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Ian Pollard – Costa Sale Brings Large Share Buy Back For Whitbread Shareholders.
Whitbread plc WTB Completed the sale of Costa to The Coca-Cola Company for £3.9bn on 3 Jan 2019, ahead of schedule. Over 2,000 new rooms were added with occupancy high at over 80%. UK like for like sales growth fell by 0.6% over the quarter and 0.7% over the year. Despite the high occupancy rates accommodation was the main culprit for the decline with falls of 1.5% and 2.2% respectively. International sales growth was much stronger and helped to save the day with rises of 3.5% over the quarter and 4.1% over the year. The company claims that it has experienced a momentous year with the sale of Costa for 3.9 billion but this current year is going to be much more momentous for the shareholders, as the sale has enabled the company to commence the distribution of largess with an initial share buyback program of up to £500 million.
Associated British Foods plc ABF has issued a trading update for the 16 weeks to the 5th January. Group revenue from continuing operations was 2% ahead of the same period last year at constant currency. Sales at Primark were 4% ahead of last year, at both constant currency and actual exchange rates. Sales at Primark were 4% ahead of last year, at both constant currency and actual exchange rates, and with a higher operating profit margin, profit was well ahead. Primarks share of the total clothing market increased significantly and sales were 1% ahead of last year.
Workspace Group WKP experienced strong demand in the third quarter. The Chief Executive claims they have continued to see a great deal of activity across the whole of the business. Demand for newly refurbished space in London has been particularly pleasing
SSP Group plc SSP has had a good start to the new financial year. First quarter total group revenue increased by 7.6% on a constant currency basis Full year expectations are that like for like sales growth for the Group remains unchanged at between 2% and 3%.
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Ian Pollard – Whitbread #WTB UK Decline Turned Into “Growth”
Whitbread plc WTB tries to put a brave face on its first quarter results by headlining sales growth and expansion and ignoring the unhappy reality. The truth is that growth is due to investment in new hotels and new Costa stores. On a like for like basis the quarter has been, to put it politely, uncomfortable, with falls in every division led believe it or not by Costa the former jewel in the crown, now looking a bit tarnished with a fall of 2%. Total group “UK growth” should be renamed total UK decline with the like for like group total down by 1.3%. Fortunately the fairly blatantly misleading headlines are unlikely to mislead many.
Ultra Electronics ULE expects that the half year performance and revenue will be broadly in line with the exception of Herley which management appears to have allowed to be impacted by cost overruns on development contracts. Although some recovery is expected in the second half and the order book at the end of May was strong it is expected that the problems at Herley will result in full year operating profit being reduced by £4m to £6m. The new CEO says he is excited by what he has seen presumably referring to the fact that the brakes have been taken off US defence spending, a matter which outside his and the company’s control.
IWG plc IWG There is not mny sign of excitement at IWG where group operating profit for 2018 is expected to be £15. to £20m. below management expectations. The UK business is not performing as management was expecting despite strong trends in global sales activity. In order to strengthen its position IWG proposes to increase new space by 45% which as is usual in these circumstances, will bring with it extra short term losses
1pm plc OPM Results for the year are expected to show record year on year increases in revenue and profits. Revenue has risen by 0ver 75% of which more than 30% was organic and basic earnings per share rose by more than 20%. The CEO claims that the figures illustrate the success of the company’ buy and build strategy over the past three years during which it has completed seven acquisitions which has
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