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Is Primark Ex Growth ?

Image result for associated british foodsAssociated British Foods ABF freely admits that it has been a major beneficiary of sterling weakness over the 40 weeks to the 24th June. Group revenue during the period  grew at constant currency rates by 10% but on an actual exchange rate basis it was double that at 20%. Third quarter underlying operating performance was ahead of forecast after a stronger performance from Primark where revenue was 13% ahead, based on like for like growth and an increase in average selling space.

The problem for ABF is that the growth in average retail selling space at Primark was also 13%, exactly the same as revenue growth  without any exchange rate benefits – – so where, one may ask, is the like for like revenue growth. The only growth at Primark on these figures came from currency benefits which lifted revenue growth up to 21% and from increased selling space.

Without any greater detail, the figures appear to assert that Primark did not enjoy any like for like growth and went ex growth during those 40 week,. despite the claim that it has increased its market share. The only saving grace is that there was a spurt during the last 16 weeks when sales rose by 15% at constant currency rates and 21% at actual rates. Third quarter trading prior to Easter was particularly strong.

Image result for easyjet logoeasyJet EZJ June passenger statistics showed year on year growth of 11.3% and load factor rose again to 94.1%. Checking on some fares,appears to indicate that all pretence of being a budget airline appears to have been abandoned. Despite that the load factor indicates that it must still have something going for it. Perhaps it is the punctuality.

Image result for bovis homes logoBovis Homes BVS Trading for the 6 months to the 30th June has been in line with expectations but the group C.E.O. is confident a successful turn round can be delivered. He has visited all regions and 85 sites as part of the process but completions for the full year are still expected to be 10-15% down on 2016.

Image result for churchill china logoChurchill China CHH has enjoyed strong growth in its export markets  for the half year to 30th June as it continued to benefit from the weakness of sterling.

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