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Ian Pollard – WPP #WPP, not a pretty year
WPP plc WPP “Not a pretty year” says Sir Martin Sorrell about his companies performance in 2017.Top line growth was flat and operating margins and profits were either flat or only marginally up. To add to the gloom, 2018 has had a slow start which managed to be above budget but in January like for like revenue was flat.On a like for like basis 2017 billings were down by 5.4% or 3.9% at constant exchange rates, although revenue at constant exchange rates did show a rise of 1.6% but on a like for like basis it fell by 0.3% On a happier note profit before tax rose by 11.6% (7.7% constant currency) and the dividend is to be increased by 6%.
Rentokil RTO had a good year in 2017 and its strong performance exceeded its medium term financial targets. After a rise of 13.8% in adjusted profit before tax the final dividend is to be increased by 15.1% to 2.74p per share.On a constant exchange rate basis adjusted profit before tax rose by 6.2% and adjusted earnings per share by 5.2%. Pest control performed particularly well and the company was very active in the mergers and acquisitions field, where it acquired 33 pest control companies. The policy of expansion by acquisition is to continue.
National Express NEX delivered strong performances both internationally and in the UK during the year to the 31st December with significant increases inr evenue, profit and cash. This is recognised in the final dividend which is to be increased by 10%. Like for like profit before tax at constant exchange rates grew by 11.7% and group revenue by 6.1%. The UK bus and coach businesses delivered a strong second half after the declines experienced during the first half of the year. A good start has been made to 2018 with profit and revenue both showing rises in January.
Bovis Homes BVS is pleased with what it describes as its operational progress in 2017. This progress saw profit before tax fall by 26% and earnings per share by 25%. and there are not many companies which dare call that, progress. The ordinary dividend is to be increased by 6% after strong increases in the average selling price, up by 7% during the year. The company also expresses itself as being excited by the future which is not surprising if it can get away with price rises like that.
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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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WPP Now Failing To Meet Budget and Forecasts
WPP plc WPP has not enjoyed a good first half to the year and what on the face of it appear to be very healthy growth in profits ,are distorted by comparison with the first half of 2016 when there were exceptional net costs of 122m. On a constant currency and like for like basis 2017 has really been a year of slow decline save for the UK which was the strongest performing region in the second quarter with like for like revenue up by 5.8%
Revenue is perhaps the best guideline as to the true state of affairs for the half year and on a constant currency basis it rose by a meagre 1.9% which turned into a fall of 0.3% on a like for like basis. Like for like net sales also fell by 0.5%. Reported billings fared even worse with a fall of 4.7% in constant currency. Reported EBITDA showed a constant currency rise of 1.7%. Helped by the distortions of last years exceptional costs profit before tax showed a rise of 83.3% and reported diluted earnings per share were up by 95.1%
Things have got worse as the company enters its second half year with current trading in July behind both budget and forecast as like for like revenue and net sales fell by 4.1% and 2.6% respectively.
NMC Health plc NMC produced a strong performance in the six months to the 30th June with good progress made cross all parts of the group. Reported revenue rose by 34%, EBITDA by 47.3% and adjusted net profit by 56%
Tesco plc TSCO opens its compensation scheme today for investors who were net buyers of shares or certain types of Tesco bonds between 29th August 2014 and 19th September 2014. The compensation amounts to 24.5p per share plus interest at 4% for retail investors.
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WPP Currency Tailwinds Add Over 10% Growth.
WPP plc WPP produced another record year in 2016 helped by huge favourable exchange rate movements, especially in the second half. Without these, the strength was much less pronounced. Reported billings rose by 16% but at constant currency rates the rise was reduced to 5.5% and on a like for like basis it was down to 3.3%. Growth in revenue varied from a rise of 17.6% to an actual fall of 7% in Yen. Overall 10.4% revenue growth was due to currency movements. Profit before tax rose by 26.7% but in constant currency terms fell to 12.5%. Dividends for the year have also been increased by 26.7% at 56.6p per share, which means that the target pay out of 50p per share has been reached a year ahead of schedule.
2017 has started slowly with January producing a like for like rise in revenue of only 1.5% due to what are described as tepid economic growth and weaker new business trends. The growth target for 2017 has been set at 2%.
London Stock Exchange LSE proposes to increase its final dividend by 20% after a strong financial performance for the year to 31st December. Income rose by 17% and adjusted profit before tax and earnings per share both grew by 21%
Harvey Nash HVN claims resilient trading for the year to the end of January despite gross profit falling by 1% on a constant currency basis. Brexit is blamed for holding back growth in the UK & Ireland, whilst the Rest of the World faced challenging market conditions in Hong Kong and Offshore Services were hit by the weakness of Sterling, leading to a fall of 7% in gross profit. Only Mainland Europe helped to save the day with growth of 8% ( 4% at constant currency rates.)
Gear4music G4M Sales for the year to the 28th February were well ahead of expectations with a rise of 58%. Europe and the Rest of the World led the way with a rise of 124%. Profits are expected to be marginally ahead of expectations.
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Strong Growth At Plant Impact
Plant Impact PIM enjoyed strong growth during the year to 31st July, with revenue up by 60% and gross profit by 59%. The company believes it is well positioned to continue to develop successfully. The share price on the other hand has not been strong. during the past 12 months it has fallen from 62p to to 46p at which level it formed a double bottom in March and July and now stands at 49.5p.
WPP plc WPP Third quarter reported revenue jumped by 23.4% in sterling terms but the weakness of the pound led to that becoming a much more modest 7.6% at constant currency levels and over the first nine months, 8.5%. Nonetheless WPP is still on target for yet another record year. Like for like growth in the first three quarters of 2015 averaged 5.5% but 2016 has been well down on that with an average of 3.5%. WPP claims that many of its clients have a challenging problem which is the short term attitude of institutional investors and analysts with the result that the CEO’s of major companies can now expect to remain in office for no more than 6-7 years whilst the life expectancy of Chief Financial Officers is even less. Activist investors seem to regarded with some disdain.
Centamin CEY Third quarter gold production rose by 41% over quarter three 2015, whilst full year 2016 production is now expected to be towards the upper end of guidance, whilst costs will be at the lower end. Underground drilling at Sukari has produced positive results and an updated reserve and resource estimate is expected during quarter 4.
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WPP Slumps, Costain Excited
Costain Group COST is enjoying exciting times as the countries energy, water and transport infrastructure continues to be upgraded. The interim dividend is to be increased by 15% to 4.3p after revenue for the half year to 30th June rose by nearly 25%. The half year ended with a record order book, 90% of which was repeat business.
Paddy Power Betfair PPB Online half year revenue rose by 20% and total revenue by 18%. merger integration is ahead of plan but merger related items led to an operating loss of £48m. and a loss per share of 68.3p Underlying operating profit however was up by 39% and underlying EBITDA by 31%. an interim dividend of 40p per share is to be paid.
WPP plc WPP After exceptional write downs interim profit before tax slumped by 40.1% and profit after tax by 53.1%. On a headline basis however, reported PBT was up by over 15%. Billings rose by 9.3% and revenue by 11.9%. Like for like net sales grew by 3.8% and the interim dividend is to be raised by 22.9% to 19.55p.
Headlam Group HEAD enjoyed a strong first half to the 30th June and is increasing its interim dividend by 11.7% to 6.7p.It made further gains in market share in the UK where it outperformed and saw an improving trend on the continent. Profit before tax rose by 22.4% and basic earnings per share by 23.1%
Hikma Pharmaceutical HIK claims a solid first half performance which saw operating profit fall by 27% on revenue up by 28%. Basic earnings per share were down by 49% and the interim dividend is being maintained at 11 cents per share.
Goldplat GDP has put in a strong financial performance for its year end at the 30th June thanks to the recovery in the price of gold and the collapse in sterling. A full year profit before tax of £2m. is now expected.