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BT Group plc BT.A claims that positive momentum in the second quarter resulted in encouraging results for the half year to the 30th September.That may be so but you will have to take BTs word for it because the update is riddled in jargon that much of it is meaningless to anybody who has not spent a lifetime working for BT, where Engliish now appears to have become a foreign language. Thus you will be delighted to know (inter alia) that group NPS is up 3.6 points and Right First Time up 2.7%, whilst consumer fixed ARPU is up 1%.
Getting back to the real world, reported revenue of £11,588m was down by 2% and adjusted revenue by 1%. Despite that reported profit before tax rose by 24% and basic earnings per share by 29%. The interim dividend has been reduced by 5%
Just Eat plc JE. now anticipates full year revenues will be towards the top end of the £740 to £770 million range, after a strong third quarter which saw revenue rise by 41%. Over the nine months to date the rise was 44%. International order growth was particularly strong, with new restaurant partner sign-ups across major cities.
Croda International plc CRDA The sales momentum seen in the first half of the year has continued into quarter three. Constant currency sales grew by 3.4%, with the Core Business up by 4.5% after a strong performance in the consumer businesses. Growth in Core Business for the year to date has been 4.7%. Constant currency sales were 4.2% higher and the quarter 3 sales reflected the strength of sales in Health Care.
Biome Technologies plc BIOM Group revenues for the nine months to 30 September 2018 showed a 56% increase over the same period last year. At the end of quarter 3, year-to-date Group revenues already exceed those for the whole of 2017. The progress made during the first half of the year has continued into quarter3 and the Board expects this momentum to continue for the remainder of the year.
Elektron Technology plc EKT produced an exceptional third quarter performance with with sales at record levels after rising by 17%. The Board now expects that the full year performance will be significantly ahead of market expectations.
Taylor Wimpey TW With profit before tax surging by 46.8% during the six months to the first of July Taylor Wimpey saw demand for its homes remain strong in the first half despite some wider macroeconomic uncertainty.The interim ordinary dividend is to be increased from 2.3p per share to 2.44p. The number of homes completed fell slightly by 151 to 6,497 due mainly to bad weather during the first quarter and the average selling price rose at a more modest rate than in the recent past, from 287,000 to 295,000. Profit before tax rose from 205m. to 301m. A special dividend for 2019 of £350 million is re confirmed.
Rentokil plc RTO claims continued positive momentum during the first half to the 30th June and is increasing its interim dividend by 15%. Profit before tax fell by 81.5% and basic earnings per share by 85.2%, unless you prefer your statistics on an adjusted basis in which case the figures were a more acceptable 1.5 and 1.9% respectively. Full tear guidance remains unchanged.
Greggs plc GRG claims to have delivered a resilient performance despite challenging market conditions during the six months to the 30th June. The ordinary interim dividend is to be increased by 3.9% but it is anticipated that underlying profits before exceptional costs for the full year will only be at a similar level to 2017.
Thomas Cook Group plc TCG produced strong revenue growth in the third quarter whilst for the year as a whole so far, growth in both new and retained customers has been strong, at 12% and 5% respectively. Bookings for this summer have risen by 11%. The company anticipates that growth in full year underlying operating profit will be at the lower end of market expectations as continued margin pressure in the UK and continued aggressive pricing in the Spanish Islands from the competition plus bed cost inflation from hoteliers, will impact results..
Just Eat plc JE. Has produced a strong first half performance, with revenue for the six months to the 30th June rising by 45 %, orders by 30% and adjusted basic earnings per share by 13%. Despite these figures, profit before tax fell by 3% because of the additional costs incurred in the acquisition of Hungry House. Revenue guidance is raised for for the full year to between £740 – £770 million, up from £660 – £700 million.
McCarthy & Stone plc MCS Despite trading in January and February having remained resilient MCS can not avoid sounding a bit worried in today’s update and is relying on trading being weighted towards the second half to help it recover from the first half where it had to rely for support on a large increase of 14% in the average selling price. . Its problem appears to be that even with such a whopping increase in average prices, it only managed to increase first half revenue by less than 1%, up from £238m. to £240m.. Basic maths would indicate that without the price rises, first half revenue could have fallen. It also admits that first half operating profit is likely to be in the order of about 12% of current market expectations for the full year. A further sign of the need for caution is that first half planning applications slumped from 34 to 21. Net debt for the full year is expected to have doubled from £30m. to £76m.One healthier sign is that the forward order book is up by 16% but of real concern is the impact which the proposed changes to ground rents will have on the company which is taking on the government in an attempt to ease that impact.
Just Eat plc JE. produced an excellent performance in 2017 with revenue rising by 30% on an organic basis. Despite that the company still made a statutory loss of £76m. despite 10.5m. active customers purchasing £1.9 billion pounds worth of food. International revenue rose by 75% and now amounts to 44% of the total. EBITDA rose by 42% and basic earnings per share by 38%. For 2018 EBITDA is expected to rise to between £165m and 185m.
Intertek Group plc ITRK is increasing its final dividend from 43p to 47.8p per share making a total increase of 14.3% or 2017. Adjusted profit before tax rose by 9.5% and diluted earnings per share by 10.4% at constant exchange rates.
Ashtead Group plc AHT continued to perform well in the third quarter to the end of January, with strong growth in each of its markets. Over the first nine months, profit before tax rose by18% on a statutory basis and by 24% on an underlying basis. Revenue increased by 20% and earnings per share by 130% on a statutory basis.
Brand CEO Alan Green talks Watchstone Group (WTG), Just Eat (JE.) & Morses Club (MCL) on VOX Markets podcast
Brand CEO Alan Green discusses Watchstone Group (WTG), Just Eat (JE.) & Morses Club (MCL) with Justin Waite on the VOX Markets podcast. The interview is 32 minutes 48 seconds in.
Wetherspoon JDW First quarter like for like sales rose by 3.5% and total sales by 2.3%. Operating margins gowever jumped from last year’s 5.8% to 8.6% and 7% is anticipated for the full year. The rise in debt levels have become a cause for concern, indeed such a cause for concern that the company thought it necessary to reassure its major shareholders, whilst at the same time admitting that they have clearly involved significant risks. Over each of the last three years debt levels has risen substantially and now stands at another record of 3.47 times EBITDA
Persimmon PSN The housing boom has continued to go from strength to strength since half year results were announced on the 23rd August and private sales have risen by 19%. This continues the trend experienced earlier in the summer and Persimmon is now fully sold for the current year, with consumer confidence described as “resilient”.
Just Eat plc JE Strong growth led to a rise of 34% in third quarter like for like orders, with the UK producing a rise of 28%. Full year expectations have again been increased slightly
Ryanair RYA October traffic grew by 13% thanks to cheaper fares and the load factor rose by a further 1% to 95%.
Next NXT expected difficult trading in quarter three and got it, with full price sales down by 3.5% compared to -1.5% for the nine months to date. October did see a recovery with a significant improvement in sales. The range of full year sales guidance has been narrowed down from -1.75% to + 1.25% compared to the previous range of -2.5% to +2.5%
Link here to listen.
The interview is 34 minutes in. Click here to listen.
Watch the TipTV Daily Market Roundup with Brand CEO Alan Green & Zak Mir. Stocks discussed include ASOS (ASC), Michael Page Intl (MPI), British American Tobaccos (BATS), Just Eat (JE.), ITV (ITV) plus the outlook for Gold.
TipTV – Alan Green & Zak Mir discuss latest macro market events, plus results from Barclays (BARC) & Just Eat (JE.).
Zak Mir, Technical Analyst for Zak’s Traders Cafe, was alongside Alan Green, CEO of Brand Communications, when he opened the Tip TV Finance Show to discuss the latest news from the macro world, including focus on the data released in China overnight, an outlook for Barclays and Just Eat, as well as analysis on GBP/USD and the USD Index.
Topics Covered: China, Asia, Manufacturing, ITV, OCDO, MRW, Barclays (BARC), Just Eat (JE.).
Taylor Wimpey (TW.) enjoyed another record year in 2015. Despite imposing a whacking rise of 8% in average selling prices it sold 13,219 homes. It is pleased to note that the housing market has continued to strengthen in 2016 enabling it to impose even more price growth.
Just Eat (JE.) produced continuing strong global growth in 2015 with revenue up by 58%, underlying EBITDA by 83% and adjusted earnings per share by 57%. The strong trading has continued into 2016 and this years revenue is now expected to show a rise of some 40%
Ashtead (AHT) Whilst quarter 3 was another strong quarter, well up on a year ago, it was down on the previous 2 quarters. Profit before tax for the three months to t he end of January rose 16% and earnings per share 18%. For the first nine months of the year however, the figures were 19% and 22%. encouraging growth opportunities are seen for 2016.
Rotork (ROR) continues to be hit by challenging markets and weak oil prices. The shares have continued to slide since last May when they stood at 288p., to yesterdays 159.5p. Full year profit before tax has fallen by 27.8% on revenue down by 8.1% and basic earnings per share are down by 27.7%. The company claims that it is well placed to make progress over the medium to long term, which presumably means that the short term looks reasonably bleak.