Updates

Marstons

March 2011

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' update for the 16 weeks to 22 January was robust with managed pubs increasing like-for-like sales 2.1%, including 4.4% growth in food and 1.2% in â€œwetâ€ sales. However, there were stomach churning lurches one way and then the other with high single digit declines in parts of the snowy period offset by a superb 12 day Christmas period (+11.2% like-to-like). In the tenanted side profit trends have continued to improve with like-for-like profits estimated to be 1% below last year, versus the 4% decline in 2010. The improvement primarily reflects the rollout of the franchise style retail agreement, now operating in 160 pubs.Broker Numis expects another 140 retail agreements by the end of this year and believes the e ...

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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

March 2011

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