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Ian Pollard – Weir Group #WEIR, 50% rise in oil, gas & shale revenues
Weir Group plc WEIR performed strongly in its main markets and first quarter orders grew by 22%, with minerals up by 13%. Oil and gas led the way with a 50% rise after strong drilling and completion activity in North American onshore. Further success was encountered as it became the preferred provider to major shale pressure pumpers. Weir has also announced the acquisition of ESCO which has a world-class team and will add another leading global brand.to its porfolio. It also intends to start the process of selling Flow Control with the aim of reallocating capital to build further on its core platforms.
Unilever ULVR made a good start to he year with first quarter sales growth of 3.4% and emerging markets doing even better with 5.1%. The quarterly dividend is to be increased by 8% after what the company describes as a good volume driven performance across all three divisions. Markets in Europe remained challenging as a resut of weak consummer demand, prie deflation and a challenging retail environment, especially in France. A triple whammy if ever there was one.
Rentokil Initial RTO has started the year well with ongoing revenue up by 15.7% at constant exchange rates. although on an organic basis revenue growth of 3.2% was down on last years 3.7%. Another year of successful growth is expected for 2018 despite unseasonably cold weather in March having delayed the onset of the US pest season.
Telecom Plus TEP produced record levels of revenue, profit and dividends during the year to the end of March. The final dividend is to increased by 4.2% from 48p. per share to 50p.The success was achieved despite a challenging environment created by record industry levels of domestic customers switching suppliers which TEP managed to keep below the industry average with its own customers. Profit before tax for 2019 is expected to be in the region of 55 to 60m.
Essentra plc ESNT proclains that it is continuing to “drive its stability agenda”. That must mean something when translated into Engish and I will try and discover exactly what before the end of the morning. It is possible that it may have something to do with its expectations of a return to like-for-like revenue growth and margin expansion in 2018.
Aveva Group AVV enjoyed strong trading for the year to the end of March. After revenue growth of 5.9% in the first half, .growth accelerated in the second half leading to a comfortable double digit rate for the year as a whole.
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WPP Uppish And Downish And Flat
WPP plc WPP has seen a steady decline since the beginning of the year and the third quarter saw results which managed to be up and down at the same depending on which currency they are in. The year started with first quarter rises in sales and revenue of 4.8% and 3.6% respectively and ending in the third quarter with sales up by 0.9% and revenue down 1.1% on a like for like basis. For the nine months as a whole they were still up and down with revenue on a constant currency basis down 0.9% and constant currency sales up 1.7% or down 0.7% on a like for like basis. Not surprisingly the forecast for the year is that it will be neither up nor down but flat.
Croda International CRDA constant currency sales grew by 4.4% for the third quarter to the end of September and by 4% for the year to date. Strong sales in personal care rose by 5.7% and helped to build on the first half recovery whilst geographically Latin America remained challenging but North America, Europe and Asia grew by 8%, 7% and 6% respectively.
Weir Group WEIR expects to see strong growth in constant currency revenues and profits for the full year. Strong order growth continued into the third quarter with a rise of 21% headed by oil and gas which leapt by 59% Operating profit however will be slightly lower than previously indicated.
Plus 500 PLUS believes that full year results will be ahead of market expectations after a record third quarter which saw revenue up by 50% and new customers by 69%. Over the nine months to date the revenue rise was 29%
Earthport EPO The Chairman claims that 2017 was a good year with the loss after tax rising by 58% but adjusted gross profit up by 30% and adjusted EBITDA loss down by 58% thus establishing a solid platform for growth.
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Lloyds Banking – Another Billion Pounds of Dirty Washing
Lloyds Banking Group LLOY claims it is transforming its Key Customer Journey and if you look at the additional billion pound or so compensation which it is being forced to cough up to customers whom it cheated over the years, it certainly needed transforming. In the second quarter it had to make additional provision of 700m as PPI claims against it rose above previous expectations. Then in the same quarter came a further hit of 340m. as it was forced to reimburse mortgage arrears fees which it had illegally charged to customers. And this is not some fly by night hole in the wall operation, its a bank for god’s sake which claims it wants customers to trust it with their money.
As for its half years results Lloyds claims to have produced another strong set, with the UK economy in resilient mode. The interim dividend is being increased by 18%. Underlying profit for the six months to the 30th June rose by 8% whilst statutory profit before tax was up by 4% and operating costs were down by 1%.
Diageo DGE reports operating profit up by 25% and net sales up 15% for the year to 30th June. On a like for like basis operating profit rose by 5.6%. With basic earnings per share up by 18%, the final dividend is being increased by5% and a share buy back program is announced of up to 1.5 billion pounds.
Weir Group WEIR North America has produced what it describes as a great set of results for the half year to 30th June, with both main businesses moving from an intense downturn into a recovery and growth phase. Revenue growth in North America reached 69% and generally growth overall accelerated, enabling an upgrade to be made to full year guidelines. Growth in orders of 11%has put Weir in a position where it can deliver strong constant currency revenue and profit growth for the full year. Despite that profit before tax on a constant currency basis is still down by 8%, although on a reported basis, there is a rise of 12%. The interim dividend remains unchanged at 15p per share.
Rentokil RTO is increasing its interim dividend by 15.2% for the half year to the 30th June afte a 12.5% rise in adjusted profit before tax and 10.9% in adjusted earnings per share. On a like for like basis revenue grew by 4.2%. The CEO i pleased with the continued momentum of the business.
Tate & Lyle TATE has made an encouraging start to the year with first quarter profits in constant currency terms, and volume both ahead of last year. Volume growth was strong in Asia Pacific, Latin America, Europe, the Middle East and Africa.Only North America was soft, with modest volume growth.
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Weir Group Recovery Starts
Weir Group Weir has North America to thank for signs of recovery in its fortunes. North American oil and gas markets have recovered more strongly than anticipated and volume and price increases have both been ahead of prior expectations. Operating margins in the first half have been in low double digit figures and full year revenue and operating profits will be above the upper end of analysyst’s estimates
Finsbury Food FIF updates that it is very pleased to have grown revenue in the year to the 1st. July, ignoring the unwelcome fact that on a constant currency basis its like for like revenue actually fell by 1.4% and on an actual basis only rose by 0.3% How Chief Executives hate to have to announce poor figures and will do their utmost to try and justify calling a fall, a rise. At least the second half performance was better than the first where the decline was twice as large, at 2.9%, The European business showed a leap of 17,3% but only 2.2% was organic growth and 15.1% was due to exchange rate benefits.
Plant Impact PIM expects strong growth in the use of Veritas in Brazil, with revenue for 2017 expected to rise from from £7.2m in 2016 to between £8.5 and £9m. The prospects for 2018 are even brighter with revenue expected to be around £13m.
Conviviality CVR is increasing its full year dividend by 33% to 12.6p per share. after what the company claims was a transformational year, with all areas of the business performing strongly, revenue rising by 85% and profit before tax by by 147%. The success has continued into the new financial year with sales for the nine weeks to 2nd July showing further growth of 9% compared to last year.
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Weir Worse But Hopeful
Weir Group WEI continued to worsen in the third quarter to the 31st October tough trading conditions every every division in decline. Minerals fell by 7%, Oil & gas by 10%, Flow Control by 4% and Continuing Operations by 7%, whether on a reported or like for like basis. Full year profits will be slightly lower than expectations but they reflect tough Middle East conditions and what Weir believes is the nadir for the North American Oil % Gas market and at least there were some signs beginning to emerge that core markets had started to improve.
Royal Dutch Shell RDSA Third quarter income rose by 124% over 2015, as the quarter produced a strong operational and cost performance. Lower oil prices however still presented a challenge. Basic earnings rose by 119% and return on average capital employed more than tripled to 3.8%. Oil and gas production was 25% up on 2015 quarter 3.
BP plc BP. Third quarter profits rose by well over 30% to $933 billion but these are still only half of what they were a year ago, as the results are impacted by weaker prices and margins. Brent oil prices are down by over 10% compared the third quarter of 2015 and high stock levels have caused a steep fall in refining margins. Another sign of how bad things really are is BP’s claim that a fall of well over a third in underlying pre tax cost replacement profits compared again to 2015 quarter 3, is a resilient performance.
Go-ahead Group GOG enjoyed robust first quarter trading with no change in expectations for the full year.
Money Supermarket.com MONY is on track for a record year with a rise of 12% in third quarter revenue, strong growth in insurance, which is continuing to acclerate and impressive growth in energy.
Firestone Diamonds FDI turned last years loss of US10.4m into a profit of $13.6m for the year to the end of June and did so without having produced a single diamond. Production started last month and the first diamond sales are expected to take place in January 2017. The project is expected to be 85% complete by the year end and the company claims that it is now well on the way to becoming a one million carat per year producer. The share price has risen from 15p last November to this mornings 56p.
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