Recent articles for private investors with a focus on dividend announcements
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
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
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.
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
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.
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.
ICAP Acquisition of Island Shipbrokers PTE LTD
ICAP Shipping announces acquisition of Island Shipbrokers Pte Ltd
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.
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.
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.
Dominos Pizza final results 2012
Commenting on the results Chief Executive Officer, Lance Batchelor, said:
Pennon Group IMS February 2012
Overall Group financial performance since 30 September 2011 remains on track to meet management expectations.
British Land Q3 2011/12 results - dividend confirmed
Chris Grigg, Chief Executive said: "These results reflect the resilience of British Land's business. It is noteworthy that underlying profits are up 6.3% despite the tougher economic environment. At the same time, occupancy, income and ERV all rose in the quarter. We have also made further progress on our office development programme. In total, we have now locked in future annual rent of £32 million through a series of binding pre-lets. These pre-lets mean that our office development programme is already 50% pre-let even though it mainly reaches practical completion between 2013 and 2014. Of course, the current economic outlook is uncertain, but overall our business is defensively positioned today and will benefit further as economic growth returns."
Vodafone interim management statement Q4 2011
Interim management statement for the quarter ended 31 December 2011
Hargreaves Lansdown Interim Dividend Declaration
Hargreaves Lansdown plc ("Hargreaves Lansdown" or the "Company")
Another strong year for Shire
Another strong year for Shire with revenues exceeding $4 billion for the firsttime and Non GAAP EPS up 26% to $5.34.Good 2012 earnings growth expected.February 9, 2012 - Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialtybiopharmaceutical company, announces results for the year to December 31, 2011.Financial Highlights Full Year 2011(1)Product sales $3,950 million +26%Total revenues $4,263 million +23%Non GAAP operating income $1,357 million +27%US GAAP operating income $1,109 million +40%Non GAAP diluted earnings per ADS $5.34 +26%US GAAP diluted earnings per ADS $4.53 +43%Non GAAP cash generation $1,391 million +3%Non GAAP free cash flow $879 million +11%US GAAP net cash provided by operating activities $1,074 million +12%
Rio Tinto 2011 Final Results - dividend increased 34%
Record underlying earnings of $15.5 billion, 11 per cent above 2010.
Net earnings of $5.8 billion, 59 per cent below 2010, primarily as a result of an impairment charge of $8.9 billion related to the Group's aluminium businesses.
Record underlying EBITDA1 of $28.5 billion, 10 per cent above 2010.
Record cash flows from operations up 16 per cent to $27.4 billion.
Capital expenditure of $12.3 billion in 2011, compared with $4.6 billion in 2010. Total capital expenditure for 2012 on approved projects and sustaining capital is expected to be $16 billion. Further project approvals, mainly in the Pilbara, are likely to increase this level of investment as the growth programme continues.
- Pilbara iron ore expansion to 283 million tonnes per annum (Mt/a) now fully approved and on track to be in operation by end of 2013: second planned phase expansion of Pilbara capacity enhanced to 353 Mt/a and completion brought forward by six months to first half of 2015.
- Growth options enhanced in Mongolia, Mozambique and South Africa: Rio Tinto moves to majority stake in Ivanhoe, completes Riversdale acquisition providing entry to an emerging major coking coal resource and announces doubling of stake in Richards Bay Minerals.
34 per cent increase to full year dividend to 145 US cents per share, reflecting confidence in long-term outlook.
$7 billion share buy-back programme on track for completion by end of the first quarter. To date $6.2 billion has been completed, representing 103 million Rio Tinto plc shares equivalent to five per cent of the Group's issued share capital.
Catlin Final results 2011 - dividend increased again
CATLIN GROUP LIMITED ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDED 31 DECEMBER 2011
Rolls Royce Final Results
ROLLS-ROYCE HOLDINGS PLC 2011 FULL YEAR REPORTGroup Highlights- Record order book of £62.2bn, up five per cent.- Record underlying revenue of £11.3bn, up four per cent.- Record underlying profit before tax of £1.16bn, up 21 per cent.- Full year payment to shareholders of 17.5 pence per share, up nine per cent.- Joint acquisition of Tognum, Rolls-Royce investment £1.5bn.- Proposed restructuring of International Aero Engines (IAE) and sale of share holding.
Hargreaves Lansdown Dividend declaration
Hargreaves Lansdown plc ("Hargreaves Lansdown" or the "Company")
Shire 2011 Final results - dividend announced
Another strong year for Shire with revenues exceeding $4 billion for the first time and Non GAAP EPS up 26% to $5.34.Good 2012 earnings growth expected.Financial Highlights Full Year 2011(1)Product sales $3,950 million +26%Total revenues $4,263 million +23%Non GAAP operating income $1,357 million +27%US GAAP operating income $1,109 million +40%Non GAAP diluted earnings per ADS $5.34 +26%
BHP Billiton Half yearly 2011/12 results - dividend boosted 20%
BHP BILLITON RESULTS FOR THE HALF-YEAR Ended 31 DECEMBER 2011
Daily Mail and General Trust IMS
This Interim Management Statement (`IMS') covers the first quarter of DMGT'sfinancial year, the three month period to 1st January 2012. It describes theGroup's financial position and performance during the period, updated to thelatest practicable date.Summary of the period: * Trading in line with our expectations; * Revenue for the first quarter of £495 million, up an underlying# 2%; * Good underlying# revenue growth of 6% from B2B operations; * Stable revenue at Associated Newspapers, but weakness in print advertising; * Further market share gains by the Mail titles and strong digital performance; * Continued focus on operational efficiency; * Outlook for the year remains unchanged.Martin Morgan, Chief Executive, said:"We have made a solid start to the year with trading in the first quarter inline with our expectations. Overall our B2B operations achieved good underlyingrevenue growth, whilst our consumer media operations were resilient withincreased national circulation revenues which, together with a strong digitalperformance, offset a decline in print advertising revenues. Whilst weacknowledge the continuing external uncertainties, particularly for UKadvertising, the outlook for the year remains unchanged."
International Power Final Results
Dirk Beeuwsaert, Chairman of International Power, said: "I am pleased to report that International Power delivered a strong performance in the first year following the Combination with GDF SUEZ Energy International, with the integration largely complete and benefits being delivered ahead of target. Against a backdrop of economic weakness in many developed economies, these results demonstrate the strength of our international portfolio, underpinned by our attractive position in fast growing emerging markets.
Reckitt Benckiser 2011 Final results - dividend increased
Commenting on the full year results, Rakesh Kapoor, Chief Executive Officer, said:"Reckitt Benckiser delivered another strong year, exceeding both our net revenue target (+12%) and adjusted net income target (+10%) in an increasingly tough environment. Like-for-like growth of 4% was underpinned by a robust performance in the base business, especially in Q4."Growth was driven in particular by excellent growth in emerging markets, and growth in our Powerbrands - Dettol, Nurofen, Mucinex, Strepsils, Gaviscon and Harpic. SSL had a good first year with LFL growth of 6%, although full year growth is flattered by a soft Q4 last year."At the end of 2011, the Suboxone film had captured a 48% volume share of the U.S. market. The in-market sales trend remains on a healthy growth track.
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