Maitland Morning Monitor – Wednesday 13 September 2017

13th September 2017

Market Information

Asian markets slipped slightly after marking a 10-year-high. The unveiling of the new iPhone caused Taiwanese shares to drop.

European markets are set to open slightly down, with the FTSE dropping. The German DAX looks likely to be the biggest faller of the main indices while the French CAC is expected to have the smallest loss.

In the news

  • Murdochs face in-depth inquiry into Sky takeover (The Telegraph)
  • May bows to pressure with end of public sector pay cap (Financial Times)
  • Apple tests new iPhone price threshold at $999 (Financial Times)

Top Financial Announcements

* Maitland Client

Marks & Spencer PLC Director Declaration
  • Further to the announcement made on 3rd May 2017, Marks and Spencer Group plc today confirms that Jill McDonald will take up the new position of Managing Director, Clothing, Home & Beauty on 2nd October 2017.
Dunelm Group PLC Final Results
  • Total revenues have increased 8.5% to £955.6m (2016: £880.9m).
  • Profit before tax has fallen 26.7% to £94.8m (2016: £129.3m).
  • Andy Harrison, Chairman, said: “Dunelm has made good strategic progress over the year, most notably with the acquisition of Worldstores, which moves us closer to our goal of being the biggest and best multichannel homewares retailer in the UK. Over the medium-term we are aiming to double our sales to £2bn, with 30%-40% from our increasingly important online channel.”
Just Group PLC Interim Results For The Six Months Ended 30/6/2017
  • Adjusted operating profit grew 39% in H1 2017 compared to pro forma H1 2016. New business profit increased by 106%. 
  • IFRS statutory profit before tax for the 6 months to June 2017 was £66m.
  • The Board has declared an increased interim dividend of 1.17p.
  • Rodney Cook, CEO, said: “Shareholder returns have improved, and we are also working to reduce our cost of capital. We have reduced our future cost of debt following our inaugural credit rating and have access to lower cost liquidity through our new revolving credit facility. As previously stated, we are currently in a period where new business capital consumption exceeds releases, but remain on plan to be capital generative after 2019.”
Galliford Try PLC Final Results
  • Revenue increased by 6% to £2,820m (2016: £2,670m).
  • The full year dividend per share increased 10% to 96.0p (2016: 82.0p).
  • Peter Truscott, CEO, said: “While the one-off costs relating to legacy contracts in Construction have impacted the reported financial performance, we remain confident in the prospects for the business, with the underlying portfolio of newer contracts performing well, and simplified and strengthened processes proving effective. Reflecting our strong underlying performance we are proposing an increase in our full year dividend of 17% to 96.0 pence per share.”
Halfords Group PLC Appointment of Chief Executive Officer
  • Halfords Group PLC has announced the appointment of Graham Stapleton as Chief Executive Officer (CEO) with effect from 15 January 2018.
  • Jonny Mason has been appointed as Interim CEO, in addition to his existing role as Chief Financial Officer, with effect from 22 September 2017.
  • Dennis Millard, Chairman, said: “Moving up a Gear” strategy just under 2 years ago and Graham will continue to drive its implementation and pursue our service-led, growth strategy.”
UK Comm Prop Tst Ltd Half Year Results
  • NAV total return of 5.3%.
  • Share price total return was 11.4%, against the FTSE All-Share REIT Index total return of 3.5% following a re-rating of the Company’s shares from a discount to a premium in the period.
  • Andrew Wilson, Chairman, said: “Despite the background of heightened political uncertainty, UKCPT’s portfolio has again produced above benchmark returns as a number of portfolio initiatives, combined with judicious sales and acquisition activity, have increased exposure to long-term income and driven value.”