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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 – #SSE – Diverting Wrath
SSE plc SSE although interim results for the six months to the 30th September are ahead of previous expectations they are only slightly so and they are still fairly dire. Adjusted profit before tax is down by 40.9% and adjusted earnings per share by 39.9% with a reported loss per share of 22.6p. The Chairman admits that they fall well short of what the company hoped to achieve at the start of the year and that this is disappointing and regrettable. Not however so regrettable and disappointing as to prevent the company from increasing the dividend by 3.2%. No doubt that may help to divert a certain amount of wrath.
Smiths Group SMIN saw revenue fall by 1% in the 3 months to the end of October as the company was impacted by a number of factors. At Smiths Medical, revenue was impacted by the previously announced regulatory and contract challenges. In Smiths Detection, the phasing of orders impacted first quarter revenue but a robust order book is expected to see a strong second half. Management expectations for the full year remain unchanged
AB Dynamics plc ABDP has delivered another year of record revenue and adjusted profit. Revenue for the year to 31st August grew by 51%, profit before tax by 78% and basic earnings per share by 74%. The proposed final dividend is to be increased by 10%. Despite this very strong growth, order intake has continued to run ahead of sales and this has provided a healthy order book with visibility into the third quarter of 2019
Workspace Group WKP reports a strong perfomance driven by customer demand for the half year to the 30th September. Strong growth in net rental income, up 17% year on year, resulted in 20% growth in adjusted trading profit and the interim dividend is also to be increased by 20%. However despite all this talk of strong performances and dividend increases profit before tax fell by 18%
Marshall Motor Holdings MMH updates that following better than anticipated trading during October 2018 and a more positive outlook for the remainder of the current financial year.the Board expects continuing underlying profit before tax for the year ending 31 December 2018 will be ahead of the Group’s record results reported last year.
Falanx Group Ltd FLX Interim results for the six months to the 30th September delivered a rise of 51% in Group Revenue, with an even more spectacular rise in the cyber division of 198%. Cyber attacks pose ever growing threats and provide an increasing opportunity for the company. New business is at record levels, as are tendering opportunities.
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Dixons Carphone Pulls Out of Spain
Dixons Carphone plc DC. has agreed to dispose of its entire holding in The Phone House Spain for 55m Euro less adjustments. Not a single reason, good bad or indifferent, is given for the withdrawal.
Hays plc HAS produced a record net fee performance for the quarter to 30th June, its 17th consecutive quarter of net growth. Like for like net fees for the quarter grew by 7%, with the UK, as appears to be happening more and more frequently, coming last with 5%, less than half of the growth in the rest of the world, led, as can also be expected, by Germany with a rise of 16%. Indeed the UK’s performance with a fall in net fees of 5% (not like for like) was even worse. Operating profits for the full year are expected to be marginally ahead of current market expectations.
Workspace Group plc WKP claims a strong start to the new financial year with robust customer demand. The fact that monthly enquiries are very slightly down on full year 2016-17 and average monthly lettings are down by about 4% from 99 to 95 per month, does not receive a comment.
Ramsdens Holdings RFX has traded strongly during the early part of the current financial year and this has continued into its all important summer period. It has had to report to its regulators that there has been unauthorised access to its IT systems but it expects that any disruption will be minimal.
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First Sales for Scottish Gold
Scotgold Resources SGZ has signed its first ever agreements for the sale of Scottish gold. This agreement covers the first refining batch (approximately 16oz) of Scottish Gold made available for jewellery (and only the second refining batch produced to date) from Scotgold’s Bulk Processing Trial (BPT) at the Cononish Gold and Silver Mine. The buyers are two of Scotland’s leading jewellery manufacturers.
Workspace Grp WKP is proposing a 40% increase in total dividends to 21.07p. per share after producing strong preliminary financial results for the year to 31st March led by growth in net rental income of 6.9%. Profit before tax was down on the previous year because of a smaller uplift in the property valuation. Recently completed projects have produced a strong letting performance and the total rent roll on like for like properties has grown by 14.5%. Demand for lettings remains healthy and there is a strong pipeline of refurbishments and redevelopments. Over the next three years delivery of over 1 million s.ft. of new and upgraded space is expected.
RPC Group plc RPC is to increase total dividends by 50% after a good trading performance saw revenue profit and cash flow all reach record levels for the year to the end of March, Revenue rose by 67%, adjusted operating profit by 77% and earnings per share by 54%. The proposed final dividend of 17.0p will make a total of 24p for the year.
Distil plc DIS saw 2016-17 turnover rise by 40% leading to its first ever profit, £10,000 compared to last years loss of £97,000. Growth in own brands was strong and further sustained growth is now expected.
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Sainsbury Slashes Price of Eggs As Sales Fall.
Sainsbury J. SBRY When a major supermarket group has to describe a 0.8% fall in like for like retail sales excluding fuel, as a solid start to the year, then you know that the industry’s problems are massive and that this particular company and its management are troubled. But it has permanently slashed the price of eggs in an attempt to win back market share. Total retail sales for the 12 weeks to 4th June rose by 0.3%.
With Walmart about to start a major price war in its attempts to save ASDA and beat off Lidl, the future looks bleak for all UK supermarkets.
Domino’s Pizza DOM has gone on the takeover path with the acquisition of a 49% stake in Domino’s Iceland and 45% in Domino’s in Sweden and Norway. Local management is described as strong and will be retained whilst the deal is expected to be income enhancing in 2017. Domino’s has the right to acquire all the remaining shares in the three groups between 2020 and 2023
Sanderson Group SND is raising its interim dividend by 11% as confidence is boosted by a continued improvement in the general economic environment and by a very strong order book. Revenue for the 6 months to 31st March rose by 8% and basic earnings per share by 13%. The order book jumped from £2.35m at 30th September 2015 to £3.2m at the end of March.
Workspace Group WKP Claims a very strong financial performance for the year to the end of March, driven by both income and capital growth. Preliminary results show an 8.7% rise in profit before tax and and a proposed 25% increase in the final dividend. Like for like rent per sq. ft rose by 16.4%, leading to a rise of over 28% in net rental income. The underlying property valuation is up by 20.9%. Net occupancy is down slightly to 90.7%
ASDA After repeated promises from ASDA boss Andy Clark that he was here to stay, ASDA has announced that he is in fact stepping down. ASDA owner Walmart has got fed up of ASDA’s poor performance impacting its profits and leading it into a situation where annualised losses exceed £1 billion. The price war to come is expected to create havoc amongst the UKs major supermarket groups, with Sainsbury likely to be one of the two main victims.
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