal Mails results for the year to 31st March, according to whether one prefers ones results on a reported or on an adjusted basis.Whichever one prefers the final dividend of 15.6% means a rise for the year of 4%. On a reported basis, profit before tax has risen by some 50% to £335m and basic earnings per share have risen from 21.5p to 27.5p.
Its main achievement for the year has been to respond to a challenging operating environment. No explanation is given as to what management found challenging in managing to deliver parcels and letters on time but these days no self respecting company misses the opportunity to say it operates in challenging conditions, which helps to make management look better than it actually is. On a positive note for the current years performance, RMG says it is past the peak of its investment spend.
Burberry Group BRBY tried to elevate its business in the year to 31st March, using key revenue drivers to enable it to gain the necessary height. It also had growth in digital as it invested in omni channel – the ignorant amongst us may ask “omni channel” what ? Elevating the brand appears to have resulted in profit before tax falling by 21% on an underlying basis and 5% on an adjusted and reported basis, Dividends for the full year are to be increased by 5%. A new CEO will also come on board soon. Let us hope for the sake of Burberry that he will have and keep his feet on the ground.
Greggs GRG has made a good start to the year with sales up by 7.5% on the first 19 weeks to the 13th May. There is growing demand for its £2 breakfast and for Balanced Choice but what may one ask will happen to the good old sausage sarnie – will that too become just a symbol of a bygone age? 87 shops have been refurbished during the year
Thomas Cook TCG enjoyed strong winter demand for Spain and long haul destinations led to a 3% revenue rise for the six months to 31st March. Online UK bookings have risen by 15%, way behind the Germans who are showing a rise of 35%. summer demand is strong for Greece and smaller European destinations,with bookings from Northern & Continental Europe showing double digit growth and confirming that there is real momentum behind managements strategy for growth. Greece has proved to be the outstanding destination for the coming summer.
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United Utilities – High Level Of Regional Deprivation
United Utilities UU complains that its customers and the area in which they live suffer from high levels of income deprivation ie “a damaging lack of basic material benefits.” I wonder what its customers think to that slur. Shareholders need not fear however, as the company has “innovative facilities for enhanced engagement with its customers” – i.e bad debts are being kept under control.
Gross revenue this year will be slightly lower than last year but it still expects record operating profits. These however will be impacted by reforms and restructuring costs. Now a well managed company can not allow problems like that, amounting to some £16m, to affect its results, so it has decided to ignore them and exclude them from its underlying profit calculations at the end of the year. Those of us who are not accountants, may view that with a certain incredulity
Thomas Cook TCG is closing its winter booking season at similar levels to last year but with average selling prices down 1%. Summer bookings are so far up 10% on last year, led by Greece with a huge surge of 40% and signs of a return taking place to Turkey and Egypt. In the airline sector competition to the Spanish islands is putting downward pressure on prices.
Churchill China CHH is increasing its final dividend by 16% after a strong 2016 performance. Revenue for the year to 31st January rose by 9%, leading to rises of 29% and 30% in basic earnings per share and profit before tax.
Moss Bros MOSB had a successful 2016 with profit before tax for the year to 31st January rising by 20.3% and basic earnings per share by 17%. The final dividend is being increased to 3.98p per share making a total rise of 6.1% for the year. Retail like for like sales in the first seven weeks of the new year are up by 4.3% but like for like hire has collapsed by 14.3% due to an in store offer.
Card Factory CARD boasts of another record year with operating profit down by 3.7% and basic earnings per share and profit before tax both down by 1.1%. The final dividend for the year to 31st January is to be increased by 5% making a total increase for the year of 7.1%.
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Smith & Nephew Raises Dividend 20% as Growth Slips
Smith & Nephew plc SN. proposes to increase its full year dividend by about 20% at current exchange rates following a fourth quarter fall in reported revenue of 3%. The CEO admits that 2016 growth of 1% in reported revenue was lower than the company wanted and blames market conditions in China & the Gulf States with headwinds and foreign exchange movements also getting their fair share of criticism. 2017 is expected to produce stronger growth, with reported revenue anticipated to rise by between 1.2% and 2.2%.
Thomas Cook Group TCG describes its first quarter performance to 31st December as solid, with revenue up 1% helped by growth in holidays to Spain and long haul destinations and Greece showing particular strength with a rise of 40%. Summer bookings are 9% ahead of last year with 31% already sold and digital is spurting ahead with growth of 20%. There is however some caution about the uncertain economic and political outlook for the rest of the year.
Boohoo.com BOO has agreed to acquire he assets of Nasty Gal, who/which, it says offers exciting opportunities to accelerate its international offering. The deal is due to be concluded on the 28th February.Watch Full Movie Online Streaming Online and Download
Enterprise Inns ETI is to change its name by removing the Enterprise and becoming plain Ei Group which sounds like it was dreamed up by a committee of accountants who hadn’t a clue as to the importance of enterprise in a company. In the 18 weeks to the 4th February, like for like net income rose by 1.6%
Tate & Lyle plc TATE Expects that its full year performance in constant currency will be modestly ahead of expectations at the half year mark. The quarter to 31st December saw profit in both divisions ahead of the previous year.
DFS Furniture DFS Gross sales rose by 7% in the half year to 28th January as the good times continued. The company expects to be able to announce a a proposed special dividend at the end of March but warns that the furniture industry faces increased risk of a market slowdown in 2017 because of the uncertain outlook for consumer confidence.
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Thomas Cook Hit Hard in Continental Europe
Thomas Cook TCG has been hit hard in Continental Europe with prices down 3% compared to last year on top of a 9% fall in bookings. Belgium is down significantly following the Brussels terror attacks and Germany is showing a 6% fall compared to 2015. Overall today’s pre close update shows strong demand for most destinations except Turkey which remains volatile. Winter sales are in line with last year despite the work the company claims it has done in trying to improve customer satisfaction.
Next Fifteen.com NFC is raising its interim dividend by 25% to 1.5p per share after revenue rose by 30.3% for the six months to 31st July. Sales in the US were particularly strong with a like for like growth of 17.2% compared to 12.8% overall. Profit before tax was up by 47.2% and EBITDA by 50.6%.
Legal & General LGEN In the three months since 30th June the Retirement Division has written sales of over £1.4 billion compared to £2.9 billion for the whole of 2015. The Divisions full year sales are expected to be double those of last year.
Card Factory CARD is paying a special dividend of 15p per share and increasing its interim dividend by 12% for the half year to the 30th July. Profit before tax rose by 7.3% and basic earnings per share by 7.1%. Sales growth has been lower than normal, following what the company describes as softer footfall, which presumably means that customers are treading more carefully.
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Mothercare Delivering at Last
Mothercare MTC The turnround in the UK is continuing apace with group underlying profit before tax up by 51% and statutory profit before tax of £9.7m, being the first after four years of losses. Like for like UK sales rose by 3.6%
Internationally the picture is much blacker and having set the UK on a path to growth, the company is now turning its attention to the problems there and intends to export the lessons it has learned at home to bring recovery and profits back to the international side of the business. The aim is to become world leader in its markets and it is many a long year since anybody at Mothercare dared to even dream of that.
Thomas Cook Group TCG claims it has fundamentally changed its attitude to its customers. Not before time many would say. This must be one of the best pieces of news to come out of the travel industry for years where customers seem to be regarded as a necessary evil.
It claims that group revenue for the half year to the end of March rose slightly whereas the figures seem to show that it actually fell – a minor matter in the world of TCG. Both operating loss and loss before tax showed good falls of 13% and 15% respectively. excluding Turkey, summer bookings are up by 6% or if you include Turkey they are down by 5% overall. Bookings for Spain are strong and the US is leading the way with a rose of 29%
Shanks Group SKS. Tough market conditions have not prevented both revenue and profit growth for the year to the end of March. The weak spot was the municipal division which was impacted by unspecified headwinds with the result that trading profit in that division was down 15%.
Trading profit rose by 4% and last years loss of £12.4m was turned into an operating profit of £9.8m and the previous basic loss per share of 4.6p was reduced to 1p. The loss after tax has been substantially reduced from £18.2m to a more acceptable £4m. The company claims it has the vision, strategy and organisation, to deliver growth.
Mitchells & Butler MAB claims strong earnings growth for the half year to 9th April, with profit before tax growing to £83m from last years £75m. and earnings per share up from 14.4p to 18.4p. Total revenue, however, was down by 1.5% and the company admits that there is much to do for it to acclerate its trading performance.
National Grid NG has had a strong year and is raising its dividend by 1.1%. Operating profit for the year to the end of March rose by 6%. profit before tax by 9% and earnings per share by 10%.
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Lies, Damned Lies and Thomas Cook’s Headline Statistics
“Lies, damned lies and statistics” a phrase often attributed to Disraeli, is used to describe the persuasive power of numbers, particularly the use of statistics to bolster weak arguments. Some of the headlines used in Thomas Cooks third quarter results last week seemed to lend some strength to the adage.