Galliford Try plc GFRD claims a very strong underlying performance for the year to the 30th June which is perhaps the understatement of the year, with profit before tax up by 145% and earnings per share by 128%. The final dividend is however reduced by 10%, following the re-statement of last years dividend. The continued financial support for the housebuilders by its friends in government begins to look more and more unjustified and more like an outright bribe to the industry in exchange for political support. This has become capitalist greed at its worst and nobody cares less that a direct consequence is that few can now afford what used to be a Tory birthright – ownership of your own home.
SSE plc SSE Things have not got any better for SSE after it issued its July update warning of the consequences of warm dry weather, lower consumption and higher gas prices, which were expected to impact first quarter operating profit by some £80m. It has continued to suffer from dry, still and warm weather and persistently high gas prices, resulting in higher energy costs, lower output from renewable sources and lower consumption. In the first five months operating profit has been negatively affected by about £190.m with the result that adjusted operating profit for the six months to 30 September 2018 is expected to be about halved from last year’s figure.
Sports Direct Intl SPD updates that its strategy to transform House of Fraser into the Harrods of the High Street will be ” a game changer.”, with current expectations that it will achieve between a 5% and 15% improvement in underlying EBITDA for the current financial year, excluding the acquisition of House of Fraser.
Dunelm Group DNLM reports what it describes as healthy sales growth during the last year which enables it to increase its final dividend by a mighty 1.9%. Group revenue for the year to the 30th June increased by 9.9% whilst like for like sales sales grew by 4.2%. Underlying operating profit before tax was down by 6.7%. The UK retail environment continues to remain challenging says the company but trading during the current financial year to date is in line with expectations .