ISEQ and Company Update, 02-Apr-2010

It felt like April Fool all week this week. There were several negative corporate announcements; there was threat of industrial action related to the latest public sector pay deal; there was April Fools day; and of course there was the mass rape of the Irish taxpayer by the establishment of the details of NAMA. I don't think even Max Clifford could put a positive spin on this week!

Allied Irlsh Bank

• Announced that it is to increase some of its mortgage rates with effect from close of business on 29th March, 2010.
• Owner Occupiers: Loan to value (LTV) variable rates up 0.34%
• Owner Occupiers: Standard variable rate up 0.50%
• Owner Occupiers: Existing Tracker rates will remain unchanged
• Owner Occupiers: Fixed rates are increasing
• Buy to Let: Fixed rates are increasing
• Buy to Let: Existing Tracker and standard variable rates remain unchanged
• Source: here

Ryanair

• Announced that it was raising its profit after tax guidance for the year ended 31 March 2010 from a previously guided €275m, to not less than €310m, as a result of somewhat stronger than expected passenger bookings, at better than expected yields, during late February and March in the run up to the Easter holiday weekend.
• Source: here

Petroceltic International PLC, Share Placing

• Announces that it has conditionally raised gross proceeds of approximately US$120.5 million (Stg£81.0 million) by way of a conditional placing of 635,294,000 new Ordinary Shares at a price of Stg12.75p per share
• Proceeds to be used to support the Company's appraisal programme in Algeria and to fund proposed drilling activities in Italy and for general corporate purposes
• Six well drilling programme across three countries to commence in second half of 2010
• Source: here

Aer Lingus, Preliminary Results Announcement for 2009

• Operating loss, before net exceptional items, of €81.0m (2008: €20.0m)
• Second half operating profit before net exceptional items of €12.0m (2008: €3.4m)
• Total passengers up 3.8% to 10.4m (2008: 10.0m)
• Total revenue declined 11.0% to €1,205.7m (2008: €1,355.0m), with strong performance in ancillary revenues offset by reduced passenger fare and cargo revenues
• Average fare for the year declined by 16.8% on 2008, being a 12.0% fall on average short haul fare and an 15.9% fall on average long haul fare
• Fuel costs down 17.3% to €331.7m (2008: €401.3m)
• Non-fuel operating costs down 1.9% to €955.0m (2008: €973.7m)
• Gross cash of €828.5m (31 December 2008: €1,206.8m); debt of €492.6m (31 December 2008: €552.9m)
• Source: here

McInerney, Preliminary Results for 2009

• The Group recorded a pre-exceptional loss before tax of €25m in 2009 as compared to a pre-exceptional loss before tax of €47 million in 2008.
• The Company undertook a further review of the carrying value of its assets in 2009 and an impairment charge of €156m was taken with the first half results in August 2009. To date, the Group has written down its Irish landbank by over 50% and the UK landbank by almost 40% since mid 2008.
• The Group completed 582 housing units in the UK in 2009, as compared to 750 in 2008.
• In Ireland, the home building division completed 131 private homes as compared to 296 in 2008.
• Source: here

IFG Group, 2009 Preliminary Results

• Revenue of €93.3 million (2008: €105.1 million)
• Adjusted operating profit of €18.0 million (2008: €21.2 million)
• Operating profit of €10.2 million (2008: €16.1 million)
• Adjusted EPS in cent per share of 20.60 (2008: 22.77)
• EPS in cent per share of 8.81 (2008: 15.69)
• Adjusted dividend in cent per share of 3.63 (2008: 3.63)
• Total assets under administration and advice of circa €60 billion
• Source: here

NAMA

• Words fail me...! I could detail the amount of money the Irish taxpayers are forking out to take on loans issued recklessly by banks, but the zeros probably wouldn't fit on the screen.