Updates

Marstons

February 2017

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.

Marstons continues to stand out in the competitive pubs / casual dining sector with full year results showing revenues, pretax profit and eps rising 7%, 7% and 9% respectively to £906m, £98m and 13.8p. Also impressive was a reduction in leverage with net debt to EBITDA down from 5.1x to 4.8x.Its flagship division, destination & premium (managed pubs), increased revenues 8% to £441m with profits rising 8% to £90.2m. Like-for-like sales grew 2.3% while it opened 19 new pub restaurants, which generate significantly higher weekly turnover of c. £25,000 and a higher proportion (c.60%) of food sales. It now has over 150 such pub restaurants. It also opened six accommodation lodges (25-40 rooms) tak ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Marstons

February 2017

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