In_the_dark_yet_again
27 Nov 2019
Trading Update LSE:MARS [link] Can’t say I’m that impressed but the market seems to like it; results say nothing much happening to me but maybe just not as bad as expected. Maintain a decently covered dividend and debt pretty much unchanged (look at the numbers, not CEO rhetoric). Best I can think of is it’s not getting any worse… which will be positive news to a few people I guess. Regards, ITDYA
Blanketstacker
21 Nov 2018
Trading Update Preliminary results this morning. The headlines are spoiled by the write down in property values. More worryingly there is a drop in food-led revenues. Debt is reducing, but not fast enough. Although the dividend is maintained, and well covered from earnings, we should see a drop here this morning.
Hydrogen_Economy
10 Oct 2018
Trading Update Update looks braodly OK, adj revenue above forecast at 1.1b Vs 1.07b but adj PT profit missed at ~104m Vs 107m (but up on 2017 at 100m). The adjusted EPS will however likely be down on 2017 (My back of envelope estimate adj eps around 13.4p Vs 13.88 forecast and 14.2p in 2017). Profit/EPS miss probably why SP down ~4+p at open. Good Wet performance, (as it should be W Cup and hot summer), food led pubs affected by weather (beast fte presumably). Brewing said to be doing well on volumes and profit. Outlook slightly positive. H2 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.Estate Expansion We continue to grow our estate, opening 14 pub restaurants and bars and seven lodges in the year. As previously reported, we plan to open 10 pub restaurants and bars and five lodges in 2019. Acquisition We have reached agreement to acquire 15 former Mitchell’s & Butlers’ pubs from Aprirose, a property investment company. These well located, community pubs have good potential and are highly complementary to our business model. We expect to complete and lease-fund this acquisition in the first half of 2019 and will invest approximately £4 million post acquisition with a target EBITDA of around £0.5 million in 2019 and at least £1 million in 2020.Commenting, Ralph Findlay, Chief Executive Officer, said: ‘’2018 was a strong year for our Taverns and Beer businesses. We have seen clear benefit from our balanced portfolio having achieved good growth in wet-led pubs and from brewing, maximising the trading opportunities provided by the good summer weather and World Cup. “This year has been transformational for our market-leading beer business, with the benefits of the acquisition of CWBB and the new distribution contracts delivering strong profit growth. Although trading in Destination food-led pubs was weaker, this predominantly reflects issues beyond our control relating to unseasonal weather extremes and the World Cup. However we are encouraged that our dining pubs are now seeing improving momentum and we expect to make further progress in 2019. We are meeting the demands of our customers and continue to manage the inflationary cost environment well, which gives us confidence for the future.’’ *Peach tracker outside M25 Forthcoming Events Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - 2018 Preliminary results 21 November 2018 2019 Interim results 15 May 2019 2019 Preliminary results 27 November 2019* *Please note date change for Marston’s 2019 Preliminary Results to 27 November 2019 (from 28 November 2019) due to a sector clash
Deepsleeves2
29 Jun 2018
Heatwave I bought into MARS just over a year ago, a moment of madness attracted by the high yield on offer. If the dividend remains at the current levels then I will continue happy, However not sure that it is sustainable in the changed food/pup market place with the rise of EAT/DELIVEROO et al and my children’s preference for either expensive cocktails in trendy bars or to stay home. Not to mention the impact of B…T Deep
TrenthamExile
28 Jun 2018
Heatwave Disappointed to see that despite an ongoing heatwave, England’s World Cup performances and the recent Director’s purchase, the SP continues to wallow. As I’m already a little overweight here, I may resist topping up but at this price it is tempting!
PIE-EATER
14 Jun 2018
Langton Capital on Marstons Dregor… should now be obvious with the chaos over the last week that RF has taken a position on the board of II
dregor
08 Jun 2018
Re: Langton Capital on Marstons A good summing up of how Marston's operate, but that is all.Nothing about why the shares are so lowly rated and what could be done to change that.Yes, it is largely debt, but I want to hear what the Board , analysts and investors have to say.Yippee, we are good at running pubs and brewing ale, but what about the c--p perfomance of the sp since heaven knows when!
Hydrogen Economy
08 Jun 2018
Langton Capital on Marstons Worth a read[link]
PIE-EATER
06 Jun 2018
Re: Even In A Difficult Sector.............. There are 2 big problems with the Marstons hierarchy.......and hence the company.1) Their communication skills and positivity is unbelievably underwhelming. They couldn't encourage people to a free P up at the brewery!2) They INSIST on investing in more wet capacity when that is providing the lowest returns by both margin and overall. It is purely an ego trip to say "we are the biggest."It really hacks me off because MARS has so much potential in the right management hands (as I have said before)......Sorry, I am beginning to sound as much like a broken record as they are, but at least the share price decline bears me out.PE
TX2
05 Jun 2018
Re: Even In A Difficult Sector............. Mexicoman the brewery you refer to it in Blackburn which was occupied by "Travellers" (not gypsies) still belongs to Daniel Thwaites as does the new brewery in Mellor.The large central Blackburn site is to be redeveloped.Marston's purchased certain major brands from Thwaites a couple of years ago in particular Lancaster Bomber & Wainwrights but not the property.However Daniel Thwaites are also continuing to produce craft beers for their own pubs (circa 300) & mainly local distribution this is shortly to be transfered to their new smaller site at Mellor.I am a shareholder in non LSE listed Daniel Thwaites as well as Marston's.
mexicoman
05 Jun 2018
Re: Even In A Difficult Sector.............. There as been no mention of the brewery at Blackburn being trashed by gypsies the other week and that they are building a new brewery at Mellor you can look this up on Blackburn news
faddy10
05 Jun 2018
Re: Even In A Difficult Sector.............. To be fair, they have organised an analyst visit today - not that it's done much good to the SP! F.
dregor
05 Jun 2018
Even In A Difficult Sector.............. Even in a difficult sector, this is a dismal share. Worst performer in my portfolio by a country mile.General consesus, is I believe, the company is too indebted.Well, how long will this underperformance be tolerated? Not for more years than it has been already, I hope.Get the impression that the top brass are quite content to while away the years whilst picking up fat salaries and bringing forth no ideas or oomph to get the ruddy SP heading north.Dynamic and good communicators, they are not!
paul1945
24 May 2018
Director dealing bought 40k & xd today
TrenthamExile
23 May 2018
Re: Royal wedding Not to mention the ongoing excellent weather which must be making people quite thirsty.
