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Marstons - Accelerating new build pub expansion

December 2013

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.

  • Epic Code:
  • MARS
  • Price:
  • 149p
Marston's year-end update noted an encouraging second-half performance, with good weather over the summer balancing poor weather in the first half. In Destination & Premium pubs like-for-like sales were 2.2% ahead of last year, with food sales growing 3.7% and drinks 0.2%. Operating margins are slightly ahead of last year. 22 new build pub restaurants opened and continue to beat its target of 16.5% cash return on capital. As a result, Marstons is accelerating its expansion with 27 set to open in 2014 and 33 in 2015. Its Taverns community pubs side was behind last year partly due to poor weather but also because of a greater than anticipated level of disposals with Marstons exploiting a strong property market to offload ...

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