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BT Group BT.A has reluctantly apologised for cheating on its Openreach customers over a number of years. After a whopping £42m fine which has now been imposed by Ofcom, it did not have much choice but it still has the audacity to try and get away with calling them “mistakes”. Ofcom takes a slighty different view and calls them “serious failings” and they were serious failings which BT doggedly refused to do anything about for three years.
Even after it had been caught out, BT refused for those three years from 2013, to pay any compensation to those of its customers who had suffered loss. In the end Ofcom has forced it to come to the table to agree a compensation figure which it is expected, will reach something in the region of £300m. BT laughingly blathers on about failing to adhere to its extremely high standards of customer service but makes no mention of action against any of its management who were responsible for what was in effect a major fraud.
Elecosoft plc ELCO saw a significant improvement in trading and financial performances in 2016 and the current year has started well. Like for like revenue on a constant currency basis for the year to the end of December rose by 8%. Profit before tax was up by 42%, EBITDA by 35% and basic earnings per share by 55%. The proposed final dividend is 0.25p, making a total of 0.4p for the year. Eleco also claims that it is well placed for trading post Brexit.
YouGov plc YOU enjoyed a strong period of organic revenue and profit growth in the half year to 31st January. Revenue grew by 24% or 8% on a constant currency basis. Earnings per share were up by 21% and profit before tax by 27% on an adjusted basis. trading in the second half has started positively.
Bioventix BVXP produced a strong first half performance and is inceasing its interim dividend by 21%. Turnover grew by 32% and profit before tax by 49% in the six months to 31st December.
Gama Aviaton GMAA claims an exceptionally busy year for 2016 and a robust financial performance, with aircraft under management up by 12.2% and total revenue at record levels with a rise of 12.6%. US air revenue for the year to the end of December rose by 30% and ground revenue by 15%, as Gamma became a powerful market leader in the US. Europe however told a different story with air revenue down by 5% and ground revenue by 15% as it extricated itself from contracts it may have been better without and entered a restructuring programme. On a reported basis, profit before tax nearly tripled to $19.3m and earnings per share nearly doubled to $42.9m. the dividend is increased by 4%.