National Express NEX With an 11% rise in revenue during the first four months of the year, taking into account acquisitions and the start of German rail operations in December, National Express has enjoyed a strong start to 2016. Passenger numbers have grown and revenue has increased across all divisions. In Spain passenger numbers have grown by 5%, in Morocco they are up by 11%, whilst North America has had the best start ever to a year. In Germany the company is even beating the punctuality record of the previous rail operator.
William Hill WMH has had a tough start to the year as the wrong horses kept winning, especially at Cheltenham and the wrong European football teams kept losing. Net revenue for the 17 weeks to the 26th April was down heavily in some areas and only the strength of the US market with a rise of 46% helped to save the day and reduce the overall net revenue decline to 3%. Even online revenue was down by 11%.
TUI AG TUI The half year report delivered by the executive Board for the 6 months to the 31st March reads like an insult to the English language. It is now focused on becoming content concentric and vertically integrated as well as continuing to deliver merger synergies, other synergies, delivering against growth levers, operating in all stages of the value chain and benefiting from joint management of occupancy which also delivered further synergies. The actual figures are at least better than the Boards communication skills. It expects at least a 10% rise in underlying EBITA for this year and next and so far this year the rise comes in at 16.3%. Summer 2016 is in line with expectations. Just as long as they keep centric and synergised, it might actually turn out to be a good year.
Barratt Developments BDEV continues to benefit from the boom conditions created by the availability of mortgages and admits that it is focused on obtaining selling prices as high as possible. Market conditions for the 19 weeks to the 8th May have been strong, with good levels of demand creating a rise of 9.7% in forward orders. There are excellent land opportunities available and Barratt expects a significant improvement in performance for the full year.