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Sino Payments' merger partner signs US$1.5 mln Chinese contract

Mon, 06 Feb 2012 14:40:00 +0000

Sino Payments (OTCQB: SNPY) told investors today that a subsidiary of TAP Investment Group, has signed a US$1.5 million contract in China.

The contract is with Wincor Nixdorf and is for the supply of helpdesk, hardware and sofware services to more than 1,100 stores for the world's number 1 health and beauty retailer, the company said.

It comes after Sino and TAP signed a merger agreement whereby all TAP activities including those for this new contract will be folded into Sino Payments.

Last Thursday, Sino, which provides IP payment services to the retail industry, said it was confident that the merger will close during March this year.

Chief executive of Sino Payments Matthew Mecke said today: "Our merger partner TAP has been profitable for the last five years from 2005 to 2010 with approximately 20 per cent plus net margins on US$ 4mln in gross revenue.

"This agreement announced today significantly increases the top line and bottom line numbers for TAP and is an indication of where this company is going post merger with TAP."

Analysts hail Moneysupermarket's expected 2011 performance

Wed, 11 Jan 2012 10:23:00 +0000

Analysts cheered consumer website Moneysupermarket's (LON:MONY) trading update today, which said the firm expects full year revenues to be up around 20 per cent.

The revenue figure is expected to be around £178 million for 2011 compared to £148.9 mln in 2010.

The group's financial position also remains strong. At the end of 2011, it was free of debt and had cash of £34.9 million.

Investec, which maintains its 'hold' rating on the stock and target price of 117 pence, said in a note: "We are warming to MONY given its more structured approach to growth and online dynamics."

It added that today's update suggested the firm's trading had been in line with expectations in the second half.

"This implies no material changes to our forecast, though we note no particular outlook comment."

Meanwhile, broker Numis said the firm's expected revenue of £178 mln was in line with the broker's estimates.

Analyst David McCann said it remained positive on the company on short term value grounds as well as on medium and long run recovery and growth expectations.

Numis rates the stock an 'add' and targets a price of 131 pence for the firm's shares, which were up 2.83 per cent in early deals, changing hands at 105.2 pence.

The firm will release its full year results for 2011 on February 28 this year.

Second quarter trading was strong, says Moneysupermarket.com

Fri, 08 Jul 2011 08:00:00 +0100

Price comparison website Moneysupermarket.com Group (LON:MONY) said trading in the second quarter had been strong and consistent with trends seen in Q1.

Notably, in a statement covering the first six months of the year, the company said it had continued to invest in offline marketing, including sponsoring TV show 'Britain's Got Talent' in Q2 to consolidate its position as a mainstream brand.

Management expects adjusted half year revenues to 30 June 2011 to be in the region of £88.3million and adjusted EBITDA to be around £22.8million - around 23 percent and 26 percent ahead of the same period last year.

As at 30 June it had cash balances of £32.1million after the payment of a dividend of £12.9m in May, and it added that it was debt free.

As expected, the offline marketing spend in the first half was around 50 percent ahead of the same period last year, said the company.

"The group will continue to invest in its brand in the second half and launched a new campaign in the first week of July.

"Offline marketing expenditure is therefore expected to continue to be ahead of the comparator period in the second half of the year," it said.

Moneysupermarket.com said it will recognise a one off credit of around £3.3million in the first half of the year, following reaching agreement in principle with HMRC relating to the VAT treatment of certain of the company's supplies.

Reckitt Benckiser to buy Durex condoms maker SSL International for £2.5bn

Wed, 21 Jul 2010 11:14:00 +0100

Consumer goods company Reckitt Benckiser (LON:RB) said it now now has an “attractive opportunity” to increase its presence in the health & personal care sector after agreeing to acquire condoms maker SSL International (LON:SSL) for £2.54 billion in cash and dividends.

Under the terms of the agreement, SSL shareholders will receive 1,163 pence in cash and a final dividend of 8 pence per share, making for a total consideration of 1,171 pence per share. The price represents a 32.8% premium to SSL’s closing price on Tuesday of 882 pence and a premium of 39.3% to the average closing price of 840.7 pence over the one month period to 20 July.

SSL directors have recommended the shareholders to accept the offer after deeming it “fair and reasonable".

SSL owns the Durex condoms and Scholl footwear and footcare products brands.

Reckitt Benckiser said that global health & personal care business has been the key driver behind its revenue growth and profit progression. The acquisition is expected to boost its revenues in that segment by 36% to £2.8 billion, which will make for a third of the total, while also enhancing the scale and critical mass of Reckitt Benckiser’s businesses in China and Japan. Cost synergies are projected to reach £100 million per annum.

SSL achieved a 4% growth in its branded consumer business in the last financial year.

“This, combined with the good growth potential of the SSL business, makes it an attractive acquisition for Reckitt Benckiser's shareholders. Excluding restructuring charges, the deal is expected to be immediately earnings enhancing for Reckitt Benckiser,” said Chief Executiveof Reckitt Benckiser Bart Becht.

For the year ended 31 March 2010, SSL reported sales of £802.5 million and operating profit of £126 million. In the same period, SSL achieved reported sales growth of 24.9%.

CVS buys North Yorkshire veterinary practice group

Wed, 19 May 2010 13:38:00 +0100

Veterinary services provider CVS Group PLC (AIM: CVSG) said it acquired Ark Alliance Ltd, a four site veterinary practice group based in North Yorkshire, and also reported that results for the current year will be slightly below current expectations.

Ark Alliance trades as Battle Flatts Veterinary Clinic and Applegarth Veterinary Surgery, and in the year ended August 31 2009 achieved pretax profit of £141,000 on turnover of approximately £1.8 million. The price was not disclosed, however CVS said the costs were met entirely from internally generated cash. The practice employs 9 professional vets and 31 staff in total.

The acquisition brings the total number of practices acquired to date in 2010 to 37 including two veterinary hospitals, a laboratory and a referral centre.

In total CVS now operates 205 surgeries, 6 diagnostic labs and 1 crematorium across the UK and remains the largest operator in a highly fragmented market with a significant pipeline of further acquisition opportunities.

In line with the company's strategy, administration will be consolidated within CVS’s central facilities, providing cost synergies and benefits following the acquisition.

CVS chief executive Simon Innes said: "We are delighted to be continuing to add to our portfolio following our acquisitions earlier in the year whilst continuing to pursue a strong pipeline of further acquisition opportunities."

On trading like-for-like sales - after adjusting for the weather affected months of December 2009 and January 2010 - are still showing modest growth in the year despite the challenging economic environment. In addition the group has undertaken a significant level of acquisition activity this year albeit an unusually disproportionate amount of this has taken place in the latter part of the financial year. Overall therefore the directors anticipate that results for the current year will be slightly below current expectations.

Next year will see the benefit of the acquisition activity this year, including the larger single acquisition of the Pet Doctors business in March. In addition, the acquisition pipeline continues to be encouraging and the board believes that the group is well positioned for future growth, CVS added.

SSL International raises stake in CIS holding company to 75% as performance exceeds expectations

Fri, 12 Feb 2010 13:07:00 +0000

SSL International (LSE: SSL) has exercised an option to increase its stake in Beleggingsmaatschappij Lemore BV (BLBV), which is the holding company for its Commonwealth of Independent States (CIS) business, to 75% after its performance exceeded “all expectations".

It also agreed a further option with minority shareholder Abraca BV to take its BLBV shareholding to 100%, exercisable in 2011.

“We have been delighted with our investment in BLBV; the underlying performance of the business since our partnership began has exceeded all our expectations. Together with BLBV's existing shareholders and management, we have made excellent progress in bringing our businesses together. We are very optimistic for BLBV's prospects and the potential for SSL's products within the CIS and Eastern Europe,” said chief executive of SSL Garry Watts.

BLBV is engaged in the packaging and distributing of condoms and medical products for a number of companies in the CIS. Its key brands include Contex and Durex.

For the year to 31 December 2008 BLBV reported revenue of US$212 million with profit before tax of US$34 million.

The gross assets of BLBV as at 31 December 2008 were US$74 million.

The transaction is expected to make an impact on SSL's financial performance and be earnings enhancing in the first year.

MoneySupermarket.com internet revenues climb 15% in third quarter

Mon, 16 Nov 2009 11:49:00 +0000

Web-based consumer advice and price comparison company, Moneysupermarket.com Group (LSE: MONY) reported in-line results for the third quarter and year-to-date. In an interim statement MoneySupermarket said trading levels had continued to stabilise, and as a result, Q3 has been the strongest trading period so far this year.

Internet revenues were approximately 15% ahead of the H1 run-rates but remain 15% lower than Q3 2008. MoneySupermarket re-iterated the overall earnings were approximately 5% ahead of H1 run-rates.

According to Chief Executive Peter Plumb, the group ‘has made steady progress through the year’, Plumb indentified the company’s advertising campaign which feature Celebrity-Entrepreneur and ‘Dragon’ Peter Jones for an increase in traffic which supported the group’s ‘robust’ quarter.

In terms of the outlook for the rest of the year, MoneySupermarket said that Q4 is typically ‘the Group's weakest trading period’ and therefore the group remains on-course to finish the year in-line with expectations.

"Overall, we are pleased with the performance in the year to date which is in line with the Board's expectations and remain confident that our sharp focus on delivery and the customer means that moneysupermarket.com is better placed than ever to capitalise on its strengths when growth returns to our markets,” added Plumb.

SSL International Reveals 20% Increase in First Half Sales

Tue, 13 Oct 2009 11:40:00 +0100

UK based consumer healthcare business SSL International plc (LSE: SSL) updated investors on its six months trading performance ahead of November’s release of the interim results. In the first half sales have increased to £387m, up to 20% compared to the corresponding period in 2008.

The improved sales performance reflects the integration of a number of SSL’s recent acquisitions. June’s consoldiation of Beleggingsmaatschappij Lemore BV (BLBV) into SSL’s operations added £43m to overall group sales. According to SSL, the Former Soviet Union (FSU) operating condom brand continues to perform well.

BLBV’s strong performance adds to the Durex subsidiary’s international operations, as sales of Durex branded condoms grew well in China, Poland and Germany; and there was a strong performance in the Durex Play range.

In SSL’s other operations, Scholl footcare saw good sales growth in Germany, France and Japan, however pharmacy destocking in Italy tempered gains. Sales of Scholl footwear have been driven by solid growth in France and Thailand. Disruption in Italy also impacted on the group’s overall growth in its locally owned brands.

SSL's core business is providing good like-for-like sales growth despite the challenging economic conditions in many of its markets, it said.

SSL Chief Executive, Garry Watts commented: "Our acquisition strategy is working and is providing an even broader international base; and an ongoing focus on overhead cost control is enabling us both to invest in the business and expand margins. The balance sheet remains strong and we continue to be confident of achieving our 50% EPS growth target over the three years to March 2012."

Earlier this month SSL completed its latest acquisition, the Ukrainian based Gainbridge Holdings Company, primarily engaged in the packaging and distributing of condoms and medical products. SSL completed a deal to purchase the company for a total consideration of €20.6 million (£18.8m), which has been satisfied from SSL's cash and existing facilities. The transaction is expected to be earnings neutral in the current year and earnings enhancing in future periods.

SSL International Seals Deal for Ukrainian Condom manufacturer

Fri, 02 Oct 2009 08:10:00 +0100

Consumer healthcare company SSL International announced the completion of Gainbridge, a holding company for operating companies primarily engaged in the packaging and distributing of condoms and medical products in Ukraine.

SSL is a focused consumer brand company with the leading global brands Durex and Scholl plus a diverse portfolio of locally owned brands. SSL operates in 35 countries across Europe, Asia Pacific and the Americas, selling into over 100 countries worldwide. SSL’s has manufacturing operations in India, Thailand, China and the UK.

The total consideration for the acquisition is €20.6 million (£18.8m) and has been satisfied from SSL's cash and existing facilities. The transaction is expected to be earnings neutral in the current year and earnings enhancing in future periods.

SSL Chief Executive, Garry Watts commented on the deal;

“We are pleased to have completed the acquisition of Gainbridge in the Ukraine. This is a further step in our expansion into the CIS and Eastern Europe; we remain encouraged and excited about the opportunities that these markets represent.”

CVS Group rallies 14% on FY results as revenues, profits surge

Tue, 22 Sep 2009 14:20:00 +0100

Shares in CVS Group (LSE: CVSG) were in demand after the veterinary services company released its full year results, reporting substantial increases in revenues and operating profit.

The group’s turnover in the year ended 30 June amounted to £76.6 million, up 23.3% year on year from £62.1 million, while EBITDA (earnings before interest, taxes, depreciation and amortisation) hiked 30% to £12.5 million and operating profit jumped 71.9% to £7 million. Adjusted earnings per share increased to 11.5 pence.

Most of the sales growth was due to numerous acquisitions that occurred over the period, as like for like sales increased only 2%. The group has added 17 surgeries to bring the total up to 168 and its bought its first pet crematorium, funding 60% of the acquisition expenses with internally generated cash.

The group offered an upbeat outlook, saying the new financial year had started well and its three operating divisions continued trading profitably, positioning the group to “continue driving the business forward” and expecting better results once the economic environment improves.

“Our track record of achieving improvements in adjusted EBITDA margin together with the growth opportunities available to us, underpins the board's confidence in the group's future. The resilience of the business to the current recession augurs well for the time when more normal economic conditions return,” said Chief Executive Simon Innes.

CVS rallied 14% on the London Stock Exchange today following the release of the report.

Moneysupermarket.com Group to pay special dividend of £25 million

Tue, 04 Aug 2009 08:59:00 +0100

Interim results from online price comparison website, Moneysupermarket.com Group Plc (LSE: MONY) were a bit of mixed bag. The results headlined with the announcement of a special dividend of 4.93 pence per share, or £25 million, as the company opted to return around 1/3rd of its cash pile to shareholders. However, below the eye catching dividend payout, the interim results were less exciting.

Total revenues in the first half slumped to £68.5 million (H1 2008: £99.4 million), while adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) fell to £18.6 million (H1 2008: £30.1 million).

On a more positive front, gross margins increased over the second half of 2008 to 70% while the group’s total adjusted cost base was reduced by 27% to £51.9 million. At the end of the first half, the group had no debt and cash balances of £75.6 million, up approximately £4.3 million on the corresponding period in 2008.

The interim dividend was held at 1.3 pence per share; this does not include the special dividend of 4.93 pence.

Visitors to the group’s websites increased by 3% to 63.6 million.

“Although we are still early in the third quarter and visibility is limited, the Group has made a good start with revenues more than ten percent ahead of the first half run rate,” Peter Plumb, Chief Executive of Moneysupermarket.com said. “Insurance in particular has started well and is trading ahead of the same period last year.”

Moneysupermarket.com first-half results on track to meet company expectations

Mon, 06 Jul 2009 09:17:00 +0100

Price comparison site Moneysupermarket.com Group PLC (LSE: MONY) expects results for the first half to be in line with management expectations.

In a statement, the group said its financial performance in the first half of 2009 has remained broadly consistent with the position outlined in the interim management statement released mid-April.

CEO Peter Plumb said: “When I took over as chief executive in February I set out a clear agenda for the year ahead - and in the first six months of the year we have done what we said we were going to do. We have reshaped our organization, taken action to reduce our costs and invested in our core systems to ready them for the next phase of our growth with the aim of giving customers a much improved experience.”

Moneysupermarket.com cuts 80 jobs, year-to-date performance as expected

Thu, 16 Apr 2009 13:52:00 +0100

Price comparison group Moneysupermarket.com Group PLC said first quarter results and year-to-date performance have been in line with company expectations as it announced cutting 80 jobs as part of the cost base review announced with its full-year results statement in February.

Trading in the quarter to March 31 2009 one has been stable and group revenues for the period are, as expected, approximately one third below the same period last year.

In an interim management statement, Experian said it continues to remain cash generative and had cash balances of £81 million at the end of March 2009.

The company has reduced the headcount to around 470, which is expected to deliver an annualised cost saving in the region of £2.3 million which will start to be realised in the second half of the current year.
Chif executive Peter Plumb said: “I am confident that the successful execution of the group's strategy in 2009 will position moneysupermarket.com for continued long term sustainable growth.”

Moneysupermarket.com sees full-year in line, reshuffles management

Wed, 17 Dec 2008 10:49:00 +0000

Moneysupermarket.com said it is trading in line with forecasts as it announced a management reshuffle that will see founder and chief executive Simon Nixon move to the executive deputy chairman role, focused on strategic innovation and development, with effect from February 25 2009.

He will be succeeded as CEO by Peter Plumb, currently managing director of moneysupermarket.com's financial services business, with effect from January 1 2009.

The company is also appointing two further executive directors: Graham Donoghue, MD of travelsupermarket.com, will join the board on February 25 2009; and easyjet PLC’s UK general manager David Osborne will join the company as marketing director in March 2009.

The board will also look to appoint further non executive directors in due course.

Chairman Gerald Corbett said: “Since its flotation, moneysupermarket.com has become a bigger and more complex group. With the entrepreneurial 'super-growth' phase over, the agenda for managing the business has changed. It is important now to improve what we have as well as to continue to grow the company”

Simon Nixon commented: “I have loved creating and building moneysupermarket.com over the past nine years and I intend to remain actively involved with the group for the foreseeable future both as executive deputy chairman and as a long-term shareholder.”

In a pre-close trading update, the company said its trading position remains in line with the guidance given in the interim management statement on November 13 and it is confident of being in the range of analysts' expectations for 2008.

Trading in the fourth quarter has continued to weaken reflecting trends seen in Q3. The brand remains in excellent shape with visitor numbers well ahead of last year, it said.

"Although the outlook is unclear we believe the strength of the Insurance and Travel businesses will continue to help compensate for the inevitable weakness of the Money operation which is being impacted by the credit crunch. The company's financial position is strong with no debt and cash balances of over £70 million."

Moneysupermarket will meet forecasts

Wed, 19 Dec 2007 01:29:00 +0000

Moneysupermarket.com ( [url=http://www.proactiveinvestors.co.uk/chart.asp?MONY new=true]LSE: MONY[/url] ), the UK price comparison website, confirmed in a trading update that it was still on target to meet market expectations. Shares in the Group jumped 13% as investor’s fears over the potential impact of the ongoing crunch in the financial sector and softening consumer spending indications, appeared to be overdone.

Moneysupermarket.com said it would post numbers not less than the current consensus forecast of revenues of £160.9 million and adjusted EBITDA of £51.3 million.

The Company added that while it did see a tightening in underwriting criteria and a price increase to consumers on money products, overall growth remained strong.

Simon Nixon, CEO and Founder commented:

"In the year that we listed on the London Stock Exchange we are happy to confirm that we expect to report revenues and profits that meet expectations. Overall the Group has had a very good year growing revenues and adjusted EBITDA in excess of 50%. Second half trading has remained strong. We continue to have enormous confidence in our business model and the benefit that price comparison brings to consumers and providers. Uncertainty in the financial markets remains
and has been ever-present through most of the second half of the year. This has had little impact on our trading to date but visibility continues to remain limited."

CVS Veterinary Services joins AIM

Wed, 10 Oct 2007 09:16:00 +0100

Veterinary Services group, CVS, (AIM: CVSG) joined AIM today after placing approximately 45.2 million shares at 205 pence per with new investors. The placing represented 87.7% of the issued capital - the shares were supplied by Nash Sells Partnership II, a fund managed by Sovereign Capital Partners which has controlled CVS privately for 8 years.

CVS comprises of 45 small animal practices, a equine specialist practice and three veterinary diagnostic laboratories.

Simon Innes, Chief Executive of CVS, added:

"The company's admission to the London AIM market and commencement of dealings is a significant step for CVS. Our business has been built by a strong team of dedicated professionals who ensure both quality and reputation result in CVS being highly regarded within the sector.
Becoming a public company is a natural progression for us raising our corporate profile and securing our continued success in both acquisitive and organic growth."