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HSBC – Positive Jaws And An Urivalled Footprint ! – A fish with feet !!
HSBC Holdings HSBA announces that a further share buy back programme of up to 2bn pounds will start shortly and will be completed in the second half of 2017. The interim dividend remain unchanged after a rise of 12% in adjusted half year profit before tax, following a 3% rise in revenue. Global banking performed strongly with a 16% rise in revenue and to match its positive jaws which delivered a rise of 0.5%, it claims that its footprint in Asia and the Middle East is now unrivalled.
Trinity Mirror TNI Claims a resilient performance for the half year to 2nd July despite difficult trading conditions and a volatile environment in print. Like for like revenue fell by 14.6% and management claims full credit for being so strong and managing to limit the fall in adjusted operating profit to only 9.4%. The interim dividend is to be increased by 7.1% to 2.25 p. per share and the second half is expected to show improving revenue momentum.
Coats COA Good to know that we still have a textile industry and that this part of it seems to be thriving. Coats is increasing its interim dividend by 7% after a strong first half in which adjusted operating profit for the six months to the 30th June rose by 14% and revenue by 5%, both at constant exchange rates. Adjusted basic earnings per share rose by 38%
Utilitywise UTW warns that revenue for the year to today will be 4.0 to 4.5m below managements previous expectations. The gross order book for the year however is 18% higher than for the year to 31st July 2016.
Hiscox HSX Interim profit before tax for the half year to the 30th June halved to 102m or rose by 12.5% if the impact of foreign exchange movements are ignored and the interim dividend is to be raised from 8.5p to 9.5p per share . Hiscox USA stood out with growth in premiums of 31.3% in local currency terms.
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fastjet says goodbye to Stelios and easyGroup Holdings
Fastjet FJET says it has made steady progress in implementing stabilisation efforts, including inter alia, a re-fleeting process, relocation of its headquarters from London to Johannesburg and a right-sizing of its operations in Zimbabwe and Tanzania. Accordingly fastjet aims to achieve a cashflow break-even position for the final quarter of 2017. The Company also announces that it has, on 29 June 2017, entered into an agreement with easyGroup Holdings Ltd to acquire all intellectual property rights associated with the fastjet brand for a total consideration of $2.5m, to be satisfied in cash, resulting in saving to the Company over the next 5 years. This agreement represents a major step forward as the Company continues with its stabilisation efforts under new management. Bye bye Stelios!
Angus Energy ANGS increases interim LBT of £(985,000) (2016: LBT £344,000). Says production guidance for the Lidsey Oil Field remains unchanged while production from the Brockham Oil Field could improve materially after bringing X4Z on stream from the Kimmeridge.
John Laing Group JLG says its investment portfolio as a whole is performing in line with expectations in a pre-close update for the half-year ending 30 June 2017.
Trinity Mirror TNI updates on trading and says group revenue is expected to fall by 9% on a like for like basis over the period. CEO Simon Fox said: “The trading environment for print in the first half remained volatile but we remain on course to meet our expectations for the year. I anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”
Trinity Mirror – Dire Figures But Ahead of Expectations
Trinity Mirror TNI is confident that its full year performance will be ahead of expectations, even if only marginally and that the fall in its net debt will be significantly greater than expectations. Having said that the trading figures are still dire with like for like revenue expected to show a fourth quarter fall of of 8%, with publicity, print and circulation down by 8%, 10% and 17% respectively. Digital is one strong feature with an expected rise of 8%.
United Carpets UCG Trading has been robust in the 6 months to the end of September and the interim dividend is increased to 0.13p from 0.125p. The momentum which got under way last year has continued and like for like sales rose by 2.1%, producing an 8.8% rise in profit before tax.
Torotrak TRK Further deterioration in the trading outlook for the global off highway market is likely to lead to delay in its ability to secure the initial licence for the Flybrid KERS technology, which it anticipated would be concluded during the current financial year. A prospective licencee now expects having to delay the negotiations and the Board believes it will be 2018 before the first licence can be secured. The Board still believes that there is significant commercial opportunity for the KERS technology.
The Fulham Shore plc FUL claims a busy and successful 6 months with half year revenue to 25th September rising by nearly 50% from last years £13.9m to £19.9m. Operating profit rose accordingly, from 2015’s £1.7m to £2.4m. whilst EBITDA was up from 2.6m to 3.7m. The company is delighting the taste buds of the more select parts of London and south east England with chains of Franco Manca Pizzeria, The Real Greek and Bukowski. Since the half year end total number have risen from 36 to 42, with more in the pipeline. I suppose it takes all tastes.
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Vislink Board To Examine Itself
Vislink VLK has abolished its interim dividend and intends to keep it that way until bad debt is below 1 x EBITDA. Orders for the half year to 30th June fell by nearly 25% and revenue was also substantially down , leading to a basic loss per share of 26.9%. Last years half year profit of £2.2m has been turned into a loss of £1.1m and the company is forecast to breach its banking covenant in September i.e. today. Fear not however, the Board is continuing to examine its own structure as well as that of the group, some may say a bit late in the day.
Speedy Hire SDY is on the rebound with results for the half year to the end of September expected to show an improved performance. Revenue is slightly ahead of expectations and overheads are lower indicating that profits for the full year will be ahead of expectations.
Iomart IOM has performed strongly in the 6 months to 30th September and both revenue and profit are expected to be materially ahead of last years first half.
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The Rogues Who Rule Over Us.
As more and more is revealed about the conduct of our leading politicians not only during the referendum campaign but especially during the last 7 days, it has become clearer by the day that they will take any steps to further their own lust for power even if it means destroying the country’s economy in the process. Treachery and deceit now stalk the corridors of power.
Why did nobody tell us during the campaign that negotiations for a new trade treaty with the EU can not, under European law, even start until after we are officially out of the EU. That could mean years before the UK can negotiate new trade treaties anywhere, even after we have left the EU.
Why did Cameron not make it plain that if he lost the referendum he and his government would refuse to accept the result and would waste a couple of months or so whilst the Tory party elected a new leader, who would be left with the unenviable task, of kick starting Brexit by making an application under Article 50 for us to leave the EU. How irresponsible and shifty can a Prime Minister be, promising in one breath that the result of the referendum would be binding on his government and then refusing to act and rejecting the result when it was not to his liking.
Look at the mauling which business leaders receive from select committees of MPs if it is thought that they have transgressed in their governance of a company. MP’s who govern the country ensure that they can not be exposed in like manner.. They can not be challenged. Look at the general standards of the house with the number of paedophiles who have sat in it from time to time and the number of thieving MPs who were jailed for their expenses fiddles. These people whom we unfortunately elected are now bent on bringing the country to its knees.
I have long argued against the unelected bureaucrats of Brussels but set against our present leaders they are at least honest and upright people.
Any government requires parliamentary approval to apply to leave the EU under Article 51. Let us hope that the general disgust which the country is feeling at the antics of our present government, will reflect itself in a refusal to approve an application under Article 51.
COMPANY NEWS
Trinity Mirror TNT had a disastrous 27 weeks to 3rd July but still expects its interim results will be in line. Group like for like revenue fell by 8%, with digital showing the only area of growth as customer numbers grew strongly. Publishing print advertising fell by 17% and circulation revenue by 14%. Interim results will be published at the beginning of August.
Eco Animal Health EAH broke more records for the year to 31st March with pre tax profit rising by 51%, on sales up by 21%. The second interim dividend is to be increased by 29%, bringing the full years increase to 20%. Sales in the new financial year have continued momentum and further benefits may accrue from the weakness of sterling.
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