Recent articles for private investors with a focus on dividend announcements
Carillion Final Results
2011
2010
Change
Revenue
£5.1bn
£5.1bn
-
Underlying operating margin
4.7%
4.2%
n/a
Underlying profit before taxation
£212.0m
£188.1m
+13%
Underlying earnings per share
43.0p
39.4p
+9%
Profit before taxation
£142.8m
£167.9m
-15%
Basic earnings per share
32.0p
36.9p
-13%
Net (borrowing)/cash
£(50.7)m
£120.2m
-142%
Proposed full year dividend per share
16.9p
15.5p
+9%
Serco Final Results 2011/12 - dividend increased 14%
Solid operational performance and contract awards across the portfolio
UBM Final Results
David Levin, UBM's Chief Executive Officer, commented:"2011 has been a strong year for UBM, with EPS up over 13% to a record 56.8p.An outstanding performance from our Q4 biennial events capped off a year ofconsistent delivery in which all our businesses met or exceeded their targetsfor the year. On the back of these results, the Board has declared a finaldividend of 20p, up 1p over 2010, resulting in a record dividend for the year.These results are the fruit of our consistent strategy to focus on providingmarketing, communications and data services, in winning formats, to thrivingbusiness communities. Our Emerging Markets revenues grew by more than 24%during 2011 and contributed just under a third of our overall profits: in 2011we generated more revenue in China than in Europe for the first time. OurEvents business performed particularly well and 1.7 million people attendedUBM events in 2011, up from 1.3 million in 2010 with profits growing by 45%.The solid performance of Data Services and PR Newswire in 2011 reflects theinitial benefits of our continuing investment in these businesses. OurMarketing Services businesses also continue to develop well, with the combinedeffects of continuing strong digital growth and print disposals likely toresult in online revenues outstripping print revenues in 2012.2012 trading has started well. We anticipate continued underlying growth and apositive performance across the business whilst recognising the continuinguncertainties of the global economy."
Pru office move?
Prudential said it is considering moving its headquarters away from London in view of possible negative impacts from European Solvency II regulations on capital requirements. The Sunday Times had reported the Co may move its HQ to Hong Kong.
BP Court case
BP Plc announced; "BP and the Plaintiffs' Steering Committee (PSC) confirmed that the U.S. District Court has today adjourned the start of the Deepwater Horizon Multi-District Litigation 2179 civil trial by one week, until Monday, March 5th. This adjournment is intended to allow BP and the PSC more time to continue settlement discussions and attempt to reach an agreement."
Wood Group Contract
Wood Group (John) Plc said it has won a £250M contracted from Premier Oil to deliver integrated operations and maintenance support services to the Balmoral floating production vessel (FPV) situated 122 miles North East of Aberdeen
HSBC Final results
Reported profit before tax US$21.9bn, up 15% on 2010, including US$3.9bn of favourable fair value movements on own debt*
Capita final results
Paul Pindar, Chief Executive of Capita plc, commented:"2011 was a challenging year in which we achieved reasonable revenue growthand maintained our underlying operating margin. However, it was alsoa successful year for Capita in respect of major sales wins, with a recordtotal value of £2.0bn new and extended contracts secured during theyear (2010: £0.8bn). This strong sales performance underlines our continuedability to present innovative service solutions that deliver quality and costbenefits to our clients, whilst delivering attractive rewards to Capita. Wealso completed a series of acquisitions in 2011 which will play a key role inextending our capabilities, enhancing our propositions to clients and making avaluable contribution to our long term growth.We already have good visibility of stronger revenue growth this year due torenewed organic growth from our major contract sales performance in 2011and to date in 2012 and the contribution from acquisitions. This visibilityand the current buoyant sales environment, evidenced by the rapid replenishmentof our bid pipeline, underpin our confidence in good growth prospects andperformance for 2012 and beyond."Settlements consist of a £17.9m settlement for Arch cru and an additionalpension contribution of £10.0m on the transfer back of the Cumbria CountyCouncil pension scheme.
Ashmore Interim 2011/12 Results - dividend announced
Total net revenue up 4% to £181.0 million (H1 2010/11: £173.7 million)
Net management fees increased 30% to £151.4 million from £116.1 million
Performance fees decreased to £23.0 million from £60.1 million
Profit before tax up 2% to £129.8 million (H1 2010/11: £127.6 million)
EBITDA margin of 70% (H1 2010/11: 73%)
Assets under management ("AuM") of US$60.4 billion at 31 December 2011, a decrease of US$5.4 billion (8%) from 30 June 2011 with net inflows maintained across the period
Basic EPS of 13.83p (H1 2010/11: 14.30p)
An interim dividend of 4.25p per share will be paid on 4 April 2012 (H1 2010/11: 4.16p)
Go Ahead Group Half yearly results
Continued growth in business volumes across all companies, helped by roll-out of smartcards
Royal Dutch proposes to buy Cove
Royal Dutch Shell has proposed an offer to buy Cove Energy of 195 pence a share in cash, valuing the Co at around £992.4M. The offer represents a 28.5% premium to the average closing price of 151.75 pence per Cove share over the five business days ending on 21 February 2012.
Centrica aquisition
Centrica has reached an agreement with Total E&P UK (and its affiliates) to acquire their non-operated portfolio of producing oil and gas assets and associated infrastructure in the Central North Sea (CNS) for a total cash consideration of $388M (£246M). The acquisition is expected to add immediate strong cash flow and increase Centrica's scale in the CNS region. The transaction will also help to maintain the mix of oil in its upstream portfolio.
Hays slashes dividend
Capital structure and dividendThe Board's priorities for our free cash flow are to fund the Group'sinvestment and development, maintain a strong balance sheet and deliver asustainable dividend at a level which is affordable and appropriate.The increased global economic uncertainty impacted our business in the secondquarter and slowed the pace of the Group's profit growth as the first halfprogressed. Consequently, while operating profit was 21% above prior year, itwas only sequentially 2% higher than in the previous half. Considering thisslowing of profit growth and our current view on the likely growth in Groupprofitability in this uncertain environment, we have decided that whilst theprevious level of dividend remains affordable today, it is no longerappropriate to maintain the dividend at that level, which had been uncoveredfor the last two years. We have therefore decided to rebase the dividend andpay an interim dividend of 0.83p per share (2010: 1.85p). Furthermore webelieve that future dividends should be covered by earnings in the range 2.0xto 3.0x and consider this revised payout policy to be appropriatelycovered by earnings and cash flow.Going forward, the Board remains committed to paying a sustainable andprogressive dividend. It is our intention to grow the dividend from this newlevel when dividend cover reaches c.2.5x. The expected split of dividendpayout will be one-third interim and two-thirds final.The interim dividend payment date will be 10 April 2012 and will be paid toshareholders on the register at close of business on 2 March 2012.
Hays half yearly results
HighlightsInternational businesses drove good Group net fee growth of 11% and operating profit growth of 14%Temporary net fees, which represent 56% of the Group, grew 14%, permanent net fees grew 8%Continued diversification of the business with 69% of Group net fees generated outside the UK (2010: 62%)Good performance in Asia Pacific with 16% net fee growth - Australia & New Zealand net fees up 15% driven by Resources and MiningStrong overall growth in Continental Europe & Rest of World with 27% net fee growth - The Group's largest division delivered record net fees driven by 31% growth in GermanyThe UK market remained challenging with net fees down 6% - Private sector net fees down 1%, public sector down 18% but sequentially stable since April 2011Trading conditions in several markets became more difficult as the half progressedStrong cash performance with 95% conversion of operating profit into operating cash flowInterim dividend down 55% to 0.83p, rebased to a more appropriate level within the revised cover range of 2.0x-3.0x EPS
Travis Perkins Finals
FINANCIAL HIGHLIGHTS
· Group revenue up 52% at £4,779m, up 6% on a like-for-like basis
· Adjusted profit before tax up 37% to £297m
· Adjusted EPS up 21% to 93.1p
· Proforma adjusted group operating margin maintained at 6.6%
· Net debt reduced by £191m to £583m with adjusted net debt to EBITDA of 1.3x (note 15)
· Total dividend per share up by 33% to 20p, including a final dividend of 13.5p
Logica Final Results
HeadlinesFull year orders up 13% to £4.6 billion, driven by Outsourcing orders up 23% to£2.2 billionFull year revenue up 3% to £3.9 billion; adjusted operating profit downsignificantly on last year at £114 million including the impact of the £132million of restructuring and contract charges announced on 14 December 2011.Underlying revenue was up 4% to £3.9 billion. Underlying performance was:Outsourcing revenue up 9%, with second half revenue up 7%Consulting and Professional Services revenue flat, with second half revenuedown 1%Revenue in the commercial sectors was up 7%, offset by a 3% decline in PublicSectorFourth quarter weakness seen particularly in the Benelux and SwedenUnderlying adjusted operating profit at £247 million was in line with DecemberguidanceFull year cash conversion of 92% resulted in operating cash inflow of £226millionNet debt/EBITDA at 0.9x, with net debt at £295 million at year end (2010: £280million)Full year dividend recommended to be 4.4p, up 5% over 2010
ICAP Acquisition of Island Shipbrokers PTE LTD
ICAP Shipping announces acquisition of Island Shipbrokers Pte Ltd
Wood Group Contract
Wood Group PSN awarded UK contract extension by ShellWood Group PSN has secured a contract extension from Shell in the UK to delivermidstream engineering and construction services to the St Fergus and Mossmorangas plants.Effective from April 2012, the £75 million, two-year contract includes anoption for a further two-year extension. The award marks a continuation of theprevious contract awarded to Wood Group in 2007.The work scope will see Wood Group PSN provide project management, engineering,construction, commissioning and maintenance support as well as fabricmaintenance and supply chain management services.Robin Watson, UK managing director at Wood Group PSN said, "We have anestablished working relationship with Shell that spans two decades and theaward of this extension demonstrates Shell's ongoing confidence in Wood GroupPSN. The contract enables us to develop our midstream onshore plants businessand provide employment for over 500 people."Maintaining a focus on continuous improvement ensures we can support Shell'srejuvenation project to extend the life of the plants, and deliver plantmodifications and maintenance support programmes. This is evidence of theconfidence our clients have in our business."Wood Group PSN will draw on the strength of its teams in Aberdeen, Glasgow andRuncorn to deliver this contract. Across the UK, Wood Group PSN has a workforceof almost 8,000 personnel with approximately 3,000 onshore and 5,000 offshoreworkers.The Shell Northern Plants consists of St Fergus gas terminal, Mossmoran naturalgas liquids plant and Braefoot Bay marine loading terminal, all of whichprocess gas from both the UK & Norwegian sectors of the North Sea. St Fergusremoves ethane, propane and liquids and delivers gas to the national grid.Mossmorran extracts natural gasoline, ethane, propane and butane. The ethane ispiped to the Exxon Mobil Fife Ethylene plant, whilst the propane, butane andgasoline are shipped to market via the Braefoot Bay Marine loading terminal.
Rio Tinto railway investment
Rio Tinto will run the world's first automated long-distance heavy-haul rail network, with a US$518 million investment (Rio Tinto share US$478 million) in driverless trains.
Anglo American Final Results
Cynthia Carroll, Chief Executive, said: "Anglo American delivered an impressive financial and operational performance in 2011, as we continued to capture the benefits of operational improvements and disciplined cost management to capitalise on the attractive commodity demand and pricing environment that prevailed for much of the year. We have reported a record operating profit of $11.1 billion, a 14% increase, EBITDA of $13.3 billion and underlying earnings increased by 23% to $6.1 billion, also a record.
Severn Trent IMS February 2012
The Board of Severn Trent Plc confirms that trading across the group has been in line with its expectations. No new material trading events or transactions have occurred during the period 1 October 2011 to 16 February 2012.
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