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Major Companies Blame Challenging Conditions Again
Rank Group RNK met challenging trading conditions in the 6 months to 31st December but is still raising its interim dividend by 11% after a fall of 17% in profit before tax and 14% in basic earnings per share. Like for like group revenue for the half year rose by 2%. Nothing like raising a dividend when the going gets tough.
Diageo DGE is raising its interim dividend by 5% after a stronger performance produced a rise of 14.5% in reported net sales and 28% in operating profit for the 6 months to the end of December. On a like for like basis, operating profit grew by 4.4% and basic earnings per share were up by 20% at 60.3p.
SKY plc SKY produced a strong first half performance with operating profit falling only 10% to £679m, after absorbing £314m of additional Premier League costs. Revenue rose by 12% and earnings per share fell by 5%. strongest growth came in Germany & Italy with rises of 10% and 9% at constant currency rates and the UK lagging behind with only 5%
Unilever ULVR saw core turnover fall by 1% in 2016, which ended with tough market conditions.Core earnings per share fell by 7% or 3% at current exchange rates. Sales rose by 4.3% at constant exchange rates. emerging markets performed much better with underlying growth of 6.5%. A slow start is expected to 2017 with tough market conditions expected to continue into the first half. Europe has been particularly challenging with subdued volume growth and price deflation in many countries.
Whitbread plc WTB produced third quarter total sales growth of 8.6% but this masked a patchy like for like position. Restaurants fell by 1.5% on a like for like basis but Costa rose by 4.3% and the total came in at 1.7%
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Braemar Shipping Fights Back
Braemar Shipping BMS Half year figures to 31st august illustrate the savage decline which has hit the worldwide shipping market. A fall in revenue from £79.6m to £70.2m resulted in earnings per share falling from 13.3p to 0.4p and operating profit declining from £5.3m to £0.3m. Braemar however gives the definite impression that it is fighting back successfully against the challenges which it faces. Shipbroking has produced a resilient performance in volatile conditions. The Technical division has suffered most but is being realigned to current market conditions and the group claims it is well placed to take advantage of any upturn. The interim dividend is unchanged.
GKN plc GKN The collapse in sterling gave GKN a massive bonus in the 9 months to the end of September with a 21% increase in sales. The currency benefit amounted to £ 474m or some 6% of the rise and three times the miserable 2% which came from from organic growth
Whitbread International WTB claims a good set of results with strong growth for the six months to the 1st September and is raising its interim dividend by 4.9%. Powered by Premier Inns and Costa total revenue grew by 8.1% as both divisions increased market share. Premier Inns revenue rose by 8.9% or 2.4% on a like for like basis whilst total sales at Costa were up by `10.7% or 2.3% on a like for like basis
Pendragon PDG Third quarter sales to 30th September have risen by 5.7% and like for like profit is up by 6.3%. Priority is being given to used car sales, which have been particularly strong with revenue growth of 8.3%. The company has not noticed any change in customer attitudes which can be attributed to the referendum.
On The Beach Group OTB Despite terrorist attacks and the slump in the pound OTB delivered a year of highly profitable growth and traded well during the 12 months to the end of September. UK revenue grew by 12% which was less than expected but underlying profit before tax will be marginally ahead of the top end of market expectations. Since the last update in July demand for beach holidays has remained resilient.
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Whitbread Worries – Costa Goes Ex Growth
WHITBREAD WTB claims good all round growth for the 53 weeks to the 3rd March and is raising its final dividend by 10% but somehow the excitement and the buzz at Premier Inns and Costa seems to have disappeared. Underlying profit growth at Costa slumped to15.8% from 28% for the first half. On a like for like basis Costa sales rose by only 2.9% compared to 4.4% at half time and 3% for the group as a whole, figures which show that Costa is no longer the great engine of growth as in previous years and has clearly fallen or been knocked off its perch.
Basic earnings per share for the group rose by 5.3% and profit by 5.8%. Net debt nearly doubled to £909 million compared to the previous years £583m.
BRITISH AMERICAN TOBACCO BATS saw momentum continuing and market share rising during the 3 months to the end of March. Revenue rose by 7.5% and cigarette volume by 3.6% or 2.4% on a like for like basis. The trading environment was challenging because of the impact of adverse exchange rates. A bit strange that from a company which trades all over the world.
BP plc. BP. expects robust demand plus weak supply growth will lead oil markets to be more in balance by the end of the year i.e. the market will continue to be manipulated by the producers to keep the price over $40 per barrel.First quarter underlying replacement cost profit came in at $532m compared to $2.6 billion for the first quarter of 2015. Cost reductions have saved BP $4.4billion over the past two years.
Trakm8 Holdings TRAK announces a proposed maiden dividend of 2p for the year to the end of March after strong trading saw revenue up by 44% or 28% on a like for like basis. Orders rose by 29% and net debt fell to just under £1 million. The shares have opened 25p up following the good news.
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