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Hargreaves Lansdown HL. reports net FY new business of £6.9bn, AuA up 28% to £79.2bn and active clients up 118k to 954k. PBT is up 21% to £265.8m, and HL raises its dividend by 20% to 29p per share.
John Menzies MNZS says it has enjoyed a positive first half, with underlying PBT up 36% to £24.7m and a proposed 11% increase in the interim dividend to 6p. Chairman Dr Dermot F. Smurfit said: “Overall, I am very pleased with the Group’s performance in the first half and we look to the future with confidence as demonstrated by the increased dividend payment.”
Mears Group MER reports interim results in line with management expectations, with revenue up 1% to £470.8m.
Plant Impact PIM publishes the first presentation on its R&D platform and pipeline. The full presentation can be found at www.plantimpact.com/investors.
Rockhopper Exploration RKH updates on the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest. Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day (“boepd”) gross during the first six months of 2017. The group also updates on the Al Jahraa-9 well.
WideCells WDC raises £750k gross through the issue of 5,357,143 ordinary shares at 14p per share via a private placing with new and existing shareholders and the Board of Directors. The funds raised will be used to execute on a range of additional opportunities the Group has identified since listing in July 2016, rapidly accelerate the roll out of its three stem cell services divisions, CellPlan, WideCells and WideAcademy, and further its penetration of the rapidly growing stem cell market.
Wood Group WG. / Amec Foster Wheeler AMFW – The CMA (Competition and Markets Authority) today accepts in principle the remedy formally offered by Wood Group on 9 August to complete the recommended all-share offer for Amec Foster Wheeler. Robin Watson, CEO of Wood Group said “Today’s announcement is an important milestone and gives us further confidence in our ability to complete the transaction in quarter four this year.” Jon Lewis, CEO at Amec Foster Wheeler said “We welcome the announcement by the CMA. Our offer of a proposed remedy in May and the early commencement of the sale process to potential buyers of the upstream oil and gas business has ensured we have navigated this process ahead of schedule increasing the likelihood that the transaction with Wood Group will close in quarter four this year.”
Amec Foster Wheeler AMFW reports net pre-tax exceptional gains of £47m in the half-year ended 30 June 2016 and says it has made a strong start to its transformation programme, with the first signs of progress now showing up in the order book.
Cineworld Group CINE reports half year revenue growth of 17.8%, with adjusted profit after tax up 23.5% to £42m. Looking forward the film release programme for the second half of the year includes a number of key releases namely “Justice League”, “Paddington 2”, “Thor: Ragnarok”, “Kingsman: The Golden Circle” and “Star Wars: Episode VIII”, and many more. Based on the H2 film slate the group remains confident of delivering a performance for the year as a whole in line with current market expectations.
DFS Furniture DFS publishes a pre-close trading update, and says H2 has been weaker than expected owing to significant declines in store footfall and customer orders across April, May and June. Overall, Group H2 revenues were 4% lower than the prior year, and following an increase of 7% in H1, expects to deliver growth of 1% over the year as a whole. FY EBITDA will be at the low end of the £82-£87m range previously given.
Evraz EVZ reports strong free half-year cashflow of $549m (H1 2016: $102m), and has reduced net debt to $4.28bn (FY2016: $4.8bn). An interim dividend of $0.30 per share will be paid, equalling an overall payout to shareholders of around $429.6m. Looking ahead, expects the results for the year to also reflect the positive trends on the global steel market.
Glencore GLEN reports adjusted half year EBITDA up 68% and EBIT up 334%, while net debt fell a further $1.6bn to $13.9bn from end of 2016. GLEN says its portfolio of Tier 1 commodities underpins ambitions to create significant long-term value for shareholders.
St. Ives Plc SIV updates on trading and says overall results for the year are expected to be at the top end of the range of current market expectations. H2 revenue was approx 17% ahead of the equivalent period last year and, excluding the effects of currency movements, like-for-like revenue growth was c12%. The group continues to be encouraged by the performance of the segment, which has now returned to strong like-for-like revenue growth, with a significantly improved operating margin. Trading conditions within Marketing Activation segment continues to be challenging, as reported in June 2017.
Hargreaves Services HSP went into meltdown in the year to 31st May leaving the total dividends for the year to be slashed by over 92%, as it went through a second successive year of tumultuous market conditions and almost a complete absence of demand for coal by UK power stations.Last years profit before tax of £24.9m was turned into a loss of £10.6m after like for like revenue declined by 48.6%. Net debt soared by over 3,000% to £32.3m
But, with true Yorkshire grit, Hargreaves has not given up. Fully aware of the problems it was facing, the company has now completed a restructuring and re-positioning programme enabling the Chairman to deliver a positive view of the future which he says, will develop and deliver significant shareholder value. The share price has been comparatively steady since mid May. Anyone for recovery??
Smiths Group SMIN expects revenue for the year to 31st July will be above both expectations and the previous year, due to a stronger operational performance and the favourable impact of a stronger US$, which has more than offset a10% decline in the John Crane subsidiary. Full year operating profit will also be above expectations but because of the John Crane problems will be below the level of last year.
boohoo.com BOO performed well during its first quarter and this has maintained with robust demand and sales momentum continuing into the second quarter. results for the full year will now be above expectations, says the company, with sales growth of between 28 and 33%.
Amec Foster Wheeler AMFW After turning last years first half profit of £73m into a thumping loss of £446m for the current year, Foster Amec has bowed to the inevitable and halved its interim dividend from 14.8p to 7.4p per share. The Chairman blames the very challenging conditions which have led to cancellations and delay in capital projects in many parts of the world.
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
|ST Rec. changed|
|RAB Special Situations Company||Strong Buy||Buy|
|Eco Animal Health Group||Neutral||Sell|
|Industrial Good & Services|
|Gooch & Housego||Neutral||Sell|
|Oil & Gas – Explorers|
|Independent Resources||Buy||Strong Buy|
|Oil & Gas – Producers|
|Victoria Oil & Gas||Buy||Strong Buy|
|Zoo Digital Group||Neutral||Buy|
|Avanti Communications Group||Buy||Strong Buy|
|Travel & Leisure|
|Best of the Best||Neutral||Sell|
|ST Rec. changed|
|Engineering & Machinery|
|Hill & Smith||Neutral||Sell|
|Food Producers & Processors|
|Leisure & Hotels|
|Media & Entertainment|
|Personal Care & Household Products|
|Pharmaceuticals & Biotechnology|
|Real Estate – REIS|
|St. Modwen Properties||Neutral||Buy|
|Speciality & Other Finance|
|Aberdeen Asset Management||Neutral||Buy|
|AMEC Foster Wheeler||Neutral||Buy|
|United Utilities Group||Neutral||Sell|
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