Vislink VLK has abolished its interim dividend and intends to keep it that way until bad debt is below 1 x EBITDA. Orders for the half year to 30th June fell by nearly 25% and revenue was also substantially down , leading to a basic loss per share of 26.9%. Last years half year profit of £2.2m has been turned into a loss of £1.1m and the company is forecast to breach its banking covenant in September i.e. today. Fear not however, the Board is continuing to examine its own structure as well as that of the group, some may say a bit late in the day.
Trinity Mirror TNI found the 3rd quarter trading environment challenging with like fir like Group revenue expected to be down 9% on top of the second quarters fall of 8%. Half of the regional Metro franchises which it operates for the Daily Mail are to be handed back because they earn a lot of revenue but little profit. Print circulation fell by 6% and print revenue was down by 12% but digital revenue was one bright spot with a rise of 11%. Classified digital revenues remained under pressure. All in all it looks like the company failed to live up to the challenges of which it complains, except that cost savings of £20m. exceeded the target by £5m
Speedy Hire SDY is on the rebound with results for the half year to the end of September expected to show an improved performance. Revenue is slightly ahead of expectations and overheads are lower indicating that profits for the full year will be ahead of expectations.
Iomart IOM has performed strongly in the 6 months to 30th September and both revenue and profit are expected to be materially ahead of last years first half.