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"Revenue rose 8.2% to GBP991.0 million". I make that almost One Billion Quid. Not bad for 6 months.
Vastly oversold today. No one has any patience nowadays to stick with a good stock.
JDW is a major cash cow. Friday night and all through the weekend their pubs will be rammed.
Makes me laugh they are profitable again ...and still good value imo ...plenty of Yank stocks vastly overpriced and making no money...go figure
This was 14 quid before covid
I missed that opportunity at 08.05 could of sold for afew quid ..loss
But very rich....Good on him saying what he thinks
Fair enough casap, personally if I had sold this morning then I would slice some back later. Unlike you I had not sold, you certainly called that right, I'll wait and see.
You've only just worked that one out? The guy is a complete loony.
I can't work out whether his statement is actually serious or just a bit joke? I mean he's quoting Professor Balloux ffs LOL
Just wish Martin would stop waffling on about Brexit and lockdowns and just get on and running the buiness. He sounds deranged!
BBC Also Hype .
" Wetherspoon profits jump as Covid recovery continues ..... " !!!
Published
1 hour ago
See my post at 7.37 for an explanation.
830-730p in under a week. Someone’s playing silly b#ggers
Sorely tempted to buy back my stock from this AM 's sale : BUT In my experience market moves like this sometimes have further down ripples over the next few days , as at the mo I'm waiting. Incidentally anyone who has read the media's market commentary today will see how utterly inept and ill-informed media comment is, see this from the Telegraph
"Wetherspoon profits surge as it moves past woes of lockdown
Pub chain JD Wetherspoon revealed profits rocketed last year as its chairman issued a swipe at the lockdowns that ravaged the hospitality industry during the pandemic.
The company’s pre-tax profits catapulted 682pc to £36m in the year to the end of January, compared to £4.6m in the previous 12 months."
and this from proactive investors
"profits on the back of an improvement in margins.
Operating profit climbed 81% to £67.7 million over the 26 weeks to January, the pub chain reported on Friday, following an 8.2% increase in revenue to £991 million.
Like-for-like sales climbed 9.9% meanwhile, as margins widened from 4.1% to 6.8%.
This remained narrower than pre-pandemic margins though, which had sat at 7.1%, as two years of rising prices still appeared to be weighing on the industry.
“The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance,” chief executive Tim Martin said.
He also highlighted the chain’s concerns over potential future lockdowns, which prompted the likes of pubs to shut their doors in 2020, and the time taken for the government to review its response to the pandemic.
Debt increased over the half year, Wetherspoon continued, by 5% to £1.11 billion, while free cash flow plummeted to an outflow of 4.8p per share, against a 132.4p inflow last year, due to payments owed to the likes of suppliers and the tax office
Fair doos casapinos….you were spot on with the market reaction! I wish I would have “got out” early this morning as you did, instead I waited and am well under water now. Let’s hope it also recovers soon as you predict….along with my other “pub chain” Marstons, which unlike JDW , has been flat on its ass for the past year and shown no sign of recovery at all yet! Instead it’s going in reverse, but fingers and toes crossed it may recover a bit this year, as I’m around 15% down on MARS so far.
Casapinos highlighted the details of what the City has not liked.
The underlying business is more profitable, the debt still high but manageable, the dividend has not come back. They hedged to protect themselves but it has come with a cost. Living wage +10% this year will mean they will have to trade well to stay level TY and next year. They will a solid company with peers in more trouble but perhaps more growth opportunities out there for a better capital return. They may likely resume their buy back to get SP to £8 but perhaps keep getting the debt down or dividend would help attract income investors. At a forward PE of 17 they are simply not cheap.
Https://www.gloucestershirelive.co.uk/news/uk-world-news/wetherspoon-eyes-plan-open-200-9182172
Any idea why the drop? Seasonal? Most of the money made in the run-up to Christmas?
The market's just woken up!! live price is in the 750's . I sold 80% at 789 at 8.05.
As usual, the market is IMV overreacting and for those still holding I suspect it will recover over the next few minutes/hours/days / weeks .
'spoons is still a well-run company in an area that isn't going away.. I will watch today and may buy back if it holds at theses levels , 'cos I believe it will recover, this is a One off as detailed in my previous post.
GLA
So far market looks to have accepted the reasons for the unwinding of the hedges and thinks price is about right but it is only 8:05
If Revenue maintained at 5% then forecast would be for 2,050m slightly ahead of expectations 6.5% for year
costs up 5.2% not bad considering environment it would be impressive to maintain for half 2.
Property losses up but explained
Operating Profit then heading for FY 86m if H2 matches LY which would be 43% up
Finance costs in line
Finance income jumps around massively with JD
Tax dropped significantly because of one offs last year see note 4
The one offs are going to make bottom line FY look worse unless adjustments come in in half 2.
Bit of a mixed bag, on the surface all looks well , and the actual business of running the pubs seems to be fine, BUT the accounting wizardry of previous years seems to have come unstuck,( see note 2- leading to substantially less profit and eroding the generally sound financial position ,see this quote
"A charge of £6,237,000 (2023: income of £49,887,000) relates to the fair value movement on interest-rate swaps. Income of £176,000 (2023: income of £1,913,000) relates to the amortisation of the hedge reserve to the P&L relating to discontinued hedges and, £5,425,000 (2023: income of £13,291,000) relates to hedge ineffectiveness reclassified from the reserve to the P&L in relation to terminated swaps."
it is a one- off and so it's not clear how the market will take it, but IMV it may be seen to be a major negative.
For my part I'm currently up ~ 50 % here having quite a few at a sub 500p average and am inclined to sharply reduce my position at the open ,if I can get 780+.
watch and wait
Not invested yet here, but you’ve got to love the political views in the prelim’s, certainly puts a different spin on reporting (loved the bit below and on supermarkets) Only did a quick scan and will read later.
“Wetherspoon has been a strong critic of the composition of the boards of UK-quoted companies.
Directors of UK PLCs have, on average, relatively little experience of the companies they govern, due to the "nine-year rule", which limits their tenure, combined with the fact that most directors are part-time, and have never worked for the company in question, on a full-time basis.”
Any thoughts?
Good luck for tomorrow everyone. A nice lift today as a hint of more cash in the JDW coffers. Enough to reinstate a dividend I hope, albeit a small one.
I too should have sliced. Not sold out, I believe we have a much higher future; but it will be a wiggly line and I have already bought slices back for less, more than once.
There should be an earnings release Friday. Despite the lack of a dividend,I still feel this is very cheap right now. Sooner or later it’s gotta start to move up nicely. We should see £9 plus very soon.