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Marstons

February 2020

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.

Pubs firm Marstons released full year results in line with expectations with pretax profit down 2.8% to £101m and eps of 13.5p (2018: 13.9p). The final dividend of 4.8p was maintained.Marstons historically grew through acquisitions, then switched to building large new pubs typically adjacent to new housing developments but lower consumer confidence due to Brexit No Deal worries persuaded management to reduce expansion and cut borrowings. As a result only eight new pubs opened in its managed division, Destination & Premium, with operating profit declining 2.5% to £87.1m. From 2020 new openings will be suspended.Within its tenanted pubs side, Taverns, profit increased 0.2% to £86.3m, while Brewing rose 2% ...

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Marstons - Accelerating new build pub expansion (December 2013)

Marstons - Hot weather boosts demand (September 2013)

Marstons - Poor weather reduces first half profits (July 2013)

Marstons - Shares hit new high of 140p (March 2013)

Marstons - First dividend increase since 2008 (January 2013)

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Marstons - Shares break through key resistance level (September 2012)

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Marstons - Outperforms pub industry tracker (June 2012)

Marstons - Broker forecasts book value rise to 170p a share by 2015 (March 2012)

Marston's - Newbuilds ahead of target (February 2012)

Marstons - "Improvement in all divisions" (December 2011)

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Marstons - Shares bounce back (June 2011)

Marstons - Shares heavily over-sold (April 2011)

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Marstons - New build pubs success triggers share price break-out (January 2011)

Marstons - Gentle recovery continues (November 2010)

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Marstons - Strategic changes to usher in stronger returns (August 2010)

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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

February 2020

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