Market News - Page 802

Whitbread Chief Executive, Alison Brittain said,
“Whitbread delivered total sales growth of 8.0% in the first quarter as we continue with a relentless focus on our customers, innovation and investing in our strong brands. Costa has started the year well and Premier Inn continues to win share, albeit in a weaker than expected hotel market.
Industry data has continued to show a soft hotel market in the UK, particularly in London. During the quarter Premier Inn grew total sales by 8.0% and like for like sales by 2.1%, which benefited from our substantial hotel extension programme. Against a strong comparator Premier Inn like for like revpar declined by 0.5% and total revpar declined by 1.2%. This reflects the market environment, the expected dilution of the impact of the extension programme and the c.3,600 new rooms added in the final quarter of last year, which will mature over the next few years. We are on plan to open 4,000-4,500 new hotel rooms in 2016/17.
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Pressure Technologies (AIM: PRES), the specialist engineering group, announces its interim results for the 26 weeks to 2 April 2016, which against the context of a low investment oil and gas market, are encouraging.
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Preliminary Results for the Year Ended 31 March 2016
Park Group plc is the UK's leading multi-redemption voucher and prepaid card business focussed on the corporate and consumer markets. Sales are generated through our direct sales force, e-commerce and agents…

For the 19 week period from 31 January 2016 to 11 June 2016
The Group remains on track to meet the Board's expectations for the Full Year
Ted Baker, the global lifestyle brand, is pleased to announce an 11.3% increase in Group revenue for the 19 week period from 31 January 2016 to 11 June 2016 (the “period”), compared to the same period last year.
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Highlights
— Like for like new car unit sales up 6.2% against 3.3% in our market sector
— Like for like used car unit sales up 9.3%
— Revenue up by 10.6% to GBP232m
— Underlying profit before tax up 15.6% to GBP2,857,000 (2015: GBP2,472,000)
— Underlying earnings per share up 23.4% to 96.4p (2015: 78.1p)
— Recommended dividend per ordinary share for year increased by 7.4% to 21.75p
— Property portfolio revalued at 31 March 2016: GBP9.5m surplus (not included in accounts)

— Disposal of Land Rover business in Lewes, retaining the freehold premises, for cash consideration of GBP7.5m post year-end.
Commenting on the results, Simon Caffyn, Chief Executive said:
“I am delighted to announce that the underlying profit before tax for last year increased by 15.6% and we now have significant financial flexibility to take advantage of opportunities to expand.”
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Henry Boot – AGM Statement

Trading since the beginning of 2016 has, once again, been encouraging; the Group's three business segments, land development, property investment and development and construction, are all trading well. However, we may see some transactional uncertainty around the EU referendum. We do not anticipate this will last for long or have a detrimental effect on the year as a whole, and therefore we remain confident that trading will meet the Board's expectations for the full year. …

LondonMetric Plc – Purchase of Crawley Distribution site

LondonMetric Property Plc (“LondonMetric”) announces that it has purchased a four acre site in Crawley to develop approximately 100,000 sq ft of prime distribution space at a cost of cGBP20 million, reflecting a yield on cost of c6.3%.
Located on a prime South East urban logistics estate less than one mile from Gatwick Airport, the site has been purchased for GBP7.6 million. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018.
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Benchmark Plc – Trading Update

Trading Update and Notice of Results — Trading in line with management's expectations
— INVE integration progressing well with first operational synergies realised
— Braintree manufacturing facility expected to enter commissioning by September
— Encouraging progress in development pipeline

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