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Fishing Republic – The Competition Fights Back as CEO Departs
Fishing Republic FISH Gone has all the hype of just a couple of months ago when Fish appears to have expected that its major competitors and independents would just roll over and let it take their business. How wrong could they be. Well so wrong that the CEO is departing today without notice after having been forced to admit that the competition had fought back so aggressively, to keep their market share, that sales at Fish plummeted in October by 13%, compared to the growth of 16% which it had been experiencing in the nine months to the end of September. Customers also stubbornly remained loyal to their existing suppliers and did not migrate to Fish’s web site in anything like the expected numbers. Trading for the full year will not now meet expectations and even worse, the company expects to make an overall loss.
Ultra Electronics ULE has been experiencing difficulties in the UK market and these have got worse as the second half has progressed, mainly due to the Ministry of Defence which has faced mounting problems in funding UK defence programmes. The result has been seen in numerous delays, cancellations and pauses. In addition increased investment has been required for new contracts which have been awarded, with the result that underlying operating profit for the full year is now expected to be about £120m. The board is now pondering on paying a final dividend of about 35p. per share.
Ladbroke Coral Group LCL produced an overall rise of 3% in net retail revenue for the 4 months to the end of October, which he company claims saw positive trading and a strong digital performance. Europe took on the bad habits of the British with a 17% rise in net revenue followed by a strong performance from Digital with a rise of 12% but the UK lagging behind with a fall of 1%, which at least was an improvement on the year to date’s drop of 4%.
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Next Celebrates Falling Profits With a Special Dividend
Next NXT Celebrates its weak trading performance by announcing a special dividend of 45p per share to be paid on the 1st August. Total sales for the 13 weeks to to 29th April fell by 3% as mayhem on the high street continued. On a like for like basis, new space which added 1.6% to sales, made the like for like fall look even worse, at 4.6%. Profit before tax is expected to get worse as the year progresses with the best expectation now being for a fall of 6.4% compared to the previous hope for a fall of at best, only 1.3%.
Morrisons W. MRW performed well in the 13 weeks to the 30th April as it became more popular with customers attracted by lower prices. Like for like volume became more positive and expectations for the full year remain unchanged.
Royal Dutch Shell RDSA enjoyed a strong first quarter as debt was reduced and the dividend ( unchanged) was covered for the third consecutive quarter. Industry conditions in chemicals became stronger, total bpf oil equivalent per day rose by 2%, realised prices for global liquids rose by 64% and for natural gas by 10%. In come before tax rose from a loss of $642m in the same quarter last year to a profit of over $ 3 billion. However impacts are expected in the 2nd quarter from lower gas volumes and upstream earnings will suffer from divestments and lower production in the Netherlands.
Ladbroke Coral LCL expects full year results will be inline. From st January to 23rd. April group net revenue rose by 5% after falls in retail net revenue of 2% in the UK and 3% in Europe. Digital net revenue helped to save the day with a rise of 22%.
esure Group ESUR has made a strong and better than expected start to the year with a rise in gross written premiums of 29% between the 1st January and the 23rd April. Moror led the way with a rise of 29%.
G4S plc GFS enjoyed a strong start to the year with revenues rising by 8.9% at constant exchange rates in the three months to the 31st March. Developed markets showed double digit organic growth whilst emerging markets remained flat.