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Marstons (MARS)
skinny
- 17 May 2012 08:36
I bought into these in December last year, primarily for the yield, but also for the potential growth of one of the better companies in their sector.
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Marston's Fundamentals (MARS)
skinny
- 17 May 2012 08:41
- 2 of 315
From Today's IMS.
MARSTON'S PLC
INTERIM RESULTS FOR THE 26 WEEKS ENDED 31 MARCH 2012
Growth in all divisions and increased interim dividend
FINANCIAL HIGHLIGHTS
· Group revenue up 7.6% to £342.1 million (2011: £317.9 million).
· Underlying profit before tax up 14.7% to £33.5 million (2011: £29.2 million).
· Managed like-for-like (lfl) sales up 3.6%; underlying operating margins up 0.3%; operating profit up 6.8%.
· Tenanted and Franchised operating profit up 3.1% with improving trend.
· Brewing revenue up 6.6%; operating profit up 2.7%.
· New swap arrangements reduce annual interest costs by £2-3 million to 2020.
· Underlying earnings per share up 14.6% to 4.7 pence per share (2011: 4.1 pence per share).
· Interim dividend up 5% to 2.2 pence per share (2011: 2.1 pence per share), with increase in dividend cover to 2.1x.
STRATEGY HIGHLIGHTS
· Managed pub development - On target to complete 25 new-build pubs this financial year, continuing to achieve strong returns with an EBITDA ROC of 18.5%.
· The 'F-Plan' - 11% increase in main meals served; food sales now represent 43% of retail sales.
· Franchised pub development - Implemented in 419 pubs to date with profit uplift in line with targets.
· Market leader in premium ale - Group ale volumes up 2%, with strong growth and market share gains in premium ale.
CURRENT TRADING - 32 WEEKS TO 12 MAY
· Managed lfl sales up 2.4% including lfl food sales up 2.7% and lfl wet sales up 2.3%.
· Tenanted and Franchised profits estimated to be up 3%.
· Own-brewed volumes in growth.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We have delivered a good performance in the first half year against a weak consumer backdrop. Our growth in revenue and earnings was underpinned by our strategic focus on delivering value, high service standards and a quality offering to our consumers and customers. Our confidence that we are well positioned for the future is reflected in our declared dividend increase."
MARSTON'S PLC
INTERIM RESULTS FOR THE 26 WEEKS ENDED 31 MARCH 2012
Growth in all divisions and increased interim dividend
FINANCIAL HIGHLIGHTS
· Group revenue up 7.6% to £342.1 million (2011: £317.9 million).
· Underlying profit before tax up 14.7% to £33.5 million (2011: £29.2 million).
· Managed like-for-like (lfl) sales up 3.6%; underlying operating margins up 0.3%; operating profit up 6.8%.
· Tenanted and Franchised operating profit up 3.1% with improving trend.
· Brewing revenue up 6.6%; operating profit up 2.7%.
· New swap arrangements reduce annual interest costs by £2-3 million to 2020.
· Underlying earnings per share up 14.6% to 4.7 pence per share (2011: 4.1 pence per share).
· Interim dividend up 5% to 2.2 pence per share (2011: 2.1 pence per share), with increase in dividend cover to 2.1x.
STRATEGY HIGHLIGHTS
· Managed pub development - On target to complete 25 new-build pubs this financial year, continuing to achieve strong returns with an EBITDA ROC of 18.5%.
· The 'F-Plan' - 11% increase in main meals served; food sales now represent 43% of retail sales.
· Franchised pub development - Implemented in 419 pubs to date with profit uplift in line with targets.
· Market leader in premium ale - Group ale volumes up 2%, with strong growth and market share gains in premium ale.
CURRENT TRADING - 32 WEEKS TO 12 MAY
· Managed lfl sales up 2.4% including lfl food sales up 2.7% and lfl wet sales up 2.3%.
· Tenanted and Franchised profits estimated to be up 3%.
· Own-brewed volumes in growth.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We have delivered a good performance in the first half year against a weak consumer backdrop. Our growth in revenue and earnings was underpinned by our strategic focus on delivering value, high service standards and a quality offering to our consumers and customers. Our confidence that we are well positioned for the future is reflected in our declared dividend increase."
skinny
- 25 Jul 2012 11:10
- 3 of 315
Interim Management Statement
42 weeks to 21 July 2012
Trading
Our performance has been satisfactory in recent weeks in view of the very wet weather conditions affecting summer trading to date. We have continued to make progress across the business, with profitability in line with our expectations.
In managed pubs, like-for-like sales for the 42 week period were 2.2% ahead of last year, including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. In the 10 week period since 12 May, like-for-like sales increased by 1.6%. Operating margin is slightly above last year, and we remain on track to complete 25 of our high return new-build pub restaurants in the current financial year.
In our tenanted and franchised pubs underlying trends have continued to improve with operating profit estimated to be 3.2% ahead of last year. This reflects a strong performance in the franchise estate, which now operates in around 450 pubs, and continued stability and modest growth in the traditional tenanted and leased estate.
In brewing, we have continued to increase market share with own-brewed beer volumes up around 2% versus last year.
Net debt and cash flow are in line with expectations.
42 weeks to 21 July 2012
Trading
Our performance has been satisfactory in recent weeks in view of the very wet weather conditions affecting summer trading to date. We have continued to make progress across the business, with profitability in line with our expectations.
In managed pubs, like-for-like sales for the 42 week period were 2.2% ahead of last year, including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. In the 10 week period since 12 May, like-for-like sales increased by 1.6%. Operating margin is slightly above last year, and we remain on track to complete 25 of our high return new-build pub restaurants in the current financial year.
In our tenanted and franchised pubs underlying trends have continued to improve with operating profit estimated to be 3.2% ahead of last year. This reflects a strong performance in the franchise estate, which now operates in around 450 pubs, and continued stability and modest growth in the traditional tenanted and leased estate.
In brewing, we have continued to increase market share with own-brewed beer volumes up around 2% versus last year.
Net debt and cash flow are in line with expectations.
skinny
- 25 Jul 2012 15:40
- 4 of 315
12 month high today @111p
Stan
- 25 Jul 2012 15:55
- 5 of 315
Usually stay away from chains but have used one of their Pub/Hotels a couple of times over the last year to stay and must say it was very very good value. Only used the one but most impressed on service, quality and price.
skinny
- 13 Aug 2012 14:14
- 6 of 315
£60m pubs boost as Banks’s sales soar
Sales of Banks’s beer are booming, bosses announced today, as they pledged to pump £60 million a year into keeping the pub industry alive.
The UK market for beer has plummeted by five per cent in the last 12 months.
But the introduction of bottled bitter into shops and Sunbeam ale in pubs has helped Wolverhampton-brewed Banks’s outperform its rivals.
Marston’s chief operating officer Alistair Darby said that demand for drinks produced at the historic Park Brewery was on the increase.
Sales of Banks’s beer are booming, bosses announced today, as they pledged to pump £60 million a year into keeping the pub industry alive.
The UK market for beer has plummeted by five per cent in the last 12 months.
But the introduction of bottled bitter into shops and Sunbeam ale in pubs has helped Wolverhampton-brewed Banks’s outperform its rivals.
Marston’s chief operating officer Alistair Darby said that demand for drinks produced at the historic Park Brewery was on the increase.
skinny
- 10 Sep 2012 08:29
- 7 of 315
Change to the Board of Directors
Marston's PLC announces that Alistair Darby, Chief Operating Officer, is leaving to take up the role of Chief Executive at Mitchells & Butlers plc. He steps down from the Board with immediate effect, and will leave the Company at the end of September.
Marston's PLC announces that Alistair Darby, Chief Operating Officer, is leaving to take up the role of Chief Executive at Mitchells & Butlers plc. He steps down from the Board with immediate effect, and will leave the Company at the end of September.
skinny
- 03 Oct 2012 07:07
- 8 of 315
Year-End Trading Statement & Director Appointment
Our performance for the year has been resilient against the challenging economic backdrop and the very wet weather during the summer months. Earnings before tax and exceptional items are in line with our expectations.
In managed pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. Operating margins were slightly ahead of the previous year.
We completed 25 new pub-restaurants with investment returns remaining strong and above target. The impact of our new-build programme over the past three years has been significant, substantially increasing our exposure to the informal dining market and contributing to continuous improvement in the quality of our pub estate. We aim to continue to develop our managed pub estate at a similar rate of growth for the foreseeable future, and have a clear development pipeline including 20-25 sites planned for completion in the 2013 financial year subject to planning.
In our leased, tenanted and franchised pubs, operating profits are estimated to be around 3% ahead of last year. This improvement is principally due to the growth of our franchised estate, which now constitutes around 500 pubs. Pubs operated under the traditional leased and tenanted model contributed profits in line with last year.
In brewing, our own-brewed beer volumes are 2% higher than last year with growth in both premium cask and bottled ales.
Our performance for the year has been resilient against the challenging economic backdrop and the very wet weather during the summer months. Earnings before tax and exceptional items are in line with our expectations.
In managed pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. Operating margins were slightly ahead of the previous year.
We completed 25 new pub-restaurants with investment returns remaining strong and above target. The impact of our new-build programme over the past three years has been significant, substantially increasing our exposure to the informal dining market and contributing to continuous improvement in the quality of our pub estate. We aim to continue to develop our managed pub estate at a similar rate of growth for the foreseeable future, and have a clear development pipeline including 20-25 sites planned for completion in the 2013 financial year subject to planning.
In our leased, tenanted and franchised pubs, operating profits are estimated to be around 3% ahead of last year. This improvement is principally due to the growth of our franchised estate, which now constitutes around 500 pubs. Pubs operated under the traditional leased and tenanted model contributed profits in line with last year.
In brewing, our own-brewed beer volumes are 2% higher than last year with growth in both premium cask and bottled ales.
skinny
- 04 Oct 2012 15:46
- 9 of 315
Another at 12 month highs @117.8p
skinny
- 16 Oct 2012 14:29
- 10 of 315
12 Month high 120.2p
skinny
- 23 Nov 2012 07:11
- 11 of 315
A healthy set of interims today from FSTA will hopefully give a fillip to the sector.
Stan
- 23 Nov 2012 15:55
- 12 of 315
Well FSTA results received well today, but not the sector at least not today. See what next week brings with this one.
skinny
- 23 Nov 2012 16:16
- 13 of 315
Ironically, London Pride is one of my top 5 ales.
Stan
- 23 Nov 2012 16:22
- 14 of 315
One of mine to and it does travel pretty well.
Stan
- 28 Nov 2012 13:48
- 15 of 315
Preliminaries out tomorrow, let's hope for a boost in SP.
skinny
- 28 Nov 2012 15:37
- 16 of 315
I'll drink to that!
skinny
- 29 Nov 2012 07:08
- 17 of 315
Final Results
FINANCIAL HIGHLIGHTS
· Group revenue up 5.5% to £719.7 million (2011: £682.2 million)
· Underlying profit before tax of £87.8 million up 9.2% (2011: £80.4 million)
· Managed like-for-like (lfl) sales up 2.2% with underlying operating margins up 0.2%
· Tenanted and Franchised operating profit up 3.2%
· Brewing revenue up 6.8% and operating profit up 0.6% with Group ale volumes up 2%
· Estate valuation in line with 2011 carrying value, as previously reported
· Cash return on capital employed up 0.9% to 10.7%
· Underlying earnings per share up 9.8% to 12.3 pence per share
· Final dividend of 3.9 pence per share, up 5%
STRATEGY HIGHLIGHTS
· Managed pub development - 25 new-build pubs completed with performance ahead of target; on track to build another 20-25 in 2013
· The 'F-Plan', value and service - food lfl sales up 2.4% now representing 44% (2011: 42%) of sales; over 28 million meals sold
· Managed pub formats - lfl sales growth in destination food pubs, traditional community pubs and premium pubs and bars
· Tenanted and franchised pub development - franchise agreements implemented in around 500 pubs, achieving strong profit growth
· 'Localness' and premium ale strategy - retained market leading shares in premium cask ale and bottled ale segments, with 1% market share growth in 2012
CURRENT TRADING - 8 WEEKS TO 24 NOVEMBER 2012
· Managed lfl sales up 2.0% including lfl food sales up 3.4% and lfl wet sales up 0.9%
· Tenanted and Franchised profits estimated to be up 3%
· Own-brewed volumes are in line with our expectations
Commenting, Ralph Findlay, Chief Executive Officer, said:
"These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.
The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."
FINANCIAL HIGHLIGHTS
· Group revenue up 5.5% to £719.7 million (2011: £682.2 million)
· Underlying profit before tax of £87.8 million up 9.2% (2011: £80.4 million)
· Managed like-for-like (lfl) sales up 2.2% with underlying operating margins up 0.2%
· Tenanted and Franchised operating profit up 3.2%
· Brewing revenue up 6.8% and operating profit up 0.6% with Group ale volumes up 2%
· Estate valuation in line with 2011 carrying value, as previously reported
· Cash return on capital employed up 0.9% to 10.7%
· Underlying earnings per share up 9.8% to 12.3 pence per share
· Final dividend of 3.9 pence per share, up 5%
STRATEGY HIGHLIGHTS
· Managed pub development - 25 new-build pubs completed with performance ahead of target; on track to build another 20-25 in 2013
· The 'F-Plan', value and service - food lfl sales up 2.4% now representing 44% (2011: 42%) of sales; over 28 million meals sold
· Managed pub formats - lfl sales growth in destination food pubs, traditional community pubs and premium pubs and bars
· Tenanted and franchised pub development - franchise agreements implemented in around 500 pubs, achieving strong profit growth
· 'Localness' and premium ale strategy - retained market leading shares in premium cask ale and bottled ale segments, with 1% market share growth in 2012
CURRENT TRADING - 8 WEEKS TO 24 NOVEMBER 2012
· Managed lfl sales up 2.0% including lfl food sales up 3.4% and lfl wet sales up 0.9%
· Tenanted and Franchised profits estimated to be up 3%
· Own-brewed volumes are in line with our expectations
Commenting, Ralph Findlay, Chief Executive Officer, said:
"These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.
The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."
Stan
- 29 Nov 2012 07:34
- 18 of 315
I don't know what was expected, but they look all right to me especially in the current climate.
skinny
- 29 Nov 2012 07:44
- 19 of 315
Stan, I think the CEO'S comment sums it up rather well.
skinny
- 29 Nov 2012 09:31
- 20 of 315
Panmure Gordon Buy 124.45 124.30 130.00 135.00 Reiterates
Numis Add 124.45 124.30 145.00 145.00 Retains
Jefferies Buy 124.60p 135.00p 135.00p Reiteration
Numis Add 124.45 124.30 145.00 145.00 Retains
Jefferies Buy 124.60p 135.00p 135.00p Reiteration
BAYLIS
- 29 Nov 2012 12:29
- 21 of 315
Love OXFORD GOLD.
Stan
- 29 Nov 2012 17:49
- 22 of 315
Only finished up under 1% but won't be surprised to see more from these over the coming weeks.
Stan
- 29 Nov 2012 21:33
- 23 of 315
I.C. Final results from brewer Marston’s (MARS) show continued solid progress with group revenues up by 5.5 per cent to £719.7m and underlying profits up by 9.2 per cent to £87.8m. We keep our buy rating.
skinny
- 12 Dec 2012 11:39
- 24 of 315
Numis Add 121.10 125.00 145.00 145.00 Retains
Oriel Securities Buy 121.10 125.00 - - Reiterates
Oriel Securities Buy 121.10 125.00 - - Reiterates
Stan
- 12 Dec 2012 12:28
- 25 of 315
Ex. divi drop today so great time to add which I've done.
Stan
- 12 Dec 2012 17:18
- 26 of 315
Even cheaper now 118.80p.
skinny
- 17 Dec 2012 17:39
- 27 of 315
Chris Carson
- 17 Dec 2012 18:29
- 28 of 315
Joined you today skinny @ 121.2
skinny
- 14 Jan 2013 14:36
- 29 of 315
AGM on the 22nd January.
3+ year high @130p ealier.
3+ year high @130p ealier.
Stan
- 17 Jan 2013 17:24
- 30 of 315
Finished up 130.8p. now out with the divi and SP. covered. Good luck all.
Stan
- 18 Jan 2013 18:26
- 31 of 315
Up to 134p+ What a cracker!
dreamcatcher
- 18 Jan 2013 19:24
- 32 of 315
Good to see you well Stan, sorry Frank. '' Its a cracker'' :-))
Chris Carson
- 21 Jan 2013 08:14
- 33 of 315
That's me out the spreads for now @ 134.2 + 13.
skinny
- 22 Jan 2013 07:01
- 34 of 315
AGM and Interim Management Statement
Trading
We were encouraged by our trading performance during the Christmas and New Year period. Profitability is in line with our expectations and we continue to make good progress in each of our trading segments despite the broader economic challenges.
In our managed pubs, despite the significant impact of snow in the week ended 19 January, like-for-like sales for the 16 week period to 19 January were 1.2% ahead of last year. Like-for-like sales for the 15 week period to 12 January were 2.1% ahead of last year, including like-for-like food sales growth of 3.5% and like-for-like wet sales growth of 1.0%. Like-for-like sales in the 7 weeks to 12 January were up 2.2%, against growth of 8.0% in the same period last year. Trading over the festive period was strong including growth of 5.8% in the key three week trading period to 5 January and 10.0% on Christmas Day. Operating margins are slightly ahead of last year and our plans for building new pub-restaurants in the current financial year remain on track.
In our tenanted and franchised pubs, profits continue to grow. Profits for the 16 week period are estimated to be around 2% above last year reflecting the continuing success of our franchise model, now operating in around 550 pubs, and stability in the traditional tenanted estate.
In brewing, profits are in line with our expectations. Our brand performance has been very strong and ahead of the market, with own-brewed beer volumes 5% above last year driven by significant growth in the off-trade.
Net debt and cash flow are in line with our expectations.
We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.
Trading
We were encouraged by our trading performance during the Christmas and New Year period. Profitability is in line with our expectations and we continue to make good progress in each of our trading segments despite the broader economic challenges.
In our managed pubs, despite the significant impact of snow in the week ended 19 January, like-for-like sales for the 16 week period to 19 January were 1.2% ahead of last year. Like-for-like sales for the 15 week period to 12 January were 2.1% ahead of last year, including like-for-like food sales growth of 3.5% and like-for-like wet sales growth of 1.0%. Like-for-like sales in the 7 weeks to 12 January were up 2.2%, against growth of 8.0% in the same period last year. Trading over the festive period was strong including growth of 5.8% in the key three week trading period to 5 January and 10.0% on Christmas Day. Operating margins are slightly ahead of last year and our plans for building new pub-restaurants in the current financial year remain on track.
In our tenanted and franchised pubs, profits continue to grow. Profits for the 16 week period are estimated to be around 2% above last year reflecting the continuing success of our franchise model, now operating in around 550 pubs, and stability in the traditional tenanted estate.
In brewing, profits are in line with our expectations. Our brand performance has been very strong and ahead of the market, with own-brewed beer volumes 5% above last year driven by significant growth in the off-trade.
Net debt and cash flow are in line with our expectations.
We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.
skinny
- 22 Jan 2013 11:08
- 35 of 315
Peel Hunt Limited Buy 133.20p 145.00p 145.00p Reiteration
Liberum Capital Hold 133.20p 137.00p 137.00p Reiteration
Jefferies Buy 133.20p 150.00p 150.00p Reiteration
Liberum Capital Hold 133.20p 137.00p 137.00p Reiteration
Jefferies Buy 133.20p 150.00p 150.00p Reiteration
Chris Carson
- 22 Jan 2013 11:27
- 36 of 315
Stick in skinny, I was expecting the usual knee jerk profit taking to get back in on the spreads. Not happened so far :O( so good call.
skinny
- 22 Jan 2013 11:52
- 37 of 315
Cheers Chris - I can't really see much downside here (famous last words).
Stan
- 22 Jan 2013 15:43
- 38 of 315
It's the "way I tell 'em" DC -):
Keep in there boys.
Keep in there boys.
skinny
- 07 Feb 2013 15:57
- 39 of 315
Quietly making new highs today @137.7.
Stan
- 07 Feb 2013 17:11
- 40 of 315
They are indeed.. Have one on me -):
kimoldfield
- 07 Feb 2013 17:38
- 41 of 315
It's a good Pedigree!
Stan
- 07 Feb 2013 17:57
- 42 of 315
Boom boom!
kimoldfield
- 07 Feb 2013 18:21
- 43 of 315
I'm feeling a little bitter that I don't hold any of these! :o)
Stan
- 07 Feb 2013 18:26
- 44 of 315
Me too.. And that's putting it Mildly -):
kimoldfield
- 07 Feb 2013 21:11
- 45 of 315
Boom! Boom! again!
skinny
- 22 Mar 2013 13:49
- 46 of 315
New high today @144.20p
skinny
- 25 Mar 2013 09:05
- 47 of 315
N+1 Singer Buy 141.95 141.40 - 161.00 Initiates/Starts
skinny
- 11 Apr 2013 10:20
- 48 of 315
JP Morgan Cazenove Overweight 133.80 135.10 150.00 150.00 Retains
skinny
- 17 Apr 2013 07:07
- 49 of 315
CHANGES TO PUB SEGMENTAL REPORTING AND TRADING UPDATE
Trading update
Snow and exceptionally cold weather throughout the UK in the three months to the end of March inevitably affected trading across our pub estate and we expect to report operating profit for the first half slightly below that of last year. As previously guided, the interest charge for the period will be higher, principally due to the step-up in securitised interest. However, our expectations for the overall trading performance for the full year remain unchanged.
As part of the operational restructuring described above and our ongoing focus on minimising costs, we expect to reduce operating costs by around £3m per year, with about half of this amount benefitting the results for the second half of this year. Trading has started well in the second half and we expect to benefit from less challenging sales comparatives for the remainder of the financial year. We have opened nine new pub restaurants in the financial year to date and anticipate opening at least 20 by the end of the year which, combined with the rollover benefit of the back-ended 2012 programme, will generate additional profit in the second half.
We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.
Trading update
Snow and exceptionally cold weather throughout the UK in the three months to the end of March inevitably affected trading across our pub estate and we expect to report operating profit for the first half slightly below that of last year. As previously guided, the interest charge for the period will be higher, principally due to the step-up in securitised interest. However, our expectations for the overall trading performance for the full year remain unchanged.
As part of the operational restructuring described above and our ongoing focus on minimising costs, we expect to reduce operating costs by around £3m per year, with about half of this amount benefitting the results for the second half of this year. Trading has started well in the second half and we expect to benefit from less challenging sales comparatives for the remainder of the financial year. We have opened nine new pub restaurants in the financial year to date and anticipate opening at least 20 by the end of the year which, combined with the rollover benefit of the back-ended 2012 programme, will generate additional profit in the second half.
We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.
skinny
- 17 Apr 2013 08:07
- 50 of 315
This lot are off my Christmas card list!
Goldman Sachs Conviction Sell 0.00 132.40 - 113.00 Retains
Goldman Sachs Conviction Sell 0.00 132.40 - 113.00 Retains
Stan
- 17 Apr 2013 12:43
- 51 of 315
May have a look at these at the beginning of July.
skinny
- 17 Apr 2013 13:07
- 52 of 315
I'm still holding Stan - I'm 45% on original purchase + dividends.
skinny
- 17 Apr 2013 13:17
- 53 of 315
Numis Buy 135.55 145.00 160.00 Upgrades
Shore Capital Buy 135.55 - - Reiterates
Liberum Capital Hold 135.55 - - Reiterates
Shore Capital Buy 135.55 - - Reiterates
Liberum Capital Hold 135.55 - - Reiterates
Stan
- 17 Apr 2013 13:50
- 54 of 315
Be careful then Skinny as these dip about this time of the year but pick up later.
skinny
- 17 Apr 2013 13:55
- 55 of 315
I'll keep my eye on the 200ma - I've been in since December 2011.
skinny
- 18 Apr 2013 08:35
- 56 of 315
JP Morgan Cazenove Overweight 133.20p 150.00p 150.00p Reiteration
skinny
- 22 Apr 2013 07:32
- 57 of 315
Proposals to help struggling pubs get a fair deal
Pubs struggling to pay rent or beer prices could save thousands of pounds a year each, thanks to a new Code of Practice and the backing of a powerful Adjudicator, under proposals announced today by Employment Relations and Consumer Minister Jo Swinson.
Ministers want to make sure that pub tenants are treated fairly by pub companies and hope that the new proposals will save tenants £100 million per year. The Code would contain mandatory rules for all pub companies who own a certain number of pubs. In particular it would stop pub companies abusing the beer tie, which obliges tenants to sell certain types of beers often at high prices.
Under the proposals a new Adjudicator would have the power to:
· enforce the Code
· investigate any breaches, and
· deal with disputes through possible sanctions and fines
The proposals are contained in a consultation published today. The Code will apply to those pubs which own over 500 pubs, to focus on the part of the industry where almost 90 per cent of complaints are received. The consultation seeks views on whether this is a fair threshold.
Pubs struggling to pay rent or beer prices could save thousands of pounds a year each, thanks to a new Code of Practice and the backing of a powerful Adjudicator, under proposals announced today by Employment Relations and Consumer Minister Jo Swinson.
Ministers want to make sure that pub tenants are treated fairly by pub companies and hope that the new proposals will save tenants £100 million per year. The Code would contain mandatory rules for all pub companies who own a certain number of pubs. In particular it would stop pub companies abusing the beer tie, which obliges tenants to sell certain types of beers often at high prices.
Under the proposals a new Adjudicator would have the power to:
· enforce the Code
· investigate any breaches, and
· deal with disputes through possible sanctions and fines
The proposals are contained in a consultation published today. The Code will apply to those pubs which own over 500 pubs, to focus on the part of the industry where almost 90 per cent of complaints are received. The consultation seeks views on whether this is a fair threshold.
Stan
- 22 Apr 2013 08:17
- 58 of 315
8 Community pubs month was launched by CAMRA on 1 April, and follows the success for last year's event in which 6000 pubs nationwide held events and promotions.
Well done CAMRA.
Well done CAMRA.
skinny
- 13 May 2013 17:05
- 59 of 315
Closed at 4 year high @150.30p
skinny
- 15 May 2013 09:06
- 60 of 315
New high @152p
Half year results 16th May 2013.
Half year results 16th May 2013.
skinny
- 16 May 2013 07:03
- 61 of 315
Interim Results
FINANCIAL HIGHLIGHTS
· Group revenue - £358.1 million (2012: £342.1 million).
· Underlying operating profit - £66.6 million (2012: £67.6 million).
· Underlying PBT - £27.6 million (2012: £33.5 million), reflecting higher finance costs.
· Underlying earnings per share - 3.8 pence per share (2012: 4.7 pence per share).
· Innovative £101 million long-term financing - extends maturity of Group debt.
· Interim dividend - up 4.5% to 2.3 pence per share (2012: 2.2 pence per share).
· Current trading - good start to H2, which will benefit from £12 million profit initiatives.
STRATEGY AND OPERATING HIGHLIGHTS
· Destination and Premium
- Operating profit up 10%
- Like-for-like food sales up 2%, food mix up 2% to 52%
- Expect at least 20 new-builds to complete this financial year
- 2013 new-builds ahead of internal target
· Taverns
- Pressures on tenanted pubs continue
- 600 pubs now franchised
- Franchise like-for-like profits up 10%
· Brewing
- Ale volumes up 8%, strong growth in off-trade
· Chairman
- Roger Devlin appointed with effect from 1 September 2013
CURRENT TRADING - 6 WEEKS TO 11 MAY
· Destination and Premium - lfl sales up 6%: lfl food sales up 9%, lfl wet sales up 3%.
· Taverns and Leased - lfl profits ahead of last year.
· Brewing - in line with expectations.
FINANCIAL HIGHLIGHTS
· Group revenue - £358.1 million (2012: £342.1 million).
· Underlying operating profit - £66.6 million (2012: £67.6 million).
· Underlying PBT - £27.6 million (2012: £33.5 million), reflecting higher finance costs.
· Underlying earnings per share - 3.8 pence per share (2012: 4.7 pence per share).
· Innovative £101 million long-term financing - extends maturity of Group debt.
· Interim dividend - up 4.5% to 2.3 pence per share (2012: 2.2 pence per share).
· Current trading - good start to H2, which will benefit from £12 million profit initiatives.
STRATEGY AND OPERATING HIGHLIGHTS
· Destination and Premium
- Operating profit up 10%
- Like-for-like food sales up 2%, food mix up 2% to 52%
- Expect at least 20 new-builds to complete this financial year
- 2013 new-builds ahead of internal target
· Taverns
- Pressures on tenanted pubs continue
- 600 pubs now franchised
- Franchise like-for-like profits up 10%
· Brewing
- Ale volumes up 8%, strong growth in off-trade
· Chairman
- Roger Devlin appointed with effect from 1 September 2013
CURRENT TRADING - 6 WEEKS TO 11 MAY
· Destination and Premium - lfl sales up 6%: lfl food sales up 9%, lfl wet sales up 3%.
· Taverns and Leased - lfl profits ahead of last year.
· Brewing - in line with expectations.
skinny
- 16 May 2013 08:37
- 62 of 315
N+1 Singer Buy 151.45 152.40 161.00 161.00 Reiterates
Liberum Capital Hold 149.15 152.40 - - Reiterates
Liberum Capital Hold 149.15 152.40 - - Reiterates
skinny
- 16 May 2013 11:00
- 63 of 315
Shore Capital Buy 148.70 - - Reiterates
Numis Add 148.70 165.00 165.00 Retains
Numis Add 148.70 165.00 165.00 Retains
Stan
- 17 May 2013 13:20
- 64 of 315
10,000 Purchase this morning http://www.moneyam.com/action/news/showArticle?id=4597243
skinny
- 17 May 2013 13:22
- 65 of 315
Well timed and near the lows of the day!
skinny
- 17 May 2013 14:42
- 66 of 315
JP Morgan Cazenove Overweight 152.60 150.00 170.00 Retains
Stan
- 27 May 2013 21:22
- 67 of 315
Goes Ex. Divi this week paying 2.30P
Stan
- 01 Jul 2013 18:10
- 68 of 315
Interesting coverage on Marstons further down the article chaps http://www.shropshirestar.com/news/2013/07/01/cheers-we-launch-shropshire-star-pub-week/
Stan
- 04 Jul 2013 16:07
- 69 of 315
Schroders plc holding go's above 5%.
By the way Skinny I've just bought a pub.
By the way Skinny I've just bought a pub.
skinny
- 04 Jul 2013 16:11
- 70 of 315
Seriously?
Stan
- 04 Jul 2013 16:38
- 71 of 315
Yes and no -): have a look http://ivyhousenunhead.com/
skinny
- 04 Jul 2013 16:48
- 72 of 315
Stan - I know the pub and the area!
Stan
- 04 Jul 2013 17:04
- 73 of 315
Oh good, Spill the beans then -): what's your opinion on the prospects? Wife and I know 2 people who live in the area and they say that the people behind it seem sound. Not to pleasant at night like a number of city areas, but think there are a lot worst.
halifax - 04 Jul 2013 17:48 - 74 of 315
great joke, the drinks are on you!
skinny
- 05 Jul 2013 06:58
- 75 of 315
I haven't been over that way for about 10 years, but I used to live a couple of miles away in Dulwich.
Where the pub is was always a bit of a down area, but it and surrounding areas seem to have taken on Dulwich gentrification.
My favourite pub in the area was the Dulwich Clock House, but looking at the internal pictures, it seems to have been somewhat sanitised!
Where the pub is was always a bit of a down area, but it and surrounding areas seem to have taken on Dulwich gentrification.
My favourite pub in the area was the Dulwich Clock House, but looking at the internal pictures, it seems to have been somewhat sanitised!
Stan
- 05 Jul 2013 08:31
- 76 of 315
Gentrification is the word I agree, your pub doesen't get much of a write now here either http://www.beerintheevening.com/pubs/s/18/1844/Clock_House/East_Dulwich but sadly after the merger with Wells the Young pubs and ale have gone downhill in what Youngs pubs used to be like.
skinny
- 05 Jul 2013 08:37
- 77 of 315
Yes it used to be a 'proper' Young's pub - the other one we used more in the summer was the Dulwich WoodHouse, but again, looking at the pictures - it too has been sanitised - it used to have a garden bar which was basically a flap in the wall that they opened during the summer.
It looks like they've built a bloody conservatory where it was and as for that fountain monstrosity!!!!
It looks like they've built a bloody conservatory where it was and as for that fountain monstrosity!!!!
skinny
- 05 Jul 2013 08:40
- 78 of 315
I see your link has a reference to The Uplands Bar and Brasserie what a laugh - it used to be a dive which transformed itself at the weekends into a disco pub - Brasserie my a*se!
Stan
- 05 Jul 2013 08:45
- 79 of 315
On Hols. for 3 weeks now so hope to get down there at some point, will report back later. We can never rely on any pub being the same unfortunately these days sadly.. including the poxy prices of course!
skinny
- 05 Jul 2013 08:49
- 80 of 315
Have fun - there there was a pub near by your Nunhead pub, called the Waverly - another dump, but it had a good pool table - probably a gastro pub now!
Stan
- 05 Jul 2013 09:13
- 81 of 315
Thanks will do our best -):
skinny
- 08 Jul 2013 10:58
- 82 of 315
JP Morgan Cazenove Overweight 149.20 146.20 170.00 170.00 Retains
skinny
- 22 Jul 2013 08:38
- 83 of 315
4 year high @158.10p
Stan
- 22 Jul 2013 08:58
- 84 of 315
Yes, SP on the up to the trading statement on Thursday I expect, must have done very well over the last month of hot weather like most.
Skinny on a separate note looks like your old pub hasn't been messed about with to much going by this review http://www.pubsgalore.co.uk/pubs/24171/
Skinny on a separate note looks like your old pub hasn't been messed about with to much going by this review http://www.pubsgalore.co.uk/pubs/24171/
skinny
- 22 Jul 2013 09:08
- 85 of 315
Interesting Stan, thanks - it was never the most salubrious of areas!
Doom Bar at £2.80 a pint, is very palatable!
Doom Bar at £2.80 a pint, is very palatable!
Stan
- 22 Jul 2013 09:21
- 86 of 315
Yes indeed, exceptional for London.
skinny
- 24 Jul 2013 08:37
- 87 of 315
HSBC Neutral 160.00 159.00 140.00 160.00 Reiterates
skinny
- 25 Jul 2013 07:06
- 88 of 315
Interim Management Statement
Trading
As expected, our trading performance since the announcement of our interim results has been strong.
In Destination and Premium pubs, like-for-like sales for the 42 week period were 2.1% ahead of last year, including like-for-like food sales growth of 3.7% and like-for-like wet sales up 0.5% on last year. Like-for-like sales over the 10 weeks to 20 July were 6.0% ahead of last year. We have opened 16 new pub-restaurants in the year to date.
In our Taverns community pubs, performance in the second-half year to date is in line with last year with growth in our franchise pubs against strong comparatives that included the positive impact of the Euro 2012 football tournament as well as disposals, which are ahead of schedule.
In our Leased pubs, performance for the second half year to date is in line with last year.
In brewing, we have made excellent progress against a declining market, with year to date own-brewed beer volumes up around 6%.
We are ahead of target in disposing of our non-core pubs, with proceeds to date of £35 million and a revised forecast of around £50 million by the year-end.
Trading
As expected, our trading performance since the announcement of our interim results has been strong.
In Destination and Premium pubs, like-for-like sales for the 42 week period were 2.1% ahead of last year, including like-for-like food sales growth of 3.7% and like-for-like wet sales up 0.5% on last year. Like-for-like sales over the 10 weeks to 20 July were 6.0% ahead of last year. We have opened 16 new pub-restaurants in the year to date.
In our Taverns community pubs, performance in the second-half year to date is in line with last year with growth in our franchise pubs against strong comparatives that included the positive impact of the Euro 2012 football tournament as well as disposals, which are ahead of schedule.
In our Leased pubs, performance for the second half year to date is in line with last year.
In brewing, we have made excellent progress against a declining market, with year to date own-brewed beer volumes up around 6%.
We are ahead of target in disposing of our non-core pubs, with proceeds to date of £35 million and a revised forecast of around £50 million by the year-end.
skinny
- 25 Jul 2013 11:30
- 89 of 315
Numis Add 158.85 164.50 - 185.00 Retains
skinny
- 25 Jul 2013 14:04
- 90 of 315
N+1 Singer Buy 160.85 161.00 161.00 Reiterates
skinny
- 29 Jul 2013 08:53
- 91 of 315
Jefferies International Hold 158.25 157.50 150.00 155.00 Downgrades
skinny
- 06 Aug 2013 09:28
- 92 of 315
My local Morrisons are doing 6 bottles of Pedigree for £7.
skinny
- 10 Sep 2013 12:58
- 93 of 315
just closed half my position here as they are 70% up on the original purchase.
Stan
- 26 Sep 2013 16:07
- 94 of 315
Director purchase http://www.moneyam.com/action/news/showArticle?id=4676109 Do I read that right as an option taken up and not an award Skinny?
skinny
- 26 Sep 2013 16:13
- 95 of 315
Yes it looks like exercise of 2010 3YR SAYE Option.
Stan
- 26 Sep 2013 17:51
- 96 of 315
Thanks, the sooner they start lay these RNS's out properly the better.
skinny
- 09 Oct 2013 07:17
- 97 of 315
Year-end Trading Statement
Marston's PLC issues the following update on trading for the year ended 5 October 2013. The preliminary results will be announced on 28 November 2013.
Trading
Our performance for the second half-year has been encouraging, with good weather over the summer balancing poor weather during the first half-year.
In Destination and Premium pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 3.7% and wet like-for-like sales growth of 0.2%. Over the last 11 weeks like-for-like sales have grown by 2.6%. Operating margins are expected to be slightly ahead of last year.
In our Taverns community pubs, profits for the full year are expected to be behind last year due to poor weather in the first half-year, a greater than anticipated level of disposals and a more subdued performance in our tenanted pubs in line with market trends. The performance of our managed and franchised pubs has been robust with like-for-like sales in line with last year and up 2% in the second half-year.
In our Leased pubs, profit for the year is expected to be in line with last year, with an improved performance in the second half year.
In Brewing, our own-brewed beer volumes are 6% higher than last year, outperforming an ale market down 3%. Premium cask ale volumes were up 4% in the year and bottled ale was up 19%. We continue to lead the market in both of these segments.
Estate Development
We are focussing on significantly improving the quality of our pub estate appropriate for both current and future consumer needs.
We completed 22 new pub-restaurants in the year with returns remaining strong. Over the last five years our national new-build pub programme has proven highly successful, generating strong returns and improving the quality of our pub estate. The 2012 estate valuation also indicated that the new-build pubs were valued at 50% above build cost, generating significant value to our shareholders.
As a result of this success we propose to accelerate the new-build programme and are targeting 25-30 openings over the next few years, with a visible pipeline of sites to 2017.
We have disposed of 130 pubs and other assets in the year generating proceeds of around £50 million, higher than we originally anticipated. A more aggressive churn of the estate will improve returns over time, assist the funding of the new-build programme and reduce our exposure to the tenanted sector. We aim to achieve disposal proceeds of £60-70 million for financial year 2014, principally from the Taverns estate.
Commenting, Ralph Findlay, Chief Executive, said:
"We are encouraged by our performance in the second-half year after challenging weather in the first half.
The performance of our new-build pubs is very strong. We have developed plans to accelerate the programme and intend to dispose more aggressively of lower-end pubs in order to pursue our key objectives of sustainable growth, improving returns and reducing leverage over time.
We are confident that we are significantly improving the quality of our pub estate for both today's and tomorrow's consumer."
Marston's PLC issues the following update on trading for the year ended 5 October 2013. The preliminary results will be announced on 28 November 2013.
Trading
Our performance for the second half-year has been encouraging, with good weather over the summer balancing poor weather during the first half-year.
In Destination and Premium pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 3.7% and wet like-for-like sales growth of 0.2%. Over the last 11 weeks like-for-like sales have grown by 2.6%. Operating margins are expected to be slightly ahead of last year.
In our Taverns community pubs, profits for the full year are expected to be behind last year due to poor weather in the first half-year, a greater than anticipated level of disposals and a more subdued performance in our tenanted pubs in line with market trends. The performance of our managed and franchised pubs has been robust with like-for-like sales in line with last year and up 2% in the second half-year.
In our Leased pubs, profit for the year is expected to be in line with last year, with an improved performance in the second half year.
In Brewing, our own-brewed beer volumes are 6% higher than last year, outperforming an ale market down 3%. Premium cask ale volumes were up 4% in the year and bottled ale was up 19%. We continue to lead the market in both of these segments.
Estate Development
We are focussing on significantly improving the quality of our pub estate appropriate for both current and future consumer needs.
We completed 22 new pub-restaurants in the year with returns remaining strong. Over the last five years our national new-build pub programme has proven highly successful, generating strong returns and improving the quality of our pub estate. The 2012 estate valuation also indicated that the new-build pubs were valued at 50% above build cost, generating significant value to our shareholders.
As a result of this success we propose to accelerate the new-build programme and are targeting 25-30 openings over the next few years, with a visible pipeline of sites to 2017.
We have disposed of 130 pubs and other assets in the year generating proceeds of around £50 million, higher than we originally anticipated. A more aggressive churn of the estate will improve returns over time, assist the funding of the new-build programme and reduce our exposure to the tenanted sector. We aim to achieve disposal proceeds of £60-70 million for financial year 2014, principally from the Taverns estate.
Commenting, Ralph Findlay, Chief Executive, said:
"We are encouraged by our performance in the second-half year after challenging weather in the first half.
The performance of our new-build pubs is very strong. We have developed plans to accelerate the programme and intend to dispose more aggressively of lower-end pubs in order to pursue our key objectives of sustainable growth, improving returns and reducing leverage over time.
We are confident that we are significantly improving the quality of our pub estate for both today's and tomorrow's consumer."
skinny
- 09 Oct 2013 10:22
- 98 of 315
N+1 Singer Buy 144.65 161.00 161.00 Reiterates
skinny
- 27 Nov 2013 10:39
- 99 of 315
Full year results tomorrow - 28th.
Stan
- 27 Nov 2013 10:45
- 100 of 315
Ah yes. So they are.
skinny
- 28 Nov 2013 07:04
- 101 of 315
Final Results
FINANCIAL HIGHLIGHTS
· Group revenue - up 9% to £782.9 million (2012: £719.7 million).
· Underlying operating profit - up 7% to £168.3 million (2012: £157.9 million).
· Underlying PBT - up 1% to £88.4 million, despite higher interest costs.
· Return on capital - 0.5% improvement versus 2012.
· Final dividend - up 5% to 4.1 pence per share.
· Bank facility extension to November 2018 - extends maturity of Group debt.
· Current trading - encouraging start to year.
OPERATING HIGHLIGHTS AND STRATEGY
· Destination and Premium - strong sales and profit growth driven by new-build investment, including 22 openings in the year, performing ahead of target
· Taverns - H2 profit growth in managed pubs and 600 pubs converted to franchise
· Brewing - revenue and profit up with increased market share
· Acceleration of new-builds - increased planned rate of expansion of new-builds to 25-30 sites per annum
· Disposals of lower turnover wet-led pubs
- 130 pubs and other assets sold or exchanged during the year for c.£50 million
- Agreement to dispose of 202 sites for £90 million at 7.6x EBITDA multiple
- Target £60-70 million disposals per annum in 2014 and 2015 from Taverns estate
CURRENT TRADING - 7 WEEKS TO 23 NOVEMBER
· Destination and Premium -like-for-like sales up 3.1%; like-for-like food sales up 4.6%; like- for-like wet
sales up 1.0%
· Taverns- managed and franchised like-for-like sales up 2.1%; tenanted profits in line with
expectations
· Leased - like-for-like profits in line with last year
· Brewing - in line with expectations
FINANCIAL HIGHLIGHTS
· Group revenue - up 9% to £782.9 million (2012: £719.7 million).
· Underlying operating profit - up 7% to £168.3 million (2012: £157.9 million).
· Underlying PBT - up 1% to £88.4 million, despite higher interest costs.
· Return on capital - 0.5% improvement versus 2012.
· Final dividend - up 5% to 4.1 pence per share.
· Bank facility extension to November 2018 - extends maturity of Group debt.
· Current trading - encouraging start to year.
OPERATING HIGHLIGHTS AND STRATEGY
· Destination and Premium - strong sales and profit growth driven by new-build investment, including 22 openings in the year, performing ahead of target
· Taverns - H2 profit growth in managed pubs and 600 pubs converted to franchise
· Brewing - revenue and profit up with increased market share
· Acceleration of new-builds - increased planned rate of expansion of new-builds to 25-30 sites per annum
· Disposals of lower turnover wet-led pubs
- 130 pubs and other assets sold or exchanged during the year for c.£50 million
- Agreement to dispose of 202 sites for £90 million at 7.6x EBITDA multiple
- Target £60-70 million disposals per annum in 2014 and 2015 from Taverns estate
CURRENT TRADING - 7 WEEKS TO 23 NOVEMBER
· Destination and Premium -like-for-like sales up 3.1%; like-for-like food sales up 4.6%; like- for-like wet
sales up 1.0%
· Taverns- managed and franchised like-for-like sales up 2.1%; tenanted profits in line with
expectations
· Leased - like-for-like profits in line with last year
· Brewing - in line with expectations
skinny
- 28 Nov 2013 07:06
- 102 of 315
Stan
- 28 Nov 2013 07:23
- 103 of 315
Well on the surface of it that pub sell-off looks very good for Marstons.
skinny
- 28 Nov 2013 07:44
- 104 of 315
Looks like it Stan, this sentence sums it up.
" This disposal is consistent with Marston's strategy to target growth through investment in higher turnover pub-restaurants, improve the quality of its estate and reduce its exposure to smaller wet-led pubs. "
" This disposal is consistent with Marston's strategy to target growth through investment in higher turnover pub-restaurants, improve the quality of its estate and reduce its exposure to smaller wet-led pubs. "
Stan
- 28 Nov 2013 07:48
- 105 of 315
Yes, sounds very positive and consistent.
skinny
- 28 Nov 2013 08:33
- 106 of 315
N+1 Singer Buy 156.90 155.10 157.00 157.00 Reiterates
Numis Buy 156.95 155.10 185.00 185.00 Retains
Numis Buy 156.95 155.10 185.00 185.00 Retains
Stan
- 28 Nov 2013 15:52
- 107 of 315
Down nearly 7%, presumably becuase of this
British pub and brewing company Marston's (>> Marston's PLC) said rising sales, strong Christmas bookings and plans to concentrate more on food-focused outlets will boost its prospects after posting full-year pretax profit slightly below analysts' forecasts.
British pub and brewing company Marston's (>> Marston's PLC) said rising sales, strong Christmas bookings and plans to concentrate more on food-focused outlets will boost its prospects after posting full-year pretax profit slightly below analysts' forecasts.
skinny
- 28 Nov 2013 16:12
- 108 of 315
I've bought back some of the portion that I sold in September - something I wasn't expecting this morning!
Stan
- 28 Nov 2013 16:48
- 109 of 315
Hope you got them before that dive this morning.
skinny
- 28 Nov 2013 16:50
- 110 of 315
I bought them late on @143p
Stan
- 28 Nov 2013 16:54
- 111 of 315
Oh good, I was very surprised to see them down so much not only because they do seem to be doing things right but with the festive season coming up as well.
skinny
- 28 Nov 2013 17:00
- 112 of 315
I sold some of my long term holding in September @164.28 - so reasonably happy - time will tell.
skinny
- 29 Nov 2013 07:43
- 113 of 315
JP Morgan Cazenove Neutral 143.70 143.70 140.00 160.00 Reiterates
skinny
- 03 Dec 2013 08:06
- 114 of 315
N+1 Singer Buy 0.00 150.30 157.00 163.00 Reiterates
skinny
- 08 Jan 2014 07:32
- 115 of 315
Jefferies International Buy 144.95 145.20 155.00 180.00 Upgrades
skinny
- 14 Jan 2014 07:19
- 116 of 315
WH Ireland Securities Buy 154.00 154.00 - - Upgrades
skinny
- 15 Jan 2014 13:29
- 117 of 315
Numis Buy 155.45 153.50 185.00 185.00 Retains
skinny
- 21 Jan 2014 07:08
- 118 of 315
AGM & Interim management Statement
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period. Profitability is in line with our expectations.
In Destination and Premium, like-for-like sales were 4.1% ahead of last year including like-for-like food sales growth of 5.6% and wet like-for-like sales growth of 2.2%. In the key three week Christmas trading period to 4 January trading was strong with growth of 3.3%, following 5.8% growth in the corresponding period last year. Operating margins are slightly ahead of last year and our accelerated plans for 25-30 of our new-pub restaurants in the current financial year are on track, with eleven openings expected in the first half.
In Taverns, managed and franchise pub like-for-like sales were 3.0% ahead of last year, with strong Christmas and New Year trading. Our franchise model continues to prove successful, providing motivated licensees with local flexibility while improving the quality, consistency and value of the consumer offer, and reducing risk for the licensee.
In Leased, profits are estimated to be around 1% ahead of last year.
In Brewing, although volumes are just below last year continued growth in premium ales has benefited operating margins, resulting in profits being slightly ahead.
Net debt and cash flow are in line with our expectations.
We will announce our Interim Results for the 26 weeks to 5 April 2014 on 15th May 2014.
Commenting, Ralph Findlay, Chief Executive, said:
"We traded well over the Christmas period as customers responded to our excellent value festive offers, with 55,000 meals served on Christmas Day - a record. Our performance in the first quarter has been good and, encouragingly, we have achieved growth in each of our key trading divisions. We continue to strive to ensure that our pubs and beers meet the high standards our customers expect and provide outstanding value for money."
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period. Profitability is in line with our expectations.
In Destination and Premium, like-for-like sales were 4.1% ahead of last year including like-for-like food sales growth of 5.6% and wet like-for-like sales growth of 2.2%. In the key three week Christmas trading period to 4 January trading was strong with growth of 3.3%, following 5.8% growth in the corresponding period last year. Operating margins are slightly ahead of last year and our accelerated plans for 25-30 of our new-pub restaurants in the current financial year are on track, with eleven openings expected in the first half.
In Taverns, managed and franchise pub like-for-like sales were 3.0% ahead of last year, with strong Christmas and New Year trading. Our franchise model continues to prove successful, providing motivated licensees with local flexibility while improving the quality, consistency and value of the consumer offer, and reducing risk for the licensee.
In Leased, profits are estimated to be around 1% ahead of last year.
In Brewing, although volumes are just below last year continued growth in premium ales has benefited operating margins, resulting in profits being slightly ahead.
Net debt and cash flow are in line with our expectations.
We will announce our Interim Results for the 26 weeks to 5 April 2014 on 15th May 2014.
Commenting, Ralph Findlay, Chief Executive, said:
"We traded well over the Christmas period as customers responded to our excellent value festive offers, with 55,000 meals served on Christmas Day - a record. Our performance in the first quarter has been good and, encouragingly, we have achieved growth in each of our key trading divisions. We continue to strive to ensure that our pubs and beers meet the high standards our customers expect and provide outstanding value for money."
skinny
- 24 Jan 2014 07:46
- 119 of 315
Beer: The women taking over the world of brewing
The number of professional women brewers is on the rise in the UK and they are becoming increasingly influential, according to leading industry figures. Why?
Jane Austen brewed beer when she wasn't busy writing novels.
Men dominate brewing now and the industry has had something of a beard-and-cardigan image, but in Austen's day it was part of her household duties and had been women's work for thousands of years.
But female brewers, or brewsters as they are traditionally known, are said to be on the rise again and are being credited with helping reinvigorate the beer industry.
There is no official figure for how many women currently brew professionally but you don't have to look hard to find them.
A woman is the most influential brewer in the country, according to industry figures. Emma Gilleland is head of supply chain at Marston's, the UK's leading independent brewer. It produces over 60 ales from five breweries and she is responsible for the quality of every single pint.
The number of professional women brewers is on the rise in the UK and they are becoming increasingly influential, according to leading industry figures. Why?
Jane Austen brewed beer when she wasn't busy writing novels.
Men dominate brewing now and the industry has had something of a beard-and-cardigan image, but in Austen's day it was part of her household duties and had been women's work for thousands of years.
But female brewers, or brewsters as they are traditionally known, are said to be on the rise again and are being credited with helping reinvigorate the beer industry.
There is no official figure for how many women currently brew professionally but you don't have to look hard to find them.
A woman is the most influential brewer in the country, according to industry figures. Emma Gilleland is head of supply chain at Marston's, the UK's leading independent brewer. It produces over 60 ales from five breweries and she is responsible for the quality of every single pint.
skinny
- 24 Jan 2014 08:08
- 120 of 315
JP Morgan Cazenove Neutral 0.00 149.70 160.00 180.00 Reiterates
skinny
- 28 Apr 2014 09:12
- 121 of 315
Deutsche Bank Hold 148.40 147.80 135.00 170.00 Reiterates
skinny
- 15 May 2014 07:14
- 122 of 315
Interim Results
ROWTH IN REVENUE AND EARNINGS SUPPORTS INCREASE IN DIVIDEND
FINANCIAL HIGHLIGHTS
· Underlying Group revenue up 4.5% to £374.3 million.
· Underlying profit before tax up 9.4% to £29.0 million.
· Underlying earnings per share up 10.8% to 4.1 pence per share.
· Interim dividend up 4.3% to 2.4 pence per share.
OPERATING HIGHLIGHTS
· Destination and Premium: Like-for-like sales up 5.7%, operating profit up 18.2%.
· Taverns: Managed and franchised like-for-like sales up 3.8%, core estate in profit growth.
· Leased: Like-for-like profits up 3.0%.
· Brewing: Revenue up 3.5%, operating profit up 4.0%.
STRATEGY HIGHLIGHTS
· New-build development: On target for at least 27 new pubs this financial year.
· Franchise expansion: 65 pubs converted in first half.
· Disposal of smaller wet-led pubs: 286 properties sold for £116 million.
· Market leader in premium ale: Premium ale volumes up 2%.
CURRENT TRADING - 5 WEEKS TO 10 MAY
· Destination and Premium: Like-for-like sales up 4.1%.
· Taverns: Managed and franchised like-for-like sales up 3.0%.
· Leased: Like-for-like profits estimated to be up 5%.
· Own-brewed volumes up 6%.
Commenting, Ralph Findlay, Chief Executive, said:
"The first half year was good and current trading is strong. We are creating a higher quality pub estate which is delivering positive trading momentum and meets the expectations of today's customers. We opened 11 new pub-restaurants in the first half and remain on track to open at least 27 in total this year. Our 100th new pub built since 2009 will open this summer, with 5,000 jobs having been created.
We are beginning to see some evidence of consumer confidence returning in the regions, leaving us confident of making positive progress for the remainder of the year."
ROWTH IN REVENUE AND EARNINGS SUPPORTS INCREASE IN DIVIDEND
FINANCIAL HIGHLIGHTS
· Underlying Group revenue up 4.5% to £374.3 million.
· Underlying profit before tax up 9.4% to £29.0 million.
· Underlying earnings per share up 10.8% to 4.1 pence per share.
· Interim dividend up 4.3% to 2.4 pence per share.
OPERATING HIGHLIGHTS
· Destination and Premium: Like-for-like sales up 5.7%, operating profit up 18.2%.
· Taverns: Managed and franchised like-for-like sales up 3.8%, core estate in profit growth.
· Leased: Like-for-like profits up 3.0%.
· Brewing: Revenue up 3.5%, operating profit up 4.0%.
STRATEGY HIGHLIGHTS
· New-build development: On target for at least 27 new pubs this financial year.
· Franchise expansion: 65 pubs converted in first half.
· Disposal of smaller wet-led pubs: 286 properties sold for £116 million.
· Market leader in premium ale: Premium ale volumes up 2%.
CURRENT TRADING - 5 WEEKS TO 10 MAY
· Destination and Premium: Like-for-like sales up 4.1%.
· Taverns: Managed and franchised like-for-like sales up 3.0%.
· Leased: Like-for-like profits estimated to be up 5%.
· Own-brewed volumes up 6%.
Commenting, Ralph Findlay, Chief Executive, said:
"The first half year was good and current trading is strong. We are creating a higher quality pub estate which is delivering positive trading momentum and meets the expectations of today's customers. We opened 11 new pub-restaurants in the first half and remain on track to open at least 27 in total this year. Our 100th new pub built since 2009 will open this summer, with 5,000 jobs having been created.
We are beginning to see some evidence of consumer confidence returning in the regions, leaving us confident of making positive progress for the remainder of the year."
skinny
- 15 May 2014 10:35
- 123 of 315
Numis Buy 152.30 150.00 185.00 185.00 Retains
N+1 Singer Buy 152.30 150.00 - 163.00 Reiterates
N+1 Singer Buy 152.30 150.00 - 163.00 Reiterates
skinny
- 23 May 2014 12:01
- 124 of 315
SHARE TIPS FROM INVESTORS CHRONICLE
Harriet Russell
A far-sighted growth strategy that Marston's (MARS) put in place in the wake of the credit crunch in 2009 looks set to step up a gear, providing the prospects of substantial profit and dividend growth from 2015 and beyond along with the potential for broker upgrades, if recent strong half-year results are anything to go by. However, priced at just 10 times forecast earnings and promising a yield of over 4 per cent, the shares do not seem to be taking full account of the impressive outlook for income and growth.
While a recent slew of sales of non-core pubs is expected to result in flat earnings this year, the move provides the opportunity to significantly boost returns by focusing the pub group on its strongly performing managed estate and its innovative franchise pubs. Indeed, the plan is for 85 per cent of profits to be generated from such pubs in coming years.
According to chief executive Ralph Findlay, Marston’s success in rejuvenating its estate since the credit crunch can be attributed to paying close attention to the changing nature of the British consumer. He calls it the 'F-Plan': focusing on families, females, forty-somethings and - most importantly - food. Traditionally, pubs focused on drinks sales because it was a higher-margin business. But Mr Findlay says that has changed. Britain’s average consumer, he says, is looking for the most "bang for their buck" and wants food to play a part in weekly trips to the pub. Mr Findlay also points out many household spending decisions are made by females and described them as a ‘prime customer target’. Much of the pub sector is now slowly catching on to this trend, but Marston's has a head start on its rivals.
Marston's seemed to realise the pub landscape and the clientele was changing as early as 2009. Since then, the group has built over 100 'family-friendly' pubs, investing more than £250m in new sites. And prescience of the move was illustrated last year by the British Beer & Pub Association’s annual pub-running guide entitled which found that pubs with higher dry sales (food) are now better able to boost profitability, as food margins now range from 56 to 61 per cent, compared to drinks margins ranging from 49 to 54 per cent. What's more, the same report showed the highest level of gross profit was achieved by rural-destination pubs and food-led pubs, which are a particular focus for Marston's. Its estate is mostly regional and underlying operating profit at its destination and premium sites - including branded Pitcher & Piano chain - grew 18 per cent in the first half of 2014. This was down to an increased spend per head as well as more customers.
The strong contribution from these 356 managed pubs, accounting for almost two-fifths of underlying profit, helped the group to beat most brokers' forecasts in the first six months of the financial year. Underlying revenue was up 4.5 per and underlying EPS rose 11 per cent to 4.1p, but forecasts have not been upgraded for now. The ongoing conversion of tenanted pubs to the group's innovative franchise model (currently accounting for 545 of the group's 1,078 'Tavern' pubs) has also helped overall performance and has helped limit risks.
However, Marston’s - along with much of the sector - carries a hefty debt pile and has made reducing it a major strategic objective. The medium-term target is to bring the ratio of debt to cash profits down to 5 times and the ongoing disposal programme, which generated £116m in the first half, will help. Importantly, though, expansion plans are also still high on the agenda. The 2009 new-build programme doesn’t look set to slow: this year the group is on track to open 27 new family-focused pub restaurants, 11 of which already opened their doors in the first half.
Share tip summary
It’ll be a fine balance, Mr Findlay admits, between paying down debt and building new pubs, but as consumer confidence returns, Marston's should be well-positioned to achieve growth. Given its increasingly attractive expansion strategy, a hearty yield, forecasts of double-digit EPS growth in both 2015 and 2016 (13 per cent and 12 per cent respectively), and the potential for upgrades, the shares are a buy priced at just 12 times 2014 forecast earnings dropping to 11 in 2015. Buy.
Last IC view: Buy, 143p, 29 Nov 2013
Harriet Russell
A far-sighted growth strategy that Marston's (MARS) put in place in the wake of the credit crunch in 2009 looks set to step up a gear, providing the prospects of substantial profit and dividend growth from 2015 and beyond along with the potential for broker upgrades, if recent strong half-year results are anything to go by. However, priced at just 10 times forecast earnings and promising a yield of over 4 per cent, the shares do not seem to be taking full account of the impressive outlook for income and growth.
While a recent slew of sales of non-core pubs is expected to result in flat earnings this year, the move provides the opportunity to significantly boost returns by focusing the pub group on its strongly performing managed estate and its innovative franchise pubs. Indeed, the plan is for 85 per cent of profits to be generated from such pubs in coming years.
According to chief executive Ralph Findlay, Marston’s success in rejuvenating its estate since the credit crunch can be attributed to paying close attention to the changing nature of the British consumer. He calls it the 'F-Plan': focusing on families, females, forty-somethings and - most importantly - food. Traditionally, pubs focused on drinks sales because it was a higher-margin business. But Mr Findlay says that has changed. Britain’s average consumer, he says, is looking for the most "bang for their buck" and wants food to play a part in weekly trips to the pub. Mr Findlay also points out many household spending decisions are made by females and described them as a ‘prime customer target’. Much of the pub sector is now slowly catching on to this trend, but Marston's has a head start on its rivals.
Marston's seemed to realise the pub landscape and the clientele was changing as early as 2009. Since then, the group has built over 100 'family-friendly' pubs, investing more than £250m in new sites. And prescience of the move was illustrated last year by the British Beer & Pub Association’s annual pub-running guide entitled which found that pubs with higher dry sales (food) are now better able to boost profitability, as food margins now range from 56 to 61 per cent, compared to drinks margins ranging from 49 to 54 per cent. What's more, the same report showed the highest level of gross profit was achieved by rural-destination pubs and food-led pubs, which are a particular focus for Marston's. Its estate is mostly regional and underlying operating profit at its destination and premium sites - including branded Pitcher & Piano chain - grew 18 per cent in the first half of 2014. This was down to an increased spend per head as well as more customers.
The strong contribution from these 356 managed pubs, accounting for almost two-fifths of underlying profit, helped the group to beat most brokers' forecasts in the first six months of the financial year. Underlying revenue was up 4.5 per and underlying EPS rose 11 per cent to 4.1p, but forecasts have not been upgraded for now. The ongoing conversion of tenanted pubs to the group's innovative franchise model (currently accounting for 545 of the group's 1,078 'Tavern' pubs) has also helped overall performance and has helped limit risks.
However, Marston’s - along with much of the sector - carries a hefty debt pile and has made reducing it a major strategic objective. The medium-term target is to bring the ratio of debt to cash profits down to 5 times and the ongoing disposal programme, which generated £116m in the first half, will help. Importantly, though, expansion plans are also still high on the agenda. The 2009 new-build programme doesn’t look set to slow: this year the group is on track to open 27 new family-focused pub restaurants, 11 of which already opened their doors in the first half.
Share tip summary
It’ll be a fine balance, Mr Findlay admits, between paying down debt and building new pubs, but as consumer confidence returns, Marston's should be well-positioned to achieve growth. Given its increasingly attractive expansion strategy, a hearty yield, forecasts of double-digit EPS growth in both 2015 and 2016 (13 per cent and 12 per cent respectively), and the potential for upgrades, the shares are a buy priced at just 12 times 2014 forecast earnings dropping to 11 in 2015. Buy.
Last IC view: Buy, 143p, 29 Nov 2013
skinny
- 04 Jun 2014 08:24
- 125 of 315
Deutsche Bank Hold 151.15 150.80 170.00 170.00 Reiterates
skinny
- 25 Jun 2014 16:17
- 126 of 315
skinny
- 24 Jul 2014 07:01
- 127 of 315
Interim Management Statement
Trading
We have continued to make good progress in line with our expectations. The impact of the World Cup was broadly neutral, with higher drinks sales offset by weaker food performance in our pubs, and strong sales growth in the off-trade.
In Destination and Premium, like-for-like sales for the 41 week period were 4.1% ahead of last year, including like-for-like food sales growth of 4.2% and like-for-like wet sales growth of 3.5%. Operating margin is slightly above last year and we remain on track to complete 27 new-build pub restaurants in the current financial year.
In Taverns, like-for-like sales for the 41 week period were 3.0% ahead of last year. Our franchise business continues to perform strongly and now operates in around 550 pubs.
In Leased, like-for-like profits for the 41 week period are estimated to be up 3% compared to last year.
In Brewing, own-brewed beer volumes were up around 1% compared to last year including 10% growth in off-trade volumes during the World Cup.
Net debt and cash flow are in line with expectations.
Commenting, Ralph Findlay, Chief Executive Officer said:
"We have continued to make good progress in implementing our strategic priorities with our focus on investment in new pub-restaurants, the expansion of franchise and the continued development of our premium beer portfolio all contributing to our growth targets. We remain confident of achieving our expectations for the full year."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website, www.marstons.co.uk/investors
Year-end trading statement
8 October 2014
2014 Preliminary results
27 November 2014
2015 Interim results
14 May 2015
2015 Preliminary results
26 November 2015
Trading
We have continued to make good progress in line with our expectations. The impact of the World Cup was broadly neutral, with higher drinks sales offset by weaker food performance in our pubs, and strong sales growth in the off-trade.
In Destination and Premium, like-for-like sales for the 41 week period were 4.1% ahead of last year, including like-for-like food sales growth of 4.2% and like-for-like wet sales growth of 3.5%. Operating margin is slightly above last year and we remain on track to complete 27 new-build pub restaurants in the current financial year.
In Taverns, like-for-like sales for the 41 week period were 3.0% ahead of last year. Our franchise business continues to perform strongly and now operates in around 550 pubs.
In Leased, like-for-like profits for the 41 week period are estimated to be up 3% compared to last year.
In Brewing, own-brewed beer volumes were up around 1% compared to last year including 10% growth in off-trade volumes during the World Cup.
Net debt and cash flow are in line with expectations.
Commenting, Ralph Findlay, Chief Executive Officer said:
"We have continued to make good progress in implementing our strategic priorities with our focus on investment in new pub-restaurants, the expansion of franchise and the continued development of our premium beer portfolio all contributing to our growth targets. We remain confident of achieving our expectations for the full year."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website, www.marstons.co.uk/investors
Year-end trading statement
8 October 2014
2014 Preliminary results
27 November 2014
2015 Interim results
14 May 2015
2015 Preliminary results
26 November 2015
skinny
- 24 Jul 2014 08:26
- 128 of 315
N+1 Singer Buy 144.50 144.20 163.00 163.00 Reiterates
Numis Buy 143.25 144.20 185.00 185.00 Retains
Numis Buy 143.25 144.20 185.00 185.00 Retains
skinny
- 18 Aug 2014 06:13
- 129 of 315
Stan
- 28 Aug 2014 23:02
- 130 of 315
On Channel 5 tomorrow night at 8pm-9pm. Marston's Brewery: One Ale of a Job!
skinny
- 05 Sep 2014 07:02
- 132 of 315
Board Appointments
Marston's PLC is pleased to announce two non-executive appointments to the Board.
Carolyn Bradley and Catherine Glickman will join the Board as independent Non-executive Directors with effect from 1 October 2014 and 1 December 2014 respectively. Catherine Glickman will also be a member of the Remuneration Committee.
Carolyn was Group Brand Director at Tesco PLC from 2012 to 2013. She joined Tesco in 1986 and held a number of other senior positions including Chief Operations Officer for Tesco.com, Commercial Director for Tesco Stores and Tesco UK Marketing Director. She led the teams responsible for major marketing initiatives including the 'Every Little Helps' campaign and the launch of the Tesco Clubcard. She was a Trustee of the DrinkAware Trust until 2013.
Catherine is Group HR Director at Genus Plc. She was Group HR Director at Tesco PLC from 2009 to 2012, having joined Tesco in 1991 and led retail management development and customer service training during a period of significant expansion in the UK and overseas. She previously gained experience in branded retail at Somerfield and Boots.
Marston's PLC is pleased to announce two non-executive appointments to the Board.
Carolyn Bradley and Catherine Glickman will join the Board as independent Non-executive Directors with effect from 1 October 2014 and 1 December 2014 respectively. Catherine Glickman will also be a member of the Remuneration Committee.
Carolyn was Group Brand Director at Tesco PLC from 2012 to 2013. She joined Tesco in 1986 and held a number of other senior positions including Chief Operations Officer for Tesco.com, Commercial Director for Tesco Stores and Tesco UK Marketing Director. She led the teams responsible for major marketing initiatives including the 'Every Little Helps' campaign and the launch of the Tesco Clubcard. She was a Trustee of the DrinkAware Trust until 2013.
Catherine is Group HR Director at Genus Plc. She was Group HR Director at Tesco PLC from 2009 to 2012, having joined Tesco in 1991 and led retail management development and customer service training during a period of significant expansion in the UK and overseas. She previously gained experience in branded retail at Somerfield and Boots.
skinny
- 08 Oct 2014 07:01
- 133 of 315
YEAR-END TRADING UPDATE
Marston's PLC issues the following update on trading for the year-ended 4 October 2014. The preliminary results will be announced on 27 November 2014.
Trading
We have made sound progress this year and expect to report underlying operating profit broadly in line with expectations.
In Destination and Premium, like-for-like sales were 3.1% ahead of the previous year including food like-for-like sales growth of 3.3% and like-for-like wet sales growth of 2.0%. Operating margin is ahead of the previous year and we completed 27 new pub-restaurants in the financial year, creating 1,350 jobs and including our 100th new-build opening since 2009. We expect to continue to develop our Destination estate at a similar rate of growth for the foreseeable future and have a good pipeline with at least 25 sites planned for completion in the 2015 financial year.
In Taverns, like-for-like sales were 2.1% ahead of the previous year. Our franchise business, which now operates in around 540 sites, continues to perform strongly.
In Leased, like-for-like profits are estimated to be up 3% against the comparative year.
In Brewing, own brand beer volumes were in line with last year, with strong performances in premium ales and the off-trade, where we continue to lead the market.
Commenting, Ralph Findlay, Chief Executive Officer said:
"We have made steady progress by consistently implementing our returns-focused strategy including an accelerated new-build programme, and in meeting our targets for disposals and conversions to franchise. We remain on track to complete the majority of this disposal and conversion activity by the end of financial year 2015, creating a pub estate appropriate to meet the needs of our customers in the long-term."
Marston's PLC issues the following update on trading for the year-ended 4 October 2014. The preliminary results will be announced on 27 November 2014.
Trading
We have made sound progress this year and expect to report underlying operating profit broadly in line with expectations.
In Destination and Premium, like-for-like sales were 3.1% ahead of the previous year including food like-for-like sales growth of 3.3% and like-for-like wet sales growth of 2.0%. Operating margin is ahead of the previous year and we completed 27 new pub-restaurants in the financial year, creating 1,350 jobs and including our 100th new-build opening since 2009. We expect to continue to develop our Destination estate at a similar rate of growth for the foreseeable future and have a good pipeline with at least 25 sites planned for completion in the 2015 financial year.
In Taverns, like-for-like sales were 2.1% ahead of the previous year. Our franchise business, which now operates in around 540 sites, continues to perform strongly.
In Leased, like-for-like profits are estimated to be up 3% against the comparative year.
In Brewing, own brand beer volumes were in line with last year, with strong performances in premium ales and the off-trade, where we continue to lead the market.
Commenting, Ralph Findlay, Chief Executive Officer said:
"We have made steady progress by consistently implementing our returns-focused strategy including an accelerated new-build programme, and in meeting our targets for disposals and conversions to franchise. We remain on track to complete the majority of this disposal and conversion activity by the end of financial year 2015, creating a pub estate appropriate to meet the needs of our customers in the long-term."
skinny
- 27 Nov 2014 07:41
- 135 of 315
Preliminary Results
Solid progress, transformation on track, continued dividend growth
· Solid trading performance:
- Underlying Group revenue up 1% to £787.6 million and underlying PBT down 3.6% to £83.0 million, reflecting disposals and shorter trading period.
- Like-for-like profit growth in retained pub estate.
- Brewing business continued to grow revenue and operating profits.
- Return on capital remains strong at 10.5%.
· Two year transformation of pub estate on track, average profit per pub up 10%:
- Strong underlying revenue and profit growth in Destination and Premium driven by new-build investment, with 27 openings this year.
- Our 100th new-build pub opened in Dumfries in September.
- Continued conversion of Taverns to franchise - 535 now converted.
- High quality Leased business delivered like-for-like profit and rental growth.
- Average profit per pub up 10% in our retained pub estate.
· Final dividend up 4.9% to 4.3p per share reflecting progress and confidence in strategy
· Encouraging start to new financial year:
- Destination and Premium like-for-like sales up 2.1%. Margins ahead of last year.
- Taverns like-for-like sales up 2.0%.
- Core Leased like-for-like profits up on last year.
- Brewing ahead of last year, particularly strong performance from Hobgoblin over Halloween.
Commenting, Ralph Findlay, Chief Executive, said:
"This year we have made good progress in transforming the quality of our pub estate through the continuation of our new-build development plans and the disposal of weaker pubs. Our Brewing business is benefiting from our category leadership in premium ale and new product development.
There are some signs of modest economic improvement, with the emergence of real wage growth and resilience within the economic regions outside London.
Looking forward, we will continue with our expansion strategy to invest in at least 25 new-build pubs each year. We also remain on track to dispose of the residual 200 pubs targeted for sale from our Taverns estate over the next 12 months to create the desired structure for our business for the future."
Solid progress, transformation on track, continued dividend growth
· Solid trading performance:
- Underlying Group revenue up 1% to £787.6 million and underlying PBT down 3.6% to £83.0 million, reflecting disposals and shorter trading period.
- Like-for-like profit growth in retained pub estate.
- Brewing business continued to grow revenue and operating profits.
- Return on capital remains strong at 10.5%.
· Two year transformation of pub estate on track, average profit per pub up 10%:
- Strong underlying revenue and profit growth in Destination and Premium driven by new-build investment, with 27 openings this year.
- Our 100th new-build pub opened in Dumfries in September.
- Continued conversion of Taverns to franchise - 535 now converted.
- High quality Leased business delivered like-for-like profit and rental growth.
- Average profit per pub up 10% in our retained pub estate.
· Final dividend up 4.9% to 4.3p per share reflecting progress and confidence in strategy
· Encouraging start to new financial year:
- Destination and Premium like-for-like sales up 2.1%. Margins ahead of last year.
- Taverns like-for-like sales up 2.0%.
- Core Leased like-for-like profits up on last year.
- Brewing ahead of last year, particularly strong performance from Hobgoblin over Halloween.
Commenting, Ralph Findlay, Chief Executive, said:
"This year we have made good progress in transforming the quality of our pub estate through the continuation of our new-build development plans and the disposal of weaker pubs. Our Brewing business is benefiting from our category leadership in premium ale and new product development.
There are some signs of modest economic improvement, with the emergence of real wage growth and resilience within the economic regions outside London.
Looking forward, we will continue with our expansion strategy to invest in at least 25 new-build pubs each year. We also remain on track to dispose of the residual 200 pubs targeted for sale from our Taverns estate over the next 12 months to create the desired structure for our business for the future."
HARRYCAT
- 28 Nov 2014 08:34
- 136 of 315
Ex-divi 18th Dec 2014 (4.3p)
Stan
- 09 Dec 2014 10:16
- 137 of 315
Increase in holding: http://www.moneyam.com/action/news/showArticle?id=4938953
Lord Gnome
- 17 Dec 2014 16:45
- 138 of 315
Bought in today at 141p. Surely this has to be bottom of the trading range and tomorrow's ex-div will be recovered quickly. I reckon we are in for a good Christmas trading period and a positive update in January will soon get these back on track.
Stan
- 17 Dec 2014 17:39
- 139 of 315
Seems to have nice range there LK.
Suppose it's all gains in the end, but from the point of view of capital gains, entry would be preferred after tomorrow in my case.
Suppose it's all gains in the end, but from the point of view of capital gains, entry would be preferred after tomorrow in my case.
skinny
- 27 Jan 2015 07:03
- 140 of 315
AGM AND TRADING STATEMENT
Marston's issues the following Trading Statement for the 16 week period to 24 January 2015 in advance of the Company's Annual General Meeting to be held at noon today.
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period. Profitability is in line with our expectations.
In Destination and Premium, like-for-like sales were 2.0% ahead of last year with both food and drink like-for-like sales growth of 2.0%. In the key two week Christmas trading period to 4 January trading was particularly strong with growth of 4.8%, including 12.5% growth on Christmas Day. Operating margins are ahead of last year and our plans to open at least 25 new-pub restaurants in the current financial year are on track, with eight openings expected in the first half.
In Taverns, managed and franchise pub like-for-like sales were 2.0% ahead of last year, with 2.7% growth over the Christmas fortnight and 5.8% growth on Christmas Day. Our franchise model continues to prove successful, providing motivated licensees with local flexibility and reduced risk while improving the quality, consistency and value of the consumer offer.
In Leased, profits were around 1% ahead of last year.
In Brewing, performance has been strong with Group Ale volumes up 4% in the year to date, underpinned by a very strong performance in the off-trade, with volumes up 8%. Hobgoblin, our biggest brand, continues to perform well, with volumes up 10% in the year to date.
We will announce our Interim Results for the 26 weeks to 4 April 2015 on 14th May 2015.
Commenting, Ralph Findlay, Chief Executive, said:
"We have again traded well over the Christmas period, with good sales growth over the key Christmas fortnight for the third year in succession, including serving a record 60,000 meals on Christmas Day. This performance demonstrates that our customers remain attracted to the consistency and value for money we offer, underpinned by excellent service in a high quality environment. In addition, our Beer business continues to perform well, with a particularly strong performance in the off-trade. We remain confident of achieving our expectations for the full year."
Marston's issues the following Trading Statement for the 16 week period to 24 January 2015 in advance of the Company's Annual General Meeting to be held at noon today.
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period. Profitability is in line with our expectations.
In Destination and Premium, like-for-like sales were 2.0% ahead of last year with both food and drink like-for-like sales growth of 2.0%. In the key two week Christmas trading period to 4 January trading was particularly strong with growth of 4.8%, including 12.5% growth on Christmas Day. Operating margins are ahead of last year and our plans to open at least 25 new-pub restaurants in the current financial year are on track, with eight openings expected in the first half.
In Taverns, managed and franchise pub like-for-like sales were 2.0% ahead of last year, with 2.7% growth over the Christmas fortnight and 5.8% growth on Christmas Day. Our franchise model continues to prove successful, providing motivated licensees with local flexibility and reduced risk while improving the quality, consistency and value of the consumer offer.
In Leased, profits were around 1% ahead of last year.
In Brewing, performance has been strong with Group Ale volumes up 4% in the year to date, underpinned by a very strong performance in the off-trade, with volumes up 8%. Hobgoblin, our biggest brand, continues to perform well, with volumes up 10% in the year to date.
We will announce our Interim Results for the 26 weeks to 4 April 2015 on 14th May 2015.
Commenting, Ralph Findlay, Chief Executive, said:
"We have again traded well over the Christmas period, with good sales growth over the key Christmas fortnight for the third year in succession, including serving a record 60,000 meals on Christmas Day. This performance demonstrates that our customers remain attracted to the consistency and value for money we offer, underpinned by excellent service in a high quality environment. In addition, our Beer business continues to perform well, with a particularly strong performance in the off-trade. We remain confident of achieving our expectations for the full year."
skinny
- 27 Jan 2015 07:04
- 141 of 315
Canaccord Genuity Hold 146.95 150.00 150.00 Reiterates
Numis Buy 146.95 180.00 180.00 Reiterates
JP Morgan Cazenove Neutral 146.95 155.00 155.00 Reiterates
Panmure Gordon Hold 146.95 150.00 150.00 Retains
N+1 Singer Buy 146.95 170.00 170.00 Reiterates
Deutsche Bank Hold 146.95 170.00 170.00 Reiterates
Numis Buy 146.95 180.00 180.00 Reiterates
JP Morgan Cazenove Neutral 146.95 155.00 155.00 Reiterates
Panmure Gordon Hold 146.95 150.00 150.00 Retains
N+1 Singer Buy 146.95 170.00 170.00 Reiterates
Deutsche Bank Hold 146.95 170.00 170.00 Reiterates
skinny
- 23 Feb 2015 14:22
- 142 of 315
Directorate Change
Marston's PLC (the "Company") today announces that Ralph Findlay, Chief Executive Officer of the Company, will be appointed a Non-executive Director of Bovis Homes Group PLC with effect from 7 April 2015. Ralph will also be a member of the Nomination Committee, Remuneration Committee and Audit Committee and will chair the Audit Committee from the conclusion of the 2015 AGM.
Marston's PLC (the "Company") today announces that Ralph Findlay, Chief Executive Officer of the Company, will be appointed a Non-executive Director of Bovis Homes Group PLC with effect from 7 April 2015. Ralph will also be a member of the Nomination Committee, Remuneration Committee and Audit Committee and will chair the Audit Committee from the conclusion of the 2015 AGM.
Stan
- 23 Feb 2015 14:45
- 143 of 315
OK Ralphy, but don't lose focus here please.
skinny
- 31 Mar 2015 16:34
- 144 of 315
ACQUISITION
Marston's PLC ("Marston's") is pleased to announce that it has reached agreement with Daniel Thwaites plc ("Thwaites") to acquire the trading operations of Thwaites' beer division. The acquisition includes two leading, premium brands: Wainwright and Lancaster Bomber ales. The total cash consideration is £25.1 million excluding working capital.
Marston's has been brewing Thwaites' beers since early 2014. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to Thwaites' pub estate.
Thwaites' beer division is a high quality sales business of scale concentrated in the North West of England, including a 150-strong team of regional sales, marketing and distribution staff operating in the Independent Free Trade, National On Trade and National Off Trade channels. The business has shown good growth in recent years, including the acquisition of Hydes Brewery's free trade business in 2012 which increased Thwaites' business in Manchester.
Thwaites' two principal beer brands are Wainwright, one of the most popular golden cask ales in the UK and Lancaster Bomber, a premium ale. Both brands have won numerous awards in recent years and are highly complementary to Marston's market-leading portfolio of premium craft and bottled ales.
This acquisition is consistent with Marston's brewing strategy to focus on popular premium ales with local and regional appeal, and provides an opportunity to capitalise on the developing free trade market and wider consumer interest in the beer category.
The transaction is expected to complete on 17 April 2015. In the 12 months to December 2014 EBITDA is estimated to have been around £7 million before overheads of approximately £2 million. The acquisition is expected to be earnings-enhancing in the first full year of ownership; in the current financial year it is estimated that the contribution to profit before taxation will be around £1.5 million.
Marston's PLC ("Marston's") is pleased to announce that it has reached agreement with Daniel Thwaites plc ("Thwaites") to acquire the trading operations of Thwaites' beer division. The acquisition includes two leading, premium brands: Wainwright and Lancaster Bomber ales. The total cash consideration is £25.1 million excluding working capital.
Marston's has been brewing Thwaites' beers since early 2014. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to Thwaites' pub estate.
Thwaites' beer division is a high quality sales business of scale concentrated in the North West of England, including a 150-strong team of regional sales, marketing and distribution staff operating in the Independent Free Trade, National On Trade and National Off Trade channels. The business has shown good growth in recent years, including the acquisition of Hydes Brewery's free trade business in 2012 which increased Thwaites' business in Manchester.
Thwaites' two principal beer brands are Wainwright, one of the most popular golden cask ales in the UK and Lancaster Bomber, a premium ale. Both brands have won numerous awards in recent years and are highly complementary to Marston's market-leading portfolio of premium craft and bottled ales.
This acquisition is consistent with Marston's brewing strategy to focus on popular premium ales with local and regional appeal, and provides an opportunity to capitalise on the developing free trade market and wider consumer interest in the beer category.
The transaction is expected to complete on 17 April 2015. In the 12 months to December 2014 EBITDA is estimated to have been around £7 million before overheads of approximately £2 million. The acquisition is expected to be earnings-enhancing in the first full year of ownership; in the current financial year it is estimated that the contribution to profit before taxation will be around £1.5 million.
skinny
- 02 Apr 2015 11:47
- 145 of 315
Canaccord Genuity Hold 156.20 158.30 150.00 160.00 Reiterates
skinny
- 05 Apr 2015 10:25
- 146 of 315
Lord Gnome
- 08 Apr 2015 07:45
- 147 of 315
Well that's Canaccord's target hit, Skinny. Is there a bit more left in the tank?
skinny
- 08 Apr 2015 07:51
- 148 of 315
I may be tempted to sell a third around 165p - but still undecided!
I see Jefferies have reiterated their 180p TP this morning.
I see Jefferies have reiterated their 180p TP this morning.
skinny
- 05 May 2015 16:05
- 149 of 315
Tempted to sell some on this 20 month high spike.
Numis Add 165.30 180.00 180.00 Retains
Numis Add 165.30 180.00 180.00 Retains
skinny
- 06 May 2015 16:36
- 150 of 315
Another strong finish on reasonable volume.
Stan
- 07 May 2015 15:49
- 151 of 315
UBS Investment Bank go below a "notable interest".
Lord Gnome
- 07 May 2015 23:21
- 152 of 315
Sold out today - decided to bank a good profit after that spike. Hopefully just a trading sell and that I will have a chance to buy back lower down.
skinny
- 14 May 2015 07:01
- 153 of 315
Interim Results
Interim Results
INTERIM RESULTS FOR THE 26 WEEKS ENDED 4 APRIL 2015
REVENUE AND EARNINGS GROWTH SUPPORT INCREASE IN DIVIDEND
FINANCIAL HIGHLIGHTS
· Underlying Group revenue up 3% to £384.5 million
· Underlying profit before tax up 2% to £29.6 million, despite disposals and anticipated pension costs
· Underlying earnings per share up 2% to 4.2 pence per share
· Interim dividend up 4% to 2.5 pence per share
· Estate valuation reveals £54 million increase - 40% increase on build cost for new-builds
OPERATING HIGHLIGHTS
· Destination and Premium: Like-for-like (lfl) sales up 1.5%, underlying operating profit up 10%, operating margin up 0.5%
· Taverns managed and franchised: Lfl sales up 1.4%, profit per pub up 19%
· Leased: Profit per pub up 4%
· Brewing: Underlying revenue up 9%, ale volume up 4%, underlying operating profit up 10%, operating margin up 0.1%
STRATEGY HIGHLIGHTS
· New-build development: Completed 8 new-builds in the half year
· Franchise expansion:37 pubs converted to franchise; now 520 pubs
· Disposal of smaller wet-led pubs: Disposal proceeds of £26 million, including sale of 65 pubs, improving average estate quality and returns
· Brewing: Acquisition of Thwaites' brewing operations completed in April 2015
CURRENT TRADING - 5 WEEKS TO 9 MAY
· Managed lfl sales up 2.0% including lfl food sales up 1.8% and lfl wet sales up 1.7%
· Taverns lfl sales up 2.8%
· Leased profits and own-brewed volumes in line with expectations
more....
Interim Results
INTERIM RESULTS FOR THE 26 WEEKS ENDED 4 APRIL 2015
REVENUE AND EARNINGS GROWTH SUPPORT INCREASE IN DIVIDEND
FINANCIAL HIGHLIGHTS
· Underlying Group revenue up 3% to £384.5 million
· Underlying profit before tax up 2% to £29.6 million, despite disposals and anticipated pension costs
· Underlying earnings per share up 2% to 4.2 pence per share
· Interim dividend up 4% to 2.5 pence per share
· Estate valuation reveals £54 million increase - 40% increase on build cost for new-builds
OPERATING HIGHLIGHTS
· Destination and Premium: Like-for-like (lfl) sales up 1.5%, underlying operating profit up 10%, operating margin up 0.5%
· Taverns managed and franchised: Lfl sales up 1.4%, profit per pub up 19%
· Leased: Profit per pub up 4%
· Brewing: Underlying revenue up 9%, ale volume up 4%, underlying operating profit up 10%, operating margin up 0.1%
STRATEGY HIGHLIGHTS
· New-build development: Completed 8 new-builds in the half year
· Franchise expansion:37 pubs converted to franchise; now 520 pubs
· Disposal of smaller wet-led pubs: Disposal proceeds of £26 million, including sale of 65 pubs, improving average estate quality and returns
· Brewing: Acquisition of Thwaites' brewing operations completed in April 2015
CURRENT TRADING - 5 WEEKS TO 9 MAY
· Managed lfl sales up 2.0% including lfl food sales up 1.8% and lfl wet sales up 1.7%
· Taverns lfl sales up 2.8%
· Leased profits and own-brewed volumes in line with expectations
more....
skinny
- 20 May 2015 11:32
- 154 of 315
skinny
- 16 Jul 2015 10:17
- 156 of 315
Numis seem to still be reasonably positive on the sector after the budget.
Numis Add 158.25 157.90 180.00 180.00 Retains
Numis Add 158.25 157.90 180.00 180.00 Retains
skinny
- 22 Jul 2015 07:02
- 157 of 315
Trading Update
We have continued to make profitable progress in line with our expectations.
In Destination and Premium, like-for-like sales for the 41 week period were 1.7% ahead of last year, including like-for-like food sales growth of 1.6% and like-for-like wet sales growth of 1.6%. In the last 10 weeks of the period, like-for-like sales are up 2.0%. Operating margin is slightly above last year and we remain on track to complete 25 new-build pub restaurants in the current financial year.
In Taverns, like-for-like sales for the 41 week period were 1.7% ahead of last year and in the last 10 weeks of the period, like-for-like sales were up 2.0%. Our franchise business continues to perform strongly and now operates in around 550 pubs.
In Leased, profits for the 41 week period are estimated to be in line with last year. Average profit per pub was up 4%, reflecting our higher quality leased estate.
In Brewing, own-brewed beer volumes, excluding Thwaites, were up around 4% compared to last year. Including Thwaites, own-brewed beer volumes are up 10%.
Net debt and cash flow are in line with expectations.
The recently announced Government plans to introduce a mandatory Living Wage by 2020 are consistent with our expectation that the gap between the National Minimum Wage and the Living Wage would be closed over time. The additional cost of meeting the higher target of £9 per hour by 2020 will mean that wage costs will be modestly greater than we had expected, but the impact compared to our plans is mitigated by the fact that we had anticipated increases above the rate of inflation, and the lower rate of corporation tax from 2017. Our view remains that Government should prioritise taxation and business rate reductions to reduce the cost of doing business and increase consumer confidence.
more....
We have continued to make profitable progress in line with our expectations.
In Destination and Premium, like-for-like sales for the 41 week period were 1.7% ahead of last year, including like-for-like food sales growth of 1.6% and like-for-like wet sales growth of 1.6%. In the last 10 weeks of the period, like-for-like sales are up 2.0%. Operating margin is slightly above last year and we remain on track to complete 25 new-build pub restaurants in the current financial year.
In Taverns, like-for-like sales for the 41 week period were 1.7% ahead of last year and in the last 10 weeks of the period, like-for-like sales were up 2.0%. Our franchise business continues to perform strongly and now operates in around 550 pubs.
In Leased, profits for the 41 week period are estimated to be in line with last year. Average profit per pub was up 4%, reflecting our higher quality leased estate.
In Brewing, own-brewed beer volumes, excluding Thwaites, were up around 4% compared to last year. Including Thwaites, own-brewed beer volumes are up 10%.
Net debt and cash flow are in line with expectations.
The recently announced Government plans to introduce a mandatory Living Wage by 2020 are consistent with our expectation that the gap between the National Minimum Wage and the Living Wage would be closed over time. The additional cost of meeting the higher target of £9 per hour by 2020 will mean that wage costs will be modestly greater than we had expected, but the impact compared to our plans is mitigated by the fact that we had anticipated increases above the rate of inflation, and the lower rate of corporation tax from 2017. Our view remains that Government should prioritise taxation and business rate reductions to reduce the cost of doing business and increase consumer confidence.
more....
skinny
- 28 Aug 2015 16:22
- 158 of 315
Canaccord Genuity Hold 151.60 175.00 175.00 Reiterates
Stan
- 14 Oct 2015 15:31
- 159 of 315
MARS sees underlying FY pretax profit in line
StockMarketWire.com
Marston's said it has made good progress this year with underlying profit before tax in line with expectations.
In Destination and Premium, like-for-like sales were 1.8% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 1.7%.
"In the last 11 weeks of the period like-for-like sales have grown 2.2%. Operating margin is ahead of last year and we completed 25 new pub-restaurants in the financial year just ended," the company said in a statement.
"As we highlighted at the Interim Results, the shape of our estate expansion will evolve slightly and in the 2016 Financial Year we plan to open at least 20 Destination pub-restaurants, two Revere sites and five Lodges.
"We have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
"In Taverns, like-for-like sales were 2.0% ahead of last year, with growth of 3.1% in the last 11 weeks. Our franchise business, which now operates around 550 sites, continues to perform strongly as we evolve and develop the business model.
"In Leased, like-for-like profits are estimated to be up 4% compared to last year.
"In Brewing, our strong brand portfolio, supplemented by the acquisition of the Thwaites' beer brands, has performed well. Excluding Thwaites, own brand beer volumes were up 5% compared to last year, with strong performance in premium ales and the off-trade. Including Thwaites, own-brewed beer volumes were up 15%.
"The Group will no longer provide like for like, segmental current trading data for the short seven week period immediately post the year end with effect from the results for the 12 months to 3 October 2015 which will be reported on 26 November 2015.
PENSION VALUATION
"We have concluded the triennial valuation of our pension scheme for the period ended 30 September 2014 and as a consequence of this we have agreed a reduction in cash contributions from the current £13m to £7.5m per annum."
Story provided by StockMarketWire.com
SP largely unaffected.
StockMarketWire.com
Marston's said it has made good progress this year with underlying profit before tax in line with expectations.
In Destination and Premium, like-for-like sales were 1.8% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 1.7%.
"In the last 11 weeks of the period like-for-like sales have grown 2.2%. Operating margin is ahead of last year and we completed 25 new pub-restaurants in the financial year just ended," the company said in a statement.
"As we highlighted at the Interim Results, the shape of our estate expansion will evolve slightly and in the 2016 Financial Year we plan to open at least 20 Destination pub-restaurants, two Revere sites and five Lodges.
"We have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
"In Taverns, like-for-like sales were 2.0% ahead of last year, with growth of 3.1% in the last 11 weeks. Our franchise business, which now operates around 550 sites, continues to perform strongly as we evolve and develop the business model.
"In Leased, like-for-like profits are estimated to be up 4% compared to last year.
"In Brewing, our strong brand portfolio, supplemented by the acquisition of the Thwaites' beer brands, has performed well. Excluding Thwaites, own brand beer volumes were up 5% compared to last year, with strong performance in premium ales and the off-trade. Including Thwaites, own-brewed beer volumes were up 15%.
"The Group will no longer provide like for like, segmental current trading data for the short seven week period immediately post the year end with effect from the results for the 12 months to 3 October 2015 which will be reported on 26 November 2015.
PENSION VALUATION
"We have concluded the triennial valuation of our pension scheme for the period ended 30 September 2014 and as a consequence of this we have agreed a reduction in cash contributions from the current £13m to £7.5m per annum."
Story provided by StockMarketWire.com
SP largely unaffected.
Chris Carson
- 26 Nov 2015 07:44
- 160 of 315
Marston's swings to FY profit
StockMarketWire.com
Marston's has swung to a FY pretax profit of GBP31.3m, from a loss of GBP59.2m, on a surge in revenue to GBP878.6m, from GBP815.3m. Final dividend was 4.5p a share, up 4.7% on the year.
CEO Ralph Findlay said:
"The three year transformation of our pub portfolio towards an optimised estate is now largely complete. We approach 2016 with our business successfully positioned at the forefront of industry trends with high quality, well-invested pub assets which are fit for the future.
"We have great people and a growing portfolio of leading beer brands where our focus on premium and local provenance continues to serve us well.
"Looking forward, we remain on track to open at least 20 new-build pubs this year and have in place a carefully selected site pipeline in key regional locations for 2016 and beyond.
"Whilst new-build, food-led pubs remain our core growth driver, we have evolved our strategy to capitalise upon other opportunities for expansion where we see attractive returns potential.
"At this early stage of the current year trading has begun well and we look forward to building on this momentum over the months ahead to deliver another year of good progress for the Group."
HIGHLIGHTS:
- Underlying Group revenue up 7% to £845.5 million
- Underlying profit before tax up 10% to £91.5 million
- Underlying earnings per share up 10% to 12.9p
- Profit growth in all trading segments despite disposals
- Operating cashflow up £34.5 million to £162.3 million
- Leverage reduced 0.3x to 5.1x
- Return on capital up 0.3% to 10.8%
- 25 new pub restaurants completed this year, creating 1,250 new jobs
- Continued conversion of Taverns to Franchise - around 550 now converted
- High quality Leased business delivered like-for-like profit and rental growth
- Average profit per pub up 15% in 2015, up around 40% since 2012
- Strong brand portfolio continues to outperform market with volumes up 15%
- Innovation continues - Hobgoblin Gold c.20k barrels sold since launch this year
- Thwaites acquisition complements strategy and fully integrated
Stan
- 26 Nov 2015 08:05
- 161 of 315
Can't see anything not to like out of that lot. up 3% in early trading.
skinny
- 09 Dec 2015 14:10
- 162 of 315
From Monday :- Deutsche Bank Hold 170.20 170.00 180.00 Reiterates
skinny
- 17 Dec 2015 12:13
- 163 of 315
Goodbody Hold 162.25 135.00 160.00 Upgrades
Chris Carson
- 17 Dec 2015 17:49
- 164 of 315
Same with MAB, the new living wage seems to have spooked investors in this sector. This too shall pass :o)
Stan
- 26 Jan 2016 08:02
- 165 of 315
Trading update http://www.moneyam.com/action/news/showArticle?id=5199878
skinny
- 04 Feb 2016 12:00
- 166 of 315
Stan
- 17 May 2016 09:32
- 167 of 315
Interims out tomorrow, not expecting fireworks but rather wait until after the European Football Tourney results for a boost.
Chris Carson
- 17 May 2016 14:52
- 168 of 315
Stan - Check out MAB, less volume higher sp at moment. Interim Thursday.
Chris Carson
- 17 May 2016 14:57
- 169 of 315
2517GEORGE
- 17 May 2016 14:59
- 170 of 315
Shares mag reckon MAB interims on 19th May are likely to disappoint.
2517
2517
Chris Carson
- 17 May 2016 15:07
- 171 of 315
Oh well that's it then George, sell, sell sell! :0) Not in either just an observation.
2517GEORGE
- 17 May 2016 15:15
- 172 of 315
I'm in MARS but not MAB so you would probably be better off buy, buy, buy MAB :0) and sell, sell, sell MARS :0(
2517
2517
skinny
- 18 May 2016 07:02
- 173 of 315
Interim Results
Profit and cash flow growth from high quality pub and beer business
· Strong trading performance:
- Underlying Group revenue up 11.5% to £428.7 million
- Underlying profit before tax up 11.8% to £33.1 million
- Underlying earnings per share up 11.9% to 4.7 pence per share
- Profit growth in all trading segments
- Operating cash flow up £23.1 million to £81.3 million
- Leverage reduced 0.4x to 5.0x. Fixed charge cover up 0.2x to 2.6x
- Statutory profit before tax up £50.3 million to £22.8 million
· High quality pub estate delivering strong growth:
- Like-for-like sales growth of 3% across managed and franchised pubs
- Seven pubs and three lodges opened in the period
- First new-build Tavern successfully opened under franchise model
- High quality Leased business delivered like-for-like profit and rental growth
- Average profit per pub up 13% in 2016, up 44% since 2012
· Market-leading beer business continues to grow strongly:
- Underlying operating profit growth of 16% driven by Thwaites acquisition
- Strong brand portfolio continues to outperform market with volumes up 22%
- Market share up 1.5% in premium cask ale and 1.1% in bottled ale
- Hobgoblin Gold (2014 launch) now a 'top 15' premium bottled ale
· Interim dividend up 4% to 2.6p per share; cover of 1.8 times improved vs H1 2015
· Full year plans on track
- Performance to date in line with expectations
- At least 20 new pubs this financial year, including two Revere bars
- Five new lodges
Commenting, Ralph Findlay, CEO said:
"We are encouraged by our first half performance and are on track to meet our expectations for the year. In pubs, we have driven our growth by the organic development of pub-restaurants and franchise-style pubs, and more recently through investment in lodges and premium bars, widening our appeal. In Brewing, we had an excellent first half year and achieved good growth through our industry-leading brands and service."
Profit and cash flow growth from high quality pub and beer business
· Strong trading performance:
- Underlying Group revenue up 11.5% to £428.7 million
- Underlying profit before tax up 11.8% to £33.1 million
- Underlying earnings per share up 11.9% to 4.7 pence per share
- Profit growth in all trading segments
- Operating cash flow up £23.1 million to £81.3 million
- Leverage reduced 0.4x to 5.0x. Fixed charge cover up 0.2x to 2.6x
- Statutory profit before tax up £50.3 million to £22.8 million
· High quality pub estate delivering strong growth:
- Like-for-like sales growth of 3% across managed and franchised pubs
- Seven pubs and three lodges opened in the period
- First new-build Tavern successfully opened under franchise model
- High quality Leased business delivered like-for-like profit and rental growth
- Average profit per pub up 13% in 2016, up 44% since 2012
· Market-leading beer business continues to grow strongly:
- Underlying operating profit growth of 16% driven by Thwaites acquisition
- Strong brand portfolio continues to outperform market with volumes up 22%
- Market share up 1.5% in premium cask ale and 1.1% in bottled ale
- Hobgoblin Gold (2014 launch) now a 'top 15' premium bottled ale
· Interim dividend up 4% to 2.6p per share; cover of 1.8 times improved vs H1 2015
· Full year plans on track
- Performance to date in line with expectations
- At least 20 new pubs this financial year, including two Revere bars
- Five new lodges
Commenting, Ralph Findlay, CEO said:
"We are encouraged by our first half performance and are on track to meet our expectations for the year. In pubs, we have driven our growth by the organic development of pub-restaurants and franchise-style pubs, and more recently through investment in lodges and premium bars, widening our appeal. In Brewing, we had an excellent first half year and achieved good growth through our industry-leading brands and service."
skinny
- 18 May 2016 08:55
- 174 of 315
18 May Panmure Gordon Buy 156.60 175.00 175.00 Reiterates
2517GEORGE
- 18 May 2016 09:40
- 175 of 315
Set of very good results with revenue, profit and EPS all up as is the dividend, outlook seems fine, happy with my holding so nfa required.
2517
2517
skinny
- 18 May 2016 10:12
- 176 of 315
Canaccord Genuity Hold 154.30 175.00 175.00 Reiterates
Numis Buy 154.30 185.00 185.00 Reiterates
Numis Buy 154.30 185.00 185.00 Reiterates
Stan
- 18 May 2016 17:52
- 177 of 315
What a good set of results, up nearly 2% on the day.
Stan
- 26 May 2016 22:51
- 178 of 315
Brewin Dolphin go below 5%.http://www.moneyam.com/action/news/showArticle?id=5349219
skinny
- 29 Jun 2016 17:00
- 179 of 315
Canaccord Genuity Hold 135.80 175.00 175.00 Reiterates
HARRYCAT
- 29 Jun 2016 17:13
- 180 of 315
Lots of bombed out UK stocks. Just a matter of deciding which ones to pick!
skinny
- 27 Jul 2016 10:38
- 181 of 315
Trading Update
Marston's PLC "the Group" issues the following Trading Update for the 42 weeks to 23 July 2016.
Trading
We have continued to make progress in line with our expectations.
In Destination and Premium, like-for-like sales for the 42 week period were 2.5% ahead of last year, including like-for-like food sales growth of 2.1% and like-for-like wet sales growth of 2.6%. In the most recent 16 weeks of the period, like-for-like sales were up 1.8% despite the anticipated adverse impact of the Euro 2016 football tournament on these predominantly food-led pubs.
We remain on track to meet our growth targets for 22 pub restaurants and bars in the current financial year in addition to six lodges.
In Taverns, like-for-like sales for the 42 week period were 2.8% ahead of last year, with growth of 2.5% in the last 16 weeks of the period. Euro 2016 has contributed to this continuing strong performance and helped to offset mixed weather.
In Leased, profits for the 42 week period are estimated to be 2% ahead of last year. As previously stated, the Pubs Code introduced by the Government in July 2016 is not expected to have a material impact on the leased estate.
In Brewing, own-brewed beer volumes were up around 14% compared to last year.
Net debt and cash flow are in line with expectations.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We continue to be encouraged by our performance. As expected, Euro 2016 was broadly neutral for the Group as a whole and we have continued to maintain our market outperformance by focusing on offering our customers great experiences and value in modern pubs and bars. In Brewing, we are growing in an attractive market, demonstrating the effectiveness of our new product development and the appeal of our brand portfolio, underpinned by industry-leading service.
Although much has been written about the potential effect of Brexit on consumer confidence, we have not seen any discernible impact on trading to date. We believe that our focus on value and affordable treats is appropriate for current market conditions, and while we remain ever mindful of the risks to long term business confidence, it continues to be our intention to develop and implement our proven growth strategy."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
Year-end trading statement
12 October 2016
2016 Preliminary results
24 November 2016
2017 Interim results
17 May 2017
2017 Preliminary results
30 November 2017
Marston's PLC "the Group" issues the following Trading Update for the 42 weeks to 23 July 2016.
Trading
We have continued to make progress in line with our expectations.
In Destination and Premium, like-for-like sales for the 42 week period were 2.5% ahead of last year, including like-for-like food sales growth of 2.1% and like-for-like wet sales growth of 2.6%. In the most recent 16 weeks of the period, like-for-like sales were up 1.8% despite the anticipated adverse impact of the Euro 2016 football tournament on these predominantly food-led pubs.
We remain on track to meet our growth targets for 22 pub restaurants and bars in the current financial year in addition to six lodges.
In Taverns, like-for-like sales for the 42 week period were 2.8% ahead of last year, with growth of 2.5% in the last 16 weeks of the period. Euro 2016 has contributed to this continuing strong performance and helped to offset mixed weather.
In Leased, profits for the 42 week period are estimated to be 2% ahead of last year. As previously stated, the Pubs Code introduced by the Government in July 2016 is not expected to have a material impact on the leased estate.
In Brewing, own-brewed beer volumes were up around 14% compared to last year.
Net debt and cash flow are in line with expectations.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We continue to be encouraged by our performance. As expected, Euro 2016 was broadly neutral for the Group as a whole and we have continued to maintain our market outperformance by focusing on offering our customers great experiences and value in modern pubs and bars. In Brewing, we are growing in an attractive market, demonstrating the effectiveness of our new product development and the appeal of our brand portfolio, underpinned by industry-leading service.
Although much has been written about the potential effect of Brexit on consumer confidence, we have not seen any discernible impact on trading to date. We believe that our focus on value and affordable treats is appropriate for current market conditions, and while we remain ever mindful of the risks to long term business confidence, it continues to be our intention to develop and implement our proven growth strategy."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
Year-end trading statement
12 October 2016
2016 Preliminary results
24 November 2016
2017 Interim results
17 May 2017
2017 Preliminary results
30 November 2017
skinny
- 27 Jul 2016 10:39
- 182 of 315
Canaccord Genuity Hold 139.45 175.00 175.00 Reiterates
Numis Buy 139.45 185.00 185.00 Reiterates
Panmure Gordon Buy 139.45 175.00 175.00 Reiterates
Numis Buy 139.45 185.00 185.00 Reiterates
Panmure Gordon Buy 139.45 175.00 175.00 Reiterates
skinny
- 02 Sep 2016 16:10
- 183 of 315
Gap filled.
skinny
- 21 Sep 2016 10:49
- 184 of 315
skinny
- 12 Oct 2016 09:21
- 185 of 315
YEAR-END TRADING UPDATE
Marston's PLC ("the Group") issues the following update on trading for the year ended 1 October 2016. The preliminary results will be announced on 24 November 2016.
Trading
We have made good progress this year with underlying profit before tax in line with management expectations.
In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income. In the last 10 weeks of the period like-for-like sales have grown 1.8%. Operating margin is in line with last year and we completed 22 new pubs and bars and six lodges in the financial year just ended. In the 2017 Financial Year we plan to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year. We continue to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.
In Leased, like-for-like profits are estimated to be up 2% compared to last year.
In Brewing, our beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations.
Marston's PLC ("the Group") issues the following update on trading for the year ended 1 October 2016. The preliminary results will be announced on 24 November 2016.
Trading
We have made good progress this year with underlying profit before tax in line with management expectations.
In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income. In the last 10 weeks of the period like-for-like sales have grown 1.8%. Operating margin is in line with last year and we completed 22 new pubs and bars and six lodges in the financial year just ended. In the 2017 Financial Year we plan to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year. We continue to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.
In Leased, like-for-like profits are estimated to be up 2% compared to last year.
In Brewing, our beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations.
skinny
- 20 Nov 2016 13:08
- 186 of 315
Excellent volume on Friday.
Full year results 2016: 24th November 2016
From yesterday's telegraph :- Marstons push to premium food and beer pays off
Full year results 2016: 24th November 2016
From yesterday's telegraph :- Marstons push to premium food and beer pays off
2517GEORGE
- 22 Nov 2016 16:07
- 187 of 315
Yet the sp is somewhat underwhelmed to say the least.
skinny
- 24 Nov 2016 07:32
- 188 of 315
Preliminary Results
- Profit growth in all trading segments
- Operating cash flow up 13% to £182.8 million
- Leverage reduced 0.3x to 4.8x, fixed charge cover up 0.1x to 2.6x
- Return on capital up 0.1% to 10.9%
· Transformed pub estate generating growth opportunities:
- Average profit per pub up 8% in 2016, up around 50% since 2012
- 22 new pubs and bars completed this year, creating around 1,000 jobs
- Six lodges opened, taking estate to over 950 rooms
- Like-for-like sales up 2.3% in Destination and Premium, up 2.7% in Taverns
- Leased average profit per pub up 3%
· Local strategy and innovation creating growth in Brewing:
- Strong brand portfolio continues to outperform market with volumes up 13%
- Increased market share to 27% of premium bottled ale and 20% of premium cask ale markets
- Thwaites' beer business fully integrated and achieving targets
· Final dividend up 4.4% to 4.7p. Dividend cover up 0.1x to 1.9x.
· Well positioned for growth in 2017:
- Encouraging start to new financial year
- Target to open at least 20 new-build pub-restaurants in the coming year, including 3 Revere bars and
5-10 lodges, weighted towards the second half
- Continued focus on premium and craft beer to drive growth, energized branding of Marston's beer
brands and development of DE14 craft micro-brewery
more.....
- Profit growth in all trading segments
- Operating cash flow up 13% to £182.8 million
- Leverage reduced 0.3x to 4.8x, fixed charge cover up 0.1x to 2.6x
- Return on capital up 0.1% to 10.9%
· Transformed pub estate generating growth opportunities:
- Average profit per pub up 8% in 2016, up around 50% since 2012
- 22 new pubs and bars completed this year, creating around 1,000 jobs
- Six lodges opened, taking estate to over 950 rooms
- Like-for-like sales up 2.3% in Destination and Premium, up 2.7% in Taverns
- Leased average profit per pub up 3%
· Local strategy and innovation creating growth in Brewing:
- Strong brand portfolio continues to outperform market with volumes up 13%
- Increased market share to 27% of premium bottled ale and 20% of premium cask ale markets
- Thwaites' beer business fully integrated and achieving targets
· Final dividend up 4.4% to 4.7p. Dividend cover up 0.1x to 1.9x.
· Well positioned for growth in 2017:
- Encouraging start to new financial year
- Target to open at least 20 new-build pub-restaurants in the coming year, including 3 Revere bars and
5-10 lodges, weighted towards the second half
- Continued focus on premium and craft beer to drive growth, energized branding of Marston's beer
brands and development of DE14 craft micro-brewery
more.....
skinny
- 24 Nov 2016 12:07
- 189 of 315
Panmure Gordon Buy 132.60 175.00 175.00 Retains
Shore Capital Buy 132.60 - - Retains
Canaccord Genuity Hold 132.60 150.00 150.00 Reiterates
Shore Capital Buy 132.60 - - Retains
Canaccord Genuity Hold 132.60 150.00 150.00 Reiterates
2517GEORGE
- 24 Nov 2016 12:19
- 190 of 315
At 132.60p MARS is on a PE of around 10.5 a growing well covered divi of 5%+ I reckon it's time to top up.
2517
2517
skinny
- 13 Dec 2016 08:56
- 191 of 315
Board Appointment
Marston's PLC is pleased to announce the appointment of Matthew Roberts to the Board as a Non-Executive Director, with effect from 1 March 2017. He will also be a member of the Audit Committee.
Matthew brings with him significant experience of both the property and multisite consumer retail and leisure sectors. He is currently Chief Financial Officer of Intu Properties plc (previously Capital Shopping Centres plc), a FTSE100 listed business.
Prior to this, Matthew was Chief Financial officer of Gala Coral Group Ltd from 2004 to 2008.
He held a number of senior roles with The Burton Group from 1989 to 1998, spanning group finance, corporate development and IT, during which time he lead the demerger of Debenhams in 1998. He was Finance Director of Debenhams from 1996 to 2003.
Matthew is a qualified Chartered Accountant (FCA), having trained with Coopers & Lybrand from 1985 to 1989, where he worked across corporate finance, audit and business service departments before moving into retail.
There are no further details required to be disclosed under LR 9.6.13 of the FCA Handbook.
Marston's PLC is pleased to announce the appointment of Matthew Roberts to the Board as a Non-Executive Director, with effect from 1 March 2017. He will also be a member of the Audit Committee.
Matthew brings with him significant experience of both the property and multisite consumer retail and leisure sectors. He is currently Chief Financial Officer of Intu Properties plc (previously Capital Shopping Centres plc), a FTSE100 listed business.
Prior to this, Matthew was Chief Financial officer of Gala Coral Group Ltd from 2004 to 2008.
He held a number of senior roles with The Burton Group from 1989 to 1998, spanning group finance, corporate development and IT, during which time he lead the demerger of Debenhams in 1998. He was Finance Director of Debenhams from 1996 to 2003.
Matthew is a qualified Chartered Accountant (FCA), having trained with Coopers & Lybrand from 1985 to 1989, where he worked across corporate finance, audit and business service departments before moving into retail.
There are no further details required to be disclosed under LR 9.6.13 of the FCA Handbook.
2517GEORGE
- 13 Dec 2016 10:05
- 192 of 315
XD 4.7p on thursday.
Stan
- 19 Jan 2017 12:45
- 193 of 315
Royal Asset sell a few http://www.moneyam.com/action/news/showArticle?id=5482523
skinny
- 24 Jan 2017 08:43
- 194 of 315
AGM TRADING UPDATE
Marston's PLC issues the following Trading Update for the 16 week period to 21 January 2017 in advance of the Company's Annual General Meeting to be held at noon today.
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period despite tough comparatives.
In Destination and Premium, like-for-like sales were 1.5% ahead of last year including like-for-like food sales growth of 0.6%, wet like-for-like sales growth of 1.4% and strong growth in room income. Importantly, operating margins are in line with last year. Our plans to open at least 20 new pub-restaurants and bars and five lodges in the current financial year are on track.
In Taverns, managed and franchise pub like-for-like sales were 1.5% ahead of last year.
In Leased, profits are estimated to be around 2% ahead of last year.
In Brewing, our strong brand portfolio has performed well with own-brewed volume up 3% in the year to date and operating margins slightly ahead of last year.
Since it is still early in the financial year our expectations for the full year are unchanged. We will announce our Interim Results for the 26 weeks to 1 April 2017 on 17 May 2017.
Ralph Findlay, Chief Executive, commented:
"We traded well over the Christmas period with like-for-like sales growth for the fifth successive year despite tough comparatives. In Brewing, we have continued to outperform and once again have achieved good growth with a particularly strong performance in the off-trade."
Marston's PLC issues the following Trading Update for the 16 week period to 21 January 2017 in advance of the Company's Annual General Meeting to be held at noon today.
Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period despite tough comparatives.
In Destination and Premium, like-for-like sales were 1.5% ahead of last year including like-for-like food sales growth of 0.6%, wet like-for-like sales growth of 1.4% and strong growth in room income. Importantly, operating margins are in line with last year. Our plans to open at least 20 new pub-restaurants and bars and five lodges in the current financial year are on track.
In Taverns, managed and franchise pub like-for-like sales were 1.5% ahead of last year.
In Leased, profits are estimated to be around 2% ahead of last year.
In Brewing, our strong brand portfolio has performed well with own-brewed volume up 3% in the year to date and operating margins slightly ahead of last year.
Since it is still early in the financial year our expectations for the full year are unchanged. We will announce our Interim Results for the 26 weeks to 1 April 2017 on 17 May 2017.
Ralph Findlay, Chief Executive, commented:
"We traded well over the Christmas period with like-for-like sales growth for the fifth successive year despite tough comparatives. In Brewing, we have continued to outperform and once again have achieved good growth with a particularly strong performance in the off-trade."
Stan
- 24 Jan 2017 10:02
- 195 of 315
Looks like a solid update to me from this well run Company.
2517GEORGE
- 24 Jan 2017 10:52
- 196 of 315
Agree Stan, wouldn't surprise me if the results turn out to be better than expected.
2517
2517
Stan
- 24 Jan 2017 11:07
- 197 of 315
Indeed George, time will tell.
skinny
- 03 Feb 2017 09:00
- 198 of 315
Swines!
02 Feb Barclays Capital Underweight 133.65 140.00 130.00 Retains
02 Feb Barclays Capital Underweight 133.65 140.00 130.00 Retains
Stan
- 03 Feb 2017 09:33
- 199 of 315
Absolute cads!
2517GEORGE
- 03 Feb 2017 09:37
- 200 of 315
I'll drink to that.
Stan
- 22 Feb 2017 15:30
- 201 of 315
Dimensional Fund advices add.
skinny
- 07 Mar 2017 08:49
- 202 of 315
Peel Hunt Buy 135.20 - 150.00 Initiates/Starts
skinny
- 07 Mar 2017 16:12
- 203 of 315
Berenberg Buy 134.05 - 170.00 Initiates/Starts
2517GEORGE
- 08 May 2017 14:34
- 204 of 315
Interim results 18th May, looking for continued growth following on from the November finals.
skinny
- 08 May 2017 14:36
- 205 of 315
Peel Hunt Add 145.25 150.00 160.00 Downgrades
2517GEORGE
- 17 May 2017 11:08
- 206 of 315
Figures due tomorrow hope they are better than M&B which are out today
Stan
- 17 May 2017 11:22
- 207 of 315
I doubt it very much, M&B have been a useless outfit as long as I've been share shifting.
2517GEORGE
- 17 May 2017 11:28
- 208 of 315
I don't hold M&B and I've not followed them at all Stan. MARS will have some similarities to M&B re pricing/cost pressures, just have to wait until tomorrow.
Stan
- 17 May 2017 12:07
- 209 of 315
Agreed George but in Findlayson (?spelling) MARS have a smart cooky IMHO.
skinny
- 18 May 2017 07:35
- 210 of 315
Interim Results
· Revenue and earnings growth despite late Easter
- Revenue and earnings growth despite Easter falling later this year in second half
§ Easter impact on profit before tax estimated at £1.5 million
- Statutory profit before tax up 61% reflecting positive movement in valuation of swaps
- Leverage maintained at 5.0x, fixed charge cover improved to 2.6x
· Improving quality of pub estate
- Average profit per pub up 3% in first half year
- Four pubs and bars opened
- Three lodges opened, taking estate to over 1,000 rooms
· Market-leading beer business continues to demonstrate growth
- Strong brand portfolio continues to outperform market
- Further market share growth, with 26% share of premium bottled ale and 19% share of premium cask ale
· Interim dividend up 3.8% to 2.7p per share
· Acquisition of Charles Wells Brewing and Beer Business for £55 million (see separate
announcement)
- Transaction to be funded from the proceeds of an equity placing to raise 9.9% of issued
share capital announced today (see separate announcement)
· Current trading (for 30 weeks incorporating Easter) remains encouraging
- Destination and Premium like-for-like sales up 1.6%; operating margins in line with last year
- Taverns like-for-like sales up 1.7%; Leased like-for-like profits up 2%
- Own-brewed beer volumes up 2%
- On track to open 23 pubs and bars and 8 lodges in current financial year
- Acquisition of three Pointing Dog Premium pubs in May and agreement to purchase seven Destination and Premium pubs
Commenting, Ralph Findlay, CEO said:
"Marston's has been transformed over the last 10 years by the consistent implementation of our established strategy. In that time, we have built around 200 pubs on new sites representing 60% of the Destination estate today, and we have developed a leading premium pubs and bars business. The Taverns estate has been repositioned, having sold around 1,000 pubs and introduced pioneering franchise-style agreements designed for community pubs. In Brewing, we lead the premium ale market and benefit from a growing contribution from craft beers and international licensed brands, including premium European lager brands.
"Our market position will be enhanced by the acquisition of Charles Wells Brewing and Beer Business and we remain confident our strategy will continue to create value for shareholders."
· Revenue and earnings growth despite late Easter
- Revenue and earnings growth despite Easter falling later this year in second half
§ Easter impact on profit before tax estimated at £1.5 million
- Statutory profit before tax up 61% reflecting positive movement in valuation of swaps
- Leverage maintained at 5.0x, fixed charge cover improved to 2.6x
· Improving quality of pub estate
- Average profit per pub up 3% in first half year
- Four pubs and bars opened
- Three lodges opened, taking estate to over 1,000 rooms
· Market-leading beer business continues to demonstrate growth
- Strong brand portfolio continues to outperform market
- Further market share growth, with 26% share of premium bottled ale and 19% share of premium cask ale
· Interim dividend up 3.8% to 2.7p per share
· Acquisition of Charles Wells Brewing and Beer Business for £55 million (see separate
announcement)
- Transaction to be funded from the proceeds of an equity placing to raise 9.9% of issued
share capital announced today (see separate announcement)
· Current trading (for 30 weeks incorporating Easter) remains encouraging
- Destination and Premium like-for-like sales up 1.6%; operating margins in line with last year
- Taverns like-for-like sales up 1.7%; Leased like-for-like profits up 2%
- Own-brewed beer volumes up 2%
- On track to open 23 pubs and bars and 8 lodges in current financial year
- Acquisition of three Pointing Dog Premium pubs in May and agreement to purchase seven Destination and Premium pubs
Commenting, Ralph Findlay, CEO said:
"Marston's has been transformed over the last 10 years by the consistent implementation of our established strategy. In that time, we have built around 200 pubs on new sites representing 60% of the Destination estate today, and we have developed a leading premium pubs and bars business. The Taverns estate has been repositioned, having sold around 1,000 pubs and introduced pioneering franchise-style agreements designed for community pubs. In Brewing, we lead the premium ale market and benefit from a growing contribution from craft beers and international licensed brands, including premium European lager brands.
"Our market position will be enhanced by the acquisition of Charles Wells Brewing and Beer Business and we remain confident our strategy will continue to create value for shareholders."
skinny
- 18 May 2017 07:36
- 211 of 315
Acquisition of Charles Wells Brewing and Beer Business for £55 million
Marston's PLC ("Marston's" or "the Group") today announces that it has agreed to acquire the Charles Wells brewing business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments.
Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to the Charles Wells pub estate. The brewery site, which is freehold, employs around 300 people.
The Charles Wells Brewing and Beer Business acquisition complements the existing Marston's Beer Company strategy:
· Extends our number 1 position in the premium bottled ale and cask ale markets, and enhances our share of the premium canned market.
· Strengthens our presence in London and the South East and presents a platform to expand into Scotland.
· Develops our licensed brands business.
· Expands our production capabilities to include lager brewing and canning, whilst improving production and distribution efficiency.
Furthermore, there is a strong financial rationale for the Charles Wells Brewing and Beer Business acquisition:
· Enterprise value of £55 million equates to 9x current EBITDA before synergies.
· Transaction to be funded through equity placing as announced today (see separate announcement).
· Expected synergies of £4 million to be achieved by financial year 2019.
· ROIC expected to exceed 18% in third full year.
Rationale for the Charles Wells acquisition
Marston's Beer Company ("MBC") has deployed a consistent strategy over the last five years to become the UK's leading premium beer business. Today, MBC has an experienced senior team and holds leading market share in both the premium bottled and premium cask ale markets. MBC takes a local approach to its brewing capabilities via its portfolio of five regional breweries located throughout England and has recently extended its focus to licensed brands, including Shipyard, which is now the number 2 Craft Beer in the UK, as well as the Warsteiner, Kruzovice and Kingstone Press brands.
MBC has also successfully enhanced shareholder value through acquisitions, most recently through the £25 million purchase of the Thwaites beer business in 2015. Since acquisition the Thwaites beer brands have performed strongly, delivering synergies in line with expectations and returns well in excess of the Group average.
Charles Wells Brewing and Beer Business presents an excellent opportunity which is consistent with our strategy. With a brand portfolio which will not only increase our ale market share from 11% to 16%, this acquisition will also strengthen our representation in London and the South East, and present an opportunity through the McEwan's brand to expand into Scotland. Charles Wells Brewing and Beer Business also brings with it significant expertise in licensed brands most notably its portfolio includes the growing Estrella Damm lager brand which represents a significant opportunity. From a supply chain perspective, Charles Wells offers lager brewing and canning capacity of scale, activities which are not currently undertaken by Marston's. In addition, the acquisition presents opportunities to further improve efficiencies in brewing, packaging and logistics.
Charles Wells Brewing and Beer Business financial profile
For the financial year ended 30 September 2016, Charles Wells Brewing and Beer Business generated revenues of £92 million, EBITDA of £6 million, operating EBIT of £5 million on a 52 week basis and net tangible assets of £36 million. Marston's estimates it can generate operational improvements similar to those achieved in previous acquisitions and has identified potential costs savings of £4 million by financial year 2019, with the majority being realised in financial year 2018.
Transaction details and timing
Marston's intends to finance the acquisition from the proceeds of an equity placing announced today, which represents 9.9% of Marston's issued share capital.
Completion of the acquisition is expected in June 2017, following completion of the appropriate consultation procedures.
more.....
Marston's PLC ("Marston's" or "the Group") today announces that it has agreed to acquire the Charles Wells brewing business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments.
Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to the Charles Wells pub estate. The brewery site, which is freehold, employs around 300 people.
The Charles Wells Brewing and Beer Business acquisition complements the existing Marston's Beer Company strategy:
· Extends our number 1 position in the premium bottled ale and cask ale markets, and enhances our share of the premium canned market.
· Strengthens our presence in London and the South East and presents a platform to expand into Scotland.
· Develops our licensed brands business.
· Expands our production capabilities to include lager brewing and canning, whilst improving production and distribution efficiency.
Furthermore, there is a strong financial rationale for the Charles Wells Brewing and Beer Business acquisition:
· Enterprise value of £55 million equates to 9x current EBITDA before synergies.
· Transaction to be funded through equity placing as announced today (see separate announcement).
· Expected synergies of £4 million to be achieved by financial year 2019.
· ROIC expected to exceed 18% in third full year.
Rationale for the Charles Wells acquisition
Marston's Beer Company ("MBC") has deployed a consistent strategy over the last five years to become the UK's leading premium beer business. Today, MBC has an experienced senior team and holds leading market share in both the premium bottled and premium cask ale markets. MBC takes a local approach to its brewing capabilities via its portfolio of five regional breweries located throughout England and has recently extended its focus to licensed brands, including Shipyard, which is now the number 2 Craft Beer in the UK, as well as the Warsteiner, Kruzovice and Kingstone Press brands.
MBC has also successfully enhanced shareholder value through acquisitions, most recently through the £25 million purchase of the Thwaites beer business in 2015. Since acquisition the Thwaites beer brands have performed strongly, delivering synergies in line with expectations and returns well in excess of the Group average.
Charles Wells Brewing and Beer Business presents an excellent opportunity which is consistent with our strategy. With a brand portfolio which will not only increase our ale market share from 11% to 16%, this acquisition will also strengthen our representation in London and the South East, and present an opportunity through the McEwan's brand to expand into Scotland. Charles Wells Brewing and Beer Business also brings with it significant expertise in licensed brands most notably its portfolio includes the growing Estrella Damm lager brand which represents a significant opportunity. From a supply chain perspective, Charles Wells offers lager brewing and canning capacity of scale, activities which are not currently undertaken by Marston's. In addition, the acquisition presents opportunities to further improve efficiencies in brewing, packaging and logistics.
Charles Wells Brewing and Beer Business financial profile
For the financial year ended 30 September 2016, Charles Wells Brewing and Beer Business generated revenues of £92 million, EBITDA of £6 million, operating EBIT of £5 million on a 52 week basis and net tangible assets of £36 million. Marston's estimates it can generate operational improvements similar to those achieved in previous acquisitions and has identified potential costs savings of £4 million by financial year 2019, with the majority being realised in financial year 2018.
Transaction details and timing
Marston's intends to finance the acquisition from the proceeds of an equity placing announced today, which represents 9.9% of Marston's issued share capital.
Completion of the acquisition is expected in June 2017, following completion of the appropriate consultation procedures.
more.....
skinny
- 18 May 2017 07:37
- 212 of 315
MARSTON'S PLC ANNOUNCES A PROPOSED PLACING OF APPROXIMATELY 9.9% ISSUED SHARE CAPITAL
Marston's PLC ("Marston's" or the "Company") today announces its intention to conduct a non-pre-emptive cash placing of approximately 57.6 million new ordinary shares in the Company to institutional investors (the "Placing"), which represents approximately 9.9% of the Company's issued share capital (excluding treasury shares). J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), and Numis Securities Limited ("Numis") are acting as joint bookrunners (the "Bookrunners").
The Company has also announced today that it has agreed to acquire the Charles Wells Brewing and Beer Business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments, representing 5.5x EBITDA post synergies. Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger (see separate announcement).
The Company also announced today the agreement to acquire seven pubs in strong locations to enhance its Destination and Premium estate for a consideration of £13m with a refurbishment investment of £3m, representing 7.8x post investment EBITDA.
Both of these acquisitions (the "Acquisitions") are expected to complete in June 2017.
The Acquisitions are expected to deliver a combined ROIC in excess of 15% in the first full year and to be EPS neutral in the first full year and accretive thereafter. Pro forma Net debt:EBITDA is expected to reduce by 0.3x post completion of the Acquisitions.
In addition, Marston's is today issuing its interim results covering the 26 weeks ended 1 April 2017 (see separate announcement).
Background to the placing - use of proceeds
The net proceeds from the Placing will be used to fund the consideration for the Acquisitions.
The Placing is not conditional upon completion of the Acquisitions. In the event that the Acquisitions do not complete, Marston's will retain the net proceeds of the Placing for potential investment opportunities and general corporate purposes.
The Placing
The Placing is subject to the terms and conditions set out in the Appendix. The Bookrunners will commence a bookbuilding process in respect of the Placing ("Bookbuild"). The book will open with immediate effect following this announcement.
The price per ordinary share at which the Placing Shares (defined below) are to be placed (the "Placing Price") will be decided at the close of the Bookbuild. The timing of the closing of the Bookbuild, the Placing Price and allocations are at the discretion of Marston's and the Bookrunners. When issued, the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 7.375 pence each in the share capital of the Company, including the right to receive all dividends (including the interim dividend of 2.7p per share announced today) and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.
Application will be made for the Placing Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 22 May 2017 (or such later date as may be agreed between the Company and the Bookrunners). The Placing is conditional upon, inter alia, Admission becoming effective. The Placing is also conditional on the placing agreement between the Company and the Bookrunners not being terminated.
The Appendix to this announcement (which forms part of this announcement) sets out further information relating to the Bookbuild and the terms and conditions of the Placing.
Marston's PLC ("Marston's" or the "Company") today announces its intention to conduct a non-pre-emptive cash placing of approximately 57.6 million new ordinary shares in the Company to institutional investors (the "Placing"), which represents approximately 9.9% of the Company's issued share capital (excluding treasury shares). J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), and Numis Securities Limited ("Numis") are acting as joint bookrunners (the "Bookrunners").
The Company has also announced today that it has agreed to acquire the Charles Wells Brewing and Beer Business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments, representing 5.5x EBITDA post synergies. Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger (see separate announcement).
The Company also announced today the agreement to acquire seven pubs in strong locations to enhance its Destination and Premium estate for a consideration of £13m with a refurbishment investment of £3m, representing 7.8x post investment EBITDA.
Both of these acquisitions (the "Acquisitions") are expected to complete in June 2017.
The Acquisitions are expected to deliver a combined ROIC in excess of 15% in the first full year and to be EPS neutral in the first full year and accretive thereafter. Pro forma Net debt:EBITDA is expected to reduce by 0.3x post completion of the Acquisitions.
In addition, Marston's is today issuing its interim results covering the 26 weeks ended 1 April 2017 (see separate announcement).
Background to the placing - use of proceeds
The net proceeds from the Placing will be used to fund the consideration for the Acquisitions.
The Placing is not conditional upon completion of the Acquisitions. In the event that the Acquisitions do not complete, Marston's will retain the net proceeds of the Placing for potential investment opportunities and general corporate purposes.
The Placing
The Placing is subject to the terms and conditions set out in the Appendix. The Bookrunners will commence a bookbuilding process in respect of the Placing ("Bookbuild"). The book will open with immediate effect following this announcement.
The price per ordinary share at which the Placing Shares (defined below) are to be placed (the "Placing Price") will be decided at the close of the Bookbuild. The timing of the closing of the Bookbuild, the Placing Price and allocations are at the discretion of Marston's and the Bookrunners. When issued, the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 7.375 pence each in the share capital of the Company, including the right to receive all dividends (including the interim dividend of 2.7p per share announced today) and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.
Application will be made for the Placing Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 22 May 2017 (or such later date as may be agreed between the Company and the Bookrunners). The Placing is conditional upon, inter alia, Admission becoming effective. The Placing is also conditional on the placing agreement between the Company and the Bookrunners not being terminated.
The Appendix to this announcement (which forms part of this announcement) sets out further information relating to the Bookbuild and the terms and conditions of the Placing.
Stan
- 18 May 2017 08:14
- 213 of 315
All going on at MARS these days isnt it, well done Ralph keep it up son -);
skinny
- 18 May 2017 09:05
- 214 of 315
Shore Capital Buy 140.90 - - Retains
Peel Hunt Add 140.90 160.00 160.00 Reiterates
Peel Hunt Add 140.90 160.00 160.00 Reiterates
2517GEORGE
- 18 May 2017 09:18
- 215 of 315
Placing rather than Rights Issue, I'd like to see the debt coming down, however the acquisition looks to be at a reasonable cost and the divi continues to rise on the back of increasing EPS. All in all quite happy to continue to hold, depending on where the sp drops in relation to the placing it may be wise to add some more.
skinny
- 18 May 2017 12:15
- 216 of 315
Results of Placing
Marston's is pleased to announce the successful completion of the placing announced today (the "Placing").
A total of 57,600,995 new ordinary shares of 7.375 pence each (the "Placing Shares") have been placed by J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and Numis Securities Limited ("Numis") at a price of 137.0 pence per Placing Share (the "Placing Price"), raising proceeds of approximately £78.9 million (before expenses). The Placing Shares being issued represent approximately 9.9% of the issued ordinary share capital of the Company (excluding treasury shares) prior to the Placing.
The Placing Price represents a discount of 4.9 per cent. to the closing price on 17 May 2017 and a discount of 3.1 per cent. to the intra-day price at 9.31 a.m. (being the time the Placing Price was agreed). The net placing price of approximately 131.7 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 6.8 per cent. to that intra-day price.
more.....
Marston's is pleased to announce the successful completion of the placing announced today (the "Placing").
A total of 57,600,995 new ordinary shares of 7.375 pence each (the "Placing Shares") have been placed by J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and Numis Securities Limited ("Numis") at a price of 137.0 pence per Placing Share (the "Placing Price"), raising proceeds of approximately £78.9 million (before expenses). The Placing Shares being issued represent approximately 9.9% of the issued ordinary share capital of the Company (excluding treasury shares) prior to the Placing.
The Placing Price represents a discount of 4.9 per cent. to the closing price on 17 May 2017 and a discount of 3.1 per cent. to the intra-day price at 9.31 a.m. (being the time the Placing Price was agreed). The net placing price of approximately 131.7 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 6.8 per cent. to that intra-day price.
more.....
skinny
- 06 Jun 2017 09:29
- 217 of 315
Looking very oversold.
Stan
- 06 Jun 2017 09:59
- 218 of 315
Brewing? A variety of Hops are grown in the uk do Youngs use "them" or are they imported?
If imported how does the weak pound effect the bottom line I wonder...just musing.
Also all the other Breweries Marstons have takenover in previous years..probably more questions then answers there but just thinking allowed.
If imported how does the weak pound effect the bottom line I wonder...just musing.
Also all the other Breweries Marstons have takenover in previous years..probably more questions then answers there but just thinking allowed.
2517GEORGE
- 27 Jun 2017 11:38
- 219 of 315
sp trading around 10%ish below the recent placing
skinny
- 27 Jun 2017 11:42
- 220 of 315
Yes they are certainly out of favour!
2517GEORGE
- 27 Jun 2017 11:54
- 221 of 315
Near 6% yield at this sp. Will have to encourage T to take his pals around their pubs to do some research
2517GEORGE
- 03 Jul 2017 16:35
- 222 of 315
Not seen these levels for the best part of 5 years, GNK also weak, possibly due to uncertainty in consumer spending. GNK figures seemed ok though
parrisf - 12 Jul 2017 11:48 - 223 of 315
Not another one like CLLN.
skinny
- 12 Jul 2017 11:52
- 224 of 315
JDW figures looked ok earlier - the price rose but is now down 1.4%.
GNK also toying with multi year lows.
GNK also toying with multi year lows.
2517GEORGE
- 12 Jul 2017 14:00
- 225 of 315
Yet consumer spending on eating out is buoyant
Stan
- 12 Jul 2017 14:15
- 226 of 315
The old adage of trade what you see.
2517GEORGE
- 12 Jul 2017 15:06
- 227 of 315
Trading statement due 26 July, fingers crossed the market has got it wrong.
skinny
- 13 Jul 2017 12:27
- 228 of 315
Peel Hunt Add 117.20 160.00 140.00 Reiterates
skinny
- 26 Jul 2017 07:16
- 229 of 315
Trading Update
Trading
In Destination and Premium, like-for-like sales for the 42 week period were 1.3% ahead of last year. In the most recent 12 weeks of the period, like-for-like sales were up 0.6% which continues to be ahead of the market. As we previously guided, operating margins are slightly below last year in line with our expectations. With regard to the cost outlook for 2018 our guidance remains unchanged from that provided at our Interim results in May.
We remain on track to meet our growth targets for 23 new pub-restaurants and bars in the current financial year in addition to eight lodges.
In Taverns, like-for-like sales for the 42 week period were 1.9% ahead of last year, with growth of 2.4% in the last 12 weeks of the period, principally reflecting the benefits of the warm weather in June.
In Leased, profits for the 42 week period are estimated to be 2% ahead of last year.
In Brewing, own-brewed beer volumes were up around 4% compared to last year reflecting the continued good performance of our underlying business and the benefits of the acquisition of Charles Wells Brewing and Beer Business. The integration of the business is proceeding as planned.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We remain encouraged by our continued market outperformance and focused on delivering sustainable growth and maximising return on capital in an evolving market place.
"Our transformed pub estate continues to deliver positive like for like growth across all three divisions. We benefit from an operating structure which spans food-led destination and wet-let community pubs, accommodation and brewing, maintaining a good balance within our brand portfolio and broad consumer appeal.
"The Charles Wells brewing and beer business is bedding in well, further underpinning our leadership in the UK ale market. We are on track to complete our new-build and lodge expansion plans. We remain confident of delivering further profitable progress for the full financial year."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
Year-end trading statement
10 October 2017
2017 Preliminary results
30 November 2017
2018 Interim results
16 May 2018
2018 Preliminary results
29 November 2018
Trading
In Destination and Premium, like-for-like sales for the 42 week period were 1.3% ahead of last year. In the most recent 12 weeks of the period, like-for-like sales were up 0.6% which continues to be ahead of the market. As we previously guided, operating margins are slightly below last year in line with our expectations. With regard to the cost outlook for 2018 our guidance remains unchanged from that provided at our Interim results in May.
We remain on track to meet our growth targets for 23 new pub-restaurants and bars in the current financial year in addition to eight lodges.
In Taverns, like-for-like sales for the 42 week period were 1.9% ahead of last year, with growth of 2.4% in the last 12 weeks of the period, principally reflecting the benefits of the warm weather in June.
In Leased, profits for the 42 week period are estimated to be 2% ahead of last year.
In Brewing, own-brewed beer volumes were up around 4% compared to last year reflecting the continued good performance of our underlying business and the benefits of the acquisition of Charles Wells Brewing and Beer Business. The integration of the business is proceeding as planned.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We remain encouraged by our continued market outperformance and focused on delivering sustainable growth and maximising return on capital in an evolving market place.
"Our transformed pub estate continues to deliver positive like for like growth across all three divisions. We benefit from an operating structure which spans food-led destination and wet-let community pubs, accommodation and brewing, maintaining a good balance within our brand portfolio and broad consumer appeal.
"The Charles Wells brewing and beer business is bedding in well, further underpinning our leadership in the UK ale market. We are on track to complete our new-build and lodge expansion plans. We remain confident of delivering further profitable progress for the full financial year."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
Year-end trading statement
10 October 2017
2017 Preliminary results
30 November 2017
2018 Interim results
16 May 2018
2018 Preliminary results
29 November 2018
skinny
- 26 Jul 2017 09:03
- 230 of 315
Numis Add 116.60 145.00 145.00 Reiterates
Peel Hunt Add 117.55 140.00 140.00 Reiterates
Shore Capital Buy 117.55 - - Reiterates
Peel Hunt Add 117.55 140.00 140.00 Reiterates
Shore Capital Buy 117.55 - - Reiterates
parrisf - 26 Jul 2017 09:25 - 231 of 315
Another one! Good news and the share goes down like DOM. WHY???
2517GEORGE
- 26 Jul 2017 09:33
- 232 of 315
It's a job to fathom it out at times, MARS decent news as you say parrisf and sp down 4%, ITV profits down sp up 2.5%.
skinny
- 26 Jul 2017 12:23
- 233 of 315
Liberum Capital Buy 117.70 140.00 140.00 Reiterates
Canaccord - Hold target price reduced from 145p to 130p
Canaccord - Hold target price reduced from 145p to 130p
2517GEORGE
- 08 Sep 2017 09:18
- 234 of 315
Taken another hit today due to read across of GNK, trading update expected 10/10/17.
skinny
- 02 Oct 2017 10:10
- 235 of 315
Trading Statement - 10th October 2017.
Claret Dragon
- 04 Oct 2017 21:53
- 236 of 315
Not looking good.
Stan
- 04 Oct 2017 22:30
- 237 of 315
I know that they have taken a downward path along with some others in the sector C/D but going forward after having reached the bottom IMHO I think they have a good future .
skinny
- 09 Oct 2017 07:58
- 238 of 315
Year End Trading Statement tomorrow.
Stan
- 09 Oct 2017 07:59
- 239 of 315
Yeah I know and I'm looking forward to this one.
Stan
- 10 Oct 2017 07:03
- 240 of 315
Trading update http://www.moneyam.com/action/news/showArticle?id=5697397
skinny
- 10 Oct 2017 07:03
- 241 of 315
YEAR-END TRADING UPDATE
Marston's PLC issues the following update on trading for the year ended 30 September 2017. The preliminary results will be announced on 30 November 2017.
Trading
We made further progress in implementing our strategy, achieving growth in revenue and earnings led by the performance of wet-led pubs and brewing.
In Destination and Premium, like-for-like sales were 0.9% above last year. The more subdued summer trading and relatively stronger performance of wet sales compared to food sales was consistent with the market. A disciplined approach to pricing and promotions and good cost control contributed to the operating margin in Destination and Premium being only slightly below last year despite the continued cost pressures.
In Taverns, like-for-like sales were 1.6% above last year. These wet-led community pubs continue to benefit from greater consumer interest in local beers and craft drinks and the continuing development of our offers, together with the continued strong performance of pubs operated under franchise-style agreements.
In Leased, like-for-like profits are estimated to be up 1% compared to last year reflecting the high quality of our Leased estate, together with licensee stability.
In Brewing, we have had a transformational year including the successful acquisition of the Charles Wells Brewing and Beer ("CWBB") business in June, and growth in distribution through entering into long term agreements including Punch B and Hawthorn Leisure. The integration of CWBB is on track, and performance is in line with our expectations. Own-brewed volumes increased 6% demonstrating the strength of our brand portfolio and the acquisition of CWBB, and contributed to market share growth in the on trade and the off trade.
Estate Expansion
We completed 19 new pubs and bars and eight lodges. Openings were weighted towards the end of the financial year, and four pubs planned for September will open in late October.
In the 2018 financial year we now expect to open 15 pubs and bars, and six lodges. This modest trimming of our openings programme reflects a degree of caution given recent subdued market conditions, but our investment criteria are unchanged. Our new pubs continue to open strongly and the performance of those opened in recent years remains good and in line with targets. We remain confident that investment in new pubs and bars creates shareholder value, and is an important component of our strategy to achieve organic growth. We have a good pipeline of sites beyond 2018.
Outlook
Sales and profits for the year are ahead of last year, and we target further growth in 2018. There is no significant change to the cost trends highlighted previously, but we have identified cost savings of approximately £5m per annum including the recently announced reorganisation of the pub operational structure, demonstrating that we are alert to opportunities to mitigate ongoing cost increases.
Ralph Findlay, Chief Executive Officer, commented:
"Our priority is to focus on quality, service and standards. We are well placed to continue to implement our growth strategy through investment in higher quality pubs and bars and through our unrivalled beer brand range supported by high customer service standards.''
Marston's PLC issues the following update on trading for the year ended 30 September 2017. The preliminary results will be announced on 30 November 2017.
Trading
We made further progress in implementing our strategy, achieving growth in revenue and earnings led by the performance of wet-led pubs and brewing.
In Destination and Premium, like-for-like sales were 0.9% above last year. The more subdued summer trading and relatively stronger performance of wet sales compared to food sales was consistent with the market. A disciplined approach to pricing and promotions and good cost control contributed to the operating margin in Destination and Premium being only slightly below last year despite the continued cost pressures.
In Taverns, like-for-like sales were 1.6% above last year. These wet-led community pubs continue to benefit from greater consumer interest in local beers and craft drinks and the continuing development of our offers, together with the continued strong performance of pubs operated under franchise-style agreements.
In Leased, like-for-like profits are estimated to be up 1% compared to last year reflecting the high quality of our Leased estate, together with licensee stability.
In Brewing, we have had a transformational year including the successful acquisition of the Charles Wells Brewing and Beer ("CWBB") business in June, and growth in distribution through entering into long term agreements including Punch B and Hawthorn Leisure. The integration of CWBB is on track, and performance is in line with our expectations. Own-brewed volumes increased 6% demonstrating the strength of our brand portfolio and the acquisition of CWBB, and contributed to market share growth in the on trade and the off trade.
Estate Expansion
We completed 19 new pubs and bars and eight lodges. Openings were weighted towards the end of the financial year, and four pubs planned for September will open in late October.
In the 2018 financial year we now expect to open 15 pubs and bars, and six lodges. This modest trimming of our openings programme reflects a degree of caution given recent subdued market conditions, but our investment criteria are unchanged. Our new pubs continue to open strongly and the performance of those opened in recent years remains good and in line with targets. We remain confident that investment in new pubs and bars creates shareholder value, and is an important component of our strategy to achieve organic growth. We have a good pipeline of sites beyond 2018.
Outlook
Sales and profits for the year are ahead of last year, and we target further growth in 2018. There is no significant change to the cost trends highlighted previously, but we have identified cost savings of approximately £5m per annum including the recently announced reorganisation of the pub operational structure, demonstrating that we are alert to opportunities to mitigate ongoing cost increases.
Ralph Findlay, Chief Executive Officer, commented:
"Our priority is to focus on quality, service and standards. We are well placed to continue to implement our growth strategy through investment in higher quality pubs and bars and through our unrivalled beer brand range supported by high customer service standards.''
Stan
- 10 Oct 2017 07:06
- 242 of 315
A 10/10 update in my view.
skinny
- 10 Oct 2017 09:18
- 243 of 315
Numis Add 109.50 125.00 125.00 Reiterates
Shore Capital Buy 109.50 - - Reiterates
Liberum Capital Buy 109.50 140.00 140.00 Reiterates
Peel Hunt Add 109.50 140.00 125.00 Reiterates
Shore Capital Buy 109.50 - - Reiterates
Liberum Capital Buy 109.50 140.00 140.00 Reiterates
Peel Hunt Add 109.50 140.00 125.00 Reiterates
Stan
- 30 Oct 2017 17:29
- 244 of 315
A flying visit last Wed lunchtime on behalf of shareholders at the https://www.fishermanscotpub.co.uk/ found a surprisingly busy lunchtime for this out of the way pub with many people tucking into food.
skinny
- 01 Nov 2017 08:37
- 245 of 315
Looks good Stan - I've had my shareholder card for 6 years and still not managed to use it!
Stan
- 01 Nov 2017 09:35
- 246 of 315
A disgraceful breach of benefit Skinny...you must dispatch said card to me immediately so I may argue a further discount on my bill next time 😄
2517GEORGE
- 01 Nov 2017 10:07
- 247 of 315
Tiverton---that's a long way down for you Stan, btw I hope you had an expensive meal.
skinny
- 01 Nov 2017 10:09
- 248 of 315
Always worth a look - Shareholder benefits, discounts and perks
Stan
- 01 Nov 2017 10:35
- 249 of 315
Crumbs! thanks for that list Skinny I had no idear there were so many of them.
George, I do travel within my own Country...Unlike most narrow minded Tories.
The 20% discount went down very well thank you.
George, I do travel within my own Country...Unlike most narrow minded Tories.
The 20% discount went down very well thank you.
2517GEORGE
- 02 Nov 2017 15:59
- 250 of 315
I don't know any narrow minded Tories Stan.
I'm glad you enjoyed your meal, I guess you would recommend a visit? I've never been there but if in the area may take a look.
Finals due 30th Nov.
I'm glad you enjoyed your meal, I guess you would recommend a visit? I've never been there but if in the area may take a look.
Finals due 30th Nov.
Stan
- 02 Nov 2017 22:48
- 251 of 315
I don't know any narrow minded Tories Stan. Pull the other one 😂
Rumours of a divi cut but they still seem a well run outfit to me.
Rumours of a divi cut but they still seem a well run outfit to me.
2517GEORGE
- 14 Nov 2017 11:22
- 252 of 315
Rumours? From where Stan?
Stan
- 14 Nov 2017 11:36
- 253 of 315
Think it was in the IC George.
2517GEORGE
- 14 Nov 2017 11:48
- 254 of 315
Thanks Stan
2517GEORGE
- 29 Nov 2017 11:40
- 255 of 315
Finals tomorrow
skinny
- 30 Nov 2017 08:05
- 256 of 315
Preliminary Results
- Profit growth in all trading segments
- Operating cash flow up 17% to £213.6 million, offset by initial working capital impact from Charles Wells Beer Business ("CWBB")
- Pro-forma leverage down 0.1x to 4.7x, fixed charge cover unchanged at 2.6x
- Return on capital of 10.7%, 94% freehold asset base, NAV 147p per share
· Improving quality of pub estate
- Average profit per pub up 2%
- 19 pubs and bars opened, 9 pubs and bars acquired
- Eight lodges opened, taking estate to over 1,250 rooms
· Market-leading beer business continues to demonstrate growth
- Acquisition of CWBB
- Strong brand portfolio continues to outperform market
- Further market share growth, with 21% share of premium packaged ale and 20% share of premium cask ale
- Supply chain expertise secures three significant distribution contracts with Punch B, Hawthorn Leisure and Brakspear, totalling c.1,700 pubs
· Final dividend up 0.1p to 4.8p per share; full year dividends up 2.7% to 7.5p per share. Dividend cover maintained at 1.9x.
· Well positioned for growth in 2018
- Like-for-like sales growth in pub estate in first seven weeks of period
- Target to open 15 pubs and bars and 6 lodges in the coming year including our largest 100+ room lodge to date in Ebbsfleet
- Integration of CWBB going well and synergies on track
Commenting, Ralph Findlay, CEO said:
"We have achieved strong revenue growth and higher earnings, despite increasing employment and property costs. Our business has been transformed in recent years with a significant improvement in the quality of both our pub and beer businesses. While political and economic uncertainty is likely to continue, we remain confident that our proposition founded on providing great customer experiences, the very best service and value for money, leaves Marston's positioned to deliver further growth in the year ahead."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
AGM Trading update 23 January 2018
2018 Interim results 16 May 2018
2018 Preliminary results 21 November 2018
more.....
- Profit growth in all trading segments
- Operating cash flow up 17% to £213.6 million, offset by initial working capital impact from Charles Wells Beer Business ("CWBB")
- Pro-forma leverage down 0.1x to 4.7x, fixed charge cover unchanged at 2.6x
- Return on capital of 10.7%, 94% freehold asset base, NAV 147p per share
· Improving quality of pub estate
- Average profit per pub up 2%
- 19 pubs and bars opened, 9 pubs and bars acquired
- Eight lodges opened, taking estate to over 1,250 rooms
· Market-leading beer business continues to demonstrate growth
- Acquisition of CWBB
- Strong brand portfolio continues to outperform market
- Further market share growth, with 21% share of premium packaged ale and 20% share of premium cask ale
- Supply chain expertise secures three significant distribution contracts with Punch B, Hawthorn Leisure and Brakspear, totalling c.1,700 pubs
· Final dividend up 0.1p to 4.8p per share; full year dividends up 2.7% to 7.5p per share. Dividend cover maintained at 1.9x.
· Well positioned for growth in 2018
- Like-for-like sales growth in pub estate in first seven weeks of period
- Target to open 15 pubs and bars and 6 lodges in the coming year including our largest 100+ room lodge to date in Ebbsfleet
- Integration of CWBB going well and synergies on track
Commenting, Ralph Findlay, CEO said:
"We have achieved strong revenue growth and higher earnings, despite increasing employment and property costs. Our business has been transformed in recent years with a significant improvement in the quality of both our pub and beer businesses. While political and economic uncertainty is likely to continue, we remain confident that our proposition founded on providing great customer experiences, the very best service and value for money, leaves Marston's positioned to deliver further growth in the year ahead."
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
AGM Trading update 23 January 2018
2018 Interim results 16 May 2018
2018 Preliminary results 21 November 2018
more.....
skinny
- 30 Nov 2017 08:20
- 257 of 315
Peel Hunt Buy 117.25 130.00 130.00 Reiterates
Shore Capital Buy 117.25 - - Reiterates
Liberum Capital Buy 117.25 140.00 140.00 Reiterates
N+1 Singer Buy 116.95 - 120.00 Reiterates
Shore Capital Buy 117.25 - - Reiterates
Liberum Capital Buy 117.25 140.00 140.00 Reiterates
N+1 Singer Buy 116.95 - 120.00 Reiterates
2517GEORGE
- 30 Nov 2017 09:19
- 258 of 315
Decent results and divi increased a smidgeon with good cover makes MARS a good stock for income as well as growth.
skinny
- 30 Nov 2017 10:24
- 259 of 315
Numis Add 115.70 125.00 125.00 Reiterates
2517GEORGE
- 12 Dec 2017 16:55
- 260 of 315
XD (4.8p) on Thursday
skinny
- 04 Jan 2018 10:53
- 261 of 315
AGM on 23rd January.
2517GEORGE
- 04 Jan 2018 11:29
- 262 of 315
Like GNK, MARS is trying to recover, unlike GNK, MARS had decent results
skinny
- 04 Jan 2018 11:33
- 263 of 315
Lets see what the trading update brings.
2517GEORGE
- 04 Jan 2018 12:37
- 264 of 315
The first 7 weeks of the new financial year showed growth lets hope that continued, but on a pe of 8 and yld of 6.3% MARS does not look expensive.
skinny
- 08 Jan 2018 10:49
- 265 of 315
Berenberg Hold 116.70 120.00 115.00 Retains
2517GEORGE
- 23 Jan 2018 09:00
- 266 of 315
Just an ok trading update with no shocks, weather to blame for small LFL sales decline.
skinny
- 23 Jan 2018 11:17
- 267 of 315
Shore Capital Buy 112.65 - - Reiterates
Liberum Capital Buy 112.65 140.00 140.00 Retains
Peel Hunt Buy 112.65 140.00 140.00
Liberum Capital Buy 112.65 140.00 140.00 Retains
Peel Hunt Buy 112.65 140.00 140.00
Claret Dragon
- 30 Mar 2018 21:14
- 268 of 315
£1 for a pub chain. MARS.
75p or a Mars Bar. (unless your at an airport)
No recession but priced like one. One I use is always busy.
Waiting for an entry point.
75p or a Mars Bar. (unless your at an airport)
No recession but priced like one. One I use is always busy.
Waiting for an entry point.
Claret Dragon
- 30 Mar 2018 21:14
- 269 of 315
£1 for a pub chain. MARS.
75p or a Mars Bar. (unless your at an airport)
No recession but priced like one. One I use is always busy.
Waiting for an entry point.
75p or a Mars Bar. (unless your at an airport)
No recession but priced like one. One I use is always busy.
Waiting for an entry point.
Claret Dragon
- 16 May 2018 22:11
- 270 of 315
A big hit today.
CC
- 06 Jun 2018 10:59
- 271 of 315
I've been building a position here at 97.
I fail to see how the whole sector can be moving up and MARS is taking such a shagging. (well clearly the city don't like the gearing and cost pressure inflation and the valuation of their estate)
Dividend 7.8%
2517GEORGE
- 20 Jul 2018 15:56
- 272 of 315
Trading statement on Monday, be interesting to see how the world cup and the warm weather has affected sales
CC
- 20 Jul 2018 16:46
- 273 of 315
Marstons website says the IMS is on Wednesday 25th
http://www.marstons.co.uk/investors/shareholders/calendar/
http://www.marstons.co.uk/investors/shareholders/calendar/
2517GEORGE
- 20 Jul 2018 17:17
- 274 of 315
Moneyam forward diary is wrong then, I did look on the MARS website and you are correct CC, so Wednesday 25th it is.
CC
- 23 Jul 2018 11:23
- 275 of 315
What to look for on Wednesday
Marston’s hoping for a World cup boost
Shares in the pubs and brewing group have had a tough year so far in 2018 with investors worried about the level of consumer spending and the prospect of rising interest rates squeezing disposable incomes.
However, the market will be watching to see if the World Cup and warm weather have boosted sales when brewer and pubs operator Marston’s plc (LON:MARS) issues a third-quarter update on Wednesday.
Investors will be focused on how the group’s Destination and Premium pubs, which include Generous George and Pitcher & Piano, are performing, with sales at the drinks-led taverns and the accommodation lodges also to be of interest.
Marston’s like-for-like sales dropped in the first half but the company previously said it expected the performance to improve in the second half.
Marston’s hoping for a World cup boost
Shares in the pubs and brewing group have had a tough year so far in 2018 with investors worried about the level of consumer spending and the prospect of rising interest rates squeezing disposable incomes.
However, the market will be watching to see if the World Cup and warm weather have boosted sales when brewer and pubs operator Marston’s plc (LON:MARS) issues a third-quarter update on Wednesday.
Investors will be focused on how the group’s Destination and Premium pubs, which include Generous George and Pitcher & Piano, are performing, with sales at the drinks-led taverns and the accommodation lodges also to be of interest.
Marston’s like-for-like sales dropped in the first half but the company previously said it expected the performance to improve in the second half.
skinny
- 25 Jul 2018 08:10
- 276 of 315
Trading Update
Trading
Trading in the second half year to date has been good overall, helped by recent good weather and the World Cup. As in previous years, our wet-led pubs, leased estate and brewing business benefited significantly from the World Cup and, despite the negative impact on food-led pubs the tournament was positive for the Group.
This improvement, after a first half-year affected by poor weather, means that we have achieved encouraging sales growth in both our pub and beer businesses in the 42 week period to date, and we expect to deliver underlying earnings in line with expectations for the full year.
Total managed and franchised pub sales were up 5.2% in the 42 week period, including like-for-like sales growth of 0.3% and the contribution from our pub expansion programme. In the most recent 16 weeks, like-for-like sales were up 0.9%, helped by good weather and the football, but with some offset from poor weather in April. Post April, overall like-for-like sales growth over the last 12 weeks has been 2.0% with the Destination and Premium performance continuing to improve as well as weather benefiting Taverns.
In Destination and Premium, like-for-like sales for the 42 week period were 1.5% behind last year, an improvement on the first half-year, with like-for-like sales down 1.2% in the last 16 weeks despite the negative impact from the World Cup. We continue to remain disciplined in terms of pricing, discounting and promotion, with operating margin only slightly below last year and in line with our expectations.
In Taverns, managed and franchised like-for-like sales for the 42 week period were 3.8% ahead of last year, including growth of 5.0% in the last 16 weeks. Most of our pubs have attractive outside areas allowing our customers to enjoy the good weather, and we created a brilliant World Cup atmosphere in many, building on the demand for experiences and the fact that pubs are the 'next best thing' to live football. Leased profits for the 42 week period are estimated to be 2% ahead of last year.
Marston's Beer Company achieved strong growth, including total volumes up around 61% in the 42 week period with good growth in the underlying business. We continue to realise benefits from the acquisition of Charles Wells Brewing and Beer Business. Our portfolio, which includes an outstanding range of premium ales, World Lagers and Craft Beers, increased market share.
We remain on track to meet our openings growth targets for 15 pub restaurants and bars, and six lodges, in the current financial year.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We are encouraged by our stronger trading performance in the second half-year, including the benefit of recent good weather and the impact of the World Cup in our Taverns estate and in Marston's Beer Company.
"We have a strong pipeline of sites which will contribute to continued growth in pubs, and see further opportunity in brewing following the acquisition and successful integration of Charles Wells Brewing and Beer business in 2017. Our strategic objectives and progressive dividend policy remain appropriate for current market conditions and we remain confident of delivering underlying earnings in line with expectations for the full year."
Trading
Trading in the second half year to date has been good overall, helped by recent good weather and the World Cup. As in previous years, our wet-led pubs, leased estate and brewing business benefited significantly from the World Cup and, despite the negative impact on food-led pubs the tournament was positive for the Group.
This improvement, after a first half-year affected by poor weather, means that we have achieved encouraging sales growth in both our pub and beer businesses in the 42 week period to date, and we expect to deliver underlying earnings in line with expectations for the full year.
Total managed and franchised pub sales were up 5.2% in the 42 week period, including like-for-like sales growth of 0.3% and the contribution from our pub expansion programme. In the most recent 16 weeks, like-for-like sales were up 0.9%, helped by good weather and the football, but with some offset from poor weather in April. Post April, overall like-for-like sales growth over the last 12 weeks has been 2.0% with the Destination and Premium performance continuing to improve as well as weather benefiting Taverns.
In Destination and Premium, like-for-like sales for the 42 week period were 1.5% behind last year, an improvement on the first half-year, with like-for-like sales down 1.2% in the last 16 weeks despite the negative impact from the World Cup. We continue to remain disciplined in terms of pricing, discounting and promotion, with operating margin only slightly below last year and in line with our expectations.
In Taverns, managed and franchised like-for-like sales for the 42 week period were 3.8% ahead of last year, including growth of 5.0% in the last 16 weeks. Most of our pubs have attractive outside areas allowing our customers to enjoy the good weather, and we created a brilliant World Cup atmosphere in many, building on the demand for experiences and the fact that pubs are the 'next best thing' to live football. Leased profits for the 42 week period are estimated to be 2% ahead of last year.
Marston's Beer Company achieved strong growth, including total volumes up around 61% in the 42 week period with good growth in the underlying business. We continue to realise benefits from the acquisition of Charles Wells Brewing and Beer Business. Our portfolio, which includes an outstanding range of premium ales, World Lagers and Craft Beers, increased market share.
We remain on track to meet our openings growth targets for 15 pub restaurants and bars, and six lodges, in the current financial year.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We are encouraged by our stronger trading performance in the second half-year, including the benefit of recent good weather and the impact of the World Cup in our Taverns estate and in Marston's Beer Company.
"We have a strong pipeline of sites which will contribute to continued growth in pubs, and see further opportunity in brewing following the acquisition and successful integration of Charles Wells Brewing and Beer business in 2017. Our strategic objectives and progressive dividend policy remain appropriate for current market conditions and we remain confident of delivering underlying earnings in line with expectations for the full year."
2517GEORGE
- 25 Jul 2018 08:55
- 277 of 315
No one getting too excited, but looking ok.
skinny
- 25 Jul 2018 09:10
- 278 of 315
25 Jul 18 Shore Capital Buy 97.93 - - Reiterates
25 Jul 18 Liberum Capital Buy 97.93 130.00 - Reiterates
25 Jul 18 Peel Hunt Buy 97.93 140.00 - Reiterates
25 Jul 18 Liberum Capital Buy 97.93 130.00 - Reiterates
25 Jul 18 Peel Hunt Buy 97.93 140.00 - Reiterates
Stan
- 17 Sep 2018 10:29
- 279 of 315
Director buys 100,000. shares http://www.moneyam.com/action/news/showArticle?id=6130065
CC
- 18 Sep 2018 10:27
- 280 of 315
How bizarre. MARS seems to have turned up for no particular reason (other than it was stupidly low or possible GNK figures)
Strange how markets work
Strange how markets work
Stan
- 18 Sep 2018 10:37
- 281 of 315
Suspect it was low because of retail getting a slapping in general CC.
CC
- 18 Sep 2018 11:13
- 282 of 315
I agree Stan but MAB hasn't picked up, JDW has gone down, GNK doesn't know what it is doing. It's just MARS that is rising.
Maybe it is something to do with the new Chairman?
Maybe it is something to do with the new Chairman?
skinny
- 18 Sep 2018 12:00
- 283 of 315
Year End Trading Statement: 10 October 2018
Full year results: 21 November 2018
Full year results: 21 November 2018
Stan
- 18 Sep 2018 12:00
- 284 of 315
New chairman looks like he knows his stuff, particularly on the accommodation front which Mars have been very successful at rolling out over the years:
https://www.insidermedia.com/insider/midlands/marstons-appoints-new-chairman
https://www.insidermedia.com/insider/midlands/marstons-appoints-new-chairman
Johnno - 18 Sep 2018 12:37 - 285 of 315
I’m also into these and was looking to buy for a third time but concerned of catching “ falling knives” and now wondering if I’ve missed the boat! I like the yield sub nav rating and gentle growth prospects.
2517GEORGE
- 30 Sep 2018 12:14
- 286 of 315
Finals 10th October according to MoneyAM.
skinny
- 30 Sep 2018 13:40
- 287 of 315
And the link in the Header! :-)
2517GEORGE
- 08 Oct 2018 16:22
- 288 of 315
Doing ok in a poor market, albeit from a low base. Roll on Wednesday (I hope)
skinny
- 10 Oct 2018 07:15
- 289 of 315
YEAR END TRADING UPDATE
Trading
Strong trading during the World Cup and warm summer weather contributed to our achieving record revenue and underlying profit before tax for the financial year. Group turnover was up 15% to over £1.1bn and we anticipate reporting underlying profit before tax of around £104 million (2017: £100.1 million) with higher operating profits in each of our trading segments offset by higher interest charges.
Total pub sales increased 3.2%, including like-for-like sales growth of 0.6% and the contribution from our pub expansion programme. In the most recent 10 weeks, like-for-like sales were up 1.6%.
Taverns: our wet-led Taverns pubs performed strongly with managed and franchised like-for-like sales growth of 3.8% including growth of 3.8% in the last 10 weeks. This good performance from our community pub estate was boosted by the World Cup and warm summer weather, although trading has been consistently strong throughout the year. Like-for-like profit in our leased estate is around 2% up.
Destination and Premium: as previously reported, our food-led Destination pubs were impacted by poor weather in the first half-year, and weaker trading during the World Cup as expected. In Premium pubs and bars, Pitcher & Piano and Revere Country traded well. Like-for-like sales were 1.2% behind last year, with growth in both drink and accommodation offset by weaker food sales. In the last 10 weeks momentum has improved with like-for-like sales up 0.1% on last year. We have maintained a keen focus on cost control and continue to remain disciplined in terms of pricing, discounting and promotion, with operating margin expected to be around 0.5% below last year.
Marston's Beer Company: we achieved strong growth with total volumes up around 47% in the year benefitting from the acquisition of Charles Wells Brewing and Beer Business in 2017, good summer weather and the World Cup. We have made significant distribution gains in the last year and our portfolio, which includes an outstanding range of premium ales, World Lagers and Craft Beers, further increased market share. Marston's now distributes to one in four of the UK's 46,000 pubs nationwide. Sales of own and licensed brand volumes exceeded one million barrels for the first time this year, and we distributed around 2.5 million composite barrels of drinks to the on and off trade sectors. Around 90% of 'own brand' volume is now sold outside Marston's own pubs.
more.....
Trading
Strong trading during the World Cup and warm summer weather contributed to our achieving record revenue and underlying profit before tax for the financial year. Group turnover was up 15% to over £1.1bn and we anticipate reporting underlying profit before tax of around £104 million (2017: £100.1 million) with higher operating profits in each of our trading segments offset by higher interest charges.
Total pub sales increased 3.2%, including like-for-like sales growth of 0.6% and the contribution from our pub expansion programme. In the most recent 10 weeks, like-for-like sales were up 1.6%.
Taverns: our wet-led Taverns pubs performed strongly with managed and franchised like-for-like sales growth of 3.8% including growth of 3.8% in the last 10 weeks. This good performance from our community pub estate was boosted by the World Cup and warm summer weather, although trading has been consistently strong throughout the year. Like-for-like profit in our leased estate is around 2% up.
Destination and Premium: as previously reported, our food-led Destination pubs were impacted by poor weather in the first half-year, and weaker trading during the World Cup as expected. In Premium pubs and bars, Pitcher & Piano and Revere Country traded well. Like-for-like sales were 1.2% behind last year, with growth in both drink and accommodation offset by weaker food sales. In the last 10 weeks momentum has improved with like-for-like sales up 0.1% on last year. We have maintained a keen focus on cost control and continue to remain disciplined in terms of pricing, discounting and promotion, with operating margin expected to be around 0.5% below last year.
Marston's Beer Company: we achieved strong growth with total volumes up around 47% in the year benefitting from the acquisition of Charles Wells Brewing and Beer Business in 2017, good summer weather and the World Cup. We have made significant distribution gains in the last year and our portfolio, which includes an outstanding range of premium ales, World Lagers and Craft Beers, further increased market share. Marston's now distributes to one in four of the UK's 46,000 pubs nationwide. Sales of own and licensed brand volumes exceeded one million barrels for the first time this year, and we distributed around 2.5 million composite barrels of drinks to the on and off trade sectors. Around 90% of 'own brand' volume is now sold outside Marston's own pubs.
more.....
skinny
- 10 Oct 2018 08:40
- 290 of 315
Peel Hunt Buy 98.33 140.00 125.00 Reiterates
Shore Capital Buy 98.25 - - Reiterates
Liberum Capital Buy 98.25 130.00 - Reiterates
Shore Capital Buy 98.25 - - Reiterates
Liberum Capital Buy 98.25 130.00 - Reiterates
CC
- 10 Oct 2018 09:00
- 291 of 315
Can anyone explain the acquisition to me.
Purchase 15 pubs at say £1m each. (I can't find out how much they cost. Aprirose website doesn't say and although they were acquired in July 2017 I guess, I cannot find an RNS from MAB). 15m + £4m refurb at 5% interest = £950k. If EBITDA is £1m then operating profit on them is basically zero.
I understand they will own the pub at the end of 40 years or whatever, but it doesn't seem a decent deal to me. One further wonders why MARS think they can make money out of them when MAB didn't and Aprirose are happy to shift them on.
Any thoughts? Is my £1m per pub way out?
The city appears to be screaming at MARS to pay down some debt but they keep doing the opposite !
Purchase 15 pubs at say £1m each. (I can't find out how much they cost. Aprirose website doesn't say and although they were acquired in July 2017 I guess, I cannot find an RNS from MAB). 15m + £4m refurb at 5% interest = £950k. If EBITDA is £1m then operating profit on them is basically zero.
I understand they will own the pub at the end of 40 years or whatever, but it doesn't seem a decent deal to me. One further wonders why MARS think they can make money out of them when MAB didn't and Aprirose are happy to shift them on.
Any thoughts? Is my £1m per pub way out?
The city appears to be screaming at MARS to pay down some debt but they keep doing the opposite !
Stan
- 10 Oct 2018 09:12
- 292 of 315
I can’t comment on those numbers CC but as I understand it they are and have been for a number of years now trying to offload pubs with no accommodation and buying pubs with accommodation.
At the same time giving the running of those pubs over to people who have a high degree of autonomy. The newer model of pub/accommodation has/is and will be the best way going forward to make money, also to keep the English pub trade prospering IMO.
At the same time giving the running of those pubs over to people who have a high degree of autonomy. The newer model of pub/accommodation has/is and will be the best way going forward to make money, also to keep the English pub trade prospering IMO.
CC
- 10 Oct 2018 09:40
- 293 of 315
The accommodation side was actually the reason I bought MARS over the other brewers.
In one of my better moments when I was trawling through the accounts of all the Brewers I find the accommodation section in MARS and a light bulb went off in my head.
I shall patiently hold and see what happens. The challenge for me here is that I'm comfortable enough with the debt and it's structure, it's just that the market isn't.
In one of my better moments when I was trawling through the accounts of all the Brewers I find the accommodation section in MARS and a light bulb went off in my head.
I shall patiently hold and see what happens. The challenge for me here is that I'm comfortable enough with the debt and it's structure, it's just that the market isn't.
Stan
- 10 Oct 2018 11:18
- 294 of 315
All the wile interest rates are relatively low the debt is secondary at the moment I think.
2517GEORGE
- 10 Oct 2018 11:35
- 295 of 315
Finals are 21st Nov.
I would also like to see the debt come down, trading looks ok, the quieter period before Christmas (Nov- early Dec) is yet to come but I'll stay put and nurse my losses.
I would also like to see the debt come down, trading looks ok, the quieter period before Christmas (Nov- early Dec) is yet to come but I'll stay put and nurse my losses.
skinny
- 10 Oct 2018 11:47
- 296 of 315
As posted before, I've been in these since 2011 - in fact at a price not too different from where we are now!
As I've highlighted in post 289, rising interest rates and their lack of willingness to pay down debt is a worry.
As I've highlighted in post 289, rising interest rates and their lack of willingness to pay down debt is a worry.
CC
- 10 Oct 2018 12:09
- 297 of 315
As the venue for the AGM is about 10 miles from where I live I'm going to go and inquire a bit more about the directors attitude to debt. I know from the radio interview they are comfortable with it and accept the city aren't but that's not helping the share price.
I suggest it would be helpful if they were a little more persuasive in explaining why they are happy with the debt when others aren't.
AGM was in January last year so not so long to go.
I suggest it would be helpful if they were a little more persuasive in explaining why they are happy with the debt when others aren't.
AGM was in January last year so not so long to go.
skinny
- 10 Oct 2018 12:12
- 298 of 315
Annual General Meeting: 23 January 2019.
Stan
- 10 Oct 2018 12:30
- 299 of 315
I can understand the debt concerns by the market and private investors but it really is a priority to fund their roll out of Pub/Accommodation pubs at least in my view.
I've said before on here that having stayed several times in their accommodation pubs I was very impressed, also people are not frequenting pubs like that used to so getting people to stay and providing a really good service on food and Ale is a winner.
If rates do go up I suppose they can then cut the divi accordingly without it interfering with the roll out.
If you do go CC I will be interested to hear what your view is after, The boy Findlayson is the chap to talk to if you can,
I've said before on here that having stayed several times in their accommodation pubs I was very impressed, also people are not frequenting pubs like that used to so getting people to stay and providing a really good service on food and Ale is a winner.
If rates do go up I suppose they can then cut the divi accordingly without it interfering with the roll out.
If you do go CC I will be interested to hear what your view is after, The boy Findlayson is the chap to talk to if you can,
skinny
- 11 Oct 2018 10:43
- 300 of 315
JP Morgan Cazenove Overweight 98.70 130.00 125.00 Reiterates
Liberum Capital Buy 99.35 130.00 Reiterates
Liberum Capital Buy 99.35 130.00 Reiterates
skinny
- 01 Nov 2018 16:32
- 301 of 315
Stan
- 02 Nov 2018 15:47
- 302 of 315
Deutsche bank reduce https://www.moneyam.com/action/news/showArticle?id=6193168
Stan
- 08 Nov 2018 14:33
- 303 of 315
Standard Life Aberdeen plc reduce https://www.moneyam.com/action/news/showArticle?id=6199611
Stan
- 21 Nov 2018 08:13
- 304 of 315
Preliminary results https://www.moneyam.com/action/news/showArticle?id=6214455
2517GEORGE
- 21 Nov 2018 09:47
- 305 of 315
Divi maintained @ 7.5p; PE 7; Market is underwhelmed.
CC
- 21 Nov 2018 11:18
- 306 of 315
Same as everything else on the market George.
"Slow and sure, going in the right direction" might be a good phrase. Nothing surprising, nothing unexpected. Very clear commitments over debt which one would have thought would have helped but clearly didn't make any difference.
Not much for me to do. Collect my 7.5% dividend wait for market attitudes to change. If they don't I'll just keep collecting my dividend.
"Slow and sure, going in the right direction" might be a good phrase. Nothing surprising, nothing unexpected. Very clear commitments over debt which one would have thought would have helped but clearly didn't make any difference.
Not much for me to do. Collect my 7.5% dividend wait for market attitudes to change. If they don't I'll just keep collecting my dividend.
skinny
- 21 Nov 2018 11:57
- 307 of 315
FWIW :-
Peel Hunt Buy 99.15 125.00 Reiterates
Liberum Capital Buy 99.15 130.00 Reiterates
Shore Capital Buy 99.15 Reiterates
Peel Hunt Buy 99.15 125.00 Reiterates
Liberum Capital Buy 99.15 130.00 Reiterates
Shore Capital Buy 99.15 Reiterates
Stan
- 21 Nov 2018 12:35
- 308 of 315
Yes CC you are doing what a lot of other holders are doing at the moment I suspect.
Just noticed that todays volume is above what it is usual for these in recent weeks.
Just noticed that todays volume is above what it is usual for these in recent weeks.
CC
- 21 Nov 2018 13:01
- 309 of 315
Hit 105 for a few minutes earlier. Bit of a retrace now but will be interesting to see where it finishes today.
skinny
- 23 Jan 2019 07:03
- 310 of 315
Trading Update for the 16 weeks to 19 January 2019
Pubs
Total pub like-for-like sales growth for the period was 1.4% including strong trading over the Christmas fortnight, with like-for-like sales growth of 5.7%. Total pub margins were broadly in line with last year.
In Destination and Premium, like-for-like sales increased by 0.5% in the 16 week period, including like-for-like sales growth of 4.5% in the Christmas fortnight.
In Taverns, trading has continued to be strong with managed and franchised like-for-like sales growth of 3.2% including growth of 8.1% in the Christmas fortnight. The performance of our tenanted and leased estate was robust, with earnings up 1% in the 16 week period.
Marston's Beer Company
We continue to make good progress in Beer Company with total volumes up 3.5% and own brewed and licensed volumes up 2.5% with particularly strong performances in both the Free Trade and Off-Trade channels.
Capital Allocation Update
Following the guidance on cash flow improvements provided in November 2018, the Board have further reviewed capital allocation plans going forward. As a result of this review we are now committed to targeting a £0.2bn reduction in net debt to £1.2bn by 2023.
This will be achieved as follows:
- A reduction in new-build investment to around £25 million per annum from 2020 onwards, with investment weighted towards pubs with accommodation, where we are seeing the strongest returns.
- The disposal of £80-90 million of certain non-core assets in 2020-23.
- Through the improvements in free cash flow set out in November 2018 relating to the final salary pension scheme (which has a modest deficit that is expected to be eliminated within three years), the securitisation, and reduced organic capital expenditure.
Although new-build investment is being scaled back, new-build pubs and accommodation deliver strong returns and will continue to contribute to growth in Group earnings. In addition, the reduced level of estate expansion will facilitate increased focus on generating like-for-like profit growth from the core pub estate.
In light of the actions described above the Board are committed to maintain the dividend at the current level during this period of debt reduction focus.
Commenting, Ralph Findlay, CEO said:
"Marston's continues to perform well and this is a creditable performance in a challenging market. Taverns and the Beer Company both delivered strong trading over the core festive period in particular, continuing the trajectory of recent months, and our managed food-led pubs also returned to growth.
"We operate in increasingly uncertain times from a political and macro-economic perspective and, as such, we remain cautious about the potential consumer outlook until there is more clarity. However, we are confident of delivering further profitable growth this year, whilst focussing on our strategic priorities of generating cash and delivering our stated £0.2bn debt reduction target between 2020 and 2023. In addition, we are committed to maintaining the dividend at the current level during this period and believe that the combination of these actions will drive long term value for shareholders."
There will be a call for sellside analysts at 0730 hours today. Please contact Andy Low at andy.low@instinctif.com or 020 7866 7886 for the dial-in details.
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
2019 Interim results
2019 Preliminary Results
15 May 2019
27 November 2019
Pubs
Total pub like-for-like sales growth for the period was 1.4% including strong trading over the Christmas fortnight, with like-for-like sales growth of 5.7%. Total pub margins were broadly in line with last year.
In Destination and Premium, like-for-like sales increased by 0.5% in the 16 week period, including like-for-like sales growth of 4.5% in the Christmas fortnight.
In Taverns, trading has continued to be strong with managed and franchised like-for-like sales growth of 3.2% including growth of 8.1% in the Christmas fortnight. The performance of our tenanted and leased estate was robust, with earnings up 1% in the 16 week period.
Marston's Beer Company
We continue to make good progress in Beer Company with total volumes up 3.5% and own brewed and licensed volumes up 2.5% with particularly strong performances in both the Free Trade and Off-Trade channels.
Capital Allocation Update
Following the guidance on cash flow improvements provided in November 2018, the Board have further reviewed capital allocation plans going forward. As a result of this review we are now committed to targeting a £0.2bn reduction in net debt to £1.2bn by 2023.
This will be achieved as follows:
- A reduction in new-build investment to around £25 million per annum from 2020 onwards, with investment weighted towards pubs with accommodation, where we are seeing the strongest returns.
- The disposal of £80-90 million of certain non-core assets in 2020-23.
- Through the improvements in free cash flow set out in November 2018 relating to the final salary pension scheme (which has a modest deficit that is expected to be eliminated within three years), the securitisation, and reduced organic capital expenditure.
Although new-build investment is being scaled back, new-build pubs and accommodation deliver strong returns and will continue to contribute to growth in Group earnings. In addition, the reduced level of estate expansion will facilitate increased focus on generating like-for-like profit growth from the core pub estate.
In light of the actions described above the Board are committed to maintain the dividend at the current level during this period of debt reduction focus.
Commenting, Ralph Findlay, CEO said:
"Marston's continues to perform well and this is a creditable performance in a challenging market. Taverns and the Beer Company both delivered strong trading over the core festive period in particular, continuing the trajectory of recent months, and our managed food-led pubs also returned to growth.
"We operate in increasingly uncertain times from a political and macro-economic perspective and, as such, we remain cautious about the potential consumer outlook until there is more clarity. However, we are confident of delivering further profitable growth this year, whilst focussing on our strategic priorities of generating cash and delivering our stated £0.2bn debt reduction target between 2020 and 2023. In addition, we are committed to maintaining the dividend at the current level during this period and believe that the combination of these actions will drive long term value for shareholders."
There will be a call for sellside analysts at 0730 hours today. Please contact Andy Low at andy.low@instinctif.com or 020 7866 7886 for the dial-in details.
Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors
2019 Interim results
2019 Preliminary Results
15 May 2019
27 November 2019
CC
- 23 Jan 2019 13:47
- 311 of 315
I went to the AGM today. Not much to report that isn't in the trading update.
In relation to LFL sales, the Chairman said it's a balancing act between increasing sales and increasing margins. They are focused far more on margin than increasing sales right now.
There was a question on the floor about growth markets and whether Marstons are missing out:
1. What plans do they have for zero alcohol beer? (which they already sell and brew)
2. what plans do they have for Marijuana sales given that this has now been legalised in Canada as this would be a natural fit with drinking, smoking and alcohol?
In relation to LFL sales, the Chairman said it's a balancing act between increasing sales and increasing margins. They are focused far more on margin than increasing sales right now.
There was a question on the floor about growth markets and whether Marstons are missing out:
1. What plans do they have for zero alcohol beer? (which they already sell and brew)
2. what plans do they have for Marijuana sales given that this has now been legalised in Canada as this would be a natural fit with drinking, smoking and alcohol?
CC
- 24 Jan 2019 07:58
- 312 of 315
MARSTON’S Q1 CONFERENCE CALL:
Marston’s hosted a conference call following its update on trading to 19 January 2019 and our comments are set out below:
Trading:
• Says sales were ‘satisfactory’. This because margins are being held. Top line LfL sales are not up as much as some competitors.
• Cost mitigation targets are unchanged. MARS is in a slightly better position here as it has fewer units in London and certain city-centres than do some of its competitors.
• Will lower maintenance capex impact LfL sales? Understood but the new build pubs will need less attention & many of the disposals have been of units that require(d) more upkeep.
Balance Sheet & Debt:
• Why do this now? Uncertainty. This is worse than it was a year ago. Also, asked investors. The market has not been rewarding the previous policies over a sustained period of time.
• Group should enhance equity value by reducing debt. It will be clear that the co is not paying dividend out of debt.
• It is ‘prudent for debt reduction’ to take a greater precedence. Debt will be down £200m over the next four years with a held dividend.
• Debt should be ‘below 5x’ within the 5yrs under review.
• Sale & leaseback? Not likely to be any this FY.
• There will be reductions in the level of maintenance capex. The £25m reduction in new build means say 5 fewer new-build pubs and 3-4 pubs with lodges. There is still room for selective corporate activity.
• There are c100 pubs on the books at any one time that MARS is likely to be looking to sell.
• Pension benefits should be in the region of £5m p.a. post the group’s next triennial review
• The group is ‘looking at’ securitisation issues but, as the mark to market hit would be significant at present, this may only occur over time. Will move when the NPV is right.
• What EBITDA will be lost on the pubs to be sold? Perhaps £5m – but this will be mitigated by interest savings.
Langton Comment:
• Marston’s has updated further on its plans to cut debt by £200m over the next four years. The group confirms that it will hold its dividend at current levels.
• Trading is not easy, but Marston’s has a estate of well-managed and well-maintained, largely freehold properties. It is selling product that the consumer would like to buy at a price they are prepared to pay. Lodges, craft brewing and food (in the longer term) remain growth areas. Marston’s is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.
Marston’s hosted a conference call following its update on trading to 19 January 2019 and our comments are set out below:
Trading:
• Says sales were ‘satisfactory’. This because margins are being held. Top line LfL sales are not up as much as some competitors.
• Cost mitigation targets are unchanged. MARS is in a slightly better position here as it has fewer units in London and certain city-centres than do some of its competitors.
• Will lower maintenance capex impact LfL sales? Understood but the new build pubs will need less attention & many of the disposals have been of units that require(d) more upkeep.
Balance Sheet & Debt:
• Why do this now? Uncertainty. This is worse than it was a year ago. Also, asked investors. The market has not been rewarding the previous policies over a sustained period of time.
• Group should enhance equity value by reducing debt. It will be clear that the co is not paying dividend out of debt.
• It is ‘prudent for debt reduction’ to take a greater precedence. Debt will be down £200m over the next four years with a held dividend.
• Debt should be ‘below 5x’ within the 5yrs under review.
• Sale & leaseback? Not likely to be any this FY.
• There will be reductions in the level of maintenance capex. The £25m reduction in new build means say 5 fewer new-build pubs and 3-4 pubs with lodges. There is still room for selective corporate activity.
• There are c100 pubs on the books at any one time that MARS is likely to be looking to sell.
• Pension benefits should be in the region of £5m p.a. post the group’s next triennial review
• The group is ‘looking at’ securitisation issues but, as the mark to market hit would be significant at present, this may only occur over time. Will move when the NPV is right.
• What EBITDA will be lost on the pubs to be sold? Perhaps £5m – but this will be mitigated by interest savings.
Langton Comment:
• Marston’s has updated further on its plans to cut debt by £200m over the next four years. The group confirms that it will hold its dividend at current levels.
• Trading is not easy, but Marston’s has a estate of well-managed and well-maintained, largely freehold properties. It is selling product that the consumer would like to buy at a price they are prepared to pay. Lodges, craft brewing and food (in the longer term) remain growth areas. Marston’s is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.
skinny
- 24 Jan 2019 11:09
- 313 of 315
2517GEORGE
- 24 Jan 2019 15:19
- 314 of 315
An ok trading update and the sooner the debt levels are reduced the better, if £80m/£90m can be achieved through property sales then the balance does not look too onerous. Having debt twice their market cap doesn't seem right even if they have an estate of freehold properties.
CC
- 25 Jan 2019 08:23
- 315 of 315
• Fuller, Smith & Turner is to sell its beer business to Asahi.
• The company says it has ‘entered into an agreement for the sale of its entire beer business to Asahi Europe Ltd…for an enterprise value of £250 million on a debt free, cash free basis.’
FSTA up 21% and would appear to suggest MARS deserves a re-rating.
• The company says it has ‘entered into an agreement for the sale of its entire beer business to Asahi Europe Ltd…for an enterprise value of £250 million on a debt free, cash free basis.’
FSTA up 21% and would appear to suggest MARS deserves a re-rating.
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