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Card Factory Pressured By Having To Pay A Living Wage
Card Factory CARD produced sales growth of 6.7% in the 9 months to the 31st October fuelled by the opening of 38 net new stores, bringing the UK total to 903 and with more to come during the final quarter. The strong first half sales performance has continued into quarter 3 but profits will be impacted for the rest of the year by foreign exchange pressures and by having to pay a living wage to its employees! Not many companies are so brazen or clueless as to admit that paying a living wage is a problem. Presumably back to Victorian times and the problem may be solved – but how many could then afford to buy cards and how many card shops were there festooning the high streets. If the country saw widespread wage reductions to help companies cope with so called pressures, the Card Factory could be closing shops, not opening new ones.
Barratt Developments BDEV Updates in advance of today’s AGM that it has made a strong start to the new financial year with forward sales up 8.4% between the 1st July and the 12th November, helped by good market conditions and the wide availability of attractive mortgage finance. 2018 is expected to produce a good operational performance.
Experian EXPN is on course to deliver stronger organic revenue growth as the year progresses and after a first half produced revenue and EBIT growth of 5%. On a statutory basis profit before tax for the six months to the 30th September fell by 7% and basic earnings per share by 15%. The first interim dividend is to be increased by 4%.
Wizz Air Holdings WIZZ announces that it has ordered 146 Airbus A320neo aircraft worth $17.2bn at current list prices. Deliver is to start in 2022 and will enable Wizzair to extend its market reach beyond Europe and to make further reductions in operating costs.
TalkTalk Telecom TALK is slashing its interim dividend by over 50% after managing to turn last years first half profit of £30m into a statutory loss before tax of £75m this year meaning that it will only be able to pay shareholders 2.5p per share instead of last years 5.29p. Statutory revenue fell from £902. to £856m but the company has now produced its third consecutive quarter of growth, so things may be on the mend.
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easyJet Still Flying High
easyJet EZJ October passenger statistics showed a rise of 9.9% in passengers carried and load factor increased yet again to 92.5pp up by 2.3%. On a rolling 12 months basis the figures were 10% and 1.5pp.
Ortac Resources OTC is to acquire an additional 33.82% of Casa Mining Ltd and will be making an offer for the balance. The deal includes converting the $2mn convertible loan note at an amended reduced share conversion price of $0.5586, and represents a major step forward in the delivery of the Company’s revamped strategy, announced on 11 September 2017, to focus on its high potential African exploration mining assets. Chairman Nick von Schirnding said the proposed acquisition of Casa “is a turning point in the Company’s recent history” and the board “look forward to a new chapter for Ortac and its shareholders. ”
Wizz Air Holdings WIZZ the cheeky upstart grew its passenger numbers by 30% in October as it added its 144th destination. Its load factor rose by 2.1% to 92.1pp, virtually the same as that of its much bigger brother.
SysGroup plc SYS Eventually gets round to admitting that it is issuing a profit warning, after explanations which are so long winded that they are made to sound less like explanations and more like excuses, such as difficulties in clawing back first half margin under performance, the Board in the end comes out with the admission that full year EBITDA and adjusted profit before tax will be significantly below market expectations.
AFH Financial Group AFHP reports strong organic growth for the year to the 31st October, together with a significant increase in recurring fee income. Total revenue for the year is expected to show a rise of 35% bout half of which will come from acquisitions. The board is confident of further expansion through its mix of organic growth coupled with acquisitions.
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Severn Trent Drowns In Jargon
Severn Trent SVT is so mired in jargon that it has started creating new words which are so obscure and meaningless that it has had to add a little dictionary at the end of today’s update. What is wrong with plain English ? Even HMCR now uses it to good effect. Is it beyond the wit and intelligence of Severn Trents senior management to do the same.
Can they not really do better than ODI outperformances, totex efficiencies, business plans for AMP7 and methodology consultations for PR19. In fact senior management seems so besotted with this nonsense that it had difficulty in finding anything about which it could update us.
Drax Group DRX managed to turn last years interim profit before tax of £184m into a thumping loss of £83m, and saw underlying earnings per share collapse from 4.2p to 2.2p. so not surprisingly management is taking action. Firstly it is claiming that this transformation is due to the maintenance of operational excellence across the group. Secondly it is more than doubling dividends for the 6 months to the 30th June from last years 2.1p per share to 4.9p. To be fair the figures do include unrealised losses of £65m due to foreign exchange hedging – so that’s alright init ?? Just as a sideline net debt surged from £85m to £372m. Never mind, that dividend increase should ensure that jobs are safe.
RPC Group RPC will announce at todays AGM that the current share price of the company significantly undervalues its performance to date and its future prospects. Revenues for the quarter to 30th June have been well ahead of the same period last year and have also exceeded management expectations. An inaugural share buy back program of up to £100m. is to be launched.
Wizz Air Holdings WIZZ has produced a record first quarter performance with profits rising by 50% to a record £58m, as passenger numbers rose by 25%. There is however some caution expressed about prospects for the second half of the year.
Cello Group CLL enjoyed a good first half with strong overall and like for like growth from Cello Health in the 6 months to 30th June. Expectations are that full year results will also be strong.
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Westminster Group Facing “Unprecedented Growth”
Westminster Group WSG claims that the trials and tribulations of the last few years are now behind it. Revenue for the year to the end of December rose by 31% enabling it to make an EBITDA profit of £25,000 compared to the previous year’s loss of £300,000. The loss per share has been reduced by 29% to 2.5p as against 3.5p per share in 2015. The Chief Executive asserts that the company has an opportunity for unprecedented growth over the next few months and years.
Renew Holdings RNWH is increasing its interim dividend by 13% after record interim results saw group operating profit up by 15% on revenue which increased by 9%. After exceptional items, profit before tax rose from £4.8m in the first half of 2016 to £8.8m. this year.
Wizz Air Holdings WIZZ May passenger numbers showed a rise of 22% and laod factor rose by 1% point to 91%.
AFH Financial Group AFHP Profit before tax for the 6 months to the 30th April rose by 34% to £1.15m and underlying EBITDA and earnings per share were up by 35% and 27% respectively. The strong performance was based on strong organic growth with like for like revenue now standing at 70% of total revenue. As for the future outlook there is a strong pipeline of acquisition opportunities.
Telford Homes TEF has signed a pre construction agreement with global real estate company Greystar, to deliver 894 build to rent homes near to the river Thames at Nine Elms
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Koovs Continues To Rocket
Koovs plc KOOV continues to see sales rocket with a rise of 87% in the year to 31st March. Registered users were up by 80% and units shipped and repeat customers rose by 100%, as it pursues its main strategy of significant growth and outperforming e commerce sector growth in India by fivefold. India is now the fastest growing economy in the world.
Keywords Studios KWS enjoyed a year of strong growth in 2016, both organically and from acquisitions and is increasing its final dividend by 10%. Group revenue for the year to 31st December rose by 67%, adjusted basic earnings per share was up by 61% and adjusted profit before tax by 86%. Further good progress is expected in 2017.
ASOS ASC claims a strong set of results for the half year to 28th February but by comparison with Koovs it is positively pedestrian. It also illustrates the continuing decline in the importance of the UK market where sales grew by “only” 18% compared to international sales which rose by 54%. Group revenue rose by 37%, or 31% on a constant currency basis and profit before tax was up by only 15%, Meanwhile the group pursues its ultimate goal of becoming the worlds no.1 for “fashion loving 20 somthings”.
Wizz Air Holdings WIZZ the largest budget arline in Eastern and Central Europe saw passenger numbers rise by 19% in March whilst load factor rose by 4.1 PPTS to 90%.
Randall & Quilter Rebounds
Randall & Quilter RQIH has produced a significantly stronger first half year performance this year than it did in 2015. Last years first half loss of £4.5m has been transformed into a profit of £1.2m for the current half year to the 30th June and last years loss per share of of 4.7p has become a positive 1.5p per share. The company says that the outlook is now very promising and strong trading is expected for the remainder of the year.
Dechra Pharmaceuticals DPH enjoyed strong growth both in its existing operations and in the three acquisitions which it made in the year to 30th June. Revenue from existing operations rose by 11% led by North America with a rise of 37.9% and consolidate revenue which includes acquisitions was up by 21.7%. The final dividend is to be increased by 9% to 18.46p.
Koovs plc KOOV continued to produce further strong growth during the 17 weeks to 31st July, with sales growth of 115%, registered users up by 201% and weekly website traffic by 142%.
Plus 500 Ltd. PLUS produced record revenue and profits for the half year to the end of June and is raising its interim dividend by 10%. revenue rose by 25%, net profit by 10% and earnings per share by 11%. The second half has started with further strong growth which is expected to contnue for the rest of the year
Wizz Air Holdings WIZZ The continuing boom in the demand for budget air fares saw Wizz Airs passenger numbers rise by 16.6% in August, almost exactly in line with a capacity increase of 17%. On a rolling 12 months basis capacity rose by 18.3% and passenger numbers by 19.8%.Competition in budget fares is not as fierce as it was as at least one of the former budget big boys makes it clear to its passengers that it is quite happy to charge more than the established schedule airlines, when it can get away with it, especially in the peak summer traffic season.