Kingfisher KGF claims to have delivered key strategic milestones for the second year in a row as statutory profit before tax fall by 10.1% and basic earnings per share by 18.5%. Definately a milestone of some sort there. Even the CEO joins in claiming this is all good progress.On a reported and adjusted basis earnings per share fell by 10.7% and like for like sales on a constant currency basis were down by 0.7%. Dividends for the full year are to be increased by 4%. The company claims that it is aware of the challenges ahead and is ready for another big year of implementations in 2018-19. The shareholders will perhaps be hoping that the Board learns that falls are a bad thing and in many companies are not regarded as “good progress.”
GKN plc GKN fights back against some of the more dubious claims made by Melrose in an attempt to ensure that GKN shareholders have information which is both complete and correct and that they will not be influenced by Melroses misleading statements. GKN scathingly makes the point that Melrose has failed to disclose any plans for GKN’s aerospace business but at the same time is lambasting GKN for having copied those non existent plans. It points out that Melrose is a novice in automotive, without experience as a tier one supplier, only minimal experience in aerospace and only a minimal track record in both automotive and aerospace.
If words are anything to go by GKN must be winning hands down by the clarity and factual nature of its responses which compare well with the frenzied attitude adopted by Melrose. Unfortunately this battle between behemoths will not be won by words but as is usual in these cicumstances, by greed.
Softcat SCT In the six months to the 31st January Softcat enjoyed strong growth, robust customer demand, strong cash generation and profitable gains in market share. Revenue for the half year rose by 24.9%, operating profit by 19.1% and the interim dividend is to be increased by 13.8% to 3.3p per share.