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Alan Green CEO of Brand Communications talks about: Thomas Cook CVS Group #CVS Open Orphan #ORPH Bidstack #BIDS IMC Exploration #IMCP
Brand CEO Alan Green talks Open Orphan #ORPH, Volga Gas #VOLG, Thomas Cook #TCG & IMC Exploration #IMC on Vox Markets podcast
Alan Green, CEO of Brand Communications talks about: Open Orphan #ORPH Volga Gas #VGAS Thomas Cook #TCG IMC Exploration #IMC with Justin Waite on the Vox Markets podcast. Interview is 7 minutes 29 seconds in.
Brand CEO Alan Green talks Thomas Cook #TCG, Tertiary Minerals #TYM, Cadence Minerals #KDNC & Bidstack #BIDS on Vox Markets podcast
Brand CEO Alan Green discusses Thomas Cook #TCG, Tertiary Minerals #TYM, Cadence Minerals #KDNC & Bidstack #BIDS with Justin Waite on the Vox Markets podcast. Interview is 9 minutes 50 seconds in.
Brand Comms CEO Alan Green argues with Justin Waite about Thomas Cook #TCG on Vox Markets podcast, plus Brave Bison #BBSN & Itaconix #ITX
Brand Comms CEO Alan Green argues with Justin Waite about the investment merits of Thomas Cook #TCG on the Vox Markets podcast, plus Brave Bison #BBSN & Itaconix #ITX. Interview is 29 minutes 7 seconds in.
Ian Pollard: TUI Benefits From Hot European Summer
TUI AG TUI updates that the year to the 30th September will be the fourth consecutive year of double digit growth in underlying EBITA and unlike Thomas Cook it claims to have benefited from the sustained period of hot weather in Northern Europe which produced further growth The only impact of the hot weather was that it prevented TUI from outperforming. Cook must have suffered from a different form of hot weather.
Zoo Digital Group plc ZOO expects to report revenues in the first half of the financial year at least 17% higher than last year.and is confident that the second half will be strong.
Clinigen Group CLIN is increasing its final dividend for the year to the 30th June by 12% after a jump in profit before tax from £14.1m to £35.9m. Revenue increased by 26%, adjusted EBITDA by 17% and adjusted earnings per share by 10%. Another year of good progress is expected for 2018 – 19
DCC plc DCC expects that after strong first half growth, group operating profit for the six months to the 30th September will be well ahead of last year.
Mitchells & Butlers MAB updates that sales have strengthened since the last update on 2nd August. In the 8 weeks to 22 September like-for-like sales grew by 2.2% following the period of sustained hot weather and the World Cup . 7 new sites have been opened and 232 conversions and remodels completed in the financial year to date. Total sales have increased by 0.5% in the year to date.
Saga plc SAGA Profit before tax for the six months to the 31st July rose by 3.2 % as the results benefited from lower operating expenes. At the same time customer numbers rose back to the level of the first half of 2017, helped by a rise of 19% in Motor & Home New Business. The interim dividend remains unchanged at 3p per share.
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Ian Pollard – Countryside Properties -A Lesson in Clarity and Profitability
United Utilities UU must have decided to make its half year report as obscure and meaningless as possible. Thus it is full of PR19S, ODIs, RCV Gearing and the latest craze, System Thinking. What it wont do because presumably it would make the figures for the 6 months to the end of September too easy to understand, is tell you the percentages by which mundane things like revenue and profit in all its various guises have risen. That is a fairly easy task for even the most junior office boy in most head offices – but perhaps I should not run the risk of being regarded as sexist when of course I should have said “junior person”. So you can have your profits four ways – underlying, reported, underlying after tax and reported after tax but what you are definately not allowed to see are the figures on a statutory basis. The figure all show reasonable increases and the interim dividend is going up from 12.95p to13.24p per share. What that rise means in percentage terms is however a closely gaurded secret, known only to that junior person at head office who is the only member of senior management with the System Thinking skills able to work it out.
Thomas Cook Group TCG has woken up to the fact that it is a “good thing” to claim to have a customer focused strategy. Not before time, some may say, after the traumas of recent years. How serious they are about it remain to be seen but having discovered that it can lead to profitable growth, there may be a fair chance that they will give it a go.
Their table of figures is not all that easy to understand but I think I have got it after the third reading. Profit after tax for the year to the 30th Spetember has risen from 1 to 12 which is clearly shown as a difference of 11 which in the last colomn becomes a like for like rise of 7 on a constant currency basis. If you would like to know what the 7 means you are invited to proceed to page 12 – clearly this must be part of the new customer focused strategy. Underlying earnings per share is understandable with a rise from 8.1p to 9.3p and there is an explanation that like for like group revenue on a constant currency basis has risen by 9%. The recommended dividend is 0.6p per share but we are not enlightened as to whether that is a rise or a fall on last year. Perhaps I should go back to page 12 to find out. And before I forget, cutting complexity is one way in which they intend to produce further growth. Some chance.
Countryside Properties CSP shows how it should be done. Simple. On an adjusted basis earnings per share rose by 71% in the year to the end of September, revenue was up by 32%, completion by 28% and operating profit by 34%. It was an excellent and record year and perhaps one of the most significant statistics (which will be very unwelcome to the competition) is that they reduced the average selling price by 8% which most housebuilders would regard as a criminal offence.
Finsbury Foods FIF announces that the UK retail food market hass moved from a deflatioary to an inflationary environment and thus helped to take the load off managements shoulders which is now finding it easier to run a bakery profitably. UK sales have risen by 5% whilst European sales are down by 3% despite all those fancy baguettes, brioches and black unsliced.
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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%.