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Marstons - Managed pub sales unexpectedly rise

May 2009

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.

Shares in Marstons rose sharply after the pubs operator put out a better-than-expected update, which noted that while like-for-like sales in its managed pubs fell 1.8% in the 27 weeks to 13 April they actually rose 3.1% in the most recent 8 weeks. This reflected growth in sales of cask ales as well as success from its value-for-money food offers. Operating margin was slightly below the previous year but in line with its budget. Meanwhile underlying sales at its tenanted pubs was broadly unchanged from the previously reported number. Marstons has also sold another 32 pubs for Â£13m, at c. Â£400k per pub and encouragingly these disposals are in line with book value. The shares, which were both a fr ...

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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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Marstons - Managed pub sales unexpectedly rise

May 2009

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