Member Info for gulfharbour

Agreed Wiscos.

I thought I had done well topping up at 94p recently and am amazed this has dropped to 90p.

In the mid to long term this SP will be viewed as an absolute bargain and once we have the dividend reinstated (around or just after july?) this SP will be a distant memory.

In FY 20 they paid a 9p div according to AJ Bell website and even if they kicked off the new dividend at half that rate, this would put the share on the radar of many income investors who currently are happy to sit on the sidelines.

IMHO

Oops, meant €500m Eurobond not £500m

EZJ moved from £670m net debt last year to £40m net cash as per today anouncement.

They are also paying off a further £500m Eurobond this month from the cash they are generating.

Also likely that there will be a further reduction in debt, plus (fingers crossed) mention of dividend resumption.

I would normally agree SUF but Carltt constant drivel is so disruptive I've just filtered him .

Boy that has cleaned up the chat!

Agreed Trendz.

There are a lot including myself that expected more positive news about dividend reinstatement which was obviously baked in to the pre-release SP, so when this did not materialise it triggered the drop.

3.8m shares traded today vs the 3 mth avg of 949k so 4 x the normal daily volume!

At the current SP this has got to be a buy for long term hold, and I will be topping up for sure!.

Based on current FTSE350 constituents CARD will need an SP in the 120p to 130p range which doesn't look too far off now.

All eyes on Q2 res announcement 27th Sept, and if that includes a timetable for reinstatement of dividend this will re-rate IMHO.

It could be a range of things but this share is currently way undervalued, plus there is only 1 month to trading update, results are expected to be good, debt could be almost cleared which could pave the way for reinstatement of dividend.

If the dividend comes back that would cause a big re-rate in SP.

Good to see the continuing recovery, and all the while we are heading closer to the next trading update on 12th October.

If the EZY update shows the high passenger numbers through the peak summer system have fed through to the bottom line, and debt has been further reduced, this could fly! (sorry, couldn't resist that).

As soon as restoration of dividend is confirmed this will significantly re-rate.

I expect that news to be delivered at that Q2 res on 27th September, for divs to recommence in Q1 next year.

My initial SP target for 2023 year end is 150p

After this great update attention will inevitably turn to the Q2 Res which are due 27th September.

With the current growth and profitability of the business it is a given that the previous net debt of £57.2m will have reduced further, and probably significantly.

Although recommencement of dividends cannot take place under the terms of the current loan agreements, the final maturity of the tranche A loan is 31st Jan 2024 which removes the last obstacle to dividend resumption.

Therefore I expect the Q2 res to make forward statements about the resumption of dividends that should give further impetus to the re-rating of this undervalued share.

Tom,

NAV in recent accounts was 98p, much of that value being freehold value of their owned sites.

I am not normally a fan of buybacks but I tend to agree with Zac that it may be a good option with LGEN atm.

If the next results show the dividend is well supported and that there is additional cash able to be distributed I would support buybacks at this low SP.

Absolutely crazy drop that I can only assume is because they got caught up in the general market drop today.

To me this looks significantly undervalued and I just bought more.

If the SP stays at these levels for long I will liquidate some other shares for a further top-up here.

This is now >5.5% yield with good prospects for capital gain so is a strong buy from my point of view!

Isn't that a strange rationale for Cevian to completely exit?

I would have though that having an investment in a company whose performance and future outlook was "not reflected" in the current SP was a good investment!

Just raided the piggy bank and bought a few more at 502.6.

After recent results and forward outlook I couldn't resist!

What do you base that on Jeremy?

No mention of dividend payments in todays RNS!

Do any ID docs or proof of shareholding need to be presented to gain entry to the AGM?

Agreed that these results are reasonable, but not great.

Positives for me were:

-£12m debt reduction (any reduction welcome but still a long way to go with overall debt at £1.2bn!)

-trading period does NOT include easter or the May bank holidays which seem to have traded well

-board report comment that most of profit is generated in H2 augers well to next trading update, which based on 2022 announcement should be around end July

16 May 2023

MARSTON'S PLC

RESULTS FOR THE 26 WEEKS ENDED 1 APRIL 2023

CONTINUED STRATEGIC MOMENTUM: REVENUE AND OPERATING PROFIT GROWTH, POSITIVE CASH FLOW AND CONTINUED DEBT REDUCTION

Marston's, a leading UK operator of 1,440 pubs, today announces its Interim Results for the 26 weeks ended 1 April 2023.

Underlying*

Total*

2023

2022

2023

2022

Total revenue

£407.0m

£369.7m

£407.0m

£369.7m

Pub operating profit

£43.1m

£39.9m

£43.1m

£45.9m

Income/(loss) from associates

£2.2m

£(2.0)m

£2.2m

£(2.0)m

Profit/(loss) before Tax

£(3.6)m

£(7.5)m

£(38.1)m**

£25.6m

Net profit/(loss)

£(2.9)m

£(6.1)m

£(28.8)m

£19.4m

Earnings/(loss) per share

(0.5)p

(1.0)p

(4.5)p

3.1p

Net cash inflow/(outflow)

£11.5m

£(8.9)m

NAV per share

£0.98

£0.71

* All activities relate to continuing operations

**Includes a £34.5 million net loss in respect of interest rate swap movements; a partial reversal of the £109.2 million net gain reported in FY2022

Revenue and pub operating profit growth, despite macroeconomic environment

· H1 like-for-like sales up 10.7% vs last year and up 17.9% vs FY2020

· Drink sales continue to perform well and food sales were encouraging, demonstrating the trading resilience of the Group's predominantly community pub estate

· Increase in pub operating profit: £43.1 million (H1 FY2022: £39.9 million); due to the seasonal nature of the business, the majority of profit is typically earned in H2

· Improved share of CMBC's profits: £2.2 million (H1 FY2022: loss of £(2.0) million)

Positive cash generation, debt reduction, continued NAV momentum and extension of bank funding

· Operating cash inflow of £69.9 million (H1 FY2022: £30.2 million) and net cash inflow for the period of £11.5 million (H1 FY2022: outflow of £8.9 million)

· Continued progress with debt reduction strategy: net debt excluding IFRS 16 lease liabilities reduced by £12.1 million to £1,204.1 million (FY2022: £1,216.2 million)

· Net asset value (NAV) per share of £0.98 (H1 FY2022: £0.71)

· £24.3 million generated from non-core strategic disposals to date at 39% ahead of net book value, with disposals totalling £50-60 million anticipated in FY2023

· Successfully secured amendment and extension of banking facilities totalling £340 million, comprising £300 million RCF and £40 million private placement

· 63% of the £65 million capital expenditure earmarked for FY2023 invested in H1, thereby maximising the benefit in H2

Continued evolution of pub portfolio

· Well-positioned, predominantly freehold pub estate, with limited exposure to city centres and community pubs continuing to benefit from consumer lifestyle changes

· Simplified estate categorisatio