Proactiveinvestors United Kingdom Ei Group PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Ei Group PLC RSS feed en Wed, 19 Jun 2019 03:47:01 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190618070006_14114088/ Tue, 18 Jun 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190618070006_14114088/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190617070006_14112382/ Mon, 17 Jun 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190617070006_14112382/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190614073001_14111123/ Fri, 14 Jun 2019 07:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190614073001_14111123/ <![CDATA[RNS press release - 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Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190611073001_14106122/ Tue, 11 Jun 2019 07:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190611073001_14106122/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190611070003_14105640/ Tue, 11 Jun 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190611070003_14105640/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190610070004_14103997/ Mon, 10 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190610070004_14103997/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190607070003_14102308/ Fri, 07 Jun 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190607070003_14102308/ <![CDATA[RNS press release - 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Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190531160004_14094718/ Fri, 31 May 2019 16:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190531160004_14094718/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190531070003_14093237/ Fri, 31 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190531070003_14093237/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190530070004_14091596/ Thu, 30 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190530070004_14091596/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190529070004_14089906/ Wed, 29 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190529070004_14089906/ <![CDATA[RNS press release - 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Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190522070003_14082656/ Wed, 22 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190522070003_14082656/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190521070009_14080941/ Tue, 21 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190521070009_14080941/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190520070009_14079295/ Mon, 20 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190520070009_14079295/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190517070002_14077626/ Fri, 17 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190517070002_14077626/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190516070003_14075810/ Thu, 16 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190516070003_14075810/ <![CDATA[RNS press release - Transaction in Own Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190515070008_14074050/ Wed, 15 May 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/17475/LSE20190515070008_14074050/ <![CDATA[News - Ei Group fizzes higher as it unveils plans to buy back another £30mln worth of shares ]]> https://www.proactiveinvestors.co.uk/companies/news/220214/ei-group-fizzes-higher-as-it-unveils-plans-to-buy-back-another-30mln-worth-of-shares-220214.html Ei Group PLC (LON:EIG) shares fizzed higher on Tuesday as the UK’s largest pub company announced plans to buy back another £30mln worth of shares.

Earlier in the year, the company, which runs around 4,400 pubs up and down the UK, agreed to return £55mln to shareholders in the form a buyback.

READ: Ei to slash debt pile and launch buyback following £348mln pubs sale

A chunk of that cash came from the £348mln sale of some of its pubs to US hedge fund giant Davidson Kempner Capital Management at the beginning of 2019.

Ei has now set aside another £30mln from that sale to take its total buyback to £85mln so far in its current financial year.

“The completion of the disposal of 348 commercial properties in March represented a significant milestone for the group,” said chief executive Simon Townsend.

“We are using the significant cash proceeds received from the transaction to accelerate our debt reduction plans and to deliver value to our shareholders.

“We are pleased to announce today a further £30mln share buyback programme, in addition to the £55mln programmes previously announced in this financial year.”

First-half underlying profits edge higher

The news came alongside Ei’s interim results, which showed a slight rise in underlying pre-tax profits to £59mln (H1 18: £57mln). Revenue rose 7% to £353mln (H1 18: £330mln).

Ei said the late timing of Easter has helped it to get off to a good start in the second half, leaving it on track to hit full-year expectations.

“We are pleased with the trading performance of our group for the first half of the year,” said CEO Townsend.

“We continue to deliver sustained like-for-like net income growth within our core Publican Partnerships business and are generating strong returns as we expand our Managed Operations and Managed Investments businesses.

“Despite an environment of unprecedented political uncertainty and inflationary pressure from increases in the national minimum and living wage, consumers continue to support their local pub.”

Stock looks cheap – City broker

“Current trading is in line with expectations with Easter moving into 2H ensuring a good start to the half,” said City broker Liberum in a note to clients.

“Thus, growth momentum is expected to continue despite the challenging comparatives (June/July), uncertain political environment and high wage inflation.”

Analysts concluded: “The stock remains inexpensive, trading on 37% discount to last reported NAV per share of 331p.”

Ei shares rose 5% to 220p on Tuesday, valuing the company at just shy of £1bn.

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