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Doesn't appear there is much if any interest in the dividends , even at this price.
I’ll never understand the markets. A company investing in its future and successfully increasing its long term client base in profitable areas and we get clobbered! As you say, at least the buy backs are better value. I’m happy to hold here.
well at least the buy back shares will be cheaper today.
When I read them they seemed very strong, all the market has focused on is the 9% reduction in profit bit.
I've topped up because reading those results, I wouldn't be surprised if this quarter is stronger still.
No one skimps on their pets at Xmas and with their health.
The market doesn't seem to get pets or really understand their market as they cannot compare it to other companies other than supermarkets. That is a good set of figures.
Only skipped through them, but it looks to me like the market has reacted to the increase in costs. Hopefully these will be transient and the increase in sales and club memberships should send profit growth nicely for the next few years.
I agree, but still the SP goes down again!!
Look very good and our new CEO comes across as being very positive.
Should be good but stating caution for remainder of the year. Shops always seem busy.
Interim results out tomorrow.
Deutsche recommended buy on 8/8 when the sp was 337. Their target was 385, which it hit on 17/8 - profit taking, PETS being accommodated during share buyback, and of course the drop in 250 stocks. All part of the game, and we all know that pets love games !
Regards.
I totally agree with you, FTSE 250 took big hit last few days, most shares are down unless you are in gas and oil stock, plus profit taking after sharp rise
It's puzzling. Some owners are going to feel the pinch in the next few months and they might look to rehome their pets but I doubt they'd have them actually put down. Even if they switch suppliers and move to a budget shop, sales might fall by let's guess 5%, research in US predicts global pet service market to grow at a compound rate of 9.1% PA 2022 to 2030. Answers anyone?
why the dip today?
https://twitter.com/surprised_trade/status/1555448616529154048
Short Interest has moved from 1.14% to 0.64% and todays results show why
Total Group revenue up 7.1% to £404.7m, with Group like-for-like1 (LFL) revenue up 6.0%, reflecting broad-based growth throughout the quarter.
o Retail revenue increased by 6.6%, and LFL1 revenue up 5.6%. All channels remain in growth, with Store LFL1 of 4.3% and Omnichannel2 LFL1 of 13.5%. Omnichannel participation of Retail revenue was 16.7% in the quarter, compared to 15.8% for FY22.
o Vet Group revenue increased by 11.2%, with LFL1 revenue up 8.6%. LFL1 customer sales3 across all First Opinion practices up 4.6% and LFL1 Joint Venture fee income up 9.6%.
· Continuing growth in new customers and strong retention of the 1.1m customers acquired last year, combined with the non-discretionary nature of our affordable pet care proposition, supporting ongoing growth in spend.
o Sign ups to our Puppy and Kitten Club continued at pace, averaging 25,000 per week, three-fold higher than pre-pandemic, and creating a 12-15 year growth opportunity over the full pet lifetime.
o New client registrations across our First Opinion veterinary practices remained strong, averaging over 8,500 per week, growing our active client base to 1.7m.
o The number of active VIPs increased 10.7% YoY to a record 7.4m, with our strategic focus on deepening customer relationships resulting in 27% of all VIPs shopping across more than one channel, up 14% YoY.
o The number of subscription plans4 across the Group grew 16% YoY to over 1.5m, generating over £135m in annualised recurring customer revenue, representing c8% of Group customer revenue.
· Good sales to profit conversion as we continue to proactively manage inflationary cost pressures through a planned series of productivity and efficiency initiatives.
· Our balance sheet remains robust, with net cash of £40.2m and good liquidity through our recently renewed £300m revolving credit facility until 2027. The vast majority of our currency requirements are hedged over the next 12 months, and we are progressing our previously announced £50m share buy back programme.
"Is this a vote of no confidence in the new CEO?" No this is because some teen-age "expert" at RBC Capital who does not understand the business and thinks selling kitekat, chum and a few trinkets is all they do, wrote a dumb and incorrectly timed analysis, (about 6 months out of date even if the message it contained was relevant) that came out on Monday. Key to the business growth is the in store vet business, and the database for pet ownership and breed treatments that it facilitates. That still has plenty of headroom and they are doing a great job with developing it. But quite where the slide in the share price ends up now, given the current nervousness and negativity towards retail, is anyone's guess.
lol, give her a chance, it's only been 3 weeks....
Is this a vote of no confidence in the new CEO?
The way cost living gone pets be busy folk be eating the pet. Food, chumb a don't pit gravy with it!!!
.. and I am off to have my dog groomed today! I bought back yesterday so my dividend will at least help pay for the grooming!
I think we would all preferred a special dividend... but looking at share price tail end of 2021... compared to now... with the positive results and Pet ownership still increasing at a dramatic rate... the buy back scheme is an interesting move.
I thought I'd look into that a bit more and one of the reasons is "if a company feels it is undervalued". Taking into account the price last year.. company with good figures... a stable management, although the CEO decided it was time to hand over as he achieved what he wanted... it's a interesting next stage for PETS...
As someone else said... those car parks are always busy!
I've just been out for the day to TENBY and there were loads of dogs everywhere! Never seen so many pets out and about.
I would stay calm about it, even if you currently have a paper loss.....once the new CEO delivers a good first set of results and the general negative market sentiment mellows a bit the share price will respond.....
The CEO is taking over with a company in good shape so....all in all she mainly has to show she can keep it that way
Perked up off the day low quite positively
Which 22 year old first appointment newbe got out of bed and drafted the RBC Captial words of wisdom? Like others this is my biggest loser in my portfolio. The company is well run, a good trading sheet and balances and is in a good position looking ahead. Compared to many others on the high street this will do well. I still think of the basics - the car park at my local store, always lots of customers. Like others averaging down is a hard pill but today was just ridiculous. Had I been on hand today I think I would have bought in another 25% at 275- 280 if I had been around today to deal.