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Ian Pollard – Ferguson #FERG Restructuring for UK After Weak Performance
Ferguson plc FERG Ongoing revenue for the quarter to 31st October.was 5% ahead of last year, including 6.7% organic growth, whilst ongoing trading profit at $432m. was 9.9% ahead. US business saw organic revenue growth of 9.6% . All the US business units generated organic growth in the quarter with continued good demand from residential and commercial customers an. Industrial markets described as growing very well. The UK on the other hand could not have been a geater contrast with like-for-like revenue growth down at 1.5% for the quarter including about 2.5% price inflation. Trading profit was down about 2% and ominously the promised UK restructuring is now under way.
IG Group Hldngs plc IGG expects first half revenue to be around 6% lower than in the record first half of the last financial year. Group revenue in the four month period since product intervention measures came into force in July is expected to be around 10% lower than a year ago.whilst in the ESMA region (UK and EU) it is expected to be around 20% lower. By startling contrast it is expected that in other regions revenue is expected to show growth of 9%.
Victrex plc VCT Preliminary results for the year to the 30th September show that the group enjoyed a strong year with group revenue up by 12% and profit before tax by 15%. Regular and special dividends are being raised by 17%. For 2019 the expectations are for continued momentum and the achievement of more milestones.
James Fisher & Sons plc FSJ for many a year one of the stalwarts of British Industry and which updated only 10 days ago that revenue for the ten months ended 31 October was 14% ahead of the comparable period last year, is to lose its long standing Chief Executive. Nick Henry has informed the Board that he is to retire from the Company after 16 years and step down after 15years as CEO by the end of December 2019.
Mind Gym MIND After a successful IPO revenue for the six months to the 30th September has risen by 13% and adjusted profit before tax by 31%. An interim dividend of 0.8p er share is to be paid. After a start-up at a kitchen table 18 years ago the company has grown to become an adviser to over half of the companies in the FTSE-100 and S&P-100.
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Ian Pollard – Victrex – Sales Volume Up 1%, Divi Up 160 %
Victrex VCT managed a whopping 160% increase in dividends for the year to the end of September after a mediocre rise of 1% in sales volume led to a rise of 11% in profit before tax. The dividend increase comprised a 15% rise in the regular dividend plus payment of a special dividend of 68p per share. The support for this largess to shareholders is based on strong core growth and a rise of 88% in.cash generation. Pity they could not do more with the sales volume, then they could really have gone to town on those dividend increases.
Dewhurst plc DWHT announces record results for the year to the 30th September. With the help of positive currency movements sales rose by 12.2% and profit before tax by 17.3% including a 0.4m currency benefit. The final dividend is to be increased by 0.5p per share to 8.5p making a total increase for the year of 1p. UK demand is described as being fragile at present with projects being delayed and deferred whilst overseas markets are buoyant.
Ferguson plc FERG Trading profit in the quarter to the end of October grew by 13.9% after a 7.6% rise in organic revenue. The US enjoyed strong organic growth of 8.3% but as often happens the UK let the side down with a 3.8% fall in trading profit at constant exchange rates.
IG Group Holdings IGG continued to perform well in the second quarter after a strong first quarter and net trading revenue for the first half is expected to be up 9% on a year ago, whilst operating costs are expected to have fallen by 7% following a reduction in advertising and marketing.
Cerillion CER has won one of those significant major contracts which had been so elusive earlier in the year. The contract, with a European telecommunications provider is to start immediately and is worth an initial £5m. and a total of £8.4m over five years.
Wizz Air Holdings WIZZ grew November passenger numbers by 22% and increased load factor by 1.5ppts to 88.3%.
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Smaller Companies Show How To Export
TUI AG TUI After a good start to the half year, TUI reiterates its forecast of at least 10% growth in underlying EBITA for the full year 2016-17.Half year turnover rose by 3.3% or 8.2% on a constant currency basis and customer numbers were up by 3%.
Victrex VCT delivered a strong first half performance in the six months to 31st March and is increasing its interim dividend by 4%. Sales volume in the first half rose by 5% and revenue by 12%, or 4% on a constant currency basis. Profit before tax rose by 5% and cash is up by 90% to £86m. The positive momentum is continuing into the second half.
Eco Animal Health EAH is likely to exceed market expectations for revenue and to exceed significantly those for pre tax profits for the year to 31st March.
Mortice Limited MORT Following strong growth in all parts of the business, it is anticipated that financial results for the year to 31st March will be materially ahead of market expectations. Revenue rose by 35% and the company sees tremendous scope for further organic and acquisitive growth.
Diploma plc DPLM is increasing its interim dividend by 13% after enjoying strong underlying growth boosted by currency tailwinds in the six months to the end of March. Adjusted profit before tax for the half year rose by 22% and adjusted earnings per share by 23%, with revenue up by 21%. Currency benefits from the weak pound are not expected to be as strong in the second half.
Dignity plc DTY has made a strong start to the year, with all parts of the business performing well in the first quarter to the end of March. average income has been robust and overheads are well controlled. Further acquisitions have been made and there will be more during the remainder of the year.
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Daily Actions – UK Main & AIM 17022016
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