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HSBC Holdings HSBA saw growth in operating expenses easily outstrip the banks increase in revenue. Todays interim results reveal reveal that during the first half, revenue rose by 4% whilst operating expenses grew by 7%., or 8% on an adjusted basis. Adjusted profit before tax fell by 2%. The Group Chairman descended from on high to tell us that a good start had been made on its two main targets of enhancing not only performance but reputation as well. He does not enlighten us but I wonder who told him that, customers or senior management ?, Whoever it was has presumably not had the experience of trying to get a broken down(for the umpteenth time) ATM to dispense cash on a Saturday afternoon, or even if it was not broken down, having the same problem because it has, yet again, run out of cash. Go back to the grass roots Mr. Chairman and find out the truth about your bank’s real reputation.
Tesco TSCO has signed its long term strategic alliance with Carrefour. It will become operational in October and last for three years. What possible good it will do even to troubled Tesco, only time will tell.
easyJet plc EZJ was hit by a triple whammy in July, with industrial action in Europe, a runway closure at Gatwick and adverse weather.. Despite that it still managed to increase passenger numbers by 4.5% but this was well down on the 6.2% increase over the year from July 2017. Load factor for this July rose by only 0.1% compared to 1.4% for the rolling 12 months.Still, unless the European Union has its evil way, it will be a few years before they are reduced to doing pleasure flights round Blackpool Tower.
Ultra Electronics ULE benefited from increased US defence spending during the half year to the 30th June but the reported results were impacted by cost overruns. Organic revenue rose by 1.3% and organic profit growth by 1.4%. Basic earnings per share were down by nearly 50% and statutory profit before tax fell by a third to 20m. The order book has been and continues to be strong and better than expected. Foreign exchange “headwinds: are blamed for a 5.8% impact on underlying operating profit. The interim dividend remains unchanged at 14.6p per share.
Whitbread plc WTB tries to put a brave face on its first quarter results by headlining sales growth and expansion and ignoring the unhappy reality. The truth is that growth is due to investment in new hotels and new Costa stores. On a like for like basis the quarter has been, to put it politely, uncomfortable, with falls in every division led believe it or not by Costa the former jewel in the crown, now looking a bit tarnished with a fall of 2%. Total group “UK growth” should be renamed total UK decline with the like for like group total down by 1.3%. Fortunately the fairly blatantly misleading headlines are unlikely to mislead many.
Ultra Electronics ULE expects that the half year performance and revenue will be broadly in line with the exception of Herley which management appears to have allowed to be impacted by cost overruns on development contracts. Although some recovery is expected in the second half and the order book at the end of May was strong it is expected that the problems at Herley will result in full year operating profit being reduced by £4m to £6m. The new CEO says he is excited by what he has seen presumably referring to the fact that the brakes have been taken off US defence spending, a matter which outside his and the company’s control.
IWG plc IWG There is not mny sign of excitement at IWG where group operating profit for 2018 is expected to be £15. to £20m. below management expectations. The UK business is not performing as management was expecting despite strong trends in global sales activity. In order to strengthen its position IWG proposes to increase new space by 45% which as is usual in these circumstances, will bring with it extra short term losses
1pm plc OPM Results for the year are expected to show record year on year increases in revenue and profits. Revenue has risen by 0ver 75% of which more than 30% was organic and basic earnings per share rose by more than 20%. The CEO claims that the figures illustrate the success of the company’ buy and build strategy over the past three years during which it has completed seven acquisitions which has
Ultra Electronics ULE found 2017 to be a challenging year and only modest progress can be expected for 2018. 2017 ended with a strong order intake and a sound balance sheet but basic earnings per share fell by 20%. revenue by 1.3% and both underlying operating profit and underlying profit before tax both fell by 8.4%. So it will despite the poor year,raise its final dividend by 4.8% as any self respecting company will do when things are not good and and it needs to keep the shareholders in line. Mind you it did the same at half time when it had become apparent that things had started to go seriously wrong with its UK military business. Then it increased the interim dividend by 2.8p. per share even though storm clouds were gathering on the horizon.
Wizz Air Holdings WIZZ February passenger numbers rose by 23.5%, slightly less than the increase in capacity and the load factor also fell slightly to 91.2%. The network expanded with 4 new routes.
BATM Advanced Communications plc BVC 2017 became a milestone year as the company capitalised on previous investment and achieved its first year on year growth since since 2011. Revenue for the year rose by 18.5% and earnings per share moved from a loss of 0.27c oer share in 2016, to a positive 0.06c. Adjusted operating profit jumped from $0.9m to $5.6m. The bio medical division continued to show particular strength and growth momentum across both divisions, is expected to be maintained for 2018.
Zoo Digital ZOO updates that growth has continued into the second half and full year EBITDA is now expected to be above market expectations whilst full year revenue to the end of March should have risen from $16.5m to $28m.
Fusion Antibodies FAB updates that revenue for the year to the end of March is expected to show a rise of 40%, a substantial drop on the first half’s 70% growth but only because of the significant amount of management time and focus which had to be spend on the pre Xmas IPO. Growth rates are expected to resume their earlier trend now that management is free to concentrate on running the business.
My Sale Group plc MYSL produced a record first half performance for the half year to 31st December with underlying profit before tax rising by 266% on revenue up by 11%. Underlying basic earnings per share showed a rise of 82% and the active customer base rose by 12% to 1 million
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.
Taylor Wimpey TW has enjoyed a strong second half, with demand for new houses being robust and market conditions favourable. Further growth and performance improvement is expected for 2018, with 2017’s remaining in line.
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%.
Plus 500 PLUS produced a strong performance with record breaking results significantly ahead of expectations, in the six months to the 30th June. Net profit rose by 104%, EBITDA by by 100% and earnings per share by 103%. Revenue rose by 19%. Including the share buy back programme returns to shareholders more than doubled, rising from $26.7m to $64.4m. Current trading continues to be strong and it is expected that results for the remainder of the year will continue to exceed market expectations, significantly.
Telit Communications TCM plunged from a profit of $4.7m to a loss of $6.7m before tax in the six months to the 30th June. Revenue growth was hekd back by a number of factors including delays in the US certification of LTE poducts which is not now expected until quarter 3. Despite the delay the company still expects these to be strong growth drivers in the second half and remains confident of a strong performance but just to be on the safe side the interim dividend of 2.5 US cents per share is being abolished.
Ultra Eectronics ULE Expects to see the year more heavily weighted than normal towards the second half following delays in the awarding of new contracts due to the UK general election and delays in the US budget being approved. First half revenue fell by 0.1% and underlying profit before tax by 0.2% but the interim dividend is being increased by 2.8%
Filta Group Holdings FLTA updates that revenue growth in the six months to the 30th June has been in the region of 38% following strong performances in both the UK and the US. The first half has been substantially ahead of last year and further growth is expected throughout he remainder of the year.