Kingfisher plc KGF The jargon filled half year report claims that the six months to 31st July saw a significant increase in the level of transformation activity but it can not hide the fact that sales continued to fall and profits slumped. An increase of 2.5% in the interim dividend will not fool anybody. Sales appear reasonable with a rise of 4.5% until you look at them in constant currency terms which shows a fall of 1.3% Profit figures are given in a variety of guises, all of them bad. In constant currency terms they fell by 4.6%. On an adjusted basis they were down 5.7% and basic earnings per share followed suit with a fall of 4.4% On a statutory basis pre tax profits fell by 5.9% and post tax profits by 8.1%. To add to the misery the company is cautious about what it calls the second half :”backdrop” in France and the UK.
Diageo DGE has issued a trading commentary ahead of its AGM asserting that it is expecting mid single digit top line growth for the current year, relying on the strength of its marketing, innovation and commercial execution but it expects to be impacted by a late Chinese New Year and an expected motorway ban in India, hardly signs of unbridled confidence.
600 Group plc SIXH updates before todays AGM that its current machine tool order book is up by 60% and industrial lasers by 36%, on the same time last year, which augurs well for trading in the second half of the year.
Cello Group CLL Despite a slight fall in revenue Cello claims an encouraging first half, producing a statutory profit before tax of £2.7m for the 6 months to the 30th June, compared to a loss of £0.8m last year whilst basic earnings per share came in at 2.16p compared to last years loss of 1.08p per share. The interim dividend is increased by 5%
Science in Sport SIS experienced continued strong growth in the half year to the 30th June, with revenue rising by 28% and e commerce delivering 87% growth, followed by International with a rise of 55%. Whilst still producing operating losses, profitability at EBITDA level is expected for the full year.