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There have been no trades in PDG for 2 hours but still the market makers keep the purchase price at 14p. If there is no demand shouldn't the market adjust down?
With the Eurozone problems still weighing on the market and the UK economy in stagnation shares are likely to dip.
Latest broker recommendation from Jefferies is to buy Pendragon with a price target of 20p
at car company Pendragon's AGM last week, 67% of shareholders who voted were against the remuneration report.
1mill?...
I see shareholders voted down the bid to increase bonuses to 150%, hopefully this means a bigger dividend.
A good upbeat statement released today. All in line then for steady but slow SP growth over the coming year. I think the rapid rise has all finished now, and we can go to sleep for a bit.
CONT We are pleased to report that new margin has been maintained in the period. Our support businesses of Pinewood, Quickco and Leasing are continuing to perform in line with expectations and continue to provide a strategic advantage over our competitors. Financial Update The Group is operating at a lower average debt level in 2012, consequently we are pleased to report a £3m reduction in our interest costs as expected. We are expecting Net Debt and our Debt : Underlying EBITDA ratio to be in line with expectations at the half year. In the first quarter of this year we have sold empty surplus property with disposal proceeds of £3m and a further £10m of surplus property is under offer and in the process of disposal, the proceeds of which will be used to further reduce borrowings. Outlook The Group continues to make good progress in its key strategic areas. Used performance continues to be a significant growth area for the Group and is differentiating us from our peer Group. We are encouraged by our aftersales performance despite the difficult market conditions and the new car sector has benefited from some key new product launches in the first quarter. The Group is on track to continue the momentum from 2011 and quarter one and remains in line with expectations for the full year.
Interim Management Statement The AGM of Pendragon PLC will be held at 11.30am today. The Chairman will report at the AGM the following Interim Management Statement by Pendragon PLC covering the period from 1 January 2012 to 9 May 2012. Unless otherwise stated, figures quoted in this statement are for the three months ended 31 March 2012. Summary The Group is making good progress in quarter one and is in line with expectations. The Group continues to significantly outperform in the Used car sector with double digit growth in the first quarter and is further benefiting from a lower interest charge in 2012 due to its lower debt profile. Trading Update Aftersales is our principal area of profitability in the Group. In the first quarter of 2012, like for like service retail sales were maintained at last year's level. Service retail sales is the core area of activity within aftersales and this result is encouraging given that the market opportunity in this area has decreased as a result of the reducing nearly new vehicle car parc. The Group continues to implement and enhance its Vehicle Health Check programme which is driving this performance. Like for like gross profit margin for aftersales improved again, by 70 basis points versus quarter one in 2011. The Group's key area of growth continues to be in the Used car sector and we are delighted to report double digit growth for the first quarter. Our like for like used volume growth of 11.4% continued to significantly outperform the national market volumes. During the quarter used retail margin has been improving steadily since the start of the year. Whilst used retail margin declined on a like for like basis by 90 basis points, this was against a strong comparator in the first quarter of 2011. However due to the significant improvement in volume, like for like used retail gross profit again increased by a further 1.8%. The key contributors to this performance are the on-going investment in our used car initiatives and our Stratstone.com and Evanshalshaw.com website growth. Visits to our websites are up by 24% in the first quarter of 2012. The new car sector is an important component of the Group's activities. We continue to work together with our manufacturing partners to achieve the sales and customer goals that we both strive to achieve. UK new car market registrations in quarter one were up by 0.9% whereas our performance was up 15.7% on a like for like basis. For the brands we represent within Stratstone, national retail registrations increased by 7.2% in the quarter, whereas our new retail sales increased by 13.8%. The Group has particularly benefited from new product activity from Range Rover Evoque, BMW 1-series and BMW 3-series. For the brands we represent within Evans Halshaw, national retail registrations increased 5.9% in the quarter whereas our new retail sales increased by 3.1%. We are pleased to report that new margin has been maintained in the per
http://www.investegate.co.uk/Article.aspx?id=201205100700120058D
Latest on Jaguar F Type - all the petrol heads in the UK will want one of these and with all the investors in the LSE chat rooms who are making good money maybe a lot of us will be able to afford one too before too long. http://www.telegraph.co.uk/finance/newsbysector/transport/9241937/Jaguar-Land-Rover-to-invest-200m-in-F-Type-factory-at-Castle-Bromwich.html
Stratstone have service contracts you can take out which anchor purchasers to the dealership and they also do warranty contracts. All these are paid by direct debit so they have a steady income stream for after sales. They also have competitive tyre sales. Last year and this they are concentrating on increasing second hand car sales so any increase in new car sales will be brilliant. I am hoping they will also be improving their on-line spare parts business. We will also see a reduction in debt interest following the rights issue.
Definitely encouraging that these new prestige models are doing well. After sales should be good over next few years as thes me cars will inevitably get services at main dealers. Probably encouraging that the main big players in purely online car sales-namely auto quake and tesco cars have gone bust. It just shows that selling cars isn't the same as selling CDs and video games. Whilst it is v important that pendragon get hits on their website, people will always prefer to see and drive a car before purchase and I cannot see that ever changing.
The CEO's 17m shares used to be worth £18.7m, he now has c. 34m shares after investing £1.7m in the rights issue, and at 15p his shareholding is worth c.£5.3m. This means that he has all the incentive in the world to increase shareholder value. I was in the Mayfair showroom today and ordering a Land Rover Evoque today will get you a December delivery and people are still ordering them. The Jaguar F Type out next January has got a healthy order book already so these shares are definitely on the way up with the possibility of a 30p share price within 2 years. It will be interesting to see how much the interim dividend will be.
Maybe 20p is a little optimistic, but I just can't see how Pendragon can have anything but a good year. I was at the launch of the the Boxster and it seems that there is already a healthy order book for what can amount to a 65k car with options, so I hope the Pendragon car dealerships are getting the customers to spec these up. After all that is where most of the profit is made on a new car. Suppose it will come down to the state of the EU. I just have a feeling that there are people waiting to see what happens before splashing out on a new car. Holding 100000 of these bad boys so if they get to maybe 25 ish by Christmas, i may pop down to stratstones and treat myself.
Within 5 months Pendragon shares have gone up around 100% which makes them one of the best investments in 2012.
I think 20p maybe a bit high but ! was hoping for 18p. All depends on first half figures and dividend unless the EU kills all the UK share prices again.
Agree with the evoque comment. 8 month wait for one at my dealership. Loving the fact we are back to waiting lists on prestige models and pendragon aren't just giving their cars away. Reckon this share could be hitting 20 soon!!
Gutted(lol)... I can't really argue with 15p - it seems fair, but I wont pay more than 12p - GL
US analysts have been saying that the best way to invest in the car market is by investing in dealership groups rather than the manufacturers since they can give you coverage of all the manufacturers. Also the average age cars is now well above the norm so they feel that higher demand for cars is inevitable especially with the growing population.
From what I have seen recently the first quarter sales have been pretty good with a lot of second hand car interest and after sales are on target. They are also feeding off the success of Jaguar Land Rover with the new Evoque being very popular and the upcoming F-Type Jaguar likely to beat all kinds of records. Also you have the promise of dividends so maybe we need to get in now before it takes off
No its strange - who's buying cars, then? Or are we all spending more on servicing older ones, perhaps?
15p!!! ... Cant believe this running away to the north, with the UK economy back in the dog house!
A bit of interest here today. We're still not up to the pre-fund-raising equivalent price yet, so still a bit of value in this for some.
good first quarter in line with expectations but no better than Q1 last year this share not going anywhere soon