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Victoria Piling On The Profits

Victoria plc VCP announced in April that full year pre tax profits were likely to be ahead of market expectations and the shares immediately went into reverse, losing a third of their value with a fall from 1600p in mid May to 1050p by the beginning of July. In July 2013 the sp stood at 200p, so that even after the recent fall, it has still risen 500% in three years – three years during which it has received 12 profit upgrades from equity research analysts.

The company boasts that its business plan is on an A4 sheet of paper, without a single annexe or attachment and that this is one of the reasons why it continues year after year to run rings round its competitors, claiming that it is half way round the track before they have even got their running shoes on.

Preliminary results for the year to 2nd April show a surge of over 130% in profit before tax with a rise from £7.9m to £18.2m and a rise in basic earnings per share of 232%.

Much of the growth, it admits, came from the acquisition of Quest Group and Interfloor Group but their like for like performances were significantly enhanced by Victoria’s management which overall produced a rise of 100% in group revenue and claims that the performance has continued with a strong start being made to the current year..

BP plc (BP.) Claims its second quarter results have been hit by lower oil and gas prices and significantly reduced refining margins but it has at last drawn a line under the Deepwater Horizon disaster at a cost of over $61 billion. This enables it to start looking to the future again and by the end of next year BP expects to be able to add new production of 500,000 barrels of oil equivalent per day.

The dividend for the quarter remains unchanged.

Man Group EMG is losing its Chief Executive who is doing his own personal Brexit on the 1st September and taking his family back to the US, after the company has been forced to cut its interim dividend. First half results to the 30th June are fairly disastrous with net revenue down to $389m from $624m and statutory profit before tax collapsing by two thirds from $163m to $55m. The interim dividend is reduced  from 5.4 cents per share to 4.5 cents.

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