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McColl's back in profit and looking to add stores

McColl's Retail Group swings to H1 pretax profit

StockMarketWire.com

McColl's Retail Group has issued its H1 results, the highlights of which are given below:

· Total revenue up 3.4% to £459.3m (2014: £444.2m).

· Like-for-like (LFL) sales1 down 1.9% split as below: LFL sales in food and wine and premium convenience level with last year; LFL sales in newsagents and standard convenience down 4.7%.

· Operating profit before exceptional items £9.6m (2014: £10.0m).

· Adjusted EBITDA2 up by 1.9% to £16.2m (2014: £15.9m).

· Profit before tax £7.6m (2014: loss of £4.0m).

· Adjusted earnings per share3 up 45% to 6.1p (2014: 4.2p).

· Interim dividend per share 3.4p (2014: 1.7p).

· Net debt increased to £47.3m (2014: £36.3m).

· Underlying net debt4 reduced to £35.3m (2014: £36.3m).

A veteran of the convenience retail sector has emerged as the frontman for a bid to gain control of Morrisons’ smaller stores.

Mike Greene, who has twice been chairman of the Association of Convenience Stores and has held senior roles at Spar and newsagents chain McColls, is understood to be fronting a deal backed by investment firm Greybull.

The Sunday Telegraph first reported that Greybull Capital was in exclusive talks with the Bradford-based supermarket chain. The firm, which rescued Monarch Airlines last year, is discussing a deal for between 150 and 160 of the "M Local" convenience stores which together generate between £250m and £350m in sales.

Greybull is expected to invest tens of millions of pounds into the M Local stores.

hxxp://www.tiptv.co.uk/archives/finance-show-live-replay-19-08-15/
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MIDAS-SHARE-TIPS-Tasty-prospects-McColl-s-Retail-Group-boosts-takeaway-choices.

Got stopped out on Friday now been tipped , great. Spread is 3.26 % but when i bought them it was 4%, brokers target around 205p

The sp will most probably go up on Monday. Stops not something I go with .

It was a spread bet , so i had to have a stop

:-))

Frustrating for you.

Perhaps get back in on Monday ?

The yield here is good, but this stock is a value trap. McColls are facing the same headwinds as all the supermarkets, with lfl turnover dropping. The implementation of the Living Wage will also hit them over the next few years. Whilst they can grow profits through their business development plans, they will need to run faster just to stand still. Great if you need income, but I don't see this as a profitable growth stock.

Aldi and Lidl threat ?

They also get income from renting out flat's above the shop's

These are holding up well today

Worth a look?

CMA approval

McColl's welcomes CMA's approval of transformational acquisition of 298 Co-op stores

McColl's Retail Group ("McColl's"), one of the UK's leading convenience retailers, welcomes today's decision by the Competition & Markets Authority ("CMA") to give final and unconditional approval to its acquisition of 298 convenience stores from the Co-operative Group Limited ("the Co-op") that was announced on 13 July 2016.

McColl's will begin to integrate the stores in late January 2017 and expects all conversions to be completed by the end of August 2017. At this point convenience stores will comprise over three quarters of McColl's total estate, representing the achievement of another significant milestone for the business.

Jonathan Miller, Chief Executive, McColl's said:

"We are delighted that the CMA has approved our acquisition of these 298 quality convenience stores. This is a transformational deal, which substantially accelerates our growth strategy and expands our neighbourhood presence for the benefit of our customers.

"We have a long history and proven track record of successfully integrating convenience stores into our estate, and we expect these newly acquired stores to make a significant contribution to our future strategic plans."


- ENDS -

MITON GROUP PLC > 5%

Beaufort Securities Hold 214.00 150.00 220.00 Upgrades

McColl's agrees groundbreaking new supply chain partnership with Morrisons


Peel Hunt Buy 252.50 300.00 325.00 Reiterates

Liberum Capital Buy 252.50 240.00 240.00 Reiterates

Did you see that one coming skinny?

No - I've been dithering on these unfortunately!

It looks like a good deal though?

Getting complicated knowing who owns what....
Tesco own Booker, who supply Budgens and londis?
Morrisons now supply McColl.....
Sainsburys seem to have a trading link with Argos?
Acquisitions via the back door?

Yes it is - a large nearby Sainburys has an Argos store within it!

I dithered as I've avoided the sector after getting my fingers burnt with TSCO.

Hmmm - these are going on my list headed by FEVR..BUR.....

Q4 and Full Year Trading Update

CONTINUED STRONG REVENUE GROWTH

STRATEGICALLY WELL POSITIONED FOR THE FUTURE


Financial and operational highlights:

Total revenue up 28.9% in Q4 and 19.1% for the full year following successful integration of 298 acquired convenience stores (completed in mid-July)

Full-year like-for-like (LFL) sales1 up 0.1%, with significant mix improvements as a result of growth in key grocery categories alongside declining traditional categories, split as follows:

LFL sales in convenience stores up 0.1%

LFL sales in newsagents down 0.2%

Total LFL sales down 1.1% in Q4 impacted by declining traditional categories and unfavourable weather

LFL sales in recently acquired and converted stores2 up 1.3% in Q4 and 2.4% for the full year

25 convenience store refreshes successfully completed in H2, bringing the total to 27, with a further 100 planned in FY18

McColl's is one of Subway's fastest growing UK franchisees with 18 franchises now in operation

The Group remains on track to achieve results for the full year in line with management's expectations

Jonathan Miller, Chief Executive, said:
"I am delighted to report another strong quarter of revenue growth. For the first time the business has achieved annual revenues of more than £1bn, boosted by our transformational acquisition of 298 high quality convenience stores last year, demonstrating that this is now a business of real scale.

"McColl's is well positioned to continue to take advantage of the growing convenience market, with clear opportunities to enhance organic growth across our estate, as well as continued expansion through our acquisition programme.

"As we look ahead to next year, we will focus on delivering an enhanced customer offer in over 1,300 stores through the groundbreaking wholesale partnership we signed with Morrisons, which will see us launch hundreds of Safeway branded products, exclusively in McColl's from January 2018.

"We will also extend our successful convenience store refresh programme to 100 more stores next year. Customer feedback remains very positive and the early performance of refreshed stores has delivered significant increases in footfall and sales, and increased uptake of higher margin convenience categories, including fresh and chilled food."

Update on wholesale supply arrangements
We were both sad and disappointed to learn that Palmer and Harvey (P&H) was placed into administration on 28 November 2017. P&H has been a long-time partner of the McColl's business and we have been grateful through the years for their continuing support.

Our priority is to minimise any potential impact on customers. We are in ongoing discussions with our supply chain partners, and manufacturers, with a contingency plan already in place to ensure continuity of supply to the around 700 newsagents and smaller convenience stores, previously supplied by P&H, within our estate of 1,611 stores.



[1] Like-for-like sales reflect sales from stores that have traded throughout the current and prior financial periods, and sales include VAT but exclude sales of fuel, lottery, mobile phone top up and travel tickets.
[2] LFL sales in stores acquired or converted between 2015-2016 which have traded for over 12 months.

Numis Add 282.13 - 320.00 Retains

Peel Hunt Buy 282.13 325.00 325.00 Reiterates

Liberum Capital Buy 282.13 300.00 300.00 Reiterates

The hook didn't hold!

Heading for 130p?

Could be - yet another crazy yielder - over 7% at the current price.

wow

130p in a heart beat.

Hooked

StockMarketWire.com
Convenience store retailer McColl's Retail Group warned of lower than anticipated earnings after it continued to feel the impact of the collapse of wholesale supplier Palmer & Harvey.

The company also said a stronger performance in its tobacco division, relative to other categories, had resulted in a weaker conversion of sales to profits.

Adjusted Ebitda for the year ended 25 November was now expected to around £35m, it said.

In the currently financial year, adjusted Ebitda would be 'no more than a modest improvement' on the 2018 financial year, it added, citing labor cost pressures, efficiency investments and 'continued uncertainty for consumers'.

In the 2018 financial year, revenue fell 0.5% in the fourth quarter, but rose 8.3% for the full year thanks to acquisitions.

Like-for-like sales were flat in the fourth quarter, and were down 1.4% for the full year.

'It the last 12 months, following the collapse of Palmer & Harvey, we have experienced significant supply chain disruption and have needed to accelerate the rollout of Morrisons supply to 1,300 of our stores,' McColl's said.

'The speed of this transition has created significant challenges and severely disrupted our plans for the launch of Safeway.'

'We are extremely grateful for Morrisons' support during this period, and whilst the transition is now complete, we are continuing to experience a number of challenges.'