MAB Interims

[daveh]

Mitchel and Butlers the pub group issued half year results today:
www.investegate.co.uk/article.aspx?id=2 ... 1963O&fe=1

Can be summarised as turnover up, profits down.
They also say

Dividends

As previously advised the Board is not declaring an interim dividend but will make an assessment of pay-out at the end of the year based on a full year of trading and development of the sector outlook. As previously set out, in making this assessment the Board considers investment to maintain the condition and competitiveness of the existing estate to be of primary importance for the long-term health of the business and would not expect to see a structural, or permanent, increase in the use of short term facilities.

I must have missed the previous advice about no interim dividend. They paid 2.5p last year. So that's my income down by £1.65 this year! Probably wise to not pay dividends by increasing debt though.


I hold these as a hangover from Six Continents together with IHG, the MAB holding is too small to be worth selling as can be seen by the paltry size of last years interim dividend which would hardly be enough to buy a half in a M&B pub.

[blobby]

Mitchells & Butlers (MAB) is not a HYP share at the moment and with this cancellation of the interim dividend it looks like it should be off the possible list for some time. As it happens I do hold a small amount as I like to visit my local Toby Carvery and I calculated that the vouchers made up for the dividend deficiency at the time I bought.

It is interesting to compare and contrast with two HYP stalwarts however, Green King (GNK) and Marston’s (MARS). I’m guessing the MAB value is being held up by the discount to NAV. NAV=337p SP=260p

[daveh]

Mitchells & Butlers (MAB) is not a HYP share at the moment and with this cancellation of the interim dividend it looks like it should be off the possible list for some time. As it happens I do hold a small amount as I like to visit my local Toby Carvery and I calculated that the vouchers made up for the dividend deficiency at the time I bought.

It is interesting to compare and contrast with two HYP stalwarts however, Green King (GNK) and Marston’s (MARS). I’m guessing the MAB value is being held up by the discount to NAV. NAV=337p SP=260p

It scrapped its dividend several years ago and had only just started paying again, so its not been a HYP for a long time (if at all, I can't recall if it was high yielding when it was split out from Six continents), I'd sell but my holding is so small its not really worth doing. The original Six continents was a HYP when bought.

[tjh290633]

I bought Bass in 1999 at 840p, when the yield was 3.88%. In 2003, MAB demerged at 222p with a yield of 3.83%, while IHG was at 371p, with a yield of 3.64%. I dumped IHG in 2005 at 746p, with a yield down to 1.9%, and MAB followed in 2006, at 596p, with a yield down to 1.9% as well.

MAB stopped paying dividends shortly afterwards. IHG kept giving capital back, so the number of shares held was dwindling rapidly.

TJH

[Raptor]

Although the link on this post is for MARS, the write-up mentions MAB as well.

viewtopic.php?p=139524#p139524

Raptor.