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J Sainsbury plc and Asda. The proposed merger between Sainsbury”s and Asda has been prohibited by The Competition and Markets Authority in its final report published today. As a result, Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.The reasoning behind the prohibition is that the proposed merger would result in increased prices for the consumer. Sainsbury is still unconvincngly trying to argue that it would mean lower prices. I know who I believe. Well done the CMA
Meggitt plc MGGT Revenue during the first quarter was strong with organic growth of 9% excluding the effects of foreign exchange and disposals. Strong revenue growth is expected to continue for the remainder of the year which is expected to be more challenging as air traffic growth is expected to moderate. The demand for defence products is also uneven despite organic revenue growth of 18%
Image Scan Holdings IGE produced a performance which was slightly behind expectations during the six months to the 31st March but expects to meet market expectations for the year to 30 September 2019. Revenue declined by some 30% and the half year profit of £39,000 was turned into a loss before tax of £178,000.The Chairman says that the recent decline in the share price is disappointing for shareholders but what else can he expect with results like that.
Ixico plc IXI updates that it is on track to deliver robust revenue growth for the first half of the year to the 31st March. Reported revenues are expected to show growth of 22% and the company is confident that full year revenue growth will match that. The momentum in building the order book during the first half of the year has continued from 2018. The order book is now robust and is expected to enable the company deliver on the +20% revenue growth targets which the business has set for itself.
Synnovia plc SYN expects results for the year to the 31st March will show strong growth in both sales and profits.Although profits will show a significant rise they are still expected to be marginally below current market expectations. The Industrial Division has performed extremely well as new business came on stream after the unexpected delays encountered in the previous year. Profitability in the Films Division was adversely affected by project delays in the current year.The Group also has to report that it has recently discovered an overstatement of revenue amounting to £1.619 million for the financial year ended 31 March 2018. This it claims, is non material but with repeated delays in its its two main divisions over this year and last, the picture painted by management could have been a happier one.