Home » News and Views » Ian Pollard – Rank #RNK raises dividend after year of decline and disappointment

Ian Pollard – Rank #RNK raises dividend after year of decline and disappointment

Rank Group RNK the year to the 30th June was a year of decline and disappointment which for some reason has left the Board full of confidence. The results are in line with the Boards expectations but only expectations which had been revised during the year. For Grosvenor Casinos the year was a challenging one but Mecca’s performance by contrast beat expectations. Profit before tax and earnings per share for the year both fell by 6.3% although on a statutory basis the fall in profit was much steeper at 41.4%. A company-wide transformation programme is only in its development phase but the new Chief Executive says he is moving quickly to identify the key priorities. The disappointment has not been allowed to spread to the final dividend which contrary to the other statistics is to be increased by 2.1%.

Marshalls plc MSLH produced strong revenue growth in the 6 months to the end of June and the interim dividend is to be increased by 18%. Revenue and profit before tax both rose by 12%, basic earnings per share by 10% and EBITDA by 13%. In June and July, however growth became even stronger with revenue rising by 21%.

Kingfisher KGF updates that second quarter group like for like sales to the end of July rose by 1.6% and on a reported basis by 3.4%.  The Chief Executive claims that the company is now on track to deliver its strategic milestones for the third year in a row, helped by good recoveries at both B&Q and Screwfix. For once the UK & Ireland is not the laggard with screwfis sales rising by 11.8%, still someway behind Germany with a rise of 26.6%

Filtronic plc FTC experienced another year of strong demand for its products. For the year to the end of May profit before tax rose from 1.2m to 2.2m and basic earnings per share from 0.59p to 1.51p per share after sales revenue rose from £24m. to £35.4m. Two major contracts were secured during the course of the year and the company was also approved as a vendor by a major US mobile network operator.

Tribal Group TRB has completed the first phase of the turnaround started in 2016 and for the half year to the 30th June, despite a small fall in revenue, earnings per share rose by 76% and and statutory profit after tax by 83%. Market share has been gained in its core markets.

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