Member Info for bigsmoke

UP

SMASHED!!!

snapped

there you go

right on

Here’s to a blue day.

Will do Steve!

Carp. I’ve posted more than once on the same day. Sorry all.

Agree with bluey over runway. Great immediate buying opp to 25p at least (if this drops to 21p).

Ffs oapk20 - see posts below - such Qs are deemed not important (joke!).

On its way to 40p?

Pretty much same. Good. Investors looking for resilience.

UK for an additional three years to at least 2028.

Key FY20 financial highlights

· Trading EBITDA up 3% to £350m (FY19: £341m), in line with market expectations; PBT more than doubled to £107m (FY19: £53m).

· Capex of £69m (FY19: £82m) in line with guidance.

· Free cash flow (pre-dividends, refinancing costs and bond buy-back) up significantly to £83m (FY19: £12m), in line with guidance.

· Completion of the triennial review of UK defined benefit pension scheme to 31 March 2019 results in a significant reduction to the technical provisions deficit of 64% to £131m (31 March 2016: £366m). Annual cash saving expected to be c.£6m per annum.

· Completion of a consultation process to close the CARE section of the UK defined benefit pension scheme to future accruals reduces the pension cash costs by c.£4m per annum. The consultation has resulted in an enhancement to the defined contribution scheme being agreed for affected employees which will cost c.£11m over three years starting from 1 April 2020.

Outlook

Given the recurring nature of many of our income streams, the benefit of the actions already taken and our flexibility to adjust to further changes in trading, we currently expect our performance this year to be robust in the circumstances and only slightly below that of FY20. This is assuming a partial lifting of the lockdown restrictions in early/midsummer and a gradual return to a more normalised trading environment during the rest of the year. This confidence in our performance reflects our resilient business model both in Trading EBITDA performance and in positive predictable cash generation.

sted more than 2,500.

Proactive balance sheet management

· The Group remains committed to the proactive management of its capital structure and reduction of debt and will continue to assess all options, including the refinancing of the A5 and B2 notes due in 2022.

· During the year, the Group completed the buyback of £32m of bonds including £3m of A notes and £29m of B notes.

· The February 2020 exchange offer of £325m of A5 notes with new A8 notes at 5.5% interest rate was significantly oversubscribed and increased the average debt maturity from 3.3 years to 3.9 years.

· On 23 April, the Group announced that it had drawn down in full its £200m Senior Term Facility to de-risk ahead of time the planned refinancing of the remaining £200m A3 Notes which are due on 31 July 2020.

o As part of this process, S&P Global Ratings confirmed the credit rating of the Class A Notes at BBB-.

· As previously announced, the Board has suspended the final dividend in respect of FY20.

· As at 31 January 2020, the Group had cash and cash equivalents of £159m6 and an available Working Capital Facility of £50m.

· The AA continues to remain well within its financial covenants.

Key FY20 operational highlights

· Roadside

o Membership base returned to growth during the second half and rose 0.2% on the year to 3.215m (FY19: 3.207m); Retention of 80% (FY19: 80%) reflects strength of service proposition.

o All key B2B contracts retained or extended. New strategic partnerships with Admiral and Uber delivering incremental new revenue streams.

o Average income per member up 2% to £165 (FY19: £162) and average income per B2B customer up 5% to £22 (FY19: £21).

o Ongoing progress on the development and roll-out of new differentiated products and services including Smart Breakdown.

· Insurance

o 19% growth in motor policies to 869,000 (FY19: 731,000) and 2% growth in home policies to 844,000 (FY19: 830,000), benefiting from investment in marketing, incremental sales and renewals through our in-house underwriter as well as systems investments including Insurer Hosted Pricing.

o Strong conversion rates of 36% (FY19: 25%) into our Roadside business.

o Average income per motor and home policy including income from in-house underwriter and Accident Management businesses up 4% to £83 (FY19: £80).

o Claims cost exposure for our in-house underwriter continues to perform in line with our expectations.

o On 31 March 2020, we extended our long-term financial services partnership with the Bank of Ireland UK for an additional three years to at least 2028.

Key FY20 financial highlights

· Trading EBITDA up 3% to £350m (FY19: £341m), in line with market expectations; PBT more than doubled to £107m (FY19: £53m).

· Capex of £69m (FY19: £82m) in line with guidance.

· Free cash flow (pre-dividends, refinancing costs and bond buy-back) up significantly to £83m (FY19: £12m), in line with guidance.

· Completion of t

https://m.londonstockexchange.com/exchange/mobile/news/detail/14531497.html

SteveE- the 64000 dollar q!!

The same names popping up every Q to poop .
Two more to go and I’m on bingo.

Think you all get the drift

Challenger bank Metro Bank said lending volumes fell 1% in the first quarter and that it was offering repayment holidays to its customers.

The loan book at the end of March was worth £14.51bn, down from £14.68bn at the end of December. Deposit volumes rose 1% to £14.55bn.

Metro Bank did not provide information about loan impairment rates.

'The impact of Covid-19 has been, and continues to be, rapidly evolving and difficult to predict with any certainty,' it said.

'An update on the impacts of the pandemic and its economic consequences will be provided at the first-half results.'

At 9:00am: (LON:MTRO) Metro Bank PLC share price was -5.28p at 81.48p

Metro Bank PLC (LON:MTRO) said loans shrank 1% and deposits grew 1% in the first quarter of 2020 compared the last quarter of 2019

Total deposits ended March at £14.5bn, up £77mln since the end of December as retail savings accounts grew but fixed term deposit rates declined to “more normalised levels”.

Deposits remained stable in April, the challenger bank added, with all of its 'stores' having remained open through the lockdown and new processes put in place vulnerable customers to access cash and call.

Net loans of £14.5bn were down £169mln over the quarter as the lender said it undertook “proactive management of lending growth” and the loan to deposit ratio reduced to 100% from 101% at the end of last year.

Metro Bank said its capital ratios and minimum requirement for own funds and eligible liabilities (MREL) ratio both “remain in excess of regulatory minima following close control of growth in risk-weighted assets”, but gave no details in the trading update.

The liquidity coverage ratio closed the quarter above the 197% seen at end-December.

Unlike the UK’s big five high street banks, the small cap lender and its fellow challengers are not required to release full quarterly results.

Metro Bank shares fell 5% to 82.06p on Wednesday morning, down more than 60% since the start of the year.