George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Splendid!
Statutory profit before tax of £30.5 million for the year, the first time since 2018, with a 67% year-on-year reduction in underlying loss to £16.9 million.
Deposits of £15,623 million as at 31 December 2023 are up 1% from June leading to an elevated liquidity coverage ratio of 332% as at 31 December 2023.
Underlying revenue grew by 5% year-on-year reflecting effective asset rotation and increased yields plus 12% growth in capital efficient fee income, whilst costs marginally reduced, creating positive operating jaws.
Continued to grow personal and business current accounts, opened 246,000 accounts in the year and over 52,000 of those were in the fourth quarter.
On track to deliver £50 million of annualised cost savings in Q1 2024 as previously announced, these savings have been actioned with c.1,000 colleagues, equal to 22% of headcount, leaving before mid-April.
A further £30 million of annualised cost savings is expected to be delivered by the end of 2024.
Remain committed to stores, including opening new stores in the North of England.
Secured the capital position and extended the debt instrument maturities to 2028 or beyond
Key metrics all ahead of market expectations including the annualised cost savings. Markets look forward not back. A few negative reactions suggest some short positions will need to be closed.
So the bank made underlying losses of £17m. Given the half year profits were £16m and Q3 had a "small profit" suggests the bank has lost over £30m in the last 3 months. £10m a month underlying losses is a pretty nasty place to be. The cost reduction wont have kicked in- but £50m annual savings, so £4m a month, isn't going to offset it all. You get to the same place looking at statutory- i.e. the bank got a one off gain of £61m from the T2 restructure (net of transaction costs). SO add in Q1-3 profits it would have been at £80m profit. If you take out the £15m restructuring costs that is £65m profit. So they must have lost £30-£35m in Q4. Cant see how structural unprofitability justifies a re-rating. But as a highly manipulated, closely held stock, who knows?
Knocked what out the park, still delivered a loss making year overall!!!!!!
Market was also expecting to hear that cost reductions would be £50m. These cost savings have now increased to £80m. This bank will be on a PE of 1 at this rate.
Well done metro bank.
Let this multi bag baby
That at least this one beats expected numbers. Feels every update of every share I own scores an own goal some where and makes you wonder is it worth it or better going under the mattress. Vanquis and thg being most recent mismanagement
Results day
Hoping that proactive have uderestimated metro's profit. My sensible side saying 11m feels about right.... do you rate proactive journalism primetime?
Click on link of mine
proactive investor below
What are the expectations for tomorrow? I'm hoping for profits over 35 million and hopefully a 20% uplift in share price. This is massively undervalued .
I was right that this will decline close to 30p before we get more updates. Tomorrow we will get more updates, I am leaning towards the re-rate camp here, I believe this stock will rise tomorrow. Gla
Could being the word lets hope it is in our favour this rerate & not to the downside
gla
Could be a hell of a re rate here tomorrow. Hold tight for lift off
We also need to consider that The Co-operative Bank had been considered a right off just a couple of years ago and now it's the target of a takeover.
Https://www.proactiveinvestors.co.uk/companies/news/1042744/osb-and-metro-bank-in-spotlight-after-virgin-takeover-1042744.html
A slow turn around not expecting fire works with results.
But with our main Man now holding 53% i'm sure he will turn this ship to calmer waters
gla we need it
Correct RG, however to point out that £1.10 per share then values the bank at the same it is now due to share dilution. So in terms of overall market cap, the bank is still worth the same now as it was then.
Maybe one day I will see an increase in my 'for free' shares valuation.
Tg
Banks like Lloyds can simply close a branch
Tg
'' already had several interest parties ffs!''
really? - you may find that a sell off of assets was a possibility, but the tied in expensive property leases is a different matter.
Tg
''Virgin Money has 91 branches btw''
what has the old northern rock branches got to do with Metro having expensive leases on their branches - and come to that the co-op branches ?
"Metro hasn't been in anyone's sights despite the loose change valuation"
Jeepers it just gets worse Metro's already had several interest parties ffs!
Metro Bank covers 80% of its leasehold property costs by effectively renting out space for security box income..some prime located branches are actually owned..
Longtimeinvestor
"
The business model , including being tied to property leases is expensive and isn't one that is appealing tor another bank"
Unless of course your paying £2.9b for Virgin Money as offered by Nationwide...Virgin Money has 91 branches btw, or the mergers with the Co-operative Bank and Coventry Building Society..The Co-operative Bank has 373 branches.
Unlike digital banks like Revolut which has been waiting more than two years to secure a banking licence, which would allow it to conduct more regulated activities, such as mortgage and credit card lending.
Sometimes you just gotta to see the bigger picture with the backdrop of alot of M&A activity going on.