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Ian Dyson, Chief Executive Officer of Punch Taverns plc, commented: "We are pleased that our operational initiatives continue to translate into improved performance for both Spirit and Punch. This has been achieved during a period of substantial change as we prepare for the proposed demerger of Spirit. Despite the challenging UK consumer environment we are on track to meet our full year expectations."
Demerger We continue to make good progress on the demerger, which we expect to complete by the end of the summer. Further to our announcement on 10 May 2011, Roddy Murray has decided not to take up the role of Finance Director Designate for Spirit. Russell Margerrison, who is currently Group Business Planning Director and has been leading the operational separation of the business, will assume the role of Interim Finance Director of Spirit. Russell has been with Punch since the beginning of the year. He was previously Managing Director Trading and Finance Director for Tour Operations at Thomas Cook, Finance Director at Rank Holidays and spent 15 years in various management positions with Bass.
Punch · Like-for-like net income -3.3% (-5.8% 40 weeks) · Average net income per pub +1.3% (40 weeks) The Pathway to Partnership programme continues to deliver benefits with the rate of like-for-like decline improving again. Our ongoing disposal programme, together with improved like-for-like trends, has resulted in growth in net income per pub of 1.3%. Following the strategic review announcement on 22 March 2011, we have now completed the reorganisation of our field operations team to create the Core and Turnaround divisions within Punch and to separate the Spirit leased division. This has resulted in a number of transfers between the Core and Turnaround divisions but the overall number of pubs in each remains in line with the figures announced previously. As at 28 May, there were 2,956 pubs in the Core division, and 2,182 pubs in the Turnaround division.
Third Quarter Trading Update for the 12 weeks to 28 May 2011 Highlights · Progress in all areas of the business · Strong sales growth in Spirit · Further improvement in trends in Punch · On track to meet our full year expectations · Good progress on demerger plans Spirit · Managed like-for-like sales +7.3% (+5.7% 40 weeks) o Food +8.4% (+7.0% 40 weeks) o Drink +7.3% (+5.0% 40 weeks) · Leased like for like net income -0.7% (-3.9% 40 weeks) The Spirit Managed business has delivered another quarter of strong sales growth. Whilst good weather has undoubtedly helped trading, our focus on operational excellence and continued investment in the estate has again seen us outperform the market.1 Uninvested pub sales grew by 3.5% in the period. During the 40 weeks to 28 May 2011 we have refurbished 160 pubs, focusing our activities on building our Chef & Brewer, Fayre & Square and Flaming Grill brands. Like for like net income for the 552 leased pubs in the Spirit debenture was down 0.7%. We have begun the process of converting some of these pubs to our Managed brands.
Back office re-org now just about done, De-Merger may well be on hold until legal progress is confirmed - Watch out for regulatory notices
hi whats happening to punch anyone ????
should i remove my cash from poor punch as not going anywhere from last year better returns in poor interest account ....???
Happy hour at Punch as it unveils two finance directors Date: Tuesday 10 May 2011 LONDON (ShareCast) - Pubs group Punch Taverns, which is preparing to spin off its Spirit division, has firmed up on the finance director roles for the two parts of the business that will exist after the demerger. Steve Dando, who has been acting finance director for Punch Taverns, gets the gig officially, with immediate effect, while Roddy Murray, formerly group finance director at BSS Group, will join Punch Taverns with a view to taking over as finance director of Spirit when it goes independent later this year. Murray was group finance director at BSS from 2006 until the time it was acquired in December 2010. At BSS, Murray played a key role in the group's strong operational and financial performance, a reduction in gearing in challenging market conditions and the eventual sale of the business, Punch said. Murray has experience of working in the drinks trade, having previously held senior positions with Guinness, United Distillers and Diageo.
It would seem the City doesn't have quite the same opinion as the Punch Board, if they over-value the company (as it looks like they are trying to do) you'll lose out on any share re-issue. http://www.morningadvertiser.co.uk/news.ma/article/90521?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ma-rss-all-news+%28Rss+news+feed+for+Morning+Advertiser%29
Punch now have £367m fewer assets to set against debt obligations which remain the same. Revenue from pub rents are dropping as leases come up for renewal. This is looking like a one-way bet.
http://www.investegate.co.uk/Article.aspx?id=201104120701067197E
Punch optimistic despite profits fall Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Shares in pub group Punch Taverns fell back after it reported a fall in interim profits. Pre-tax profits in the 28 weeks to 5 March fell to £61m from £66m over the same period a year ago. Revenues slipped to £655.4m from £676.6m. Broker Panmure Gordon had been looking for a profit before tax figure of £62.6m. Despite the fall in profits, chief executive Ian Dyson was optimistic on full-year prospects. “Despite the challenging UK consumer environment, we remain confident of making further progress in the second half of the financial year. We have had a good start to the third quarter and are on track to meet our full year expectations,” he said. Punch also named the chairman of Spirit, the managed pubs arm that is to be spun off from Punch. Walker Boyd, non-executive chairman of newsagent chain WH Smith, is in line for the same job at Spirit. The 58-year old Boyd will join the Punch board with immediate effect as a non-executive director. Prior to becoming chairman of WH Smith in September 2010 Boyd was group finance director at Signet Jewellers from 1995 to June 2010. “He brings a significant amount of consumer and City experience to the team, having held senior leadership roles in both UK and US listed companies working in challenging market environments,” said Dyson. “I am excited to be joining the group and by the opportunity to be chairman of Spirit following the demerger,” Boyd said. “Strategic and operational progress is already being made across the business and it is well positioned for growth. I look forward to working with Spirit's management team to help develop the strategy and the execution required to deliver shareholder value," he added.
Punch names chairman-designate for Spirit Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Walker Boyd, non-executive chairman of newsagent chain WH Smith, is in line for the same job at Spirit, the managed pubs arm of Punch Taverns that is to be spun off from the heavily indebted pubs group. The 58-year old Boyd will join the Punch board with immediate effect as a non-executive director. Prior to becoming chairman of WH Smith in September 2010 Boyd was group finance director at Signet Jewellers from 1995 to June 2010. “He brings a significant amount of consumer and City experience to the team, having held senior leadership roles in both UK and US listed companies working in challenging market environments,” said Punch's chief executive, Ian Dyson. “I am excited to be joining the group and by the opportunity to be chairman of Spirit following the demerger,” Boyd said. “Strategic and operational progress is already being made across the business and it is well positioned for growth. I look forward to working with Spirit's management team to help develop the strategy and the execution required to deliver shareholder value," he added. --- jh
Tuesday preview: Punch Taverns,Date: Monday 11 Apr 2011 LONDON (ShareCast) - Embattled pubs group Punch Taverns serves up its interim results, barely more than a fortnight after it unveiled its plans to split itself into two separate entities by the end of the summer: the managed pubs arm (Spirit) and the tenanted estate (Punch). Reaction to the decision has been mixed. Initially the shares fell back on the news, but the shares have been on a good run in April. Monday’s interim figures will give a clue on how the managed and leased divisions are doing and should also give an update on the group’s pubs disposals programme. Punch desperately needs to reduce its £3bn debt pile, acquired partly through the £2.7bn purchase of rival Spirit in 2005, and is planning to dispose of around 500 pubs per annum until its tenanted division has a core portfolio of around 3,000 pubs. Panmure Gordon is forecasting interim profit before tax of £62.6m and earnings per share of 6.9p. Given the timing of the Easter break this year the broker is not expecting an exhaustive update on current trading as like for like comparisons would be “difficult to interpret”.
THE WEEK AHEAD Embattled pubs group Punch Taverns serves up its interim results on Monday, barely more than a fortnight after it unveiled its plans to split itself into two separate entities: the managed pubs arm (Spirit) and the tenanted estate (Punch). Reaction to the decision has been mixed. Initially the shares fell back on the news, but they have been on a good run in April. Monday's interim figures will give a clue on how the managed and leased divisions are doing and should also give an update on the pubs disposals programme. Punch desperately needs to reduce its GBP3bn debt pile, acquired partly through the GBP2.7bn purchase of rival Spirit in 2005, and is planning to dispose of around 500 pubs per annum until its tenanted division has a core portfolio of about 3,000 pubs.
Bloodbath still on then? http://www.guardian.co.uk/business/2011/apr/04/punch-taverns-ian-dyson-bondholders
The pubs group Mitchells & Butlers crept forward 0.9p to 302.6p on suggestions that it should make a play for Spirit, the unit which Punch Taverns – 0.15p ahead at 77.2p – is planning to spin off. Nigel Parson, of Evolution Securities, said the demerger offers an "opportunity" for M&B to "grow earnings via acquisition or merger, find a new chief executive in the form of [Punch's] Ian Dyson and lead to the stock being re-rated."
The LSE is showing share trades as 1.3M for the day, guess they didn't see the SINGLE trade of 40,381,589 shares in ONE transaction? Could this be the first of the Institutional Investors bailling out? My guess is a Bondholder cutting and running with what they can..... Do they know something??? Watch the RNS to find out who
You wouldnt want to be out of this over the weekend.
75 for the third time can it hold it this time
Shore Capital issued a "buy" recommendation for pub operator Punch Taverns (PUB) with a 77p target price. The broker notes that the group has announced the de-merger of its managed division, Spirit, from its heavily indebted tenanted business. Commenting on this, Shore believes it to be the right move as it helps unlock the value within the managed estate whilst limiting the potential cash drag from the tenanted operation.
dont think this will ever get to £1.10
what is going on with this poor run company ...what if they break up company will the shares be worthless ???