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Ian Pollard – On The Beach #OTB hit by heatwave

On the Beach Group PLC OTB Revenue was heavily impacted by the unprecedented hot summer in Scandinavia leading to lower demand for holidays and widespread discounting of distressed product by Sweden’s leading tour operators. Nonetheless revenue at On the Beach Group for the year to the 30th September rose by 24.5%, profit before tax  by 23.5% and adjusted earnings per share by 20.5%. The World Cup also suppressed holiday demand. The dividend is to be increased by 17.9% to 3.3p per share but.the consumer environment continues to remain challenging.

RPC Group plc RPC Enjoyed significant organic growth in China and US in the six months to the 30th September due to higher added value products. Revenue growth of 7% to £1,892m reflected continuing organic growth of 3.2%. Adjusted profit before tax fell by 2% or 5% on a statutory basis whilst adjusted basic earnings per share rose by 2% . The Interim dividend is increased by 4% to 8.1p per share representing the 26th consecutive year of dividend growth.

Telford Homes PLC TEF increased revenue by 31% in the six months to the 30th September Total profit before tax  was up by16.1 per cent to £10.1m  and the interim dividend is to be increased by 6.3% as the company made what it describes as pleasing progress, with a pipeline of 5,000 homes.

Senior plc SNR has issued a trading update for the ten months to the end of October and expects good progress to be made in 2018.

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Ian Pollard: Dart Group To Substantially Exceed Expectations In 2019

Dart Group plc DTG is proposing to increase its final dividend by 54 % after strong passenger growth for both Jet2.com and Jet2holidays saw revenue for the year to the 30th June increase by 38%. Profit before tax rose by 49% and basic earnings per share by 44%. Demand  has strengthened even more since the start of the new financial year and having regard to current forward bookings Group profit before foreign exchange revaluations and taxation for the year ending 31 March 2019, will substantially exceed current market expectations. 

ASOS plc ASC retail sales for the four months to the 30th June grew by 21% on a constant currency basis, slightly down on the ten month figure of 23%. In the UK market share continued to increase and full year profit for 2018 is expected to be in line with consensus.

Computacenter CCC Following a strong start to the year, momentum has continued into the second quarter and  The first half has shown considerable progress in adjusted profitability, and even further progress in adjusted earnings per share. Trading result for 2018 will now be comfortably in excess of previous expectations.

GYG plc GYG Trading has been significantly weaker than expected in the half year to the 30th June due to lower than expected project wins  and some additional delays in anticipated contracts. Full year revenue is now expected to be flat  and adjusted EBITDA to be materially below the Board’s expectations at approximately €5 million. There is however grounds for optimism for the the immediate future as the New Build Order Book stands at €13.4 million for 2019 and €5.6 million for 2020 compared to a meagre 1m only a year ago.

Portmeirion Group PMP updates that total group sales for the six months to the 30th June have increased by 11% or, on a constant currency basis, 15%.

Telford Homes TEF updates that the London Market has remained robust since the year end in May although, as a sign of the times, the average selling price of open market homes is expected to remain constant. The strategy of concentrating on build to rent homes is believed to be the correct one.

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Ian Pollard – London market robust for Telford #TEF

Telford Homes TEF produced a strong set of results for the year to the 31st March and the proposed final dividend of 9p per share brings the total for the year to 17p making an increase for the year of just over 8%. Total profit before tax for the year to 31st March, exceeded market expectations with a rise of 35% making an increase of 100% over the last 4 years. The London market is described as being robust.

Fishing Republic FISH 2017 produced a disappointing performance and firm action has been taken to address it, with turnaround plans now having been put in place. Revenue growth of 57% was below management targets and the fourth quarter saw a significant deterioration in trading. Gross profit margins fell to 32.6% from 47.6% and an impact from increased competition which put prices under pressure, was also felt. 2016’s profit of £0.42m. was turned into a loss of £2.235m whilst earnings per share of 0.99p became a loss of 5.85p per share.

B&M European BME delivered another strong set of results in the 53 weeks to to the 31st March. The recommended final dividend is to be increased by 23.1% to 4.8p per share, group revenue rose by 22.4% and profit before tax by 25.4%.

Bodycote plc BOY has enjoyed robust growth during the first four months of the year despite currency headwinds Full year revenue despite what it describes as limited visibility is anticipated to be above previous expectations and headline operating profit will be slightly ahead of analysts expectations.Energy revenues rose by 24% and general industrial revenues by 11% over the four months to the 31st April while group revenue generally was up by 7% or 10% on a constant currency basis.

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Ian Pollard – Telford Benefit From London Homes Shortage

Telford Homes TEF Profit before tax for the half year to 30th September fell slightly to £8.7m. compared to last years £9m.due to development timing  but a profit before tax of over £40m. is expected for the full year. The interim dividend is increased by 11%. Longer term growth plans are underpinned by the structural shortage of homes, both to buy and rent, in non prime areas of London. Telford plans to deliver 4,200 homes worth over £1.5b to what it describes as an undersupplied London market.

RPC Group RPC saw record profit levels and strong cash generation during the half year to the 31st September. Revenue grew by 53% and statutory profit before tax rose by 129% and earnings per share by 94% in what is now the company’s 25th consecutive year of growth, with the interim dividend being increased by 28%. The second half year has also started well.

Britvic BVIC claims another strong performance for the year to the 1st October, with revenue rising by 7.7% or 2.5% on a like for like basis. Basic earnings per share were down by 3.2% and profit after tax by8 2.5% but the shareholders are looked after with an increase of 8.2% in the years dividends. At present there is sme uncertainty about the future with the introduction of the Soft Drinks Industry Levy due in April.

Softcat plc SCT has made a good start to the year, with strong customer demand across all segments in the quarter to the 31st October and further profitable growth again delivered.

eve Sleep plc EVE The strong trading momentum seen in the first half has continued into the second half and it is expected that group revenue for the year will have risen by 130%. The UK has been stronger than expected with revenue up by 105% whilst international revenue is up by 180%. The company is on track to reach profitability in the UK in the fourth quarter of 2018 and for the group overall in 2019

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Countryside Props. Slashes House Prices

Countryside Props CSP did what for a house builder, is the  unthinkable, it slashed its average selling prices with the result that for the year to 30th September, completions rose by 28% overall and the forward year end order book stood at a record level. The rise in completions was 17% in the partnership division and 31% in the private division. The private average selling price was reduced by a massive 23% to £515,000 and not surprisingly customer demand remains strong. The private average selling price in the partnerships division, however was increased by 12% to £343,000 with the strange explanation that this was due to strong price growth in outer London and regional cities. The logic of all this appears to be dubious to say the least because it indicates that we should, logically speaking, be expecting bad news from the private house builders whereas the opposite is more likely. (but see Telford Homes below)

Telford Homes TEF expects pre tax profits for the half year to the 30th September will be significantly lower than they will be in the second half of the current financial year and than they were,  last year. Shareholders must understand that this is all down to the timing of completions and the company’s answer to this is to base the interim dividend on what they expect the full years profits will be, rather than on the actual outcome of the first half. It is understood that there is no question of a refund being asked for if the boards expectations for the full year are wrong.

Dunelm Group DNLM Trading in the first quarter to the 30th September was boosted by favourable weather which helped to produce strong growth, as the company outperformed the homewares market. Revenue rose by 24.8% reduced to 9.3% on a like for like basis. % new stores were opened in the quarter and five more are still to come.

Page Group Plc PAGE Gross profit for the groups third quarter grew by 8.8% in constant currency terms but with the poor old UK the laggard, with a fall of 7.6% due to those old favourites, challenging market conditions and the impact of Brexit. Only one other country showed a decline and that was Australia, down 2%, whilst the mighty French grew strongly, up 21% and the US led the pack with a rise of 29%. Foreign exchange movements also gets a mention, having contributed 3% points to the profit growth.

Wood Grp (John) Plc WG. has been awarded a new five year multi million dollar contract by Total to provide onshore maintenance services at it Lindsay oil refinery. There is a right to extend the contract for a further 2 years. Woods CEO immediately goes for the jargon and says that the new contract will help the company to broaden its downstream footprint but thankfully makes no mention of pipelines.

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Brexit Fears Grow Over Freedom To Fly

Dart Group DTG is aware of the uncertainty surrounding Brexit negotiations and the effect which the outcome of these could have, especially on the extent of its “freedom to fly”. For the year to 31st March revenue rose by 23% and the proposed final dividend is to be increased by 26%. Profit before tax for the year fell by 14% after considerable investment to launch its new operating bases at Birmingham and London Stansted and a £10.9m charge for foreign exchange revaluation losses. Without the foreign exchange losses the fall in profit before tax was limited to 4%. Basic earnings per share fell by 14%.

Telford Homes TEF expects that the current financial year will produce profit before tax of £40m of which over 80% has already been secured and that in 2018-19 the figure will rise to £50m of which over 60% has already been secured.

ASOS ASC Total reported retail sales in the 4 months to the end of June rose by 32% or 26% on a constant currency basis as the company’s strong first half sales momentum continued. The only weak spot appeared to be in the US where reported sales growth fell from 51% over ten months to 38% in the 4 month period.

Babcock International BAB has made a good start to its new financial year with 82% of revenue now in place for for 2017-18 and 55% for 2018-19. A major contract  worth up to £500m. has been secured  to operate a fleet of specialist fixed wing aircraft for the Norwegian Health Service.

AdEPT Telecom ADT is increasing total dividends for the year to 31st March by 19.2% after the company’s 14th consecutive year of underlying EBITDA growth.This year saw a rise of 27.2% to £7.83m. and adjusted earnings per share were up by 20.3%

BTG plc BTG The strong performance experienced in 2016-17 has continued into the new financial year and double digit sales growth is expected over the full year.

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Westminster Group Facing “Unprecedented Growth”

Westminster Group WSG claims that the trials and tribulations of the last few years are now behind it. Revenue for the year to the end of December rose by 31% enabling it to make an EBITDA profit of £25,000 compared to the previous year’s loss of £300,000. The loss per share has been reduced by 29% to 2.5p as against 3.5p per share in 2015. The Chief Executive asserts that the company has an opportunity for unprecedented growth over the next few months and years.

Renew Holdings RNWH is increasing its interim dividend by 13% after record interim results saw group operating profit up by 15% on revenue which increased by 9%. After exceptional items, profit before tax rose from £4.8m in the first half of 2016 to £8.8m. this year.

Wizz Air Holdings WIZZ May passenger numbers showed a rise of 22% and laod factor rose by 1% point to 91%.

AFH Financial Group AFHP Profit before tax for the 6 months to the 30th April rose by 34% to £1.15m and underlying EBITDA and earnings per share were up by 35% and 27% respectively. The strong performance was based on strong organic growth with like for like revenue now standing at 70% of total revenue. As for the future outlook there is a strong pipeline of acquisition opportunities.

Telford Homes TEF has signed a pre construction agreement with global real estate company Greystar, to deliver 894 build to rent homes near to the river Thames at Nine Elms

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Telford Homes Breaking Records

Telford Homes TEF reports that revenue for the year to 31st March rose by 19% to a record £291.9m, allowing the final dividend to be increased to 8.5p, making an increase of just over 10% for the full year. Profit before tax is expected to exceed £40m for 2018 and £50m for 2019.

Avanti Communications AVN updates that it is recovering from the disruption of the first nine months and in the last two months it has won over $25m of new business. Weak macro economic conditions especially in Africa, Brexit and industry volatility have all presented significant challenges over the last 12 months but new contracts are again being won and it is expected that they will begin to make a significant impact in the next financial year, when like for like growth will recommence. The launch of Hylas 4 is nearing and this is expected to have a strong positive effect on the image of the business

IG Group Holdings IGG expects revenue for the year to 31st May will be ahead by some 7% and that profit before tax and earnings will be modestly ahead of the previous year.


Futura Medical FUM is delighted by the constructive feedback which it has received for MED 2002 from  US and UK regulatory authorities both of whom have a broad consensus on the development pathway.  No impact is  expected on the timing of the submissions for market authorisation, now expected in the second quarter of 2019

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McCarthy & Stone – Divi Raised 80% As Profits Slump

McCarthy & Stone MCS blames the referendum for its poor performance in the 6 month to 28th February but doesn’t even attempt to explain why it  should have been so badly affected.  On the face of it, the ludicrous explanation makes it look as if management is scrabbling round trying to find excuses for its own weakness. Revenue for the half year fell by 5%, completions were down by 6% and profit before tax slumped by 25%. Net debt surged nearly fivefold.  Management is however, perhaps wisely,  determined to look after shareholders and is maintaining its “progressive” dividend policy with a rise in the interim dividend of 80%.

The total order book over the last 5 weeks is now down only 1% on a year ago which the company describes as ( please try not to laugh at this )  “an increase in sales momentum”.

HSS Hire Group HSS is basically a tool hire business  but it looks like management took its eye off the ball so that its core business in 2016 lacked both growth and momentum. The aim for 2017 is to try and restore that momentum. Revenue for the year to 31st December grew by 9.6% but on a statutory basis last years operating profit of £6.8m was turned into a loss of £2.7m and  the reported loss before tax rose by some 25%, reflecting, the company says, a year of investment. As is proper in these circumstances, the dividend remained unchanged at 57p per share.

Gooch & Housego GHH reports good trading in the 6 months to 31st March, helped by positive market conditions and favourable currency movements. The order book is now 70% up on a year ago but this is reduced to 17.2% without the benefit of currency movements.

Telford Homes TEF has gone into built to rent in a big way. Now there is only one reason a housebuilder will do that, namely that building to sell has become less profitable. A stark warning if ever there was one, for the house building industry. record revenue and profits are forecast for the year to 31st March and profit before tax is expected to be slightly ahead of market expectations.  The non prime London market remains robust. Taken as a whole, this is definately not the sort of news expected from housebuilders. And if buyers are leaving the housing market how long will it be before investors start doing the same. Hands up any one who knows what a de -risked forward sale is ? Its a rental ! You have been warned.

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WH Smiths Off On The Road to Recovery

Tesco TSCO  The 40% fall in net debt is probably the best item in Tesco’s preliminary results and they are perhaps entitled to boast of a turn round in quarter 4, except in its home markets of the UK and the Republic of Ireland where it still seems to have lost the plot. Group like for like sales growth for quarter 4 came in at 1.6%, with International showing a healthy 3.8% and Europe 4.1%. But where was the poor old UK ? Last of course, with a miserable rise of 0.9%, beaten by Ireland with 1%, hardly matching the company’s claim that it has become competitive again in those markets, which must be nonsense  when one looks at the growth of its German competitors.

Over the full year Tesco managed to produce zero growth, its performance in Europe and other  wealthier parts of the world overshadowed by continual decline in the UK and Ireland.

The second good thing is that Tesco has actually made a profit for the year of just over £1,046m. compared to the previous year’s disastrous £5 billion loss.

Tesco also proclaims that the customer is once again its prime focus and always will be, which is presumably why it stopped international delivery of online orders. Once again actions showing the emptiness of fair words.

Tesco can be praised for having stopped the rot.  It will be interesting to see how far it can go in the current year to begin growing new shoots.

WH Smith SMWH has at long last enjoyed a strong first half, with profit before tax for the 6 months to 29th February up by 11%. It says something about the state of the company when it can boast that flat like for like sales is its best result for many years. Cynics amongst us had often wondered for how long it could go on squeezing more profit out of declining revenue. What is particularly pleasing i that it has also done well in its traditional markets where stationary and books were particularly strong.

Halfords HFD produced strong quarter 4 growth with revenue for the 11 weeks to 1st April up by 3.2% but cycling became the laggard with Q4 like for like sales up by only 1.9% compared to motoring and car maintenance which rose by 3.5 and 3.9% respectively. Cycling revenue for the full year actially fell by 0.9%.

Telford Homes TEF anticipates profit before tax for the year to 31st March will be slightly above what market expectations as it benefits from continued investor interest and relatively affordable apartments in London where its average price remains comfortably below £600,000.

Walker Greenbank WGB is raising its final dividend by 25% after sales rose by 5.4% and profit before tax by 15.9% as it completes recovery from serious flooding

Looking for villas & houses for sale in Greece;   http://www.hiddengreece.net

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