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Ian Pollard: Grafton Group #GFTU Increases Interim Dividend By 14%
Grafton Group plc GFTU has produced a strong performance for the half year to the 30th June with all segments reporting double digit growth in profitability and excellent organic growth in key markets. Statutory profit before tax and basic earnings per share both rose by 18% after a 9% rise in revenue and the interim dividend is to be increased by 14% to 6p. per share.
Empresaria Group EMR saw profit before tax rise by 12% on a constant currency basis in the half year to the 30th June as it continued to deliver on its diversification strategy which produced first half organic profit growth. Revenue grew by 5% on a constant currency basis. After regulatory change in two of its main markets, Germany and Japan, both are expected to return to profitability.
Cloudbuy plc CBUY claims to be making progress in reducing losses and cash burn despite a further 21% fall in revenue in the six months to the 30th June. The operating loss for the half year fell by 39%.
Robinson plc RBN First half revenue rose by 15% and underlying volume was up by 9% for the half year to the 30th June. The volume increase came from improved trading with existing customers and new business obtained in Poland and the UK following investment in strengthened commercial teams. With revenue showing some signs of momentum, further growth is expected in the second half and the interim dividend is to be maintained at 2.5p per share.
Paragon Entertainment Ltd. PEL had already warned it had suffered a very poor half year to the 30th June but the order book has started to recover and management claims it is committed to making a substantial recovery in the second half of the year. First half revenue collapsed by 50% and basic earnings per share fell from a positive 0.18p to a negative 1.07p per share.Last years underlying first half profit of £448,000 was turned into a loss of over £2m.
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Marks Surrenders to Sainsbury
Marks & Spencer MKS is giving little away in its first quarter results for the 13 weeks to the 1st July. The subdued tone certainly seems to indicate a surrender to Sainsbury at least for the time being. The quarter did at least see an end to discounting in Clothing & Home, whilst Simply Food openings produced strong growth and food revenue rose by 4.5%. Like for like UK sales however were miserable with Clothing & Home down 1.2% and food down 0.5%, In constant currency terms international revenue for the quarter fell by 4% whilst group revenue rose by 2.7%.
Galliford Try GFRD updates that the year to the end of June has been one of excellent progress and robust market conditions. Underlying results are expected to be strong and the final dividend is expected to be in line with previous guidance.
Page Group PAGE In constant currency terms gross profit for the first half grew by 7.7% to record levels. The UK was bottom of the pile with a fall of 4.5% compared to the Americas which showed a rise of 13.8%. The weakness of sterling was a major factor benefitting the group and adding £28m to gross profits for the half year. In the second quarter growth in France rose to 23% but even this was dwarfed by SE Asia with a rise of 35%
Grafton Group GFTU performed strongly and better than the company expected in the 6 months to the 30th June. Group revenue rose by 9% or 5.7% on a like for like basis and 6.2% on a constant currency basis. However, it is important to note that the company remains cautious in the short term because of uncertainties in the economy and fears that spending on housing may decline because of pressure on real incomes. Housebuilders beware !
Ilika IKA continued development of its new batteries during the year to the 30th April but revenue remained small despite nearly doubling to £1.1m. Losses remained level at £3.5m.
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