Finsbury Food FIF Once you read that the group has done well in accelerating the reshaping of its asset footprint during the year to the 30th June, you know that it has had problems. Meaningless jargon is always a sign of a management lost for words even if it does manage to claim that its performance has been resilient. In fact so resilient that sales, taking into account closed businesses, declined by 3.4% and even the 50% owned European business saw a drop of 0.7%. On a like for like basis group sales rose by 2.4% and FIF is confident that it will deliver profits in line with expectation. The trading environment was very challenging with unprecedented commodity and labour inflation.
Inland Homes INL updates that growth in both revenues and homes delivered and under construction was strong during the year to the 30th June. Good quality also helped customer demand to remain strong, as did an average affordable selling price of 293,000 per unit. Open market completions rose by 46.3% and revenue by 66.7% but as for the future there seems to be a cloud on the horizon, with forward sales as at the trading update down by 23.1%
Plant Health Care PHC Is on track to achieve full year revenue expectations, which would represent 30% growth over 2017. In Brazil, Harpin αβ was launched in February 2018 for use on sugarcane and demonstration field trials showed an average yield increase of over 20% whilst n the USA, an agreement has been reached which will give Harpin αβ access to the large corn seed treatment market. First sales will be in the second half of 2018. The planted area of corn has now reached 90 million acres and significant growth is expected thereafter.
TP Group TPG claims it has made a strong start to 2018 with the completion of a number of major contracts during the half yer to the 30th June. A new manufacturing facility in Manchester has also been completed and it continues to be active in the acquisition field.