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Ian Pollard – #BP Firing Strongly On All Fronts

BP plc BP Delivered strong earnings and cash flow as well as a strong third quarter operating performance  Underlying replacement cost profit was $3.8 billion, more than double a year earlier and the highest quarterly result in more than five years. Reliability was very good , with the highest quarterly refining availability for 15 years. Profit for the first nine months was $8,617 million compared to $3,362 million for the same period in 2017.The third quarter dividend is to be increased by 2.5% to 10.25 cents per share. Expansion projects in the Gulf of Mexico and Australia began production in October, both ahead of schedule. They are BP’s fourth and fifth Upstream major projects to start up in 2018. The acquisition from BHP which will transform BP in the US is due to be completed tomorrow.

Reckitt Benckiser RB Reiterates its 2018 target of +14-15% total net revenue growth at constant rates, despite quarter three being impacted by a temporary manufacturing disruption at its European IFCN plant, which affected sales to a number of markets. The disruption was resolved and the company claims it has sufficient momentum and progress in the business to absorb this temporary manufacturing loss..

Proactis Holdings plc PLD reported a rise in revenue of 106% for the year to the 31st July, with adjusted profit before tax up by 186% from 4.2m to 12.0m. On a statutory basis, last years loss of 2.6m was transformed into a profit of 4.9m and the final dividend is to be increased from 1.4p per share to 1.5p The Group’s new business performance is as strong as management had planned, whilst profitability and cash flow generation was impressive.

Ocado Group plc OCDO has signed service and operational terms with Kroger under which Kroger will order Customer Fulfilment Centres which will then be developed and operated by Ocado. Kroger is expected to order 20 CFCs over the first three years of the agreement,  the first three of which will be ordered by the end of 2018.

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Rolls Royce & BP Seeing Light At The End of The Tunnel

Taylor Wimpey TW is increasing its special dividend from last years 9.2p per share to 10.4p payable in July 2018 after profit before tax for the half year to 2nd July fell by 23.7% and basic earnings per share by 22.7%. The company claims that trading has been very positive with good consumer confidence, especially in central London.Homes completed during the half year rose by 9.3% and the average selling price was increased by 6.3% to £253,000. The target is for £1.3bn to be returned to shareholders as dividends over the period 2016-18. Revenue over the half year rose by 18.5%. For the first time for many years mention is made of the fact that the housebuilding industry is subject to a cycle.

Rolls Royce RR received a higher than expected benefit during the six months to the 30th June from accounting adjustments to long term contracts. These helped to transform last years thumping half time reported loss of £2.15m. into a reported profit of £ 1.941m. On an underlying basis profit before tax rose by 148% and earnings per share by 167%.

BP plc. BP can at last see light at the end of the tunnel with second quarter underlying replacement cost profit of £0.7bn after a rise in upstream production of 10% to make a total of 6% for the half year. Last years first half loss of $2002m has this year been turned into a profit of $1,593m. The first half performance is described as solid with a strong operating performance and strong cash flow. The dividend remains unchanged.. More relief will appear in the second half  which will see a decline in payments relating to the Gulf of Mexico .

4imprint Group FOUR continues to prosper with revenue rising by 11% in the six months to 1st July, profit before tax up by 41%, basic earnings per share by 39% and the interim dividend being increased by 11%.

Elementis plc ELM The half year to 30th June proved to be a positive period as the company focused on its growth strategy. Sales rose by 24%, profit before tax by 17% and basic earnings per share by 15%. The interim dividend remains unchanged.


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