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Redrow RDW managed to increase its average selling price in 2016 by over 10% which is not bad going in an economy parts of which are struggling with price deflation. Redrow blames the continuing housing boom on decades of under supply, which raises the question of course as to why Redrow and all the other house builders kept the market under supplied for all those years. Why didn’t they build the number of houses which the market needed.
2016 pre tax profits are expected to beat analysts estimates. Private reservations rose by 46% and at the end of June the private order book was up by over 50% on a year ago. Annual turnover rose by 20% and legal completions by 17%.
Carpetright CPR Statutory profit before tax for the year to 30th April soared by 137% and basic earnings per share by 198%. Despite a reduction of 5.4% in store space, revenue for the year only fell by 1.3%. UK like for like sales rose by 2.8% whilst Europe did even better with a 4.8% rise. New store format and branding was completed within the year. The current year got of to a very bad start in May with like for like sales collapsing by 7./6% but they recovered in June with a rise of 6.3%. No doubt we will read in the not too distant future about market volatility and challenging conditions.
Ocado OCDO Price deflation took its toll during the half year to 15th May, with the value of the average basket down by 2.2%. Volumes including Morrisons, on the other hand were up by 30% and the number of orders rose by 17.8% to 225,000 per week., which Ocado claims is steady progress.
Anglo American plc AAL De Beers saw a fall in sales in its 5th cycle of 2016 but claims it was nothing more than expected. Despite stable prices, it remains cautious about the future.
Fastjet FJET finds that the trading environment is still challenging with passenger numbers lower than expected and the load factor down to 47%. The board believes that the new CEO will give the group a viable and attractive future but none of the present members seem to think that the mess created by their governance is anything for which they can be blamed.
Dixons Car Phone DC now expects pre tax profits to be slightly ahead of consensus after a strong Xmas and a record Black Friday. For the 10 weeks to 9th January group like for like revenue rose 5% with southern Europe leading the way for once with a rise of 9% and market share being increased in all territories.
EasyJet EZJ claims to be benefiting from lower fares as the number of passengers carried in the first quarter rose by 8.1% after a capacity rise of 7.3%. Load factor was up by 0.6% to 90.3%. Travel in November and December was affected by the tragedies in Paris and Egypt and revenue per seat fell by 3.7% but costs per seat fell by the same amount, helped by falling oil prices, which were partly offset by currency movements.
Crest Nicholson CRST describes its results as “outstanding” as it continues to benefit from the housing boom. The final dividend is to be raised by 38% to 19.7p, after a 32% rise in pre tax profits. Sales revenue rose by 26% on volume up by a comparatively meagre 8%, as the company continued to impose inflation beating price rises. Earnings per share were up by 25%.
Carpetright CPR enjoyed its 9th consecutive quarter of like for like sales growth with a rise of 2.4% over the 12 weeks to 23rd January. Sales in the last 4 weeks of the quarter were particularly strong with a like for like rise of 6% Total sales for the quarter however were down by 1.3%.
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