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Marstons - Gentle recovery continues

November 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.

In its year-end update, Marstons noted like-for-like sales at its managed pubs for the year to 2 October were 1.7% ahead of last year including an increase of 2.5% for food sales. In the final nine weeks underlying sales also rose 1.7%. Operating margins improved as a result of tight cost control, lower utility costs and the disposal of 17 lower margin leasehold sites. In its tenanted division like-for-like profits fell 3.7% below last year. But importantly the trend has improved throughout the year, falling 5% in Q1 through to just 2% in Q4. In its new build program it has opened 15 new pubs as planned with both turnover and profit performance ahead of its targets. It now expects to open 20 more this year and 25 in 2 ...

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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 - Gentle recovery continues

November 2010

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