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Ian Pollard: Aveva In Either A Profit Or Loss Situation – You Choose

Aveva Group AVV There are now so many ways of calculating profits that the figures have become almost meaningless and companies have the freedom to chose between  profit before tax, on a diluted, adjusted, normal or  statutory basis and the difference between these four can be and often are enormous. Companies can elect the headline for their results as ranging from a whopping loss to a thumping big profit. For the year to the 31st March Aveva has chosen to present them on a combined basis which shows an 8.6% rise in revenue and profits slumping by 34.3% unless you prefer the statutory figure with a rise of 8.8% or, even better, a rise of 23.3% on an adjusted basis. Thus Chairman and CEOs are left with complete freedom as to how they can best describe the company’s performance. Aveva decides the year as being transformational and promises that the years ahead are going to be even more exciting. Nobody can agree or disagree with these comments when all we know is that the company is either making a loss, or if not, then it is making a profit.

Majestic Wine WINE returned to profit and describes itself as making headway in headwinds in the year to the 2nd April. Last years loss of 1.5m was turned into a profit of 8.3m, with Naked Wines, where sales rose by 11.8%, being the key driver. UK retail remained challenging. Reported revenue rose by 2.3% but the final dividend reflects the transformation into profit with a rise  from 3.6p to 5.2p. More important for the future is the fact that 20% of the business is now in the growth markets of the US and Australia.

PZ Cussons PZC has given plenty of notice of the bad times from which it is suffering in Nigeria and the UK and it now updates that trading in both these countries has continued to be difficult, with Nigeria actually getting worse. In other markets results have been robust and profit before tax for the full year is now expected to just scrape into the bottom end of the previously forecast range. Still worrying though to see how many of these household name companies are being dragged down by poor UK performances.

NWF Group NWF updates that it has delivered an outstanding performance, especially in fuels in the year to the end of May. Trading has been significantly ahead of both current market expectations and the previous year.

 

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