Belhaven Grp. Share Discussion Threads

[bumpy dog [new]] 01/12/2003 21:56

From the Scotsman:

Belhaven brews up 26.5% profits rise in fourteenth year of growth

BELHAVEN, the Dunbar-based brewer and pub operator, today announced a 26.5 per cent rise in first-half profits and said it was on track for its 14th consecutive year of growth.

For the six months to September 28, the group behind Belhaven Best beer posted a pre-tax profit of £7.6 million, compared with £6m for the same period last year, on turnover 19.4 per cent higher at £47.2m. Chief executive Stuart Ross said today's figures represented the group's eighth consecutive set of record interim results since its flotation in 1996.

He said: "Market conditions during the six months were generally favourable. Trade in the spring and early summer was helped by the strong interest in the closing matches of the Scottish football season, including Celtic's run in Europe, which boosted turnover in community pubs and sports bars."

Belhaven pubs contributed £5.7m to the group's profits, an increase of 31.1 per cent from last time, while the drinks business saw profits rise 12.1 per cent to £4.6m.

Earnings per share rose 8.8 per cent to 21.1p and shareholders will receive an interim dividend of 3.95p per share, an increase of 11.3 per cent over last year's payout.

Mr Ross said: "The first half of our financial year has seen Belhaven more than maintain the excellent growth trend experienced since the business was successfully floated at 180p in 1996. We have been firing on all cylinders and we are delighted to report a 26.5 per cent increase in pre-tax profits."

He added: "As a result of the additional equity of £24.9m raised in July, and strong internally generated cash flow, gearing has been reduced to only 36.7 per cent and we have a solid financial platform from which to launch further growth."

[salpara111] 01/12/2003 10:14

Entering its 14th year or unbroken profit rises. I actually broke my own rules by doubling up my holding on Friday as they seem to be a piece of real quality.
I just find it a bit confusing that for a company that usually issues nice trading surprises it trades on a pretty undemanding p/e ratio.
I regard this stock as one of my core portfolio members which allows me to sleep easy at night.
It is just a pity that it does not seem to be on the radar screen of the city boys or it would probably be trading closer to 600 than 400.

[washbrook] 01/12/2003 07:48

Excellent results..
For the record


marked up 5p @7.45am
AT 7.53am marked up 10.5p no trades so far

[huttonr] 10/10/2003 09:22

Does anybody know why we have had a drop in the price - turnover doesn't seem excessive either way, and I've not heard any news???

[chutes01] 03/9/2003 11:10

I'm a bit gutted I never took up the rights issue, can't help thinking there is some Corporate activity here.
My local Belhaven pub is busy, and the Brewing side looks to be very healthy.

[computab] 02/9/2003 18:42

The professional recommendation on this company I received is: BUY!

[toriel] 11/7/2003 08:34

I'm not sure that I understand the point that Salpara is trying to make in message 13 about the price of the new issue. (S)He asks why the new shares are priced at a discount to the share price. If the new shares were not priced at least a little below market price would anyone buy them? Or am I missing something?
Like Salpara I've taken up the new shares. As chutes points out the discount is small (and is now even smaller than when his comment appeared on June 19th). Still, it's a question of whether there are better homes for the money, and at present, though BHG is unexciting, I'm happy to increase my stake in it a bit.

[chutes01] 20/6/2003 00:09

It's certainly a good solid investment, will take up my rights also.
Divi paid on 01/08/03.

[salpara111] 19/6/2003 10:01

Another excellent set of results. A bit dissapointing the timing of capital raising and I'm a little confused as to why they felt the need to price the placing at a discount to the share price when they are in such a strong position. Having said that, this is one placing which I will be happy to take up my share of.
I wasnt really intending to add to my holding but will loose value if I dont either take up or manage to sell the rights, having said that on a 1 for 4 basis I wont have to make too large an investment to take up my entitlement and I am totally behind this company in the medium term.
I'm amazed that no-one seems to be interested in BHG but I guess their share price is just not volatile enough to interest a lot of the people on these boards.

[salpara111] 16/6/2003 14:44

I've been holding since Xmas and am showing a small profit.
Given that the company has been a consistent growth story for the last 13 years I find it bizarre that it continues to trade at a discount to the rest of the sector.
I have been hoping for a re-rating of the stock as there is still plenty of growth potential for the company but none of the analysts seem to be up for that at present.
This is probably the only stock I hold that I feel totally comfortable with holding over the next couple of years.
I wont become an overnight millionaire but I still expect good solid growth which is more than you can say for the market as a whole.

[hectorp] 16/6/2003 10:44

Results tomorrow - and the stock price has been slipping recently.
This I put down to the fact that the results have basically been leaked and anticipated in advance. I doubt upside from here, but in this market anythings possible.
One point in favour is the drinks sales over the last 2 months from some other UK brewers is better than expected a few moths ago.

[chutes01] 23/2/2003 16:03

The Pub sector is indeed in for a hard year as people are skint and the deflated economy is not going to improve this year. There will be green shoots towards the end of the year, but the majority of people will have the financial screw on them throughout the year.(Paying for that new house that seemed like a good idea at the time)
Belhaven should do well though, thanks to the brewing side, it recently bought a pub near me, and lets just say it is not very busy at the moment.
Don't discount the possibility of a bid also, which could appear at any time at a significant premium, Belhaven are worth having as they are solid, good divi, but the chance of a bid, Well................

[egoi] 12/12/2002 13:50

Very positive write up at citywire, which says four brokers covering the stock all have "Buy" recommendations. A safe haven IMHO, the sort that won't be hurt by war.

[salpara111] 12/12/2002 09:47

Well, the results were about as good as I could have hoped for but I am still on a loss with this share having only recently acquired it.
I guess the big problem is that there are far too many pub chains coming out with bad results, another one today being Regent Inns and I guess that the sloppy analysts have yet to discern the difference between the pure pub chains and the Brewer/Pub operators.
Anyway, I will be holding on the hope that they will move up as they deserve to do on the back of continuing strong peformance.

[salpara111] 11/12/2002 09:56

Well, I bought Greene King and Belhaven on Monday. I know it was a bit of a gamble given what had has happening in the pub industry in the last few months.
However both of these companies are rather different to Wetherspoon et al in that they are not pure play pub companies but have diversified business interests.
In the case of Greene King it has Pubs, Brewing and now hotel/inns.
Belhaven has Pubs and Brewing and has always made a large part of its operating profits from its brewing arm.
I was pleased to see that I called it right on Greene King, it now just remains to be seen if I have acheived "the double"
As someone who went to University in Scotland I have a strong connection to its brewing industry!
I would have to confess that I was more nervous about taking a stake in Greene King than in Belhaven but having said that Greene King was marked down heavily over the last 4 weeks for no apparent reason which left more upside potential whereas Belhaven has not really been marked down with the sector.
Anyway, enough! I will be up bright and early tomorrow morning to see what the score is.

[mrx001] 11/12/2002 09:42

I agree, I think it is well run and I have a position in it as well. Seems like a lot of people have got the jitters about the results tomorrow though with people still getting out. Lets hope they are good!

M

[andymu] 11/12/2002 09:27

Yes - looks a well run company (in whish I own shares).

I like the fact that it's a 'proper' brewing company, not just a pubco.

As long as it doesn't go head to head with Wetherspoon etc on the high street, progress should continue to be good. But must watch over-expansion, gearing is high at 70% or so.

Tomorrow's results eagerly awaited!

Andy Murray

[mrx001] 10/12/2002 14:43

Doesn't seem to be much activity on these shares given that there results are due out on Thursday and Green King just announced good results today. Has anyone else got a view on these??

[redordead1] 05/11/2002 20:54

just sold them a site so yes
very good company well structured and doingf well

[reidy100] 28/10/2002 15:58

Certainly appreciate their product! I had looked at the shares some time ago as they appeared to have a relatively consistent rise that was before they changed the name EPIC to BHG though.

[peter2001] 23/10/2002 10:58

Is anyone interested in Belhaven?