Cranswick Q1 Revenue Rises; Sees Annual Results Ahead Of Expectations

Cranswick Plc (CWK.L), a British food company, said on Monday that it has recorded a rise in revenue for the first-quarter, amidst strong demand. Consequently, the company expects its full year results to be ahead of the Board’s previous expectations.

For the 13 weeks to June 24, the company’s revenue grew by 14.7 percent from the same period last year.

The UK revenue across all four food product categories was ahead year-on-year, helped by positive volume momentum in Fresh Pork, Convenience and Gourmet products categories.

Looking ahead, the company said: “…Whilst the Board remains cautious about current market and wider economic conditions, the outlook for the current financial year ending 30 March 2024 is now expected to be ahead of its previous expectations.”

On November 21, Cranswick is scheduled to release its interim results for the 26 weeks period to September23.

Moneysupermarket.com H1 Adj. Profit Rises; Revenue Up 11%

Moneysupermarket.com Group (MONY.L) reported that its first half profit before tax increased to 53.3 million pounds from 42.1 million pounds, last year. Earnings per share was 7.6 pence compared to 6.1 pence. Adjusted EBITDA was 67.7 million pounds, an increase of 20%. Adjusted earnings per share was 8.2 pence compared to 7.0 pence.

For the six months ended 30 June 2023, revenue was 213.8 million pounds compared to 193.2 million pounds, previous year.

The Board is confident that the Group will be towards the upper end of market expectations for the year.

The Board has recommended a return to dividend growth with a 3% increase to the interim dividend to 3.2 pence per share. This dividend will be paid on 8 September 2023 to shareholders on the register on 4 August 2023.

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SGS H1 Profit Dips Marginally Despite Sales Growth

SGS SA (SGSOY) engaged in quality assurance business on Monday announced marginally lower ad hoc half-yearly results for the period ended June 2023.

The company said that a significant FX headwind impacted revenue and adjusted operating income by 7.0% and 9.4% (representing a negative margin impact of 40 bps) respectively due to the recent strength of the Swiss Franc against the majority of other currencies.

Profit attributable declined 1.4 percent to CHF 272 million, from CHF 276 million in the prior period.

Adjusted profit declined 0.3 percent to CHF 302 million, from CHF 303 million in the corresponding period of the previous year.

Earnings were constant at CHF1.47 per share as compared to the restated earnings of CHF 1.47 per share in the period ended June 2022. The group has restated the earnings per share in line with the 25-1 stock split effected in April 2023.

Adjusted earnings stood at CHF 1.63 per share, as compared with the restated earnings of CHF 1.61 per share in the period ended June 2022.

Revenue increased 0.9 percent during the period to CHF 3.28 billion, from 3.26 billion in the prior-year period. In constant currency terms the revenue growth was 8.5 percent.

For 2023, the company sees mid to high single-digit organic growth, improved adjusted operating income and margin at constant currency.

Shares of SGS closed Friday’s trading at $9.03, down $0.24 or 2.59 percent from the previous close.

Australia's Competition Regulator Delays ANZ-Suncorp Bank Acquisition Decision

The Australian Competition and Consumer Commission or ACCC has said on Monday, that it is considering an application from Australia and New Zealand Banking Group Ltd (AN3PG.AX,ANZ.AX) regarding its proposal to acquire Suncorp Bank a unit of SBGH Limited.

Both ANZ and Suncorp Bank offer retail and banking services in Australia. Though the insurance business operated by Suncorp Group in Australia and New Zealand aren’t part of the acquisition.

ACC had received the merger application from ANZ Bank on December 2, 2022. In April, the regulator had sought further information.

On May 22 and 23, ANZ and Suncorp Group provided submissions in response to the ACCC’s Statement of Preliminary Views. They have also made further submissions in June and July

The ACCC typically has 90 days from the application date to make its decision, but it can extend the time frame if the applicants agree. ANZ has agreed to a short extension, until August 4 for ACCC to consider ANZ’s response to the Starks reports and the second submission of Bendigo & Adelaide Bank.

On Monday, shares of ANZ closed at 102.75 AUD, up 0.10% or 0.10 AUD on the Australian Stock Exchange.

Sodexo To Acquire U.S.-based A.H. Management; Terms Not Disclosed

France-based Sodexo S.A., (SW) engaged in Food
Services, Facilities Management Services and Employee Benefit Solutions on Monday announced the acquisition of U.S.-based A.H. Management Group.

A.H. Management, a family-owned business that began in 1939 is engaged in Office Food, Catering, Micro Market, Vending Machine, and Coffee Services to businesses throughout the Illinois and Wisconsin markets in the U.S.

Financial details of the transaction have not been disclosed.

The deal is expected to further accelerate Sodexo’s food transformation model and its development in North America. With the acquisition of A.H. Management, Sodexo expects to enhance its multimarket convenience solution, InReach, in North America.

Shares of Sodexo are currently trading at 97.12 euro, down 0.12 euro or 0.12 percent from the previous close.

Domino`s Pizza Inc. Bottom Line Advances In Q2, Beats estimates

Domino`s Pizza Inc. (DOM.L) released earnings for its second quarter that increased from last year and beat the Street estimates.

The company’s earnings came in at $109.38 million, or $3.08 per share. This compares with $102.49 million, or $2.82 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $3.05 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 4.7% to $1.02 billion from $1.07 billion last year.

Domino`s Pizza Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $109.38 Mln. vs. $102.49 Mln. last year.
-EPS (Q2): $3.08 vs. $2.82 last year.
-Analyst Estimate: $3.05
-Revenue (Q2): $1.02 Bln vs. $1.07 Bln last year.