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Ian Pollard – #ITV Fall In Advertising Expected To Continue
ITV plc ITV made good progress in delivering its stategy in the quarter to the 31st March. Online viewing rose by 16% and Family Share of viewing by 4%. Total external revenue was down 4%. ITV Broadcast & Online revenue fared even worse with a fall of 7% at £489m compared to £526m in 2018 and ITV total advertising also fell by 7%. Advertising in the first half of the year will be impacted by continuing economic and political uncertainty with ITV total advertising expected to be down 6% over the first half. Over the full year delivery of double digit growth in online revenue is expected together with good organic revenue growth in ITV Studios.
Imperial Brands plc IMB claims a pleasing underlying tobacco performance in the six months to the 31st March with volume down 6.9%. Focus is being maintained on longstanding brands which are delivering high margin sales growth. In both Europe and the Americas revenue grew by 4%. Operating profit rose by 38.1%, basic earnings per share by 37.7% and the interim dividend is to be increased by 10%.
Travis Perkins plc TPK made a positive start to 2019 with strong first quarter sales growth. Like for like sales rose by 7.3% and total sales by 5.4%. Travis Perkins itself generated like-for-like sales growth of 8%, continuing the improving trend seen from the end of 2018.Wickes delivered encouraging sales growth in both DIY and showroom categories, with a strong turnaround in Kitchen and Bathroom performance. Sales in Plumbing & Heating were impacted by the milder winter.
Wetherspoon JD plc JDW saw third quarter like for like sales rise by 7.6% and total sales by 8.4%. Since the start of the financial year, the Company has opened three new pubs, closed seven and intends to open two further pubs in the current financial year. The trading outcome for the current financial year is expected to be in line.
Vertu Motors Plc VTU produced profit and cash generation ahead of expectations for the year to the end of February. The full year dividend is to be increased by 6.7% to 1.6p per share. Adjusted profit before tax of £23.7m was ahead of market expectations but down from £28.6m in 2018. Like-for-like revenue growth came in at 5.1% but in used vehicles revenue growth was particularly strong at 11.6%
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Corporate news review Friday 1st September 2017
Flybe Group FLYB announces the start of its alliance with Eastern Airways (UK) Ltd. The two have signed a joint revenue and risk sharing agreement, covering four Eastern aircraft, to fly existing Flybe branded routes from Aberdeen, Edinburgh, Glasgow and Manchester. These flights start today, and will significantly enhance connectivity in Scotland.
Ramsdens Holdings RFX updates on trading, and says the strong foreign exchange results, jewellery retail initiatives and strong gold price leads it to expect that interim and full year PBT will be significantly ahead of market expectations.
Rio Tinto RIO completes the sale of its wholly-owned subsidiary Coal & Allied Industries Ltd to Yancoal Australia Ltd for a total consideration of $2.69bn. Under the terms of the sale, Rio may also receive an additional royalty linked to the coal price capped at $410m.
TechFinancials TECH reports a fall in interim group revenues of $6.97m (H1 2016: $9.86m), on gross profit down to $4.87m (H1 2016: $7.36m). Basic EPS decreased to a loss of $0.0109 from a profit of $0.0065 in H1 2016. CEO Asaf Lahav said the board anticipates that the remainder of this financial year “will continuing to be challenging within the binary options market until there is clarity surrounding the on-going regulatory consultations. “
Vertu Motors VTU provides a pre-close trading update and says since the 26 July AGM, it has continued to trade in line with the trends set out in that update and in line with market expectations.
Quoted Micro 17 October 2016
ISDX
St Mark Homes (SMAP) has launched a one-for-three open offer at 105p a share, which could raise £1.3m. The open offer price is at a large discount to NAV of 137p a share. St Mark has said that the main constraint on growth is access to capital. The money is earmarked for two new developments in south west London. Longer-term, St Mark may move to AIM.
Energy efficiency products supplier Sandal (SAND) says that its MiHome IOT home automation range has been integrated with the Amazon Echo product that is being launched in the UK. Amazon Echo is a voice activated smart home control product.
Valiant Investments (VALP) has raised £51,500 at 0.1p a share. Valiant owns 84.7% of Flamethrower has acquired more apps for its range. Navigation app Where am I at? has been acquired for $20,000 and Conversation Shaker, which provides questions and icebreakers, bought for $3,000. Additional casino games have been launched.
Former AIM company Doriemus (DOR) is planning a standard listing. The process for the listing will start once the open offer is completed. The oil and gas company says that investors, including broker Optiva Securities, have agreed to subscribe for all the open offer shares at the open offer price of 0.035p a share if they are not taken up be existing shareholders. Doriemus hopes to raise up to £865,000 via the open offer, which closes on 18 October. The bid offer spread is currently 0.042p/0.05p.
AIM
Latest AIM Journal available here.
Midatech Pharma (MTPH) has raised £16m at 110p a share and an open offer at the same share price could raise up to £2m more. Midatech was floated less than two years ago at 267p a share, when it raised £32m. Midatech joined Nasdaq at the end of 2015. There was an £8m cash outflow from operations in the first half of 2016. The new cash will go towards advancing its development pipeline and investing in manufacturing in Bilbao and its sales resources. New candidates for the pipeline have been identified. The focus will be on Q-Octreotide (MTD201), an existing treatment for metastatic cancer tumours which is being developed into a sustained release product, and MTX110/MTX111, which are potential treatments for a rare brain tumour disease suffered by children called diffuse intrinsic pontine glioma.
Constellation Software Inc has announced a final increased offer of 121p a share for Bond International Software (BDI). The alternative is the liquidation of Bond which may not generate as high a figure as the Constellation bid. The original bid was 105p a share.
Vertu Motors (VTU) continues to drive forward Revenues were 18% higher at £1.45bn, while pre-tax profit was 15% ahead at £19.5m. Acquisitions fuelled the growth in the period but even after spending money on new sites there was net cash of £12.9m. The interim dividend is 11% higher at 0.5p a share. Used cars and service operations were particularly strong in the period. The new car market was weaker than the year before but it remains relatively strong. Mercedes Benz and Toyota have been added to the distributorships while most of the Fiat operations have been sold or closed.
Vast Resources (VAST) has announced that the maiden JORC resource estimate for the Nkombwa Hill phosphate and rare earths project in Zambia. The total JORC compliant mineral resource estimate stands at 21.8mt at a grade of 7.06% P2O5 and 1.17% total rare earth oxides (TREO) at a 3% P2O5 cut-off grade and 2.78mt at a grade of 2.76% TREO and 6.43% P2O5 at a 1% TREO cut-off grade. This represents 5% of the potential area. Kilmire International has eared a 50.4% stake in the project, with Vast owning the rest, and plans a further investment of $1m. Kilmire wants to reach a 65% stake in the project. Northland raised $5m for Vast in a convertible loan note issue that is being taken up over two years by Bracknor Fund Ltd. This cash will help fund other projects.
AstraZeneca has decided to end the phase IIa trial for respiratory disease treatment AZD9412 because a low number of the patients have developed severe exacerbations, although the trial has show that the treatment is safe. AstraZeneca will reassess how to progress with the potential drug that is licenced from Synairgen (SNG). Once the results have been reassessed a new trial can be designed so this is a delay but not a failure.
Digital TV software and services provider Mirada (MIRA) says that the roll-out for izzi Telecom/Televisa in Mexico is going to plan since it started in July and this means that Mirada should meet 2016-17 expectations. There are a total of 4.2 million subscribers that could use the service and this is likely to be the largest deployment of Mirada’s technology. Allenby expects a smaller loss this year than last year and a profit in 2017-18.
Patient monitoring equipment developer Lidco (LID) grew revenues from £3.6m to £3.77m and the loss was reduced. Sales have restarted in Japan and there was growth in the US. There was a cash inflow and cash was £2.09m at the end of July 2016. A full year profit of £200,000 is forecast.
MAIN MARKET
Engineer and environmental consultancy Waterman Group (WTM) reported a 50% increase in full year pre-tax profit to £3.6m on the back of an improvement in revenues from £83.9m to £91.3m. Net cash was £5.5m at the end of June 2016. The dividend has also been increased by 50% to 3p a share – 2.5 times covered by earnings. Over the next three years management wants to increase the underlying operating margin towards 6%, from the current level of 4%. Recent appointments include the residential development of the former Thames Television studios at Teddington. The order book is worth £130m, which is similar to the level at June 2015.
Copper concentrate trader and mine developer Bluebird Merchant Ventures Ltd (BMV) has received an offer of new capital, which would lead to the acquisition of a controlling interest. The proposed share issue would be at a premium to the market price – 1.7p at the time. The share price has risen to 2.375p (2.25p/2.5p), although it has halved since trading started six months ago. There is no mention of whether existing shareholders will be offered a chance to have their shares acquired by the investor.
Andrew Hore
Weak New Car Sales Cast A Cloud
600 Group SIXH 60% of group activities are now in the US giving the company considerable protection against any damaging consequences from Brexit. Only 13% of group sales go to Europe and the company is now concentrating on building up its presence in South East Asia.The year to 2nd April was not a good one with profit before tax nosediving from £3.68m. to £1.01m and earnings per share more than halving from from 2.66p to 1.26p. Machine tools is a challenging market and the company did well to show a 3% rise in revenue and it is contuing to implement structural changes.
Hays plc HAS claims an excellent financial performance for the year to 30th June, with like for like net fee growth of 7%, producing an 11% rise in profit before tax and a 14% rise in earnings per share. The final dividend is to be increased by 5%. Both earnings and cash were ahead of market expectations, although on net fee growth the UK and Ireland lagged behind the rest of the world. The broad geographical spread of the company’s activities saw more than 22 countries producing growth in excess of 10%.
Safestore Hldgs SAFE saw its strong trading performance continue during quarter 3. to the Like for like revenue to 31st July rose by 6.6% at constant exchange rates, the UK being particularly strong with a rise of 7.5%. Closing occupancy rates were up by 2.6% and again the UK put in a strong performance. The weakness of sterling helped results from the Paris operation. Pricing during the quarter was robust with the average rate up 0.6%. Tax adjusted earnings were ahead of current market expectations.
Vertu Motors VTU Expects that full year results will show robust trading with profitability ahead of last year and revenue and profitability both reaching record levels. There is however the odd cloud or two looming on the horizon in that new retail vehicle registrations have been weak since April and the company expects this to continue.New vehicle orders for September are reflecting the changed situation.
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