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Ian Pollard – Persimmon #PSN new house price inflation falls to 1%
Persimmon plc PSN claims to have delivered another strong trading performance in 2018 with total Group revenues of £3.74bn., 4% higher than the previous year. A little cloud in the sky appeared in the shape of the average selling price increased by only 1%, which from memory is the lowest for many a year and not something which housebuilders welcome because they think it indicates the market is weak and they can not sell their houses. Housebuyers however can see it as a very good thing which eases the burden of above inflation price increases which the builders used to impose with such glee. Forward sales at 31 December were 3% ahead of 2017 which shows the benefit for the builders of more stable prices. Pre-tax profits for 2018 are expected to follow a similar pattern and be modestly ahead of current market consensus.
Savills plc SVS experienced a robust closing quarter and produced growth in both revenue and underlying profits for the full year. The residential business continued to perform well in challenging market conditions. These achievements came against a backdrop of heightened uncertainty through the last quarter as Brexit, US trade policy produced concerns.
Games Workshop GAW continues to be in great shape says the CEO as the interim dividend is increased from 61p to 65p for the six months to the 2nd December after Revenue rose from £109m. to £125m. Basic earnings per share for the half year have grown from 96p per share to 100.8p
Spirent Comm PLC SPT updates for the final quarter to the 31 December and for the year in full. Revenue for the full year grew by 6% and good momentum continued into the final quarter.On an adjusted basis operating profit is expected to show a 30% increase on the previous year, exceeding market expectations and demonstrating a year of strong profitable growth.
Telit Communications TCM expects revenue for the year to the end of December to show strong profitable growth Aadjusted operating profit is expected to exceed market expectations with a rise of some 30% on the previous year. Shareholder approval for the proposed sale of the automotive division is expected to be obtained on the 29th January and completed on the 31st January.The Executive Chairman claims that over the last few months, the Group has delivered double-digit revenue growth, and improved profitability over the year. The financial performance is expected to be improved further in 2019.
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Ian Pollard – easy Hotel trading strongly
easy Hotel plc EZH Strong trading experienced in the previous year has continued through the year to the end of September. The groups owned hotels have significantly outperformed both the competition and the wider OK hotel market. Franchised hotel have also traded strongly especially in continental Europe.In 2018 four new owned hotels will be opened adding a total of 517 rooms, whilst new franchised hotels due to be opened will add a further 798 rooms.
Sopheon plc SPE The board now expects revenue for the year to he 31st December will be comfortably ahead of market expectations whilst EBITDA and pre tax profits should be significantly ahead.This follows two substantial deals in the final quarter leading to an increase from 49 to 59 in licences for the year as a whole.
James Halstead plc JHD Turnover for the half year to the 31st December rose by 5% to record levels after strong December trading in the UK, Germany and Australia
Utilitywise UTW Trading in the company’s shares will be temporarily suspended at 7-30 this morning as it will not be able to publish its annual audited accounts by the end of this month. The delay is due to the amount of work involved in its new revenue recognition policy and the suspension will be lifted as soon as it is able to publish its results.
Telit Communications TCM has received expressions of interest from numerous parties with regard to the proposed sale of its automotive division and due diligence is now being undertaken. There is no intention of selling any other divisions or activities.
Defenx DFX confirms that revenues for the year to 31st December will be materially below those of the previous year resulting a significant loss for 2017. The appointment of a new CEO in November has resulted in progress being made in solving the company’s problems but difficulties remain in collecting in trade debts and collections have been limited during the last three months.
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Corporate news review Thursday 28th September 2017
Air Partner AIP reports gross profit up 12.2% at £18.1m, with underlying PBT up 34.4% at £4.1m. AIP says it enters the next six months with optimism that FY expectations will be met.
Ascent Resources AST interims – recompletion and flow testing of well Pg-10. Construction of the new pipeline connection at MRS Lendava required to export gas production to Croatia. Refurbishment of separation equipment at the existing CPP (a gas separation facility) owned and operated by partner Petrol Geoterm. Raised £2.9m through PrimaryBid and reduced debt by almost £6m through loan note conversions. Post Period Highlights: Now selling gas, with reported revenues for the first time since 2013 and are now virtually debt free. The Company is now in a strong position to look to expand our operations into new territories and face the future with increased optimism.”
Chapel Down Group CDGP interim year on year sales up 22% to £4.977m and EBITDA up to £235k (H1 2016: £93k). CEO Frazer Thompsonsays the group has a fantastic team of people, and are excited about the prospects for the future.
Clinigen Group CLIN reports FY adjusted gross profit up 22%, adjusted EPS up 25% to 41.8p and strong cash flow with cash generated from operations of £54.7m (2016: £49.4m). Net debt substantially decreased by £33.1m to £35.0m, and the FY divi is up 25% to 5.0p.
CMC Markets CMC pre-close trading update – profitability in H1 2018 is significantly higher than the same period in 2017 with both net operating income and revenue per client higher (and marginally higher than H2 2017), driven by increased client volumes. Regulation remains a key focus, and despite profitability in H1 2018 being significantly higher than the same period in 2017, CMC remains cautious about the future outlook.
Euromoney Institutional Investor ERM pre-close trading update ahead of FY results. Since issuing its trading update on July 21, 2017, overall trading has continued in line with the board’s expectations for the financial year.
Telit Comms TCM updates on trading and narrows its financial guidance such that it expects revenues of $390m-$400m for the financial year to 31 Dec 2017 (2016: $370.3m) and adjusted EBITDA is expected to be $44m-$48m (2016: $54.4m) before one-off restructuring costs which are expected to be incurred as the review is implemented. Telit expects to see, as normal, significant cash generation during H2 and expects to satisfy all financial covenants which are imposed upon it when tested as at 30 September 2017.
NWF Group NWF AGM statement: “Trading has been ahead of the same period last year and in line with the Board’s expectations, with net debt reflecting the normal seasonal fluctuations. “The Board’s outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions.
Legal & General Impressed By Its Excellent Management.
Legal & General LGEN heaps praise upon itself for its resilient and consistently improving financial performance, as it raises its interim dividend from 4p per share to 4.3p per share. The figures are certainly impressive with half year profit before tax and earnings per share each up by 41% and it is all due to excellent management execution. Of course when Brexit or other clouds, gather on the financial horizon, it will probably all become the fault of the politicians but we can leave that for another day.
G4Splc GFS is yet another company whose Chief Executive witters on about its “pipeline” with new products and services strengthening its sales operations. For the six months to the 30th June revenue rose by 6.2% and earnings per share at constant rates were up by 7.8%. The company’s investment proposition is to deliver sustainable growth in earnings, cash flow and dividends – hands up anyone who can name a company which admits to different aims. Despite pipelines and investment propositions, the interim dividend remains unchanged.
Telit Communications plc TCM The Chief Executive, Oozie Cats has requested and been granted leave of absence following speculation about his possible indictment in the US in respect of matters which are entirely unconnected with the company.
Tasty plc TAST has had to admit that despite a full review of its operations, management has been unable to take any action which is likely to bring about the expected improvement in the company’s fortunes during the course of the current year. Instead it falls back on the forecast made at the end of March that the trading environment would be challenging and so it has proved to be. Profit after tax for the 27 weeks to the 2nd July collapsed from last years 1,283,000 to a mere 200,000 pounds.. Disposals and closure to take place. The full story should be released with the interim results in September.
Nanoco Group NANO welcomes as much needed, the decision by the European commission to ban the use of Cadmium in TVs lighting and other displays. Nanoco is a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials.
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Plus 500 Record Breaking Results And More To Come
Plus 500 PLUS produced a strong performance with record breaking results significantly ahead of expectations, in the six months to the 30th June. Net profit rose by 104%, EBITDA by by 100% and earnings per share by 103%. Revenue rose by 19%. Including the share buy back programme returns to shareholders more than doubled, rising from $26.7m to $64.4m. Current trading continues to be strong and it is expected that results for the remainder of the year will continue to exceed market expectations, significantly.
Telit Communications TCM plunged from a profit of $4.7m to a loss of $6.7m before tax in the six months to the 30th June. Revenue growth was hekd back by a number of factors including delays in the US certification of LTE poducts which is not now expected until quarter 3. Despite the delay the company still expects these to be strong growth drivers in the second half and remains confident of a strong performance but just to be on the safe side the interim dividend of 2.5 US cents per share is being abolished.
Ultra Eectronics ULE Expects to see the year more heavily weighted than normal towards the second half following delays in the awarding of new contracts due to the UK general election and delays in the US budget being approved. First half revenue fell by 0.1% and underlying profit before tax by 0.2% but the interim dividend is being increased by 2.8%
Filta Group Holdings FLTA updates that revenue growth in the six months to the 30th June has been in the region of 38% following strong performances in both the UK and the US. The first half has been substantially ahead of last year and further growth is expected throughout he remainder of the year.
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Whitbread Raises Dividend by 6%
Whitbread plc WTB is increasing its full year dividend by 6% after another year of strong sales and growth. Revenue for the year to 2nd March rose by 8.2% and underlying profit before tax by 6.2%. On a like for like basis revenue at Premier Inns increased by 2.3% after achieving an occupancy rate of over 80%. 3816 rooms were added during the year. Costa grew by 2% on a like for like basis and opened 255 net new stores worldwide. However a tougher consumer environment is foreseen for 2017, although Premier Inns has made a good start to the new financial year and Costa has continued to see like for like sales growth.
Minds & Machines Group MMX saw an increase of 159% in gross profit for the year to the end of December, after growth of 100% in billings and 146% in revenue. Operating costs fell by 46%. EBITDA was transformed from a loss of $4.4m in 2015 to a positive $3m. There is still significant scope for revenue and billing improvements and the size of the Board was reduced from seven to four.
Elementis ELM enjoyed strong demand in most markets, exceeding that of the first quarter of 2016. Growth in Personal Care and in Energy was notably stronger than last year. for the remainder of the current year all 3 sectors are expected to produce growth in operating profits.
Telit Communications TCM has traded in line since the beginning of the year and is on course to meet expectations for double digit revenue growth for the full year.
Imaginatik plc IMTK claims good underlying progress for the year to the end of March, with flat revenues and bookings down some 25% from £4.7m to £3.6m. The strong dollar resulted in a foreign exchange loss of £0.23m and net of that. the adjusted loss after after tax will be basically in line with expectations at £0.55m. New business opportunities for 2017 are said to be strong.
EU Supply plc EUSP reduced its loss before interest and tax by 42% for the year to 31st December and actually moved into profit in the final quarter. New contrcts entered into in 2016 helped to establish a profitable platform for growth and generated a strong order book for the start of 2017
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CEO admits Marks Business Is Unsustainable
Marks & Spencer MKS CEO Steve Rowe openly admits in todays strategic update that Marks business is not sustainable and needs to be built into one that is and one which will also delight its customers. If its stores in Greece are anything to go by he is dead right and it is going to take a lot of work to make them anything like sustainable and pleasing.
How can you make a profit if you can not bother to open up until 9am. when you are within 100 m. of a Lidl which opens and has queues from 8a.m. and 50 m from one of Greeces largest supermarkets which like most shops also opens at 8a.m. The M&S staff in the clothing store are so unsupervised that they go and sit on the steps outside and smoke whilst customers queue because of unattended check outs and are told if they want to be served quicker they must go upstairs. it is in the backwoods of a business that management weaknesses are exposed not in stores within a stones throw of head office.
Food sales for the half year to 1st October did rise by 4% and made good progress but like for like sales still fell by 0.9% despite outperforming the market. Clothing and Home fell by 5.3% or 5.9% on a like for like basis. In the UK like for like sales fell by 3.0%. Basic earnings per share for the half year slumped by 90.5%, statutory profit before tax by 88%. and on an underlying basis profit before tax was down by over 18%
Punch Taverns PUB Average profit per pub rose by 4% during the year to 20th August as strategic disposals came to an end. The year produced a strong set of results but nowhere near strong enough to reinstate a final dividend. Underlying profit before tax was down from £60m to £53m. but last years loss of £105m was transformed into an actual profit before tax of £60m.
GETECH GTC Profit before tax fell by nearly two thirds during the year to 31st July and earnings per share were down from 5.77p to 3.25p. However steps taken in the first half strengthened considerably the performance in the second half. The backdrop to the company’s performance remained challenging as oil prices remained low and volatile.
Aviva AV. is raising its interim dividend for the half year to the 30th September by 117% to 13p but it is only doing this so that full year dividends are re weighted towards the interim dividend. I winder how the final dividend will be re weighted. The full year outlook is in line.
Telit Communications TCM expects to finish the current year strongly, with double digit growth anticipated in EBITDA and earnings per share.
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Alan Green discusses Telit Communications (TCM) results on the AFVFN podcast
Alan Green discusses Telit Communications (TCM) results with Justin Waite on the AFVFN podcast. Click here to listen to the podcast.
Looks like they delivered too! A 28.8% increase in first half adjusted EBITDA to $21.8m on revenues up 13.1% to $156.3m. Adjusted basic EPS rose 30% to 11.7 cents while net cash/debt fell to $nil from net debt of $3.9m in Dec 2014. Each and every operational financial parameter improved during the first half compared to the corresponding period in 2014; expenses, while growing in absolute numbers, decreased as a percentage of revenues.
CEO Oozi Cats said the first half result “starts to reveal the strength of our strategic acquisitions in the area of IoT connectivity and Application Enablement Platform (AEP) in recent years. These have added a layer of recurring revenues to Telit’s traditional business and we expect them to continue increasing their contribution over the coming years.”
Alan Green discusses Telit Communications (TCM) on the ADVFN podcast
Alan Green discusses Telit Communications (TCM) with Justin Waite on the ADVFN podcast at Sharepickers.com.
Click here to listen to the podcast.