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Ian Pollard – NEXT Retail’s Big Slide Over Christmas And Full Year
Next plc NXT Full price sales for the Christmas trading period (between Sunday 28 October and Saturday 29 December) rose by 1.5%. Whilst November sales were disappointing this was made up for by strong sales in the three weeks before Christmas and a good half-term holiday week at the end of October. Full price online sales though show the way the retail world is going with rises of 15.2% over the Christmas period and 14.9% over the full year. Retail sales as a whole however were fairly disastrous with falls of 9.2% over Xmas and 7% over the full year.
Alpha FX Group plc AFX Trading during the final quarter to the end of December has continued to be strong and it is anticipated that earnings will be ahead of market expectations. Both the corporate business and the new institutional subsidiary performed strongly and the next financial year is expected to see further increases in investment and full advantage being taken of market opportunities.
Getech Group GTC has announced a multi product sale to a leading global oil and gas company, which will generate gross income of US$3.2 million, most of which will be recognised in the financial year to the 31st December. Revenue for 2018 is now expected to exceed that delivered in FY 2017 by at least 10%.
Tracsis plc TRCS has signed what it describes as a “significant” five year Framework Agreement with a major Train Owning Group for its TRACS Enterprise product. The Agreement covers all of the Operator’s individual Train Operating Companies within the UK plus other franchises that it may win in the future. the Directors believe this is a key win that will lead to significant recurring revenue opportunities both during the Agreement and beyond.
Corero Network Sec. plc CNS Orders for 2018 are expected to be approximately 20% higher than in 2017, following record order levels in the second half and the final quarter. Strong demand for the company’s Smartwall Threat Defence System is expected to show growth of approximately 20% over the previous year.
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Ian Pollard – Persimmon Homes #PSN strong performance to continue in H2
Persimmon Homes plc PSN proclaims that strong results for the half year to the 30th June reflect the continued successful delivery of the Group’s long term strategy. Profit before tax and basic earnings per share both rose by 13%, group revenue by 5% and new home sales by 4%. Forward sales are 6% ahead of last year and expectations are that results for the second half year will also be strong.
BHP Billiton plc BLT is paying a record final dividend of 63 cents per share, making a total payout for the year 118 cents, a rise of 42%, for the year to the 30th June, reflecting. a strong operating performance and well ahead of the minimum permitted payout.. Attributable profit and basic earnings per share both fell by 37% after taking into account exceptional items but on an underlying basis the figures showed rises of 33% each.
Wood Group (John) plc WG enjoyed strong organic growth during its first half to the end of June, with revenue rising by 13.4% and the operating profit rising from $72m to $125. However last years first half profit of $6m. was turned into a loss of $52m due to amortisation charges of $125m and exceptional costs of $101m. Basic earnings per share fell from 1.1c per share to a negative 7.9 cents per share.The interim dividend is to be increased by 2% to 11.3 cents per share. A stronger second half is expected due to project phasing and market recovery.
Angling Direct plc ANG trading in the six months to the 31st July was extremely positive and ahead of management expectations, with a rise of 56%. On a like for like basis sales rose by 4.2%
Tracsis TRCS Group trading for the year to the 31st July has been strong with revenues ahead of market expectations at c. £40m compared to last years £34.5. EBITDA and adjusted profit are also expected to be ahead of market expectations and also ahead of the previous year.
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Ian Pollard – HSBC More Secure Than in 2011, Surprise Surprise !!
HSBC Holdings HSBA claims that 2017 produced good results which demonstrate the strength and potential of HSBC and, believe it or not, it is simpler, stronger and more secure than it was in 2011.If that is the best it can find to say about itself that is not a rosy picture. Adjusted profit before tax rose by 11% and reported profit before tax by 141 %. The final dividend has been maintained and the group has benefited from 1% of positive adjusted jaws which should please everyone who enjoys jargon. Significantly I can not find in the report a single mention of service or customer care, although plaudit upon plaudit is heaped on senior management for the sterling work it is said to have done during the year. HSBC has also agreed to pay over $100m dollars by way of settlement of a US criminal investigation into rigged currency transactions in which its excellent senior management involved it.
Dunelm Group DNLM is increasing its interim dividend by 7.7% for the half year to the 31st December, after like for like sales growth of 6% and total growth of 18%. Online sales grew by 50% or 36.8% on a like for like basis. Underlying basic earnings per share fell by 6.6% as against a rise of 1.8% on a reported basis, whilst underlying profit before tax fell by 8% compared to a tiny rise of 0.7% on a reported basis. The company is pleased that it continued to gain market share in a static homeware market.
Tracsis Group TRCS trading across all parts of the business was strong in the six months to the 31st January and comfortably ahead of the previous year. Revenue rose from £15.6m to £18m and EBITDA was up by 25%. The completion of two acquisitions on the 1st February are expected to lead to further growth
Lighthouse Group LGT delivered an excellent set of results for 2017 with profit before tax rising by 32%, in celebration of which it is increasing the final dividend from 18p per share to 30p.representing an increase of 55% for the full year after taking into account the increase in the interim dividend from 9p. to 12p. Revenue for the year grew by 13% and EBITDA by 27%.
Synectics plc SNX is increasing its final dividend by 50% to match the rise in profit before tax also up by 50%, despite revenue for the year to 30th November remaining static and a fall in the year end order book.
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Corporate news review Monday 14th August 2017
Clarkson Plc CKN reports a strong half-year performance, with underlying PBT up 25% at £21.9m, on revenues up to £156.8m (2016: £147.2m). Underlying EPS grew 9% to 57.5p, and CKSN has a robust balance sheet, with £71.4m of net funds, up from £46.7m this time last year. CEO Andi Case says the solid cash position means that irrespective of market conditions, CKSN can invest in the business for future growth, and the company is in a good position entering H2.
DX Group DX. / John Menzies MNZS – Merger discussions have been terminated. While the respective Boards believed that the proposed combination had strong strategic logic for all stakeholders, the DX Board has been unable to agree suitable terms.
EVR Holdings EVRH says its subsidiary MelodyVR Ltd has entered into a music licensing agreement with ARESA GmbH, the Anglo-American Rights European Service Agency. EVRH CEO Anthony Matchett said the agreement with ARESA “further enhances our opportunities for the distribution and monetisation of our vast library of content and further extends our market-leading position as the world’s only licensed VR music platform.”
Tracsis TRCS says group trading for the year has been in line with market expectations, with revenues in excess of £34m (2016: £32.6m) and good trading experienced throughout all parts of the business. EBITDA & adj PBT are in line and also ahead of the previous year (2016: EBITDA £7.6m, APBT £6.9m). TRCS remains debt free and highly cash generative.
Hargreaves Services; Profits Down 75%, Divi Up 58%
Hargreaves Services HSP warned in December that the half time figures would be bad and they are. Although like for like revenue for the 6 months to 30th November fell by only 2.2%, like for like profit before tax was down by 75% and underlying diluted earnings per share by 95.7%. As is usual in these circumstances the Board decided that it would be wise to look after the shareholders and they have certainly done that with a rise in the interim dividend of of 58.8%. The share price has been strong since the end of October having risen by a maximum of 40%.
The Chairman says it is pleasing to see how much progress has been achieved in meeting the targets which the company set itself a year ago.
NEX Group NXG benefited substantially in quarter 3 from the high volatility and increase in trading activity which followed Trump’s election success. On the day after Trump’s victory BrokerTec enjoyed its second highest volume day on record. Average daily volume for quarter 3 in IS and EU repos rose by 8% and 11% respectively. Volatility in the dollar/yen saw average daily volume surge by 23%.
Group like for like 3rd quarter revenue rose by 11% on a constant currency basis but the arrival of the new year saw volumes become much more muted and NEX admits that it is too early to say that previous long term subdued market conditions have come to a permanent end.
Tracsis TRCS Group revenue for the half year to 31st January rose from £13.1m. to £15.5m. and both EBITDA and adjusted pre tax profit are expected to be slightly ahead. The second half should prove to be significantly stronger than the first half and full year revenue and profit are expected to be in line.
Animalcare Group ANCR reports a very strong first half, ahead of the boards expectations and the interim dividend is to be increased by 11.1%. Revenue for the 6 months to the 31st December rose by 12%. Reported operating profit was up by 23.5% and basic earnings per share by 23%. Exports led the way with export revenue rising by 37.7%