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Ian Pollard – Vodafone’s #VOD Robust Momentum Produces Large Sales Fall
Vodafone Group plc VOD as expected the third quarter to the 31st December was fairly disastrous for Vodaphone and it can not all be put down to the adoption of IFRS, the sale of Qatar and foreign exchange headwinds which is the usual ready to hand list of pre prepared excuses for major international companies caught between a rock and a hard place. The company claims that the quarter produced robust commercial momentum a statement which appears to be completely contradicted by the figures with revenue in the Rest of the World down by an unacceptably high 11.1% and Europe by 5.6% to give an average drop of 6.8%. Vodafone Business allegedly became a leading : international challenger in fixed, ‘industrialising’ IoT – in fact so leading, according to the Chief Executive, that its revenue fell by 0.5%. This trading performance was what management expected in the third quarter. Organic adjusted EBITDA on an underlying basis is now expected to grow by about 3% for 2019.
Barr AG plc BAG Reports a continued positive trading performance for the year to the 26th January with revenue expected to be up by about.5%. Strong trading and the continued success of its key innovation have led to further market share volume gains in UK soft drinks, with volume up 3.0% and value by a healthy 8.0%. Despite the threat of further regulatory intervention, continued profitable growth is anticipated for the coming financial year.
SCISYS Group plc SSY The Directors expect that the Company’s trading results for 2018 will comfortably meet current market guidance in respect of revenues and adjusted operating profit. The Group’s order book remains strong and it continues to see solid organic growth across the Group, notably in its Space and Enterprise Solutions & Defence division.
Bonmarche Holdings BON Expects the Group’s cash reserves to be adequate to meet its liquidity requirements, even at the lowest end of the PBT range, and when the cash balance is at its lowest, around the end of March. In the 13 weeks to the 29th December sales fell by 8.1% and in the 39 weeks to the same date they were down 2.7%. Online sales however were strong with rises of 22.2 and 26.5%.
RTC Group RTC strikes a positive note and the Chairman is extremely pleased and encouraged by “The continued growth of Group revenue and profits and the improvement in net debt position, especially in light of the uncertainty surrounding the UK economy.
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Ian Pollard – Vodafone #VOD gets its ‘Comeuppance’
Vodafone Group plc “challenging competitive conditions” are words which bring a chill to the boardroom of any company and Vodafone is no exception. Quite simply the impact of its problems turned it from a profitable company in 2017 to a loss making one in the first half of 2018. Group revenue declined by 5.5%, impacted by those troublesome foreign exchange headwinds, the adoption of IFRS 15. and the sale of Quatar. With all these impacts the loss for the half year came in at €7.8 billion, including the further impact of a €3.4 billion loss on the disposal of Vodafone India. Impairments of €3.5 billion in Spain, Romania and Vodafone Idea, added to the company’s woes. Some of its customers may say that this is the year when at last Vodaphone got its comeuppance.
Taylor Wimpey TW Claims delivery of a strong performance during the second half of 2018, with very strong sales, a supportive lending environment and of course huge and completely unjustifiable support from the taxpayer. The order book remains strong, with a 12% rise on last year and customer demand is robust. Shareholders naturally get their rewards with the return of £600 million by way of total dividends promised for 2019, a 20% increase on 2018.
IQE plc IQE confirms it was notified yesterday, following an announcement made by a major chip company in the VCSEL supply chain , that the chip company had received notice from one of their largest customers for 3D sensing laser diodes that they would materially reduce shipments for the current quarter. As a result IQE expects revenues for the full year 2018 will be approximately £160.m.compared to £154.6m for 2017, whilst adjusted EBITDA is expected to be approximately £31m as against £37.1m for 2017. The slowdown in shipments will therefor materially impact expected year end revenues and profitability at IQL.
AdEPT Tech Group plc ADT is delighted by the continued progress being made by the Group in its transformation.Total revenue for the six months to the 30th September rose by 9.5%, EBITDA by 10.7% and the interim dividend is to be increased by 15.3% to 4.9p per share.
James Cropper plc CRPR Produced revenue growth in all divisions with total revenue up 6% in the half year to the 29th September. Profit before tax however at £1.4m, fell by 39% compared to 2017 and earnings per share were down by 44% as profitability was impacted by higher pulp prices over the year.
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Ian Pollard – European Air Traffic Control Hits Wizz Air #WIZZ
Wizz Air Holdings WIZZ Profit for the first quarter to the 30th June fell 14% from 58.1m. to €50.0 million, compared to 2017 reflecting the timing of Easter and the effect of higher than expected disruption costs. Passengers carried rose by 19.7% and revenue by17.9% but profit margins were down by 3.3ppts from 12.4 to 9. Disruptions caused mainly by European air traffic control,were at an unprecedented levels and led to a 426% increase in cancellations. Passenger delay and compensation costs incurred by the Company, as a result, increased by 203% to €9.1m
Vodafone Group VOD Revenue fo the first quarter to the 3oth June fell by 4.9% due to foreign exchange headwings and the the adoption of IFRS 15.India was the groups worst performer with a fall of 22.3% due to intense competition. On the commercial front momentum was maintained as mobile data traffic grew by 57%. Italy and Spain also suffered from increased competition but the UK saw some recovery and there were gains in broadband. Operating costs were reduced for the third year running.
Croda International CRDA delivered a strong performance in the six months to the 30th June with record profit before tax and basic earnings per share. The interim dividend to be raised by 8.6% from 35 to 38p. per share.. All 3 business did well with excellent sales growth of 9.3% at constant currency in Personal Care. In Life Sciences the performance was resilient with sales up 2.3%. Profit growth in Performance Technologies is described as impressive with operating profit up 15.2% on sales up 1.7%, at constant currency rates. On an adjusted basis, basic earnings per share rose by 12% and profit before tax by 7.7%. Sales increased by 3.6% after the impact of stronger sterling.
Informa INF continued to deliver a good trading performance with strong growth continuing during the half year to the 30th June. The interim dividend is to be increased by 6%.with the company claiming to be firmly on track for another year of growth in revenue, adjusted operating profit, adjusted earnings, cashflow and dividend.
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Ian Pollard – easyJet #EZJ, excellent winter performance
Vodafone Group VOD claims that the year to 31st March was one of significant operational and strategic achievement which produced a strong financial performance. In fact it was so strong that revenue fell by 2.2% and in troubled India, Service revenue was down by over 18%. Despite these little local difficulties operating profit rose by 15.4% and the final dividend was increased by 2% to 10.23 euro cents.It also suffered from something called “roaming headwinds”. There is a new entrant in Italy and competitive pressure in Spain but profit growth is expected to continue in the current year.
easyJet plc EZJ produced an excellent performance during the half year to the 31st March with a total profit of £8m, one of its best ever winter trading results. The strong performance was helped by capacity reduction in other airlines but passenger number increased by three million, 8.8%, to £36.8m. Total revenue jumped by 10.5% and revenue per seat was up by 10.9%. Forward bookings for the second half are ahead of last year.
Spirax Sarco Engng SPX updates before today’s AGM that the trading environment remains positive with global Industrial Production growth similar to last year. The currency tailwinds of the last two years have become a headwind during the current year but on an organic constant currency basis, group operating profit for the irst four months of the year is ahead of 2017
Gear4music (Holdings) G4M The year to the 28th February saw revenue rise by 43%, gross profit by 34 % and customers by 39% but pre tax profit slumped by 43% and EBITDA was down by 4%. The year was expected to be transformational with short term profitability implications. The target now is to deliver strong and sustainable revenue and profit growth
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Ian Pollard – Vodafone Reaps The Rewards
Vodafone Group plc VOD has in its third quarter to the 31st December, reaped the rewards for having become what appears to be a sclerotic company whose management has had to seek refuge in jargon and obscurantism, always a sign of problems. India. for example has declined by 32.1% because it could not beat the competition. Later on one learns that Vodafone India merged with Idea Cellular and Vodafones revenue is now excluded from the results. Mud has a clearer consistency, there is a “more for more ” proposition and scale is being gained in “fixed”.
In what appears a desperate attempt to avoid being tied down it has even created a new geographical area which nobody has ever heard of before. No it is not Fantasy land but “other Europe”. Where is that one may ask. My first thought was that it must be the UK after Brexit but it isn’t. Anyway, wherever it is it fell by 24% which perhaps explains why they want to keep its location a secret. The “real” Europe fell by 2.8% , despite rises in the UK of 5.8% and 2.9% in Germany.
Group revenue fell by 3.6% overall, the decline being led by the “growth” regions of Africa Middle East and Asia Pacific. This is described somewhat optimistically as good commercial momentum.
Marks & Spencer plc MKS yesterday announced the closing of up to fourteen stores accompanied by the loss of hundreds of jobs, mostly in the impoverished parts of the country i.e the north.”we have to ensure we have the right offer in the right locations” trumpets the director of retail operations. The only solution which this blinkered executive can come up with is store closures, reduce the locations. Not a word about getting the offer right. Did it never enter her head that there may be nothing wrong with the locations for most of which she will not have any personal responsibility. The real problem could be and probably is with the offer for which she has direct and personal responsibility. Anyway blame the location, at least that way your job will not be in any danger, just those of the unfortunates at the bottom of the pile who will be being made redundant. As long as you keep making and trying to sell highly priced clothing for the middle aged and the elderly, more closures are bound to happen. Only when the name of Marks strikes fear once more in the boardroom of Primark et al will the closures stop. Your successor may come up with the idea of opening some new stores instead of just accepting the steady decline of what was once Britains leading retailer. But to do that, the offer will have to be right.
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ITV – “Good Growth” But Flat Profits
ITV plc ITV updates that with nine months of its year now gone, it is confident of delivering good organic revenue growth but does so without putting a figure on what “good ” actually means in numbers. Full year profit will be broadly in line with last year which means little or no growth there. which will not be a surprise having regard to the 1% decline in total external revenue. ITV’s Family share of viewing has risen by 2% and non advertising revenue grew strongly, whilst Online and Pay saw a 41% increase in online viewing. ITV studios delivered a strong performance.
Smiths Group plc SMIN Underlying revenue fell by 2% for the quarter to the 31st October and the only explanation they are going to give you is that primarily this was due to order timing, which can mean many things. No further enlightenment is forthcoming save that full year expectations remain unchanged and there will be a return to growth for 2018.
Vodafone Group VOD produced a strong financial performance in the half year to the end of September, with operating profit rising by 32.5% to 2 bn Euro despite a fall in Group total revenue of 4.1%. The interim dividend is to be increase by 2.1%. Organic adjusted EBITDA rose by 13.5% enabling guidance for he full year to be increased to 10%. India was a bit of a disaster area due to intense competition which led to a fall in revenue of 15.8% and adjusted EBITDA slumping by 39.2%
Meggitt MGGT has suffered from a fall of 5% in military revenue as the armed forces reduced its expenditure on spares. That however can not go on for ever and a strong performance is expected in quarter 4. Civil aerospace grew by 4% partly offsetting the decline in military spending. Overall the company is on track to meet its guidance for organic revenue growth for the full year.
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Vodafone – Sees Robust Momentum As Revenue Drops 3.3%
Vodafone VOD is yet another company which seems to think it can describe a fall in revenue as “good” and a sign of “robust momentum” It even goes to the extent of producing better looking statistics which it calls ” alternative performance measures”, regularly reviewed by management to give readers additional information. Presumably management does not like having to review the real highlights, which include a 3.3% fall in group revenue for the quarter to the 30th June, led by Europe with a reported fall of 4.8% Real momentum there but most people would regard it as going in the wrong direction.
Learning Technologies Group LTG expects revenue in the half year to 30th June to show a 62% rise in revenue to a record £20.8m. After making excellent progress as market leader in the high growth e learning sector, the order book stood at record levels at the end of the half year and the integration of Net Dimensions which was acquired in March, has been completed on time. The benefits from this will start to be seen at the beginning of 1918, as planned.
Beazley BEZ Profit before tax for the half year to the 30th June rose by 6% and earnings per share by 17% after a strong performance in the US. The interim dividend is also being increased by 6% to 3.7p per share.
Homeserve plc HSV has seen the continuation of strong growth in the period from the 1st April to the 20th July, with particularly strong momentum coming from North America where it has signed up 24 new partners providing it with access to 53m homes.
Empresaria Group EMR has delivered a record first half performance with strong growth leading to a 26% rise in net fee income. The company”s investment strategy has proved to be a success and the acquisition of Rishworth Aviation is expected to provide further growth in terms of pilot recruitment, in the coming years.
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Vodafone Increases Dividend As Losses Rise
Vodafone VOD. My own personal experience is that Vodafone can not even operate its own internal phone systems properly so it is not much of a surprise to see that it has problems globally. Group revenue fell by 4.4% for the year to the end of March, the loss for the year rose by 18.7% and the basic loss per share rose by 11.2% all of which were celebrated with a 2% increase in the interim dividend despite a rise in the company’s debt.
The groups explanation is that foreign exchange movements were primarily responsible for the loss, it faces increased regulatory headwinds but as signs of hope for the future, adjusted like for like earnings per share grew by 17% and organic EBITDA by 5.8%.
Crest Nicholson CRST reports that the housing market continues to be robust with mortgages easily available and government support in the shape of the Help to Buy scheme showing no sign of ending. Unit sales growth of about 10% is expected for the year to the 31st October, although sales per outlet in the first half are expected to show a fall from 0.87 to 0.81. As a result of investment in higher quality land, average selling prices have increased (what a surprise). It was expected that unit completions in the first half would fall and they did – from 1206 units to 1,064. As at the end of April forward sales were 5% ahead of last year.
Hardide HDD First half revenue rose by 57% over last years first half and by 27% on the second half, as demand began to return from the oil and gas sector, which is still challenging and volatile. Sales to the sector rose by 115%. The company is still loss making but the EBITDA loss is down from £0.72m. to £0.43m. and the like for like group operating loss for the first half has fallen from £1.02m to £0.72m.
DCC PLC (DCC) after a strong year DCC is raising its final dividend for the year to 31st March by 16.3%, making a total increase for the year of 15%. Continuing revenue rose by 9%, leading to a rise of 21% in total operating profit and 18% in earnings per share. The current year is expected to show further profit growth and development.
Zytronic ZYT After what appears to be strong all round growth, Zytronic is increasing its interim dividend by 10% for the half year to the 31st October.Basic earnings per share rose by 44%, group revenue was up from £9.9m to £11.3m. and profit before tax enjoyed a healthy jump from £1.8m to £2.5m. The second half of the year has started well, says the company.
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Brand CEO Alan Green talks Vodafone (VOD), Easyjet (EZJ) and Tertiary Minerals (TYM) on TipTV
Brand CEO Alan Green talks Vodafone (VOD), Easyjet (EZJ) and Tertiary Minerals (TYM) on TipTV
Vodafone Revenue Tumbles in UK
Vodafone VOD seems to have got its wires in a twist which will not be a surprise to many of its customers, as it describes a fall in revenue of 6.2% in Africa, Middle East and Asia Pacific for the quarter to 30th June, as “strong growth”. A revenue fall of 3.2% for Europe is honoured with the title of “stable”, despite what that nasty regulator has done in stopping the roaming fees rip off.
Reported UK revenue seems to have left the chief executive speechless as it tumbled by 11.2%, or 3.2%, if you prefer your tumbles on a like for like basis. There was even an adverse impact of 5.3% from foreign exchange impacts, which in some companies would be taken as a reflection on managements ability to manage.
Heathrow SP Ltd is another one describing a 1% rise in revenue and a 0.6% rise in passengers, for the half year to the end of June, as a strong performance. The company is also pleased with a 1.7% rise in cargo.True, adjusted EBITDA was up by 4% and retail revenue per passenger also rose by 8.7%. ( I wonder if this has anything to do with the fact that the rise in passengers was so tiny.) Pre tax profit is expected to be up by 7.1%
Big Yellow Group BYG Revenue for the quarter to the end of June has risen by 10%, or 8% on a like for like basis, following a rise of 2.4% in occupancy rates.
CRH plc CRH First half group EBITDA should now exceed previous expectations of close to 1 billion Euro and reach 1.1 billion.
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