Home » News and Views » Ian Pollard – Whitbread #WTB, a solidly good year!

Ian Pollard – Whitbread #WTB, a solidly good year!

Whitbread plc WTB can not quite make its mind up as to whether its full year results are good or solid, so to be on the safe side, it claims they are both.On an underlying basis revenue rose by 2.6% and profit before tax by 2.5% which is hardly impressive. On a statutory basis, operating profit and profit before tax rose by 0.1% and 0.2% respectively, which appears to be neither good nor solid. Even solidly good  seems to be a bit of an exaggeration.

The man event of the year was was the sale of Costs to Coca Cola for £3.9bn.  A significant majority of the net cash proceeds will be returned to shareholders but not just yet because regulatory approval  is still required from the EU and perhaps more importantly China. Trump had perhaps best tread carefully on the sanctions front if he wants Coca Cola to get its approval. The one figure which does stand out among these somewhat mundane results is that the shareholders are to be well looked after with a dividend rise of 4%.

Bunzl plc BNZL Third quarter Group revenue rose by 7% at constant exchange rates due to a mixture of organic growth of approximately 4% and an impact from net acquisitions, of approximately 3%. This is as expected at the time of the half year results.Since then Bunzl recently has entered into an agreement to acquire Volk do Brasil  which .will expand its already well established safety business in Brazil

Plus500 Ltd PLUS expects trading for 2018 will now be ahead of expectations. Despite a third quarter drop in revenue of 14%, the nine month figures show a healthy rise in revenue of 86% whilst the number of new customers has risen by 19% and the number of active customers by 74%.

Intu Properties plc INTU has continued to deliver a strong and resilient operational performance from 1st July to the 23rd October but it has not been able to ignore the fact this has been a particularly challenging period for UK retailers. Rent reviews settled in the period have on average been 5 per cent above previous reviews but significantly anticipated growth for 2018 is expected to be no more than 0 to 1% as tenant failures impacted the figures by some 1.5 %.and footfall for the year fell by 1.3%. The occupancy rate however rose to 97%

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