Reckitt Benckiser RB is increasing its final dividend from 88.7p to 95p making a 10% rise for the year but it has been forced to delve deep into the jargon drawer to try and explain its patchy geographical performance in 2016. Full year like for like net revenue did rise by 3% and in quarter four it surged by 19% but almost all of that was due to currency movements, rather than the efforts of management. At constant exchange rates Q4 like for like revenue growth was a mere one per cent. What saved the day for RB was expansion in margins which it claims was excellent.
At constant exchange rates full year reported operating profit for 2016 fell by 3%, reported net income was down by 5% and reported diluted earnings per share rose by 6%
It looks like 2017 will contain more disappointment for RB, despite it having exciting innovations stored in its pipeline. It expects to be buffeted by persistent continuing headwinds and in the first half it fears that macro conditions will be challenging.
Greene King GNK enjoyed strong Xmas trading with the three Xmas weeks seeing sales rise by 4.5%, led by London which was particularly strong. Like for like sales over the 40 weeks to date were up by 1.6%. So far this year the company has sold 59 pubs and acquired 11 new establishments but expects it will be forced to sell a further 50-60 before the year end.
Amur Minerals AMC reports a material and substantial increase in its Mineral Resource Estimate to over 100 million tonnes for the four large deposits in its Kun Mani licence area. A nickel equivalent grade of 1.03% is equal to a total of 1.04 million tonnes of nickel, worth a huge US$10.5billion based on prices as at 1st February.