UK smaller company results for 2 weeks to May 25

UK smaller company results for 2 weeks to May 25

	Published : Fri, 11 May 2007 13:02 By : Agencies Print this Story

LONDON (Thomson Financial) - The following is a compilation of UK smaller company results due out in the 2 weeks to May 25:

MONDAY MAY 14

Robert Wiseman Dairies PLC looks to have had a good year in 2006-07. Volumes have been in line with expectations - Investec Securities is forecasting around 1.45 bln litres this year and this has benefited from the continued growth shown by the key supermarket customers, Sainsbury and Tesco.

Where possible, the group continues to segment the milk category and add value. This year, it made real inroads into the organic sector - taking on the contract to supply Rachel's organic brand and also launching some own label variants. Organic milk sales are now around 40 mln litres per annum.

For next year, the group is already off to a flying start - it has added 40 mln litres from a duo of contract wins. The first 28 mln litres were added from the Co-op in the recent supply negotiation (Dairy Farmers of Britain held on to the bulk of this contract) and this starts in August.

This additional volume will fall in Scotland and the South West, so is ideally placed to utilise capacity, said Investec.

The second is a supply deal with Boots (retail stores) which operates in the north of England. The group's growth target is to add around 100 mln litres to volume each year, so these awards, plus organic progress, put it well on track to achieve this in 2008, the broker said.

Investec is maintaining its year to March 2007 pretax profits forecast of 33.4 mln stg, up from 26.9 mln, for EPS of 31.3 pence against 25.1. The total payout is expected to rise to 10.0 pence from 9.0.

Elsewhere, Oriel Securities predicts pretax of 34.2 mln, EPS of 32.4, and a dividend of 11.5 pence.

TUESDAY MAY 15

Trading across RDF Media Group PLC, a UK television production and distribution company, has been in line with expectations for the full year.Since floating in May 2005, RDF has completed six acquisitions of UK production companies, three of which will chip in to group results for the first time in the period under review.

The benefits from integration with RDF are being delivered and the advantages of enlarged scale and broader output have become apparent.

During the year to end-January 2007, 101 programme titles (2006: 45) were delivered to 19 channels (2006: 11), while sales increased to BBC, ITV and Channel 4

RDF companies are now actively producing and distributing comedy, drama,

factual, entertainment and children's content.

Organic growth from core content companies has continued, including the

successful launch of a Bristol office and several new returning series.

RDF USA put up a strong performance in the second half - highlights include

an 11 mln usd fourth season re-order for Wife Swap and several other new

commissions.

It was another record year for international distributor RDF Rights and strong associated IP income.

Investec Securities sets its sights on year to January 2007 pretax profits of 7.7 mln stg, up from 5.4 mln, for EPS of 14.7 pence against 10.5. The total dividend is expected to rise to 2.70 pence from 1.90.

Last year saw a continued strong global oil and gas services market and Sondex PLC, an oilfield technology supplier, anticipates reporting year to February 2007 revenues up in excess of 30 pct - or around 67 mln stg - and operating profit before amortisation of acquired intangible assets and exceptional costs up by over 40 pct, implying about 13.6 mln against 9.7 mln.

Particularly strong results are anticipated from the Drilling division which is expected to report organic revenue growth of around 35 pct. Significant

contributions were also seen from both Russia and China where the company has

experienced record order intake.

Adjusted EPS are anticipated to be some 10 pct above market consensus (range of forecasts is 15.0p to 16.9). The result would still be at

the top end of the range if the one-off cost of 1.5 mln stg due to the aborted

acquisition of Innicor Subsurface Technologies Inc were deducted.

Bluestar Tools, acquired in July 2006, contributed strongly. The

integration programme is progressing well and it is anticipated that this

business will meet its earn-out expectations.

The Ultima Labs acquisition, completed in October 2006, is performing in line with expectations. The integration of its products into the broader range already sold by the Group is well underway.

WEDNESDAY MAY 16

The settlement of the dispute regarding the ownership of its Polish arm and the strengthening of the management team should provide a keen focus at online auction house QXL Ricardo PLCs final results.

Consensus forecasts for the full-year were raised in January, following its third quarter results, after the company revealed a better than expected performance from its newly re-acquired Polish business.

There has been no update on trading since those results, however the company, which has a market leading position in Poland, is expected to be looking into expanding into other East European territories.

The final results will provide Christian Unger, appointed chief executive at QXL on 30 April, to detail his strategy and his outlook for future growth.

Unger joined from European department group KarstadtQuelle, where he ran the international mail order division.

That appointment followed the January's news that QXL had recruited Stephen Duffy, former executive chairman of NTL, as its new chairman.

Consensus broker forecasts indicate a pretax profit of 14.7 mln stg for the 12 months to March 31 2007. There are no any useful comparatives as the groups prior results did not include any contribution from QXL Poland.

Brokers are also expecting EPS for the period of 23.7 pence. There is no dividend expected.

THURSDAY MAY 17

Automotive component manufacturer Avon Rubber PLC recently confirmed that it remained on course for a return to profit in the first half, however the news was tinged with disappointment regarding difficulties in certain divisions.

The group said demand at its ISI division had been lower than expected due to delays in federal funding grants, which it noted has continued to be the case, although it expects some improvement in the second half.

It said it had made significant progress in its new M50 respirator and filter production facility in Michigan, but warned the short-term challenge remained the timing and rate of growth of the respiratory protection business.

Following the companys recent update, Cazenove downgraded its first half forecasts, and now expects adjusted pretax profit of 200,000 stg for the six months to March 31 2007, down from 1.5 mln stg previously anticipated but up on the 427,000 stg loss a year ago.

The broker also expects EPS of 0.2 pence per share against a loss per share from continuing operations of 1.2 pence last time.

An interim dividend per share of 1.2 pence is expected against 3.7 pence last time.

Good news is expected from Paypoint PLC, the group that takes cash payments for bills and prepayments for mobile telephones and energy meters, following a bullish update in March.

The group announced that trading had been ahead of analysts' forecasts with transaction volumes and revenues to the end of February 29 pct and 32 pct ahead of the same period last year respectively.

Paypoint also said that terminal growth should exceed its target of 17,000 by the end of the year, and noted that it expects to continue rolling out new agents at the current rate during the new financial year.

The recent price reductions in utility prices to domestic customers may have a detrimental effect, however, as the group said previously that price cuts are likely to reduce transaction numbers in gas prepayments.

In February the group announced that it was acquiring SECPay, an internet payment service provider, for 12 mln stg in cash.

Progress on the integration of SECPay will be of interest as the business is said to complement its internet payment subsidiary Metacharge, which was itself acquired in November 2006 for 8.4 mln stg.

Consensus broker forecasts expect a pretax profit of 26.3 mln stg for the year to March 31 2007, against 20.3 mln in the prior year.

EPS is seen at 26.9 pence, up from 24.7 last time, while the dividend per share is seen rising to 13.0 pence from 10.5.

MONDAY MAY 21

Dividend hopes have been raised at environmental support services company fountains PLC following a better than expected trading statement earlier this month when it said it expects full-year results significantly ahead of current market expectations.

The group, which undertook an extensive review of the business in 2006, announced that it would update further on current trading and its prospects at the interims.

Fountains cancelled dividend payments in 2006, after it incurred significant cost overruns in a rail contract and higher working costs in an electrical utility contract.

The group, which confirmed in February that its order book was approaching 100 mln stg, also said at the beginning of May that recent trading and a strong deal pipeline had prompted a more bullish outlook.

For the first half, Collins Stewart is forecasting EBITA of 700,000 stg compared with an operating loss before goodwill and exceptional charges and net interest of 2.08 mln stg a year earlier.

The broker also expects sales of 18.3 mln stg for the six months to March 2007, against sales of 19.3 mln stg last time. EPS is expected at 3.3 pence per share, from a loss per share of 11.63 pence.

A narrower loss is expected at Glasgow-based telecoms services company THUS Group PLC. In a trading statement at the end of March, THUS said it expects full-year revenues of about 530 mln stg, up more than 50 pct on last year.

THUS said it expects group EBITDA before restructuring costs to come in at more than 40 mln stg for the year to March 31 2007, up from 39.5 mln stg in the prior year.

During the last year, THUS has been focused on the integration of Your Communications and Legend Communications, which it has said are continuing to proceed ahead of its initial expectations.

Its outlook will also be of interest, as the group confirmed in March that it was remaining cautious on pricing and the market structure for telecommunication services in the UK.

The group did, however, maintain its assumption that the business would move into positive operating profit during the next financial year.

Citigroup is forecasting a pretax loss for the year to March 31 2007 of 19.2 mln stg, down from 27.1 mln a year earlier.

The broker also expects a diluted loss per share of 7 pence from a loss of 12 pence in the previous 12 months. No dividend is expected.

TUESDAY MAY 22

AIM-listed network monitoring company Endace PLC is expected to turn in a strong full-year performance, after the group announced in April that results would be significantly ahead of market expectations.

The company is benefiting from the recent launch of its NinjaProbe appliances, used to offer application-independent monitoring for combined traffic capture, which it has said will make a significant contribution.

Endace also flagged up strong sales growth across all regions, but highlighted North America in particular, noting that Data Acquisition and Generation card products will make a substantial contribution.

The group said it would also provide further details of its plans to take the company through its next major stage of development and growth at the final results.

In its trading update last month, Endace said it expects to report revenues in the range of 16.5 - 17.0 mln usd for the year to March 31 2007 compared with 11.0 mln usd in the prior year.

Endace also predicted a profit before foreign exchange gains and tax in the range of 3.4 - 3.7 mln usd from 0.7 mln usd previously.

Broker Panmure Gordon is forecasting EBIT of 2.95 mln usd. It expects EPS of 14.00 cents, up from 7.44 last time. No dividend is expected.

WEDNESDAY MAY 23

An update on licensing talks regarding its erectile dysfunction treatment is expected to be closely monitored at British drug developer Vectura Group PLC's final results.

In April the group announced a successful second phase II clinical study of VR004, its oral erectile dysfunction treatment and said it was in talks with a number of companies regarding a licensing partnership before starting phase III trials.

The group is also expected to update on the integration of Innovata, which it agreed to buy in November in an agreed, all-share deal worth 131 mln stg to create the leader in UK pulmonary drug development sector.

On the results, Nomura Code is forecasting a wider pretax loss of 23.2 mln stg for the year to March 31 2007 compared with a loss of 7.4 mln a year earlier.

The broker also expects a loss per share of 14.0 pence, against a loss of 6.0 pence last year. No dividend is expected.