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Marston's - Newbuilds ahead of target

February 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Finals were slightly ahead of expectations with pretax profits for the year to 1 October up 9.4% to Â£80.4m (consensus: Â£79.7m) on turnover that rose 4.8% to Â£682m. Eps was up 12% to 11.2p, whilst the final dividend was held at 3.7p. Net debt was similar at Â£1.1bn. but interest cover improved from 2 to 2.1 times. The combination of its Â£1bn securitisation and newly installed Â£257.5m bank facility (expiring May 2016) means head-room remains a comfortable Â£157m. Within managed pubs, which comprises 250 destination food pub-restaurants, 210 taverns and 25 high street bars, profits rose 9.1% to Â£71m, with average annual profit per pub rising 10% to Â£145,000. This came thanks to a 2.9% jump in like-for-like sales and a 0. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Marston's - Newbuilds ahead of target

February 2012

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