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News In Brief FTSE 100
Compass Group CPG is continuing to have a good year with like for like revenue up 3.9% in the third quarter and accelerating. North America is producing strong new business and the business environment in the Rest of the World, is improving.
ITV plc ITV Total external revenue for the half year to 30th June fell by 3.0% but the broadcast business remains robust and full year 2017 guidance remain unchanged. The interim dividend is to be increased by 5%
GKN plc GKN Sales rose by 15% in the half year to 30th June and both profit before tax and earnings per share were up by 14%. The interim dividend is to be increased by 5%. Investment in technology is continuing.
Hammerson plc HMSO joins its FTSE friends with a 5% increase in its interim dividend after a strong set of results for the half year to the 30th June. Net rental income rose by 9.7% and basic earnings per share by 74.9%
3i Group III had a busy first quarter with a good portfolio performance and a total return of 4.!%. The economic back ground is improving and the weakness of sterling added a 68m foreign exchange gain during the quarter.
Unite Group UTG had a highly active and successful first half resulting in the interim dividend being hiked by 22%, after a strong financial performance. Profit before tax fell from 122.8m to 83.9m due to a lower revaluation surplus.
Minoan Group MIN claims it is about to enter the most rewarding period in its history. It has successfully fought the appeal against the grant of planning permission for its major project in Crete and in Travel and Leisure group profit has risen by 35% at EBITDA level for the six months to the 30th June..
Wetherspoon JDW Sales and profits were at record levels with profit before tax after exceptionals showing a rise of 12.5% for the year to 24th July. Before exceptionals the rise was 3.6% with revenue up by 5.4%. The full year dividend is maintained at 12p. Wetherspoon’s Chairman, Tim Martin, then goes on to lambast at great length the politicians and delusional economists who forecast in great detail the doom and disasters from which we would suffer if we exited the EU. The truth is, he says that successful economies are those of democratic countries. The main flaw of the EU is the absence of democracy which will lead to political chaos within the Union and to dire economic consequences.
Minoan Group MIN issues a profit warning stating that profits for the current year will not meet expectations after significant impact from the weakness of sterling and the decline of tourism to Turkey. At present and for several months this is reducing gross profit by £100,000 per month. However forward bookings are showing a rise of 8%.