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Analysis of the UK's Top 350 Companies from the Share Centre

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Analysis of the UK's Top 350 Companies from the Share Centre profitwatchuk analysis of the UK’s top 350 companies from The Share Centre August 2013 Executive summary 3 Revenue growth slows further 4 Margin pressures intensify 6 Net profits after tax fall sharply 7 Other profit measures 10 100 versus 250 12 The big players 14 Reporting seasons 15 Appendix 16 Profit Watch UK August 2013 2 introduction methodology A little over a sixth of the UK’s largest 350 The Share Centre analysed raw data from the financial executive summary reports of the UK’s largest 350 listed firms (provided companies closed their accounts between January • UK Plc sales growth fails to improve after a disappointing 2012 and March, and reported their results during by Factset, excluding equity investment trusts), cross referencing with additional data from the London Stock the second quarter, making it the second most • Revenues rise 4.1% to £360.4bn for companies reporting annual results in the second quarter Exchange. The researchers compiled the data for the important reporting period of the year. These 62 whole market and analysed by sector and index. For • But like for like revenues crept up just 1.0% adjusting for a change in index constituents companies form the basis of our latest Profit Watch the first report, the current top 350 UK companies UK. The data we discuss is a full year’s financial were analysed back to 2007, whether or not they were • Rolling revenue growth which includes all 350 companies reporting in the last 12 months, limped performance from those firms and we call it Q113 constantly in the 350 during this period. Where possible, ahead 1.8% headline (1.3% like for like) data (referring to the date their accounts closed), results for companies listed since 2007 (e.g. Glencore) though we also consider the rolling twelve month have been included back to 2007. This edition and future • Lacklustre sales growth reflects economic weakness in the UK and abroad reports will use the top 350 companies as the list evolves total of the whole 350 so we can take a wider view. over time. • Retailers were the biggest sector to report in the period – supermarkets saw sales up 1.5% but on The report shows all the trends in the UK’s This report analyses financial data for companies with weaker margins, while non-food retailers saw sales fall. Telecoms, the other big sector to report, leading companies’ sales and profits. It shows year ends up to 31 March 2013 and who reported up to posted weak sales growth and a margin squeeze, owing mainly to Vodafone’s difficulties how economic pressures are still taking their toll, 30 June 2013. sales growth is lacklustre and margins are under • 12 sectors grew their sales year on year, against 10 which saw them shrink pressure. • Gross profits fall 0.8% (-1.7% like for like) meaning none of the additional sales were turned into We hope you enjoy reading the Profit Watch UK profits report. • Gross margin shrinks 1.1 percentage points, indicating firms have weak pricing power • On a rolling annual basis, gross profits from all the 350 constituents fell 0.2% to £379.5bn • Profit after tax (net profit) fell 33.8% to just £16.6bn, due to big writedowns at Vodafone and Tesco • Only eight sectors increased their profits, while 15 saw them fall • Rolling annual net profits fell 33.7% to £106bn • Mid-cap 250 see better revenue and profit growth than large-cap 100, mainly thanks to big improvements at one or two companies, rather than broad progress Teamspirit PR Helal Miah, Investment Research Analyst Mark Baker Helal joined The Share Centre in 2012 as an Investment Research Head of Research Analyst. He graduated with a degree in economics in 1998 and 020 7360 7877 / 07980 635243 has since been working within the investment industry. He has [email protected] helped manage private client, institutional, retail and hedge funds with a focus on asset allocation and global macro strategies. He The Share Centre has worked for some reputable companies including Smith & Stephanie Reynolds Williamson, Schroders, The Industrial Bank of Japan and Mitsubishi PR Manager Corporation. He has also spent some time as an independent 01296 439 256 proprietary trader, trading the US equity futures market. He holds [email protected] the Securities Institute Diploma having passed papers in Fund Management, Private Client Investment Management & Advice [email protected] and Regulation. He also holds the Investment Management Certificate and has passed the CFA Level 1. Profit Watch UK August 2013 Profit Watch UK August 2013 4 revenue growth slows further, dragged down by telecoms Companies with financial year ends in to see in the figures. GDP rose just 0.3% Rolling annual indexed revenues by industry the first quarter and who reported by the in real terms. But the world economy is end of June saw their annual revenues also sluggish, and Britain’s main trading rise 4.1%, apparently the fastest rate of partners in Europe are in recession or 250 sales growth since the second quarter of growing more slowly than the UK, so 2012. These 62 companies collectively there has been little help from firms’ Basic materials made sales of £360.4bn, compared to overseas activities to boost the figures. 200 Utilities £346.4bn in the previous year. However, On a rolling twelve month basis, Oil and Gas the largest part of the increase is due to a which includes the annual results of all Consumer goods 150 change in index constituents in the 350, companies in the 350 reporting between Consumer services with support services firm DCC replacing July 2012 and June 2013 (accounting year Technology real estate developer Daejan. With ends between 1st April 2012 and 31st 100 Industrials revenues 100 times the size of the firm March 2013), revenues rose 8% to £2.08 Health care it supplanted, DCC’s £10.9bn accounted Weak consumer trillion, marking a further slowdown on Telecommunications for most of the £14bn increase from the calendar year 2012 figures (+2.1% to 50 spending has Financials Q1 12. Without this effect, revenues would £2.07 trillion). Again, the index change constrained the ability have crept ahead just 1.0% over the year, which admitted DCC, flattered the top line 0 the weakest period since mid 2010, well of retailers to grow growth rates. Without it, revenues would Q2 07-Q1 08 Q2 08-Q1 09 Q2 09-01 10 Q2 10-Q1 11 Q2 11-Q1 12 Q2 12-Q1 13 their sales behind inflation. have crept ahead just 1.3%. The weakness of the British economy At broad industry level, excluding over the year to the end of March is clear Industrials which were flattered by DCC, the best performer in revenue growth Within Consumer Services, Food & too. Indeed, telecoms made the largest Revenue Rolling 12 month Revenue terms was Oil & Gas. The oil majors Drug Retailers are the largest sector negative contribution in the year to the 2,000 were not part of the picture however, as comprising of the big listed supermarket end of March. The small Technology 400 their year ends fall in December, so the chains. They reported revenues of industry saw the biggest percentage industry’s main reporting season has £110.2bn in the year to the end of March, decline in revenues (-26.4%), but made 1,500 300 passed. Essar Energy was responsible up 1.7% compared to a year earlier. By little overall impact. for the strong growth as the only contrast General Retailers, the sector 1,000 12 sectors increased their revenues in £bn which includes Marks & Spencer, 200 company reporting. Indeed, without the first quarter figures while 10 saw £bn Kingfisher, Next and Home Retail Group, Essar’s roughly £7bn sales increase, them decline. This is in line with our last 500 like for like revenues (adjusting for DCC) saw their sales drop collectively by 0.4% 100 report which also showed that half of to £31.3bn. Relatively few Consumer from the 62 firms who close their annual sectors failed to increase their sales in 0 accounts in the first quarter would have Goods companies close their annual Q2 07 Q2 08 Q2 09 Q2 10 Q2 11 Q2 12 the full year 2012. There has been no 0 fallen in Q1 13 compared to the same accounts in the first quarter and report -Q1 08 -Q1 09 -Q1 10 -Q1 11 -Q1 12 -Q1 13 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 improvement. period a year ago. the results between April and June. The biggest is beverage giant SAB Miller, Consumer Services firms made up by far which contributed to industry revenue Revenue v Profit the largest share of revenues for the 62 growth of 6.4%, boosting the Beverages companies reporting results collectively sector sales by 9.5%. Luxury goods Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 contributing £150.4bn, over two fifths of producer Burberry also did well. Revenue £m £245,008 £269,691 £305,010 £299,340 £325,702 £346,359 £360,428 the total, reflecting the fact that April to Net Profit £m £17,695 £20,719 -£1,092 £25,417 £28,104 £25,086 £16,605 June is the reporting season for many Among the large industries, Utilities were of the UK’s best known retailers. Yet the the weakest, with revenues down 5.6%, dragged down by electricity supplier SSE, Rolling 12m Revenue v Net Profit industry’s revenues were up just 1.5% in the year to the end of March, despite though gas and water companies grew strong inflation, which should have their sales.
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