Our Haven
16 May 2018
Re: INTERIM RESULTS In the round the results look reasonable to me and if they can deliver that growth they speak of then should see a upward move to the share price.
Hydrogen Economy
16 May 2018
Re: INTERIM RESULTS Results look a bit of a mixed bag, revenue well up due to acquisitions and investment, profit up 8% but underlying EPS flat at 4.8p. That’s the effect of dilution due to share placing at time of CW acquisition. That is one of the concerns with MARS that the costs of acquisitions erodes the overall returns through added debt or dilution.Outlook - expect to deliver growth in both revenue and underlying profit before tax in 2018 despite the impact of weather on our first-half results. Our drinks-led businesses are in growth and the forthcoming World Cup presents a further opportunity. In Destination, we anticipate an improvement in like-for-like sales trends over the second half-year against softer comparatives.MARS numbers are seasonal, strongly weighted to second half,(H1 was about 33% of last year’s profit) and the guidance sounds ‘hopeful’, I trust there is more than hope behind it. Market looks to be mildly unimpressed at the open.H2
Blanketstacker
16 May 2018
INTERIM RESULTS Business is running well, but value of pubs has been lowered hence the loss. NAV per share is 147p (but this is VERY subjective, given pubs continue to fall in value and downward repricing will continue). We are really becoming a large scale brewer who runs a few pubs and owns some restaurants."On a statutory basis, the loss before tax was £13.4 million principally reflecting accounting adjustments relating to the estate valuation and changes in the fair value of interest rate swaps, both of which are non-cash items. The basic loss per share was 2.0 pence per share."However:Strong organic growth in Brewing and from CWBB acquisition- Total volume +74%, market share growth in premium cask ale to 23% and premium packaged ale to 24% Managed and franchise like-for-like sales in line with last year- Taverns like-for-like sales up 2.9%, D&P like-for-like -1.8% (drive-to destinations weather impacted)- Average profit per pub up 1%Operating cash flow up 6%, pro-forma leverage and pension deficit reduced- Pro-forma leverage down 0.2x to 4.8x, fixed charge cover unchanged at 2.6x- Triennial pension valuation - funding deficit reduced by £10 million to £40 million
Our Haven
14 May 2018
Re: Next Interims Market looks like it is expecting better news!
Our Haven
12 May 2018
Re: Next Interims Guaranteed no, just the most likely. It is priced in though so any upside could move the price upwards.
Alan Tittymarsh
12 May 2018
Next Interims Out on 16th May 2018. Guaranteed to be mediocre, with the usual excuses.
TX2
08 May 2018
Re: Logical Mr Market ? Sadly Marston's record over many years is so dire that until it can show otherwise Mr Market has got the price about right.......
Our Haven
08 May 2018
Re: Logical Mr Market ? And hot drinks!
Thunderbird 6
08 May 2018
Re: Logical Mr Market ? I hope you're right but I recall Marstons blaming good weather for reduced profits due to the decline in sales of "Roasts" !
Turkey trader
07 May 2018
Logical Mr Market ? Pubco's fall on bad weather - logic suggests should rise on good. Beer Gardens around me have been rammed all weekend. But if Mr Market were logical - he wouldn't be paying the yield on these that he is. Tuck away, sit back, and wait.
Turkey trader
13 Apr 2018
Re: nice bounce today Riding on the coat-tails of Greene King yesterday. There should be more to go with MARS - yesterdays GNK movement shows just how perverse its valuation had got - same applies with MARS. Just need to be patient.
tradingup
12 Apr 2018
nice bounce today good to see the sp well back over the pound level and a close at 104 is very welcome.I will be celebrating tonight with a glass of Banks Amber Ale bought in Tesco's fora very reasonable 90p and what with Tesco now being well on the road to recoverywith yesterday's excellent results its a cause for double celebration!
Hydrogen Economy
10 Apr 2018
Barclaycard - March Weak Month for Pubs & Restaurants I guess the Barclaycard data and comment hit MARS pubs today. I see MARS now showing back over 100p so hopefully no lasting impact. No change in fundamentals- view of BARC analyst although MARS and MAB not preferred because of weaker balance sheet which probably put the boot in. H2[link] was also one of the weakest months for pubs & restaurants, the Barclaycard data showed."On a short-term basis, this poor performance could create negative reactions in share prices of the pubs stocks as they update the market on trading," Barclays analysts said.But they stressed this did not change their fundamental view on any stock, with a preference still for names where greater balance sheet strength is perceived, namely JD Wetherspoon and Greene King, rather than Marston's and Mitchells and Butlers.
iolat
10 Apr 2018
Re: Down 4 to 97 What happened , you used to be the light and soul of the party
fitcontroller
10 Apr 2018
Re: Down 4 to 97 does not surprise me that fewer people are eating out, the food is uninspiring, boring, poor quality and the service is poor. The tables are sticky and dirty, as are the glasses, with lipstick still on half of them. Look up to the lights and beams and see the cobwebs. When it comes to desserts it is even worse, a child of five could do better, same old same old. They are all the same. Dreadful.
