Updates

Marstons

January 2010

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.

After coming under heavy selling pressure, shares in Marstons bounced on relief that final results were in line with expectations. Excluding property impairment charges of £68m, pretax profit fell 13.5% to £70.3m, on revenues that fell 1.4% to £645m. Net debt reduced from £1.27bn to £1.1bn, mainly thanks to the £165m rights issue monies. Marstons Inns & Taverns, the managed pubs side saw sales reduce by 3.6% to £368m, principally reflecting the transfer of 47 smaller pubs to its tenanted side. Underlying profit reduced by 6.5% to £60.3m. The current year has started well with like-for-like sales up 3.1% in the first eight weeks, with food sales up 5.3% and drink ahead by 1.6%. G ...

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Marstons - Gentle recovery continues (November 2010)

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Marstons - Strategic changes to usher in stronger returns (August 2010)

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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

January 2010

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