Harworth Group shares sink 5pc despite profit hike in 2016

Miranda Wadham
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0
Harworth Group shares sink 5pc despite profit hike in 2016
Rotherham-based property specialist Harworth Group (LON:HWG) saw shares fall nearly 5 percent on Monday, despite reporting an increase in both profit and net asset value. Harworth reported an operating profit of £45.8 million in the year to 31st December, compared to £37.9 million at the same time last year. These figures included value gain £43.7 million and profit from operations of £2.2 million, up from £1.5 million last year. The regeneration and investment specialist also saw net asset value increase by 12.5 percent to £334.9 million, or 115p per share. The group completed six acquisitions over the course of the year, totalling £31.6 million. It also made £58.9 million of disposals to capture value increases on mature residential and commercial sites and to increase focus on sites with higher value add potential.   Harworth’s Chief Executive, Owen Michaelson, said: “These are a strong set of results, reflecting our continued focus on maximising the value of our strategic land bank whilst simultaneously growing our income base through new lettings and acquisitions. We are particularly pleased by the progress made and value uplift we have seen from our flagship North West site, Logistics North in Bolton, and are pleased to have improved the quality of our income base over the year. “We have a proven strategy to create value and the market fundamentals in our regions remain strong, giving us confidence in the future.” However investors remained unimpressed by the results, with shares in Harworth Group falling 4.80 percent by 1140GMT. 
06/03/2017

Travis Perkins shares drop nearly 10 pc on 70 pc profit slump

Miranda Wadham
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0
Travis Perkins shares drop nearly 10 pc on 70 pc profit slump
Shares in materials supplier Travis Perkins slumped nearly 10 percent on Thursday, after a business overhaul caused profits to drop dramatically. Pre-tax profit fell 67 percent to £73 million over the full year to December 31st, with profit after taxation down 91.7 percent. Whilst revenue rose 4.6 percent to £6,217, basic earnings per share also sunk heavily, down 92.5 percent to 5.1p from 68.8p the year previously. The results were affected by a weaker pound putting pressure on imports, as well as a “difficult year” for the company’s Plumbing and Heating division. John Carter, the group’s CEO, said that looking forward, “the macro-economic outlook of the UK is mixed”. “The sharp decline in the value of Sterling since June 2016 has created cost pressures on imported goods and materials, and the expectations for secondary housing market transactions and growth in the RMI market have weakened”, he added. Travis Perkins is the UK’s biggest supplier of building materials, with customers across several sectors including housing, plumbing and government. Shares in the company are currently down 8.69 percent at 1,429.00 (1129GMT).

Challenger bank Monzo hits crowdfunding target in just four hours

Miranda Wadham
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0
Challenger bank Monzo hits crowdfunding target in just four hours
Challenger bank Monzo has beaten its crowdfunding target in just four hours, after launching pre-registration for a campaign on Crowdcube. Its £2.5 million crowdfunding campaign is the second to be run on Crowdcube, after its first one crashed the crowdfunding site and raised £1 million in just one minute and 36 seconds.

Monzo, a mobile-only bank previously operating under the name Mondo, will now randomly select pre-registered people in a ballot to complete the investment. Monzo was granted a restricted banking license by the FCA in August of last year, after 18 months of operation.

Last week, the bank agreed a £19.5 million investment round with Thrive Capital, Passion Capital and Orange Digital Ventures ahead of its £2.5 million crowdfunding campaign.

CEO and cofounder Tom Blomfield told Business Insider: “The response to our crowdfunding campaign has been mind-blowing. Our aim at Monzo is to delight our customers so it’s amazing to see how much our community believes in what we’re building. It also shows the enormous appetite for change amongst consumers – the public want a new kind of bank.”

Australia moves into 25th year without recession, after 1.1 pc growth figure

Miranda Wadham
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0
Australia moves into 25th year without recession, after 1.1 pc growth figure
Australia’s economy grew at a pace of 1.1 percent in the third quarter, pushing the country into its 25th year without recession. The economy contracted slightly in the third quarter, with the 1.1 percent figure a welcome increase on the surprise negative result in the September quarter. The overall rate of growth for the year now stands at 2.4 percent. Strong exports and higher than expected consumer spending drove the positive figure, alongside a pick up in mining and agriculture in the three months to December. Australia’s treasurer, Scott Morrison, warned that “weak wages growth” was weighing on the economy, but added that the result was a success: “[The result] confirms the successful change that is taking place in our economy as we move from the largest resources investment boom in our history to broader-based growth,” he said. Australia’s resource-rich economy has now reached 25 years without sinking into recession, despite reduced demand from China dampening growth over the last couple of quarters.

Economic growth slows in India, but remains above expectations

Miranda Wadham
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0
Economic growth slows in India, but remains above expectations
Indian economic growth surpassed expectations for the fourth quarter of 2016, despite the confusion caused by the surprise withdrawal of high-denomination banknotes from circulation. The economy in India grew at 7 percent in the December quarter, slower than the 7.4 percent rate achieved in the previous quarter but well above analysts’ expectations of 6.4 percent. India’s Central Statistics Office (CSO) confirmed its projection that the economy will grow at a rate of 7.1 percent in 2016-17, slowing from 7.6 percent the previous financial year. The figure came as a surprise, after analysts expected a larger fallout from the government’s withdrawal all old 500-rupee and 1,000-rupee banknotes last November. The noted made up 86 percent of the currency in circulation by value, and were withdrawn as part of Prime Minister Modi’s fight against illegal money. Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance, told the BBC: “I am totally surprised and stunned to see this number… I believe that, with a lag, we will see an impact on GDP numbers.” “Perhaps this data is not capturing the impact of demonetisation,” he added.

FCA regulation has had little effect on the sector, say financial professionals

Miranda Wadham
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0
FCA regulation has had little effect on the sector, say financial professionals

Financial regulation has done little or nothing to improve stability in the financial services market, one of the largest financial companies warned on Tuesday.

35 percent of financial services professionals polled believe that recent regulation has had little or no impact on financial stability, according to the latest Outlook report from Duff and Phelps.

17 percent believe that regulation has actually made the financial services world less stable. Nearly a decade on from the 2008 financial crisis, just 10 percent of senior executives surveyed say they believe changes to regulation have fully addressed the risk of a future crash.

Julian Korek, Global Head of Compliance and Regulatory Consulting at Duff & Phelps, commented on the findings:

“More needs to be done to build stability in financial services and ensure the system is resilient in future, for both banks and the alternative investment industry.

“The major regulatory bodies have been very clear about future areas of focus and concern, but the fact that so many still think there is potential for another crash is worrying – even without Trump or Brexit potentially taking the market down a quite different regulatory path.”

Looking towards Brexit, over half of those in the industry involved in the survey believed the UK’s break with European legislation will have an impact on their compliance procedures. 35 percent believe that Brexit will have a short term impact on compliance arrangements, whilst a quarter expect the impact to be felt in over 18 months.

However, Korek concluded:

“Regulators have gone some way to help rebuild trust in financial services. Firms therefore have an important role when it comes to maintaining investor confidence in the sector and ensuring transparency is evident in all their operations and governance going forwards.”

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Raymond Jones
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Media investments with great tax benefits through EIS and SEIS

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Greggs shares fall on “challenging” outlook, despite 7 percent sales boost

Miranda Wadham
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0
Greggs shares fall on “challenging” outlook, despite 7 percent sales boost
High street bakery chain Greggs (LON:GRG) reported a 7 percent boost to sales on Tuesday, but warned of inflationary pressures and a “challenging” environment in 2017. Total sales hit £894.2 million in 2016, up from £835.7 million the previous year. Pre-tax profits hit £75.1 million, a 2 million increase on 2015’s figures. Operating profit rose 8.6 percent, with the preliminary full-year results from the company demonstrating a “growing strength in the food to go market”. However, shares fell on Tuesday as investors took note of Greggs warning on performance going forward. Chief executive Roger Whiteside said “industry-wide pressures emerging in commodities as well as labour costs” would likely have a negative effect in 2017, with the UK consumer outlook “challenging”. “However we are confident of making further progress as we implement our plan to grow Greggs as a contemporary food-on-the-go brand,” he added. The strong results show progress in the chain’s plan to shift from being a traditional bakery to focusing on the £6 billion food-to go market, announced in 2013. Shares in Greggs were trading down 3.15 percent at 979.12 by 1003GMT.

LSE-Deutsche Boerse merger on the rocks after European Commission request

Miranda Wadham
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0
LSE-Deutsche Boerse merger on the rocks after European Commission request

A massive merger between the London Stock Exchange and Deutsche Boerse looks set to collapse, after the LSE said it wouldn’t sell its 60 percent stake in MTS to appease antitrust concerns.

The whole future of the 29 billion euro merger may be at risk, after the LSE said on Sunay that it would not sell its stake in the Italian fixed-income trading platform. Failure to adhere to the European Commission’s request means the deal is obtain EU approval.

The LSE called the request “disproportionate”, adding that: “Taking all relevant factors into account, and acting in the best interests of shareholders, the LSE Board today concluded that it could not commit to the divestment of MTS.” “Based on the commission’s current position, LSE believes that the commission is unlikely to provide clearance for the merger.” The LSE had already agreed to sell part of its clearing business, LCH, to satisfy competition concerns. The commission’s request for further divestment appeared to be one step too far for the company. The ‘merger of equals’ has been a source of concern in the wake of Brexit, with many worried about the City of London being tied to Frankfurt as the UK prepares to leave the European Union.

Coats Group shares fall over 5 percent on “challenging market”

Miranda Wadham
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0
Coats Group shares fall over 5 percent on “challenging market”
UK thread manufacturer Coats Group (LON:COA) saw an increase in both revenue and profit over the course of 2016, despite “challenging” market conditions. Revenue rose 2 percent on a CER basis to $1,457 million, with reported revenue falling 1 percent. Adjusted earnings per share for 2016 were up 23 percent to 4.91c, with the Group’s board recommending a final dividend of 0.84 us cents per share payable in May 2017. Operating profit grew 16 percent to $158 million, with free cash flow up 10 percent to $78 million. Rajiv Sharma, Group Chief Executive, said market conditions were “challenging” but that Coats delivered a “strong performance”. “We delivered productivity and procurement gains, and tightly managed our overheads which had a positive operational gearing effect in the Industrial Division. We also completed the acquisitions of Gotex and Fast React during the year, both of which have leading positions in their markets and which are already delivering strong growth ahead of management expectations under Coats’ ownership. “We enter 2017 on a solid footing however remain cautious about market conditions. We expect to continue to deliver growth in line with management’s expectations through our initiatives to deliver market share gains, productivity improvements and tight cost control.” After the results financial analyst Peel Hunt raised its price target on Coats Group to £0.70 per share. Peel Hunt currently have 2 buy ratings on the stock. Share in Coat Group fell 5.58 percent on the news, currently trading at 55.00 (1036GMT).
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