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RBS Not Yet Strong, Simple or Fair But It Has Plans

Royal Bank Scotland Grp RBS is on target to meet all of its financial targets for 2017. Third quarter adjusted income rose by 5.6% and for the nine months to date by 7.5%. Basic earnings per share rose from a loss of 3.9p last year to a positive 5.7% this year whilst over 9 months the improvement was even greater moving from last years loss per share of 21.5p to a positive 11.2p. Last years third quarter loss of 327m was turned into a profit of 838m. and over nine months the loss of 941m. became a profit of 1830m. for the current year.  In addition to all the financial goodies the bank stresses that it is progressing with its plan to to build a strong, simple and fair bank, even for its customers which is a fairly strong admission that as yet it has not achieved any of those aims but if and when it does, it should make it fairly unique among British banking.

International Consolidated Airlines Grp IAG reports another strong quarter for the 3 months to the end of September with operating profit up by 20.7%, whilst over the nine months to date the rise was 26.9% and profit after tax up by 5.6%, on revenue up by 1.3%. For the full year a profit of 3 billion Euro before exceptional items, is expected.

Computacenter plc CCC produced a rise of 27% in group revenue for the quarter to 27th October, or 20% in constant currency. Momentum across the group as a whole has been maintained, especially in Europe

Peel Hotels PHO It is difficult to move forward without sales growth comments the Chairman and that, his company has certainly lost. Sales declined by 5.1% in the 28 weeks to the 31st August, basic earnings per share nearly halved from 3.45p to 1.8p and profit before tax collapsed by 46.1%. The Chairman does not seem unduly worried by the figures and looking on the bright side, points out that the company is still generating enough cash to continually decrease debt.  However he does not  give a single word of explanation as to why the results are so poor.

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