Another "Captain of Industry".
When in charge of Punch Tavers, had a basic salary of £675k.
Now that he has split the company in two and is managing just the profitable easy bit, has a salary of £675k.
If I did 30% less and got paid the same amount of money I would be pretty pleased. Especially if I got a pension contribution of 25% of that salary, a 150% bonus, £18k BIK. We're talking almost £2mm. The market cap of the company is £277mm, no thanks to management. That is a 73bps management fee!
I guess shareholders, not so much.
Showing posts with label £pub. Show all posts
Showing posts with label £pub. Show all posts
Wednesday, 24 August 2011
Tuesday, 12 April 2011
punch interims update
http://miranda.hemscott.com/ir/pub/ir.jsp?page=news-item&item=647653150964174
Punch interim results with some detail of splitting of Spirit.
Market likes this... not so much, down 5p to 74.5p.
Spirit has 798 managed and 554 leased pubs, will move all over to managed or sell them.
Rev; £379mm (331mm managed, 48mm leased), ebtida £67mm (45mm & 23mm) and OP of £49mm (27mm and 22mm).
Managed business performed strongly, revenue growth of 2%, op growth 12%, whereas leased had falls of 5% and 7% respectively.
More exposure to London and SE, thats attractive as London seems to be quite decoupled from the rest of the UK as we saw today being the only area with rising houseprices in the UK.
Punch (rev, ebitda, OP; £277mm, £137mm, £130mm) going to split into core and turnaround divisions, currently has 5,241, of which 3000 will likely be core, which make up 75% of the ebitda. average income of ~£80k, 95% on "substantive agreements". Turnarounds on ~£40k, 2,300 pubs. expect to sell them over 5yrs at a run rate of 500/yr.
sold 160 in the first half of the year, @ £40mm which had ebitda of £1.1mm. (so average selling price is 250k, if they are turnarounds on 40k income that is 6.25x) (BR: what happens to the debt for these pubs though???)
concessions running at £2mm a month for reduced rent, have also made £17mm of capex over h1.
took a £370mm impairment charge on the carrying value of non core assets, £81mm goodwill write off, turnaround estate being valued now at £278k per pub, 8x their ebitda.
net debt £3,079mm from £3,277mm
more later....
Punch interim results with some detail of splitting of Spirit.
Market likes this... not so much, down 5p to 74.5p.
Spirit has 798 managed and 554 leased pubs, will move all over to managed or sell them.
Rev; £379mm (331mm managed, 48mm leased), ebtida £67mm (45mm & 23mm) and OP of £49mm (27mm and 22mm).
Managed business performed strongly, revenue growth of 2%, op growth 12%, whereas leased had falls of 5% and 7% respectively.
More exposure to London and SE, thats attractive as London seems to be quite decoupled from the rest of the UK as we saw today being the only area with rising houseprices in the UK.
Punch (rev, ebitda, OP; £277mm, £137mm, £130mm) going to split into core and turnaround divisions, currently has 5,241, of which 3000 will likely be core, which make up 75% of the ebitda. average income of ~£80k, 95% on "substantive agreements". Turnarounds on ~£40k, 2,300 pubs. expect to sell them over 5yrs at a run rate of 500/yr.
sold 160 in the first half of the year, @ £40mm which had ebitda of £1.1mm. (so average selling price is 250k, if they are turnarounds on 40k income that is 6.25x) (BR: what happens to the debt for these pubs though???)
concessions running at £2mm a month for reduced rent, have also made £17mm of capex over h1.
took a £370mm impairment charge on the carrying value of non core assets, £81mm goodwill write off, turnaround estate being valued now at £278k per pub, 8x their ebitda.
net debt £3,079mm from £3,277mm
more later....
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