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Corporate news review Friday 25th August 2017
Air Partner AIP reports a strong start to the year with underlying pre-tax profit for the first half of the financial year expected to be not less than £4m, (2016: £3m) and with a strong net cash position. AIP also reports an encouraging pipeline of opportunities for the second half of the financial year.
Boot (Henry) BOOT reports an 82% hike in interim revenues to £195.4m (2016: £107.3m) driven by higher levels of activity across all business segments. PBT rose 8.7% to £22.6m, with EPS 10.1% higher at 13.1p.
Computacenter CCC reports a 58.7% hike in adjusted PBT to £41.9m, on revenues up 8.7% to £1.7bn. Statutory diluted EPS rose 114.4% to 28.3 pence, resulting in an overall performance marginally ahead of board expectations. Higher profit growth than expected in the first half is expected to return CCC to a more historical norm in the balance of profits between H1 and H2.
WYG Plc WYG says it continues to expect revenue for the current year to exceed £160m, but warns that expectations of near term operating performance means that operating profit (before separately disclosed items and share based payments) for the half year will be significantly lower than previously.
Nanoco Group NANO updates on trading for the full year and says unaudited revenues and other operating income were in line with expectations. NANO has unaudited net cash of £5.7m at 31 July 2017 (£8.3m at 31 Jan 2017) and was in line with expectations.
AO World Leveraging For Future Territorial Category Roll Out
AO WORLD plc AO. Group operating losses for the year to 31st March rose from £10.6m to £12m despite a 25% rise in UK operating profit, after further gains were made in market share and a 12.7% rise in UK revenue. The UK figures were quite pedestrian compared to Europe which in constant currency terms produced a 52% growth in revenue after a full years trading in the Netherlands. Total revenue for the year was up by 17%. UK growth rates are expected to slow significantly in the current year.
But never mind problems like that, jargon as is often the case in these circumstances, is called to the rescue. Thus the company will operate a different distribution model which can be “leveraged for future category roll out across territories” and its “customer service metrics remain exceptional.” Fine, if only they could stop those losses mounting as well.
GB Group GBG is proposing to increase its final dividend by 13% to 2.35p per share after profit before tax for the year to 31st March grew by 8.2% and basic earnings per share by 10.8%. Revenue for the year grew by 19.2% or by 12% on an organic basis.
WYG plc WYG After producing double digit revenue growth in the year to 31st March, WYG is proposing to increase its final dividend by 20%. Adjusted profit before tax rose by 17% but earnings per share fell to 3.3p from 4p in 2016 and on an unadjusted basis profit before tax was down from £2.2m to £1.6m. Growth in the second half slowed to 10% and the start to the current year has been affected by the general election which has caused the award of some contracts to be delayed. Overall the order book so far is flat.
