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Barclays BARC has now been charged by the Serious Fraud Office with an additional charge to that which was brought against it in June 2017 but this time relating to the loan itself rather than simply an allegation of providing unlawful financial assistance in 2008. It will be interesting to see who comes out of it worst, Barclays or the SFO whose reputation for competent and skilful prosecuting is hardly of the highest.
Lok’ n Store Group LOK enjoyed strong trading during the first half year to the 31st January. January produced the highest ever levelof new monthly storage sales. First half like for like revenue rose by 6.9%, self storage occupancy as at 31st January was up by 6% and price per sq. foot let was up by 0.4% compared to year ago. Trading at the new stores which have been opened is claimed to have been excellent.
Sosander SOS delivered a strong performance in December and January with net revenue having exceeded management expectations. Over Xmas and the New Year there were multiple sell outs on a number of products, generating large waiting lists which have been satisfied by repeat orders.
Proteome Sciences PRM Unaudited revenues for the year to the 31st December rose by 18%, whilst at the same time, costs fell by 5% and the order book strengthened. Re organisation in the first half led to a stronger performance in the fourth quarter with robust and increasing demand. Despite that progress has been lower than management would have wished for and the company is still loss making although the loss is expected to hve been reduced from £ 2.9m to £ 2.1m.
Proxama PROX delivered a 75% rise in revenue during the year to the 31st December, accompanied by a significant reduction in costs led by a large fall from 60 to 23 in the number of employees. The directors expect to see a fall of at least 50% in costs for the full year. A new management team was appointed during the year giving the company a lean expert team with the right skills and the lowest ever cost base.
Proactis Holdings PHD expects to report a 123% rise in revenue for the six months to the 31st Januay and a rise of 183% in adjusted EBITDA. This surge follows the acquisition at the beginning of August of Perfect Commerce LLC which contributed 50% of the total revenue for the half year. The company is also on target to produce the £5m. of synergies expected for the full year.
Barclays plc BARC suffered a nightmarish third quarter but claims it was part of an industry wide trend. It has had to admit that it is not delivering the economic performance of which it is capable but claims it has the confidence to assert that it will start to do so in 1919 -20. As for the quarter to the 30th September it produced a 19% rise in profit before tax driven by a £932m. reduction in costs but the good news ends there. After producing basic earnings per share of 9.6p in the third quarter of 2016 it managed to turn that into a basic loss of 3p per share this year. Group attributable profit for the third quarter of 2016 was a healthy £1,524m. This year it plunged to a loss of £628m.
And as for what it claims are industry wide trends, it is noticeable that only yesterday, Lloyds seemed not only to have escaped them, it did not even give them a mention in its 3rd quarter report.
National Express NEX continued to deliver strong growth in the quarter to the end of September, especially in the international division. Group revenue rose by 6.4% (4.8% at constant currency rates). North America accelerated growth rates to 13.7% and in September there was a particularly strong performance from UK Bus and Coach. German Rail passenger numbers grew by only 1% but the revenue they produced rose by 20.7% at constant currency rates.
Bodycote BOY Group revenue rose by 16.8% or 12.9% on a constant currency basis for the quarter ending on the 30th September. Organic growth was 9.1% on the same basis. The car and light truck market continued to grow and was particularly strong in Western Europe and emerging markets, with western Europe leading the way in industrial growth.
Hydrodec HYR claims it is making further strong progress with strong demand ensuing as the quality of its products becomes recognised. Third quarter group EBITDA was positive and the expectations are that this year, for the first time in its history, it will deliver positive EBITDA for the full year.
Barclays BARC – Reports a 13% increase in half-year PBT to £2,341m reflecting materially lower non-core losses of £647m (H116: £1,904m), while core PBT fell 25% to £2,988m impacted by PPI charges of £700m (H116: £400m). EPS came in at 11.8p, while tangible NAV fell to 284p (Dec 2016: 290p) as profit from continuing operations was offset by decreases across reserves.
BT Group BT.A – Q1 revenues rose 1% and underlying revenues rose 0.2%. Adj EBITDA fell 2% due to increased pension costs, business rates, sport programme rights and investment in customer experience. CEO Gavin Patterson said he is “confident in the outlook for our Company.”
Johnson Matthey JMAT – trading is in line with expectations. Q1 saw low single-digit sales growth at constant rates and double-digit reported sales growth. The restructuring programme announced in June which will deliver £10m cost savings in H2, with a further £15m cost savings in 2018/19.
Gear4music G4M – At today’s AGM the company will report that trading in the financial year to date is in line with Board expectations. Based on the overall performance, the Board is confident of another year of good progress.
International Airlines Group IAG – Results for the six months to June 30, 2017 include Q2 operating profit €805m before exceptional items (2016: €555m), with passenger unit revenue for the quarter up 1.5%, (4% at constant currency). Half year operating profit before exceptional items grew 37.3% to €975m
Rightmove RMV – reports an 11% increase in half-year revenue to £119.5m with underlying operating profit up 11% to £91m. Trading in July has been in line with the strong monthly revenue achieved in the first half of the year. The visibility gives the Board confidence in delivering its expectations for the current year.
Wolseley WOS has benefited enormously from the slump in sterling created by the UK government’s mismanagement of both the economy and the pound. Revenue for the quarter to the 30th April rose by 4.6% at constant exchange rates or 6.6% on a like for like basis. Exchange rate movements alone increased revenue by £423m and trading profit by £29m. during the quarter. Exchange rates have now become a major factor in Wolseley’s finances. Over the first nine months of the year markets in the UK remained weak and UK trading profit fell by 7.9%.
Barclays BARC has today been charged with fraud by the Serious Fraud Office. Two charges allege a conspiracy to defraud between the bank and some of its former senior officers and employees whilst the second charge relates to an allegation of unlawful financial assistance relating to a $3bn loan. I shall of course make no comment.
RWS holdings RWS with a 39.6% rise in adjusted profit before tax, the company claims an extremely strong performance making the half year to the 31st March outstanding. Sales rose by 35% and the interim dividend is to be increased by 13% to 1.3p per share. Trading in the first two months of the second half has continued in line with the first half’s enhanced performance.
Aukett Swanke Group AUK suffered more misery in the half year to the 31st March with revenue down by 9% and and a loss of £358,000. Continuing market weakness and claims are blamed for the companies problems which have hampered its development. Over the past year the share price has almost halved to yesterdays 2.5p at the close. The company’s only boast is that it has maintained its liquidity.
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) on VOX Markets podcast
Brand CEO Alan Green discusses Tertiary Minerals (TYM), Barclays (BARC) and AB Dynamics (ABDP) with Justin Waite on the VOX Markets podcast. The interview is 12 minutes 25 seconds in.