Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Brewer and pub operator Marston’s [LON:MARS] has published full year results this morning, showing modest growth against a weak consumer backdrop. Revenues are up around 3% although profits are down a shade indicating that the growth is coming at the expense of margins. The one key bright spot however was news that the company’s debt reduction plans were running ahead of schedule, whilst the company is also eyeing further growth in its casual dining division as the underlying market here beings to tighten after a period of oversupply.
Sticking with a general theme here, Britvic [LON:BVIC] has also published its full year results today, showing an uptick in revenues and – on an adjusted basis – earnings per share. Investors are being rewarded with a 6.4% increase in the full year dividend which is likely to be well received. Whilst acknowledging the weakening global macro-economic backdrop, the company is optimistic that further progress can be made in the year ahead.
On The Beach
Full year figures are out from travel agent On The Beach [LON:OTB] as well, showing that continued expansion of the company has allowed it to weather the fall out of the Thomas Cook collapse well. Customer re-bookings and the loss of commission did take a toll on the business, eroding EPS on a GAAP basis. The company has however been able to maintain its dividend and the tighter supply following the TCG failure may serve to bolster margins going forward. The company notes that it now has a 20% market share of online sales in the short haul beach holiday market.