Royal Mail
Royal Mail has published full year results this morning and the numbers look to be solid. Earnings per share and the dividend have both come in above expectations. Margins have been eroded slightly, but with revenues rising by 2% the company continues to make admirable headway in a market where it is still obligated to provide a universal service in terms of pricing, unlike its competitors.
Thomas Cook
Travel agent Thomas Cook has published half year results and the company appears to be making good progress, despite reported margin pressures in the UK market. Demand from Nordic markets is however offsetting some of these pressures and bookings for the summer are up 13% on a year ago. The in-house airline is being expanded by 10% and destinations in North Africa and Egypt are being brought back on line – this market will remain competitive but product innovation is also something that should be applauded.
National Grid
And yet more good news, with National Grid reporting full year numbers this morning. Earnings per share have come in above the top end of analyst expectations, although the proposed dividend has come in a little short. Investors may however be willing to overlook this on the basis that growth is expected to be in the 5%-7% region in the medium term.
