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Took a whole but Hotter weather here at last. Enjoy one of the new Fresh Beers!
Its good to seen that the brewery are moving towards new fresh beers that their surveys have no doubt found more attractive to the audience they now serve. If Camra were so concerned then they should have visited the pub more often. Use it or lose it!
Fortunately Marston pubs have been finding greater margins on their foods of late, and the brewery is taking care of beers where the retain 40% of the Joint venture partnership with Carlsberg that is expanding. Hopefully very soon we will see what the brewery sales will be which take into account home sales which may have increased with less sun outside, perhaps enough to see why JP bought 347,886 share for £99,495.40 for those who can see the significance of the timing being just within his window of opportunity under LSE rules.
Not long to go to Marstons results, perhaps they are learning too how to re-invest their sales proceeds. Perhaps start paying a small divi to shareholders so that we can share in the growth and to encourage fund managers who are looking for income and pension fund investments.
Are you saying that Horizon was correct and people were taking cash out of the system and hiding it in their Cupboards?
If so I would be very careful with who you hand your new found "old" cash to as you might end up on the telly being questioned?
ATB.
FT - You are the clanger mate!
Might be worth coming clean with your bank notes found in the cupboard (you did not find stockings and a gun too mate did you -only joking ). Not sure how much you have found but if not too much it might be better just to hold them as non legal tender or play monopoly with them. I always thought a post office could change up old notes? Unfortunately with your £200 for passing go, you will not get free Marston discount vouchers. GLA
Hopefully we will be asking for the printing of new pound notes when the results come in. haha.
Interesting that the CEO spent £100,000 on new shares within his allowable window though -before the results. Maybe he is the one to ask as he sees this as a good investment!
Results soon. Looks like they may already be at the printers?
Many on here may have been confused and looking at another share by their recent comments of living in hope for a fall?
Looks to me like this share is coming back today -perhaps in anticipation of results currently up 4.39% on the day. Does someone know something?
Macq -thanks for the heads up on the new Chairman I thought (per the Comp web we had this?)
Justin Platt
Chief Executive Officer
Justin was appointed to the Board with effect from 10 January 2024.
He has over 30 years’ experience in hospitality and consumer-facing businesses, having spent the last 12 years at Merlin Entertainments most recently as Chief Strategy Officer and prior to that, in a variety of operational leadership roles.
Justin’s combination of operational and strategic experience in multi-site leisure businesses equips him to lead Marston’s through the next phase of its development.
However watch out for Dad and son who are stuck in the Temple of Doom! Wicked beer there to be honest!
Should tell us how at home sales went from the Brewery, particularly last Christmas sales which should be up and ready.
Also it would be good to see how the head hunting is going to replace the departing chairman. Perhaps the tie up with Carlsberg will become a closer one? Not long to wait for inhouse news or from the Board as to see if we have any other interested parties who feel that can take the Company further forward.
Marston Equity value is far more than its debt and they have been reducing their debt with sales profits increasing. The chairman made an inference to the fact that they could increase prices if they wanted to, as the sort of punter now visiting is buying the more expensive beers/wines, etc. even though they are a pub business.
He also made reference to the fact if other Pub groups fail then there will be less competition in the sector.
I see the key here is the Sales figures and we should get updated figures soon in May, where I am expecting the Brewery to also contribute and we might actually see their latest including Christmas sales from retail outlets (which I have not yet seen). GLA
I do not feel Debenhams and did not feel they were ahead of the game. Marston have been installing 100's of Vehicle electrical charging points in their car parks, and have been doing this for a while. I spoke to one of the contractors who have been installing them the other day, and he said he has been installing 100's for Marston's and he also said what a great Company this was too, and he felt each establishment was well run. They are hardly going to fold with what he has seen- his words not mine! We will have an update very soon and no doubt will be more positive based on the fact the new CEO has been buying a large number of shares. Sometimes one has to be patient, warmer weather here soon too.
Seems most shares on the FTSE are down today being the last day trading of the tax year and any losses here can be offset against other gains, if required. Expect us to come back very soon, and there is going to be an announcement early May which could provide more than just a trading update which will be interesting!
I might buy some more later today too, as the share price being down does not match the sales figures which are up year on year since 2020. Any debt that some of worried about can be re-negotiated or hedged off when the rates start coming down which won't be long. GLA.
Issued before the Christmas and Year sales rises. Statement said in precis :-
Total sales for the 52 weeks were up 11.30%. Up another 10.10% on 2022. Food and Drink sales have been strong!
They successfully trialled a Franchise model in 19 of food led managed pubs to compliment the 714 wet-led pubs with sales growth significantly exceeding that of the broader food business. They were on track to target 50 food led franchised pubs in 2024.
They have fixed energy costs with a significant proportion of their food and drink costs for the year. Net borrowings (excluding IFRS 16 commitments) were £1.185m, £31 below last yr and £19m lower than H1. £55M from disposals had been generated together with another £50 expected in 2024. They said they continue to make good progress to reduce group borrowings to below £1b, and as I have said they intend to work on exceeding this on Sales. GLA.
This recently voted Pub Chain of the year has increased its retained Equity from £200m in 2020yr to over £600m in 2023.
For the same period in question Turnover has increased from £515m in 2020yr to over £872m in 2023.
The Company are now using profits to bring down debt. On 23rd Jan this year 2024 Justin Platt said :-
Justin Platt, CEO of Marston’s, commented:
“I am pleased to report a strong trading performance with like-for-likes up 8.4% over the festive period.
It has been an encouraging start to the year. This, together with an improving outlook in which
inflationary headwinds are broadly abating, and the actions we are taking to operate more efficiently
and rebuild margins, position Marston’s well for the year ahead.”
Appears despite administration the Southend Airport continues to come back. Now re-opening the Navigator Pub and Skylife Lounge. So the administration is helping to keep the business running and ways of generating additional income.
I think when one owns 1400 plus outlets and they have taken on another 1500 outlets from Stonegate where the total number of outlets have doubled since the Brewery partnership was formed there are no worries about maintaining supply outlets!
Also remember Marston have filled most of the managerial positions with their own staff and the headquarters are based in the old Marston Brewery.
They will agree to selling those where value is added to the balance sheet, as both have a mutual interest in each other. The decisions will be discussed before any such sale. However it has already been reported how well the movement to franchise agreements has been very profitable for both the Company and Managers of the Establishments, and how well the Brewery partnership is doing. The new beers being introduced look like they appeal to the younger clientele too, whilst the traditional beers are being produced through more modern processes. Worth a read of the Carlsberg Marston brewery web if one has time. GLA
If a horse is lame then it wouldn't pass the fitness test to race. If it did the owners would be sued.
If a pub chain makes £1 billion a year it is hardly a dead horse. The properties that are not producing are being sold, and franchise arrangements are also coming in where Landlords can purchase a part ownership. However bare in mind the Good idea Phippsy as the last time the property values were valued was at the start of the pandemic, and as business premises they would have been rated on income which was down. The parting Chairman has already said the property values were to be revalued soon and most sold were over book. Now why would he want that to happen when he is leaving and moving to a property development company? He will already know those ready for development?
Sales are still growing and a quick read of the business updates from has run post pandemic would be useful.
At this price this is a strong buy. My Godfather used to be the Company secretary and always said and we could see what a well run family type Company this was. The property values are worth far more than the £2billion on the books, and with lower interest rates the £1 Billion of debt will come down on future provisions very quickly alone. Notwithstanding the fact the company is making enough profits on sales to reduce the debt which surprises me so soon after the pandemic. The idea is to increase sales to be in excess of debt and that mans over £1billion per year. They cannot be far away from that now, and do not therefore need a rights issue, but I am happy to take up shares if they want one. We now need a new Chairman and should expect an announcement soon, and that person should be very qualified. Marston have a very good reputation in the trade, enough for Stonegate to partner them with their own 1500 odd pubs/bars now being supplied by the Brewery that Marston own with Carlsberg. I have still not yet seen the Brewery Christmas sales figures either which should also be very good. Give it time and ignore like I do the likes of Unfairtrader and his dad, who have never said anything positive or balanced and true in 3 years on this board, as they do not own shares in this Company, or if they do it is only for a very short time so they can then get their small allowance given for cheap meals out, etc where one only needs to hold a 100 or so shares, and partly because they try to drive down the share price to buy in at a low level, and then make a couple of quid before selling again...which I say is small Beer.... Enough said!
Looks like we may have interest rate cuts in the Uk sooner from adjusted figs released today.
This will help Companies such as Marston.
Competition between retailers drove prices on some goods down in March, but Easter treats were more expensive, the British Retail Consortium (BRC) said.
It said the overall rate at which prices rose had almost halved to 1.3% - down from 2.5% in February.
Sandyman has a point. Barchild I have always said you are looked upon as Fair traders father and related. Everything you say is the same, and always appears negative whether the intention or not which is why I am over positive to balance the books!
As such the Weighting allowance for the Directors options is high and therefore gives Shareholders hope in expectancy of achievements that the firm have set out are achievable. The weighting actually therefore is positive news!
Measure
Weighting
Threshold (25% vest)
Maximum (100% vest)
Underlying PBT in 20261
20%
£75m
£95m
Net cash flow2 (2024, 2025 and 2026 aggregate)
40%
£150m
£180m
Operating Margin in 2026
20%
16.3%
18.3%
Relative Total Shareholder Return (TSR) (measured over FY2023/24 to FY2025/2026)
20%
Median
Upper quartile