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3i PLC (III) Claims another good first half performance for the six months to the end of September during which it invested in some attractive and well priced businesses in private equity. Total return in this “good” first half fell by some 35% from 1006m. to 655m. and the percentage return on opening shareholder funds virtually halved from 23% in 2016 to 11% in 2017. The dividend remain at 8%.
Mediclinic International plc MDC reports that one of the features of its first half performance was a turnround getting underway in its troubled Abu Dhabi business. Total revenue for the half year rose by 10% but underlying earnings per share were down by 12% and revenue from its Middle East operations in both Dubai and Abu Dhabi fell 5% in constant currency terms. Despite this the Middle East is expected to produce a strong second half. The interim dividend is maintained at 3.2p. The group added that in accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers, by not later than 5.00 p.m. on 20 November 2017, Mediclinic will be required to either announce a firm intention to make an offer for Spire Healthcare in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer. Although discussions have continued, no agreement has yet been reached on any of the key terms of an offer.
Royal Mail Group RMG Revenue per share rose by 2% in the half year to the 24th September but transformation costs reduced operating profit from 148 to 26m. Profit before tax was well down from 110m. to 77m,. although basic earnings per share almost doubled from 8.6p last year to 17.1p this year. The interim dividend is being raised by 4% to 7.7p per share. The group is prepared for a decline of between 4% and 6% in addressed letter volume but parcels are performing well in a highly competitive market. Anybodywho has attended RMG’s jargon specialisation course (JSC) will be able to understand that GLS has performed strongly and UKPIL parcels revenue rose by 5%.
Coats Group COA continues to perform strongly and the 2% rise in group sales for the quarter to 31st October would have been much higher but for the decline in the crafts division increasing to 12% and bring the average over 9 months up to 10%. The problems there are due to tough market conditions and a major customer moving to own brand retailing. The Industrial division produced a strong performance with growth of 5% which was closely matched by the other divisions which, apart from crafts continue to perform well.
Dr David Paul of VectorVest discusses VectorVest market timing indicator, CWD, MGNS, COA, III and HSTG on Core Finance TV
Dr David Paul, Managing Director VectorVest arrived with the news that since July 19th the VectorVest Market timing indicator has turned positive. This was after just two weeks in bear mode. Stocks discussed include Countryside Properties (CWD), Morgan Sindall (MGNS), Coats Group (COA), 3i Group (III) and Hastings Group (HSTG).
News In Brief FTSE 100
Compass Group CPG is continuing to have a good year with like for like revenue up 3.9% in the third quarter and accelerating. North America is producing strong new business and the business environment in the Rest of the World, is improving.
ITV plc ITV Total external revenue for the half year to 30th June fell by 3.0% but the broadcast business remains robust and full year 2017 guidance remain unchanged. The interim dividend is to be increased by 5%
GKN plc GKN Sales rose by 15% in the half year to 30th June and both profit before tax and earnings per share were up by 14%. The interim dividend is to be increased by 5%. Investment in technology is continuing.
Hammerson plc HMSO joins its FTSE friends with a 5% increase in its interim dividend after a strong set of results for the half year to the 30th June. Net rental income rose by 9.7% and basic earnings per share by 74.9%
3i Group III had a busy first quarter with a good portfolio performance and a total return of 4.!%. The economic back ground is improving and the weakness of sterling added a 68m foreign exchange gain during the quarter.
Unite Group UTG had a highly active and successful first half resulting in the interim dividend being hiked by 22%, after a strong financial performance. Profit before tax fell from 122.8m to 83.9m due to a lower revaluation surplus.
Minoan Group MIN claims it is about to enter the most rewarding period in its history. It has successfully fought the appeal against the grant of planning permission for its major project in Crete and in Travel and Leisure group profit has risen by 35% at EBITDA level for the six months to the 30th June..
Dr David Paul of VectorVest discusses the uptrend in VectorVest Composite UK index on TipTV, plus the early risers portfolio
Dr David Paul, Managing director of VectorVest says the short-term trend and the underlying trends in the ‘VectorVest Composite UK’ index / London market is up, however, caution is advised as more standard indicators like the weekly MACD are suggesting the trend looks matured. “The weekly MACD shows bearish divergence”, says Dr. Paul. Watch the full segment for more info on this week’s VectorVest Early Risers portfolio picks, including Victoria (VCP.L), 3i Group (III.L), Coats (COA.L), Beximco Pharm (BXP.L) & Plus 500 (PLUS.L) & Dr. Paul’s trade of the day