Market News - Page 876

HARWORTH GROUP PLC
UNAUDITED INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2016
Harworth Group plc (“Harworth” or the “Group”), the property regeneration and investment specialist, announces its interim results for the half year ended 30 June 2016.
Financial Highlights(1)
— Full year financial forecasts are in line with the Board's expectations
but, as usual, weighted towards the second half
Net asset value (“NAV”) of GBP303.0m (GBP1.04 per share), a 10.4% increase
from H1 2015 NAV GBP274.5m (93.9p) and 1.8% increase from 2015 full year
NAV GBP297.7m (GBP1.02)
EPRA net asset value per share rose to GBP1.08 per share (H1 2015: 96.8p)
Operating profit of GBP8.3m (H1 2015: GBP9.2m, underlying GBP14.8m),
which reflects a GBP2.9m impact from 2016 stamp duty changes
Earnings per share of 0.3p (H1 2015: 2.7p, adjusted 0.5p)
— Planned financing extension completed reflecting confidence in the future
and to accelerate strategy delivery
Existing RCF limit increased from GBP65m to GBP75m. No need to refinance
until February 2021 and infrastructure bonding secured with new surety
provider
Portfolio remains prudently geared with gross loan to value 20.0% (net
LTV 13.4%)
First interim dividend of 0.23p per share (GBP0.66m in total)

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Interim Results for the six months ended June 30, 2016
Somero Enterprises, Inc. is pleased to report its interim results for the six months ended June 30, 2016.
Financial Highlights

H1 2016 H1 2015 % Increase
Revenue US$39.7m US$35.3m 12%
Adjusted EBITDA(1,2) US$12.1m US$9.5m 27%
Adjusted EBITDA Margin(1,2) 30% 27%
Operating Income US$10.3m US$8.3m 24%
Adjusted Net Income(1,3) US$7.3m US$6.0m 22%
Diluted Adjusted Net
Income Per Share(1,3,4) US$0.13 US$0.10 30%

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Interim results

Camellia Plc (AIM:CAM) announces its interim results for the six months ended 30 June 2016.

Malcolm Perkins, Chairman of Camellia Plc, stated:

“Profits for the first six months of the year are substantially higher than the same period last year, once again demonstrating the strength in the diversity of the group.”

“Underlying progress was made by all of our businesses, however a number have faced truly challenging conditions either due to weather or markets and the outlook for the group continues to be mixed. In addition, unpredictable weather makes crop volumes hard to predict and has a consequential effect on prices. In the short term the depreciation in sterling against most of our operating currencies in the agricultural division is likely to have a positive impact on our full year results. In the UK, the lowering of the interest rate will inevitably have a detrimental impact on our banking operations and the continuing uncertainty following the EU referendum vote has triggered a slowdown in our engineering businesses. It is too early, and there remain too many uncertainties, to make any prediction for the full year.”…

Unconditional Development Agreement now in place with Aberdeen City Council for the development of their new Exhibition and Conference Centre
Henry Boot PLC announces that late on the 23 August 2016, Henry Boot Developments Limited, the property development arm of the Group, concluded unconditional agreements with Aberdeen City Council for their new exhibition and conference centre, four-star hotel and energy centre. …

Half Yearly Financial Report for the Period ended 30 June 2016

Highlights

Continued improvement in dividend cover increasing to 88.7% from 80.6% as at 2015 year end.
1.4% Net asset value total return
5.3% dividend yield on period end share price
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The Conygar Investment Company PLC (“Conygar”) is pleased to announce that it has been granted detailed planning permission by Carmarthenshire County Council for its 9.96 acre development site in Cross Hands, South West Wales.
The fully serviced site was acquired from Sainsbury's in October 2015, with consent for a 90,000 sq ft store and the revised application was submitted in April 2016.
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Background

The influence of sentiment and interest rate expectations dominated financial markets over the period under review. Widespread uncertainty initially prevailed as falling oil and commodity prices coupled with anxiety over potential higher short term interest rates induced significant market volatility. Constant evidence of lower than expected global growth and benign inflation contradicted consensus opinion of the need for tighter policy. The UK's Referendum on Europe produced a result unanticipated by pollsters or the markets, and an immediate period of market turmoil ensued, the most important outcome of which, for the Company, has been a sharp deterioration in the value of Sterling. For now, policy makers have reacted by retreating from any imminent policy tightening and offering conciliatory statements on monetary policy. Consequently, bond yields have sunk to even deeper historical lows and a tentative mood of optimism has returned to financial markets….

Results
We saw many positive developments, notably 7% growth in our own beer volumes and our spirits volumes were up by 60% in the first six months of the year. Turnover grew by 7% although our first half operating profit was behind that achieved in 2015. This was as anticipated and included in our AGM statement. We have noted in previous years that as our profits arise more in the second half of the year, the first half result can be quite volatile.
The main reasons for the lower first half result were the expansion of our shop and managed house retail operations, where earnings tend to be stronger in the second half of the year, the increased investment that we have made in marketing and the decline in the Sterling exchange rate.
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