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Ian Pollard – Clarkson #CKN Challenged By Headwinds
Clarkson plc CKN Despite a challenging start to the year Clarkson produced a robust performance for the year to the end of December.Underlying profit before tax fell by 10% and earnings per share declined from 116p to 105p.The CEO is happy with this as it enables the dividend to be increased by 3% making it the16th consecutive year of increased dividends. Headwinds are having their impact in the form of political uncertainty and natural disasters but these are expected to diminish as the year passes.
Polymetal International POLY Preliminaries to the 31st December showed that 2018 was a year of strong operating and financial results,with revenue rising by 4% and gold sales up by 10$. Adjusted EBITDA was up by 5%, although average realised gold and silver prices both fell. A final dividend of US$ .31 is proposed. The dividend declared during the period has risen by 47% from last years 32 cents to the current 47 cents.
Xaar plc XAR updates that underlying trading results for the year to 31 December 2018 are in line with previous expectations and delays in ramp up of new product volumes in China have resulted in an unfavourable aging profile of working capital. Provisions are therefore being taken on the basis of prudency.
Driver Group plc DRV reports that the cumulative trading result is now behind the Board’s expectations for the current period due to a slowing in the speed of client conversion, in particular in the Middle East and south-east Asian markets. The cumulative trading result is now behind the Board’s expectations for the current period and the shortfall is unlikely to be recovered in the second half. Full year underlying profits before taxation are now expected to be slightly below the 2017/18 result at approximately £3.5m.
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Ian Pollard – Barratts #BDEV outstanding pedestrian year
Barratt Developments BDEV’s performance for the year to the 30th June was positively pedestrian compared to yesterdays results from Redrow but that does not stop Barratt claiming it has had another outstanding year with a strong operational and financial performance and its highest volumes in a decade. The increase of 4.7% in the final dividend, however, pales into insignificance compared to Redrows 65%. Profit before tax for the year rose by 9.2% and basic earnings per share by 8.5%. As at the 2nd September forward sales were ahead by 11.1%
Breedon Group BREE claims a resilient performance in a challenging market for the six months to the 30th June. Revenue rose by 16% but profit before tax fell by 3% although on an underlying basis it looked better with a rise of 15%. Ireland’s outlook was positive but the GB market continued to suffer from short-term challenges. The company say it is is comfortable with current market expectations.
Somero Enterprises plc SOM enjoyed robust trading in the US and Europe in the half year to the 30th June and is doubling its interim dividend with a payment of 0.055 cents per share. Revenue for the half year grew by 6% and profit before tax by 13%. Sales in Europe were particularly strong with a surge of 24%.
Xaar plc XAR’s woes continued in the half year to the 30th June with underlying revenue falling by 39% year on year, due largely to a 69% decline in its ceramics business which was exacerbated by a slower than anticipated uptake of new products, in particular the Xaar 1201 printhead . The interim dividend has been slashed from last years 3.4 pence per share to 1p per share to reflect expected cash requirement.
Quiz plc QUIZ will report today that it is pleased with the Group’s performance during the year to date and with the response to its summer product range. Despite an uncertain trading environment the group expects to continue with further strong growth.
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Barratt, Eddie Stobart, Robert Walters and Wetherspoons all upbeat
Barratt Developments BDEV is upbeat on trading, and reports total completions of 17,395, the highest level of completions in nine years. PBT is expected to beat current expectations at around £765m (2016: £682.3m), and year end net cash balance of around £720m is also ahead of guidance, driven by strong performance and the timing of land and working capital payments.
Eddie Stobart ESL reports a 13% hike in sales for six months to 31 May to approx £287m, with operational efficiencies improving the growth rate at an EBIT level. H2 has started well despite the challenges for the logistics sector due to the current political and economic environment, plus the period will benefit from a full six months’ contribution from the recently acquired iForce business.
Micro Focus International MCRO reports FY revenues of $1,380.7m, slightly above the mid-point of management guidance. Underlying adj EBITDA rose 4.2% to $640.9m, adj diluted earnings per share rose 19.7% to 175.65 cents and the FY dividend increased by 32.1% to 88.06 cents. The board says it is confident that medium-term low single digit revenue growth, industry leading margins and strong cash conversion will ensure that Micro Focus can deliver on its strategy.
NEX Group NEX says NEX Markets revenue grew 11% on a constant currency basis (20% on a reported basis) during Q1 principally driven by the CFETS partnership. Trading activity was hit by low volatility albeit with episodic activity around macro events such as the French election and a US rate rise.
JD Wetherspoon JDW says like-for-like sales increased by 5.3% for the 11 weeks to 9 July 2017, while LfL sales year to date (50 weeks to 9 July 2017) rose 3.9% (total sales up 1.9%). Around £24m of exceptional, non-cash losses are expected this financial year, mainly from pub disposals and closures.
Robert Walters RWA reports a record quarter, with net fee income up 16% (25% actual) year-on-year. The performance benefited from the group’s international footprint and breadth of recruitment solutions. The RWA board is confident that FY PBT will be ahead of current market expectations.
Xaar XAR reports an in line trading performance, and expects to report revenue of approx £44m for the six months ended 30 June 2017. The co also reports a joint development agreement with Xerox to develop together the next generation of industrial bulk piezo printheads using the extensive combined resources and IP of both companies
Redrow Expects “At Least” 22% Rise In Profit Before Tax
Redrow RDW as a result of its record order book, trading and performance in the second half of the current year continues to be robust and has enabled the company to increase its average selling prices more, or as they put it, “better” than expected. Profit before tax for the year to the end of June is now expected to increase by at least 22% to £306m.
Kingfisher KGF is increasing its total dividend for the year to 31st January by 3%, after sales and profit growth turned it into an important and productive year. Underlying profit before tax rose by 14.7%, adjusted sales were up by by 1.7%, leaving group results ahead on all key metrics.
Savills pls SVS delivered another record performance in 2016, including what it describes as a highly resilient performance in the UK .Getting down to the nitty gritty though group profit before tax rose by only 1% after a 52% rise in continental Europe. Underlying basic earnings per share were up by 15% and total dividends for the year are increased by 12% to 29p per share, compared to 26p in 2015.
XAAR plc XAR Revenue for the year to the end of December was up by some 3% and profit before tax rose from £13.6m to £17.9m. Ceramic tile sales were disappointing. Total dividends for the year have been increased from 9.45 p. per share to 10p.
Cello Group CLL Managed to turn earnings per share of 3.54p for 2015 into a loss of 3.23p per share for 2016. Revenue for the year to the end of December rose by 5.4% and like for like gross profit grew “robustly” by 5.9%. Dividends for the year grew even more robustly with a rise of 18.9% but headline profit before tax less so with a mere 0.8% rise. However a good start has been made to 2017.
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XAAR – Defying China
XAAR (XAR) specialises in inkjet printing technology and is a world leader in industrial inkjet print heads.
In September 2013 its shares reached an all time high of 1150p and then collapsed to 220p., losing 80% of their value in the 12 months to September 2014. The company took immediate action to overcome the challenges which it faced. The share price began to recover and had nearly doubled by the 26th August 2015 when they touched 450p.
Despite the turbulence which has hit world stock markets since 26th August, especially for companies which had anything to do with China, the shares have continued to rise instead of crashing back with all the others and have steadily risen by 16% over the past week, to 518p . As of yesterday, they were still rising despite the fact that profit before tax for the first half of 2015 fell to 3.7m. compared to 15.3m for the first half of 2014 and 7.8m in the second half. As a sign of confidence in the future Xaar increased its interim dividend to 3.15p
Xaar’s problems were caused by the slowing Chinese property and construction markets – its print heads are used, amongst other things, for putting patterns on ceramic tiles. In 2014 revenue fell by 19% and profit before tax nearly halved, falling from 41.4m to 24.6m. Xaar responded by making a savage attack on costs. 20% of its global headcount went and new products were announced.. The result is that as per plan, the trading position has now been stabilised and a return to growth is expected in 2016.
The shares are in recovery mode and it will be interesting to see if they can continue to defy the China syndrome.
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