Maitland Morning Monitor – 26 September 2018
In the news
- Maitland, the leading strategic communications consultancy relaunches today as Maitland/AMO, reflecting our association with AMO, the leading international network of strategic communications consultancies. For more information visit http://www.maitland.co.uk/
Stock market moves
Corporate announcements* Maitland Client
AA PLC Half-year Report
- Revenue increased 2% to £480m (2017: £471m).
- Operating profit decreased by 35% to £116m (2017: £178m).
- Basic EPS decreased by 64% to 3.8p (2017: 10.5p).
- Simon Breakwell, CEO, said: “The first half of FY19 has seen exceptional weather conditions, from extreme cold and snow in February and March to the hottest summer in recent memory, with the severe winter also creating a pothole ‘epidemic’ on the UK’s roads. All this led to a 15 year high in the number of breakdowns we serviced. Against this backdrop, I am extremely proud of our achievements and to be reporting results in line with our guidance as we continue to build resilience throughout the business.”
- Trading in line with expectations.
- Expectations for like-for-like sales growth in the full year remain unchanged at between 2% and 3%.
- Net contract gains for the full year expected to be around the top end of the previously announced range of 4.5% – 5.0%.
- Results in line with expectations.
- Good performance in Europe and Asia offset challenging trading conditions in Nigeria.
- Growth in UK Washing and Bathing division.
- NAV per share increased 4.4% to 2,572.9p.
- Valuation gains of 3.7%.
- NAV per share fell 3.6%.
- Share price fell 5.1%.
- Wolfgang Bertelsmeier, Chairman, said: “While rising uncertainty in the global economy has impacted emerging markets in general, it also has affected Vietnam’s solid fundamentals on both macro and micro levels. This concern was reflected as VEIL outperformed the VN Index in the first five months of the year but lagged the market in June. However, illustrating VEIL’s impressive longer-term track record, VEIL continued to significantly outperform the index over three years and five years by 22.4% and 26.3% respectively.”
- Revenue increased 50% to £395.3m (2017: £262.9m).
- Profit before tax increased 22% to £24.7m (2017: £20.3m).
- Diluted EPS increased by 14% to 1.39p (2017: 1.22p).
- Mahmud Kamani and Carol Kane, joint CEOs, said: “Our group results for the first half year show yet another strong performance, delivering record sales and profits. All of our brands performed extremely well across all territories as we continue to gain market share. We achieved market-leading growth in all markets, with Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.”