Filtronic FY Pre-tax Profit Falls, Revenue Down 26% – Quick Facts

Filtronic plc (FTC.L), a manufacturer of antennas, filters and mmWave products, reported a pretax profit of 0.14 million pounds for the year ended 31 May 2019, down from a restated 2.65 million pounds in the prior year. Basic loss per share was 0.63 pence, compared to profit of 0.59 pence a year ago.

Loss for the year was 1.31 million pounds, compared to profit of 1.23 million pounds a year ago.

Operating profit for the year fell to 0.23 million pounds from a restated 3.20 million pounds in the prior year.

Earnings before interest, taxation, depreciation and amortisation or EBITDA was 0.66 million pounds, compared to 3.64 million pounds in the previous year.

Revenue from continuing operations for the year declined 26 percent to 15.93 million pounds from a restated 21.63 million pounds last year.

The company noted that the decline in revenue was a result of its previously announced strategic withdrawal from the low-margin telecom filter business and an exceptional short-term revenue opportunity that the company benefited from in the public safety market in fiscal 2018.

The company said that no dividend is proposed for the year as it board continues to be of the opinion that shareholders are better served by cash being retained by the company to fund future opportunities.

Takeaway.com Says Planned Merger With Just Eat To Create Superb Company

Online food delivery marketplace Takeaway.com N.V., which is in deal to merge with UK food delivery company Just Eat plc (JE.L), on Wednesday said the planned merger would create a superb company. It will be benefited from three of the world’s largest profit pools: the UK, Germany and Holland.

Takeaway.com issued the statement in response to Prosus N.V.’s cash offer for Just Eat and the announcement by Just Eat rejecting the unsolicited offer by Prosus.

Jitse Groen, CEO of Takeaway.com, said, “Having been in the industry for nearly twenty years, I believe that a truly successful food delivery website is a highly profitable one, in a very sizeable food delivery market. Most food delivery websites currently do not fit that description, and in my opinion, will remain perpetually loss-making. It is only companies like Just Eat and, indeed, Takeaway.com, that achieve material profits in their bigger markets, and our merger needs to be seen in that context. We are in it for the long term.”

Groen added that the merged company will be built around a solid, profitable, and proven business model, and will be led by the most experienced team in the industry with more than 40 years of combined experience.

In London, Just Eat shares were trading at 738.80 pence, up 0.93 percent.

Sports Direct Refutes Press Reports; Reports Limited Co-operation From Goals

Sports Direct International (SDIPF.PK,SPD.L) issued a statement in response to recent press reports attributed to a spokesperson for Goals Soccer Centres plc. Sports Direct stated that, contrary to these reports, Goals and its board did not truly engage with the offer process, and access and co-operation was limited.

Sports Direct continues to believe that all relevant matters should be fully investigated, by both the AIM Regulators and an independently appointed third party.

On 21 October 2019, Sports Direct confirmed that it did not intend to make an offer for Goals Soccer Centres plc.

Hochschild Mining Q3 Total Group Production Rises; Backs FY Production View

Hochschild Mining PLC (HOC.L) reported Wednesday that its third-quarter total group production was 146.61 thousand gold equivalent ounces, or 11.88 million silver equivalent ounces, compared to last year’s 145.73 thousand gold equivalent ounces or 11.80 million silver equivalent ounces, respectively.

Hochschild delivered attributable production in the quarter of 121.40 thousand gold equivalent ounces or 9.83 million silver equivalent ounces. This is compared to last year’s 124.79 thousand gold equivalent ounces or 10.11 million silver equivalent ounces, respectively.

Looking ahead, Hochschild said it is firmly on track to meet its full year production forecast of 457,000 gold equivalent ounces or 37.0 million silver equivalent ounces, with the 2019 mine plan scheduling a relative reduction in production in the fourth quarter.

The company reiterated that its all-in sustaining cost for 2019 is on track to be in line with the guidance of $960 to $1,000 per gold equivalent ounce, or $11.8 to $12.3 per silver equivalent ounce.

Nidec Q2 Profit Drops; Cuts FY Profit View

Nidec Corp. (NJDCY.PK), a Japan-based manufacturer of electric motors as well as related components and equipment, reported that its second-quarter profit attributable to owners of the parent dropped 41.3 percent to 24.15 billion yen from 41.14 billion yen in the prior year. Earnings per share decreased to 82.07 yen from 139.50 yen in the previous year.

Operating profit was 34.40 billion yen down from 50.48 billion yen in the prior year.

Net sales for the quarter grew to 390.40 billion yen from 383.22 billion yen last year.

The company cut its profit outlook for the year ending March 31, 2020 citing increased start-up costs for automotive related product; completion of sale of Secop refrigeration compressor business.

For the year ending March 31, 2020, the company now expects profit attributable to owners of the parent to be 100 billion yen or 339.80 yen per basic share, compared to the prior outlook of 135.00 billion yen or 458.73 yen per basic share.

The company still expects net sales to be 1.65 trillion yen for the year.

Toyota unit partners with Israel's OurCrowd in search for auto tech

JERUSALEM (Reuters) – Toyota Tsusho, a unit of Japan’s Toyota Group, and Israeli venture investing platform OurCrowd said on Wednesday they formed a partnership to invest in autonomous driving startups.

The companies said they will seek startups that focus on sensors, image recognition, data compression and security as well as technologies in other sectors such as smart cities, medicine, digital health, environment, agriculture and big data.

OurCrowd will act as a technology scout in Israel and globally.