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Marstons

December 2015

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 announced trading has been in line for its year ending 3 October. In Destination & Premium (managed pubs), like-for-like sales grew 1.8%, evenly spread between food and drinks. Operating margin is ahead of last year while it opened 25 new pub restaurants. As it previously highlighted the shape of estate expansion has evolved slightly and in 2016 it plans to open at least 20 pub restaurants, two Revere sites and five Lodges, while the pipeline of sites is also strong.In its Taverns and leased divisions (mainly tenanted pubs) the former grew like-for-like sales 2% while leased increased underlying profits by 4%.Numis is holding forecasts but estimates H2 pretax profit will grow c.14% with eps forecasts to rise from ...

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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

December 2015

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