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HSBC Holdings HSBA saw growth in operating expenses easily outstrip the banks increase in revenue. Todays interim results reveal reveal that during the first half, revenue rose by 4% whilst operating expenses grew by 7%., or 8% on an adjusted basis. Adjusted profit before tax fell by 2%. The Group Chairman descended from on high to tell us that a good start had been made on its two main targets of enhancing not only performance but reputation as well. He does not enlighten us but I wonder who told him that, customers or senior management ?, Whoever it was has presumably not had the experience of trying to get a broken down(for the umpteenth time) ATM to dispense cash on a Saturday afternoon, or even if it was not broken down, having the same problem because it has, yet again, run out of cash. Go back to the grass roots Mr. Chairman and find out the truth about your bank’s real reputation.
Tesco TSCO has signed its long term strategic alliance with Carrefour. It will become operational in October and last for three years. What possible good it will do even to troubled Tesco, only time will tell.
easyJet plc EZJ was hit by a triple whammy in July, with industrial action in Europe, a runway closure at Gatwick and adverse weather.. Despite that it still managed to increase passenger numbers by 4.5% but this was well down on the 6.2% increase over the year from July 2017. Load factor for this July rose by only 0.1% compared to 1.4% for the rolling 12 months.Still, unless the European Union has its evil way, it will be a few years before they are reduced to doing pleasure flights round Blackpool Tower.
Ultra Electronics ULE benefited from increased US defence spending during the half year to the 30th June but the reported results were impacted by cost overruns. Organic revenue rose by 1.3% and organic profit growth by 1.4%. Basic earnings per share were down by nearly 50% and statutory profit before tax fell by a third to 20m. The order book has been and continues to be strong and better than expected. Foreign exchange “headwinds: are blamed for a 5.8% impact on underlying operating profit. The interim dividend remains unchanged at 14.6p per share.
HSBC Holdings HSBA announces that a further share buy back programme of up to 2bn pounds will start shortly and will be completed in the second half of 2017. The interim dividend remain unchanged after a rise of 12% in adjusted half year profit before tax, following a 3% rise in revenue. Global banking performed strongly with a 16% rise in revenue and to match its positive jaws which delivered a rise of 0.5%, it claims that its footprint in Asia and the Middle East is now unrivalled.
Trinity Mirror TNI Claims a resilient performance for the half year to 2nd July despite difficult trading conditions and a volatile environment in print. Like for like revenue fell by 14.6% and management claims full credit for being so strong and managing to limit the fall in adjusted operating profit to only 9.4%. The interim dividend is to be increased by 7.1% to 2.25 p. per share and the second half is expected to show improving revenue momentum.
Coats COA Good to know that we still have a textile industry and that this part of it seems to be thriving. Coats is increasing its interim dividend by 7% after a strong first half in which adjusted operating profit for the six months to the 30th June rose by 14% and revenue by 5%, both at constant exchange rates. Adjusted basic earnings per share rose by 38%
Utilitywise UTW warns that revenue for the year to today will be 4.0 to 4.5m below managements previous expectations. The gross order book for the year however is 18% higher than for the year to 31st July 2016.
Hiscox HSX Interim profit before tax for the half year to the 30th June halved to 102m or rose by 12.5% if the impact of foreign exchange movements are ignored and the interim dividend is to be raised from 8.5p to 9.5p per share . Hiscox USA stood out with growth in premiums of 31.3% in local currency terms.