spreadbetters bonanza on mab on 10 pound a point as of 29 april hop on baby

Eyes down here and MARS tomorrow!

On edit :- make that Thursday!

HSBC Overweight 420.90 415.00 410.00 500.00 Upgrades

Interim Management Statement

Operating performance

Like-for-like sales growth increased to 1.6% in the third quarter. In the most recent 9 weeks, since the announcement of our Half Year Results, like-for-like sales growth was 2.0%.

Cash flow and balance sheet

There has been no material change to our financial position since the Half Year Results, with net debt broadly unchanged at £1.8bn. We have opened 11 new sites and converted 5 sites so far this financial year.

Numis Add 400.65 426.80 - 500.00 Retains

Pre-close Trading Update

We expect to deliver a full year result in line with the Board's expectations. Total sales growth in the first 51 weeks was 2.1%. Through the second half, the Group operating margin has remained ahead of last year. At the same time, we have maintained our investment into guest-facing service and amenity.

We have opened 16 new sites and converted or expanded 6 sites this financial year. The development of our pipeline of new sites for FY14 and FY15 is progressing well and we expect to increase investment into our most successful brands to open around 50 new sites a year over the medium term.

Like-for-like sales were lower in the fourth quarter against a strong comparative performance last year (+3.0%).

Final Results

Statutory results

- Profit before tax: £150m (FY 2012: £83m)
- Basic earnings per share: 32.9p (FY 2012: 17.1p)

Financial performance (52 week comparables)

- Total revenue of £1,895m, up 2.2%a
- Like-for-like sales growth of 0.4%b
- Adjusted operating profit of £312m, up 5.1%c
- Adjusted earnings per share of 34.9p, up 17.1%c
- Net cash flow of £29md after mandatory bond amortisation of £55m
- Net debt of 4.2 times EBITDAe at year end (FY 2012: 4.5 times EBITDA)


- Like-for-like sales up 0.1% in the first 8 weeks of FY 2014

Operational performance

- Operating margin up 0.5 percentage points to 16.5%f
- Good progress across all priority areas: people, practices, guests and profits
- Staff turnover down 4 ppts and net promoter score up 4 ppts
- New tills, payment systems, table management and kitchen management systems in full roll out

Property Estate

- 16 new sites opened across the upmarket social, family and special market spaces
- 17% EBITDA returns achieved on expansionary capex invested since FY 2011
- £31m increase in property value as a result of annual revaluation and impairment review
- Pipeline of new sites building for FY 2014 and beyond

Numis Buy 424.15 500.00 500.00 Retains

Neutral 404.70 404.70 370.00 390.00 Reiterates

Deutsche Bank Hold 404.70 404.70 435.00 435.00 Retains

Jefferies International Buy 404.70 404.70 500.00 500.00 Reiterates

JP Morgan Cazenove Neutral 0.00 450.00 400.00 460.00 Reiterates

Interim Management Statement

Strong festive trading: 6.9m meals sold with 2.6% like-for-like sales growth


Operating performance

Our trading performance over the festive period was strong, including our biggest ever sales week. Over the three-week festive period to 4 January, we increased like-for-like sales by 2.6% and like-for-like food volumes by 1.3%, selling 6.9m meals across our estate. Trading on Christmas Day was particularly strong, with like-for-like sales growth of 7.5% and 193,000 meals sold.

Year to date like-for-like sales are up 2.0%, assisted by the strong festive trading and milder weather compared to last year.


more....

Half Yearly Report

Return to food volume growth underpins successful first half

Statutory results

- Profit before tax: £68m (H1 2013: £68m)
- Basic earnings per share: 12.9p (H1 2013: 13.4p)

Financial performance

- Total revenue of £1,016m, up 2.5%
- Like-for-like sales growth of 1.1%a
- Adjusted operating profit of £147mb, up 2.1%
- Adjusted earnings per share of 14.6pb, up 1.4%
- Net cash flow of £43mc

Balance sheet and cash flow

- Agreement reached with Trustees on 2013 pensions valuation. Deficit increased to £572m as at March 2013; annual contribution increased to £45m (previously £40m per annum)
- Capital expenditure increased to £86m (H1 2013: £59m), including 11 new site openings and 4 conversions
- Net debt of £1.7bn representing 4.1 times annualised EBITDAd

Operational performance

- Turnaround in volume performance: like-for-like food volume growth (H1 2014:+0.2%, H1 2013: -4.7%), drink volume stabilising (H1 2014:-0.3%, H1 2013: -6.0%)
- Operating margin maintained at 14.5%e
- EBITDA returns of 16% achieved on expansionary capex invested since FY 2011f
- Staff turnover at historical low of 78% and net promoter score growing strongly to 63%

Numis Add 409.60 426.90 525.00 525.00 Reiterates

Mitchells & Butlers plc (Mitchells & Butlers) notes the recent press speculation regarding the Orchid Group (Orchid).

Mitchells & Butlers confirms that it has entered into exclusive discussions regarding the potential acquisition of the majority of the Orchid estate.

Discussions are ongoing and there can be no certainty that a transaction will be concluded.

A further announcement will be made in due course as appropriate.

Numis Add 409.90 525.00 525.00 Reiterates

Had a dabble here this morning - recent disappointment in the lack of dividend maybe overdone?

Closed +15.

Citigroup Buy 414.70 414.70 - 500.00 Upgrades

Numis Buy 420.70 414.70 525.00 525.00 Upgrades

JP Morgan Cazenove Neutral 402.75 402.50 550.00 430.00 Downgrades

Deutsche Bank Buy 402.75 402.50 620.00 620.00 Reiterates

Citigroup Buy 391.90 391.90 500.00 520.00 Reiterates