Home Retail Group HOME Having admitted that its Financial Services division had been overcharging customers on excess fees., has now discovered that the practice was far more widespread than had been initially discovered. There’s a sign of good strong management for you – it can’t even correct its mistakes properly. The result is that it may now have to make an additional provision of about £30m.
Despite this, in the 13 weeks to the 28th May Argos enjoyed its strongest sales growth for 2 years, despite poor weather and a deflationary price environment. Internet sales rose by 16%, the strongest quarterly growth for 3 years. Like for like sales rose by 0.1%
FlyBe Group FLYB After five years of losses FLYB has at last turned the corner and produced a reported profit after tax of £6.8m, compared to the previous years loss of £35.7m. Passenger revenue in the year to 31st March increased by 8.2% and passenger numbers were up by 5.9%. Seat capacity rose by 9.7% and 52 new routes were launched. Costs per seat fell by 4.2%.
Wincanton WIN Returns to the dividend lists with a payment of 5.5p per share for the year to the end of March which saw strong earnings growth and debt reduction. Underlying profit before tax and earnings per share rose by 12.4% and 13.3% respectively, whilst net debt was reduced by 31.4%. The CEO believes that the business is now on a strong footing.
Bellway BWY expects that full year housing completions will show a rise of at least 10% , leading to yet another record performance. Markets are robust, customer demand is positive and there is no sign of any effect from the pending referendum. The average weekly reservation rate is up by 8% and the forward sales position is strong.
Auto Trader AUTO has celebrated the end of its first year as a public company with a dividend payment of 1p. per share making a total of 1.5p for the year. Revenue for the year to 31st March rose by 10%, reported operating profit by 27% whilst basic earnings per share were up from 0.85p to 12.67p. Net debt fell by some 40%