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Marston's - Shares finally break upwards again

May 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.

Shares in Marstonâ€™s finally broke higher following a reassuring update. Its managed pub side saw like-for-like sales for the 26 weeks to 3 April up 1.4% - a good performance in light of the three weeks of snow in January. Within that, food rose 2.5% and drinks 0.5%. Easter trading (which fell in H2) has been ahead of the previous year, while operating margin continues to improve.Elsewhere, the tenanted / leased pubs side saw further improvement with underlying profits falling only 4.6% compared with 4.9% in January. Around 83% of its estate is now let compared to 80% at the end of last year. We suspect this percentage will keep improving, if only because Marstons will keep selling off the duds. Net debt and cash flo ...

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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

Marston's - Shares finally break upwards again

May 2010

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