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Ian Pollard – Telecom Plus #TEP Delivers New Records
Telecom Plus TEP delivered record revenue, profits and dividends in the year to the 31st March, with growth and momentum becoming significantly faster. The impact of a warm winter and the Ofgem price cap have led to expectations that pre-tax profits will be towards the lower end of previous guidance at around £56m. For 2020 however it is expected that accelerating growth will lead to adjusted profit before tax of between £60m and £65m and a 10% increase in the total dividend to 57p per share, compared to this years 4% rise to 52p per share,
Countryside Properties plc CSP reports solid trading in the 6 months to the 31st March, with completions up by 43%, the private average selling price down by 4% and a strong forward order book up 49%. After a slow start to the year, the spring selling season is described as having been robust. Completions are expected to be weighted towards the second half.
Bunzl plc BNZL Group revenue in the first quarter from the 31st December increased by 4% at actual exchange rates whilst at constant exchange rates the rise was 2.5%. The rate of underlying revenue growth however slowed during the quarter due to mixed macroeconomic and market conditions across the countries in which the Group operates, especially in North America.
ZOO Digital Group ZOO reports that the financial outturn for 2019 is frustrating and has been impacted by market shifts and client disruption, The company has already disclosed that planned investment has impacted on profitability to such an extent that adjusted EBITDA in the second half will be around break-even at around $0.5m.
Dialight plc DIA continues to work on its recovery and global end markets continue to be robust.The Board expects further progress to be made in 2019 and the Group’s results to be heavily weighted towards the second half.
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Ian Pollard – Hornby #HRN & self-inflicted wounds
Hornby plc HRN Years of mismanagement continue to take their toll at Hornby, where sadly, things seem to go from bad to worse with every year that passes. Revenue for the year to the 31st March slumped badly from £47.4 to £35.7m whilst the annul loss before tax edged slightly higher to £10.1m. Group sales for the 10 weeks to the 8th June are lower than expected, a self inflicted wound if ever there was one, caused it seems by the impact of insufficient investment in tooling in past years. The new CEO puts a brave face on things, claiming that they are currently laying down the foundations for their future success.
Ferguson plc FERG third quarter revenue rose by 10.2% and trading profit was up by 17.1% despite a miserable performance in the UK. The US continued to grow strongly and the fourth quarter has started well. Yet again the UK let the side down badly with growth of 0.7% which included price inflation of 3%. In the UK organic revenue declined by 10.9%, whilst trading profit slumped by 29.3% at constant exchange rates.
Ashtead Group AHT Announces another very successful year crowned with a strong fourth quarter which saw revenue and profit before tax each rise by 20% and earnings per share by 26%.Revenue for the year to 30th April rose by 20% and it is proposed to increase the final dividend to 27.5p per share making a total rise for the year of 20%.
Telecom Plus TEP performed as expected in the year to 31st March, with further growth in all areas of the business. Revenue rose by 7.1% and on a statutory like for like basis profit before tax just managed to edge ahead by 0.3%, earnings per share rose by 2.1% and the full year dividend is to be increased by 4.2% to 50p per share. The most notable achievement of the year appears to have been winning the Which “Best Utilities Provider” 2018 award.
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Ian Pollard – Weir Group #WEIR, 50% rise in oil, gas & shale revenues
Weir Group plc WEIR performed strongly in its main markets and first quarter orders grew by 22%, with minerals up by 13%. Oil and gas led the way with a 50% rise after strong drilling and completion activity in North American onshore. Further success was encountered as it became the preferred provider to major shale pressure pumpers. Weir has also announced the acquisition of ESCO which has a world-class team and will add another leading global brand.to its porfolio. It also intends to start the process of selling Flow Control with the aim of reallocating capital to build further on its core platforms.
Unilever ULVR made a good start to he year with first quarter sales growth of 3.4% and emerging markets doing even better with 5.1%. The quarterly dividend is to be increased by 8% after what the company describes as a good volume driven performance across all three divisions. Markets in Europe remained challenging as a resut of weak consummer demand, prie deflation and a challenging retail environment, especially in France. A triple whammy if ever there was one.
Rentokil Initial RTO has started the year well with ongoing revenue up by 15.7% at constant exchange rates. although on an organic basis revenue growth of 3.2% was down on last years 3.7%. Another year of successful growth is expected for 2018 despite unseasonably cold weather in March having delayed the onset of the US pest season.
Telecom Plus TEP produced record levels of revenue, profit and dividends during the year to the end of March. The final dividend is to increased by 4.2% from 48p. per share to 50p.The success was achieved despite a challenging environment created by record industry levels of domestic customers switching suppliers which TEP managed to keep below the industry average with its own customers. Profit before tax for 2019 is expected to be in the region of 55 to 60m.
Essentra plc ESNT proclains that it is continuing to “drive its stability agenda”. That must mean something when translated into Engish and I will try and discover exactly what before the end of the morning. It is possible that it may have something to do with its expectations of a return to like-for-like revenue growth and margin expansion in 2018.
Aveva Group AVV enjoyed strong trading for the year to the end of March. After revenue growth of 5.9% in the first half, .growth accelerated in the second half leading to a comfortable double digit rate for the year as a whole.
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Crest Nicholson Ups Divi And Prices As Sales Fall
Crest Nicholson CRST imposed swingeing increases of 12% in its open market average selling price for the half year to 30th April, giving it the courage to increase its interim dividend by 23%, despite rises in profits before and after tax and in earnings per share of only a modest 5% each. Worse still those hefty price rises produced only a 3% revenue increase as completed unit sales for the half year fell from 1206 a year ago to 1064. Forward sales as at mid June were only 4% ahead of last year. Certainly not much evidence of a continuing boom in those figures except of course in the increased dividend.
Ashtead Group AHT reports another very successful year with rental revenue rising by 28% and the final dividend lifted to 22.75p per share making a rise of 22% for the full year to the 30th April. On a statutory basis, profit before tax and earnings per share both rose by 8% and revenue by 10%. In the fourth quarter revenue rose by 11% and profit before tax and earnings per share by 5% and 4% respectively. The current financial year has got off to a good start and is expected to produce strong cash flow.
Ted Baker plc TED produced a continuing good performance in the 19 weeks to the 10th June with total retail sales for the period up by 14.3% and e commerce sales by by 32.3% both on a constant currency basis. This was achieved despite an uncertain macro environment which sounds very impressive but in plain English means the economy as a whole was uncertain. Really??
Telecom Plus TEP chalked up its 20th consecutive year of organic growth and did so against a challenging market backdrop – hands up first to know the difference between challenging markets and a challenging market backdrop. Like for like profit before tax for the year to 31st March rose by 16.5% and earnings per share by 15%. The full year dividend is raised by 4.3% to 48p per share.
Halma HLMA produced a strong performance in the year to 1st April, its 14th consecutive year of record revenue and profits.Profit before tax rose by 16%, earnings per share by 19% and revenue by 17%. The final dividend is to be increased by 7%.
Iomart Group IOM has a large and long runway for success which it seems to think is a good thing to have and as seems right and proper with such an asset, is proposing to increase its final dividend for the year to 31st March by 90%, following rises in both revenue and profits of 13%. Basic earnings per share were up by 9%.