Marston's Share Discussion Threads

[lord gnome] 17/12/2014 20:22

gbb483 - I should have waited for just a few minutes and bought at 138p.
Not worried about the drop on ex-div tomorrow. It's money in the bank for February and the drop will be recovered quickly enough.

[gbb483] 17/12/2014 18:20

I would've waited a day or so - they're ex-div tomorrow and the could easily drop by more than the dividend in the current market.

[lord gnome] 17/12/2014 09:52

Morning all,
Joined you with a few this am @ 141p. Banking on a good post-Christmas trading update to send the shares higher.

[redartbmud] 27/11/2014 16:33

Zeppo

We agree to differ then. No problem.
Pity the dividend increases do not match the increases in executive remuneration.

red

[zeppo] 27/11/2014 16:14

'The proposed final dividend of 4.3 pence per share provides a total dividend for the year of 6.7 pence per share, and represents a 5% increase on 2013. Dividend cover was 1.7 times (2013: 1.9 times) ....................


Not necessarily 'desperation' though as per posting 1494.

...................'reflecting the portfolio disposal. Our dividend policy remains to target consistent progressive increases in dividend at a cover of around 2 times over the medium term.'

The portfolio disposal has to be taken into account?


z

[redartbmud] 27/11/2014 15:53

1 week either way should't break the bank. But yes 52 weeks insread of 53. conversely, should we look at comparing big events, temperature, sunshine etc etc when comparing year on year?

red

[zeppo] 27/11/2014 14:28

Reporting period change? and shorter?

z

[redartbmud] 27/11/2014 11:12

No, desperation.

As far as I was aware their policy was 2x covered,but they would be flexible if they believed improving markets meant that they could get back to the mean.

1.9x then 1.7x looks like they shifted the goal posts.

[jeffian] 27/11/2014 09:44

Interesting that, whilst looking to gear div to 2x covered, they've actually increased the div when underlying profits fell reducing cover from 1.9x to 1.7x! I assume it's supposed to show confidence.

[skinny] 27/11/2014 07:41

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."

[skinny] 09/10/2014 10:24

A bit from

[jeffian] 08/10/2014 10:00

rmillaree,

Not only that but "broadly" connected to the infamous "underlying"!

This lot just tootle along in their own little way. I've got some tucked in my SIPP which is now in drawdown on the basis that the divi will trundle along and the capital value should just about keep pace with inflation. Nothing to get too excited about though.

[rmillaree] 08/10/2014 09:45

Uh Oh - the dreaded word "broadly" which i tend to normally treat as a half profit warning - thankfully nothing seems to bad in the wording and shareprice is fairly stable.
Back to sleep

[skinny] 08/10/2014 09:36

Here it is with a couple of other reiterates :-

Numis Buy 141.35 180.00 180.00 Upgrades

JP Morgan Cazenove Neutral 141.35 155.00 155.00 Reiterates

N+1 Singer Buy 141.35 163.00 163.00 Reiterates

[redartbmud] 08/10/2014 08:14

On CNBC

Numis upgrades to buy.

[redartbmud] 08/10/2014 07:57

Not surprised. They operate blissfully unaware of the rest of thye world IMHO.

[skinny] 08/10/2014 07:52

I never did get a reply to my email.

[redartbmud] 08/10/2014 07:51

Drifting on the tide, which I supppose is the best that you can hope for in the current climate.

[skinny] 08/10/2014 07:01

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."

[spacecake] 06/10/2014 11:38

webcast above, reminded me of derek and clive live... find on you tube

[davidosh] 06/10/2014 00:49

Marstons are discussed here...hxxp://www.smallcapvalue.co.uk/webcasts/

[spacecake] 04/10/2014 14:11

Wed 8th Oct

Trading statement

[jeff h] 18/9/2014 11:15

Interesting discussion and views from several holders.

I've held since 2011 and though a much reduced stake I still hold some mainly for the divi.

I was disappointed on a visit to one of the new builds (more a restaurant than a pub, very limited choice of ales, and despite being almost the only person stood at the bar wasn't served after 3-4 mins waiting..so I walked out)

I was also shocked to visit a previously very busy pub which I'd frequented since student days to find it near empty and only selling Banks & Pedigree whereas before they had 3-4 ales on.

I've waited for the Pitcher & Piano chain to be expanded but very little progress there (the one on Upper St, Islington seems to have gone)

They have 5 breweries in England whereas Greene King with a higher brewing turnover gets by with 1 in England and 1 in Scotland after the Belhaven acquisition and consequently makes near twice the profit Marstons does from brewing.

So not the most dynamic management, I'd say Brunning & Price pub restaurants (part of The Restaurant Group) are places to look out for - wide range of ales, food, very good staff and service.

Marstons aint doing bad though and I'll continue to hold my reduced stake whilst they can keep increasing profit.

Seemingly Ralph Findlay has a new plan up his sleeve, so we might see some new management intiatives soon:-