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Marstons - Realignment towards managed pubs accelerating

January 2014

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' results were overshadowed by the disposal of a further 202 tenanted pubs for Â£90m to a specialist REIT, with the proceeds being used to redeem Â£80m of expensive debt, saving a net Â£6.7m interest a year. Marstons will continue to manage them for five years and has provided a minimum income guarantee.Results themselves reflect the appaling weather conditions last winter as well as an increase in finance costs, which meant pretax profit rose just 1% to Â£88.4m and eps was unchanged at 12.3p. With capital expenditure being Â£151m (2012: Â£130m) net debt rose from Â£1.12bn to Â£1.19bn, (net debt to ebitda: 5.3 times). Aside from its Â£1bn pub securitisation it has a bank facility of Â£257.5m (Â£66m un-drawn), which has bee ...

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Marstons - Realignment towards managed pubs accelerating

January 2014

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