SSE plc. SSE is increasing its final dividend by 2.1% for the year to the end of March after yet another flat year, in which the absence of 2016’s large total of exceptional items helped to make the figures look better, despite this years complex challenges. Profit before tax has stayed at just over £1.5b for each of the last three years, during which the annual dividend has risen from 88.4p to this years 91.3p. The target for the next 3 years is that dividend increases will at least equal RPI inflation. “Flatness” and lack of excitement is not a bad thing. Our pension funds have to have somewhere safe to invest in so that tomorrow’s pensioners, or even today’s for that matter, can enjoy their retirement, content that next months and next years pension payments are secure.
Mitchells & Butler MAB results for the half year to the 8th April were adversely affected by this years Easter falling in the second half of the year. Profit before tax fell from £83m. to £75m. and basic earnings per share were sharply down from 18.4p to 13.7p. The Chief executive claims that it was still a period of sustained growth and that they outperformed the market. The interim dividend remains unchanged.
Countryside Properties CSP has delivered strong growth, ahead of expectations for the half year to 31st March and this is continuing into the second half so that that profits for the full years hould similarly be ahead be ahead of market expectations. completions in the first half rose by 31%, adjusted operating profit by 39% and basic earnings per share by 258%, or 128% on an adjusted basis. The private forward order book is up by 69% on a year ago.
Bodycote BOY reports a robust performance in the 4 months to 30th April, with gross revenue rising by 18% on the same period last year, despite oil and gas revenues still declining and defence revenue remaining weak.
Ideagen IDEA Robust trading during the year to the end of April is expected to have produced growth of 24% in both revenue and adjusted EBITDA. On an organic basis the rise in revenue is expected to about about 10%.