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Marstons - First dividend increase since 2008

January 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:
  • 121p
Full year results (adjusting for a write down relating to the value of its pubs) were in line with a year-end update, with sales up 6% to £720m and adjusted profit up 9% to £87.8m (eps 12.3p). In a sign of confidence, the final dividend is lifted by 5% to 3.9p - the first rise since 2008.In managed pubs, like-for-like sales grew 2.2%, driven by an increase in pub dining (food now 44% of sales) and the new build pubs which together helped lift total revenues by 4% to £406m with operating profit up 5% to £74.2m whilst operating margins were 0.2% ahead. The firm completed 25 new-build restaurants with investment returns remaining strong and above original targets, while the development pipeline is healthy with 20-25 sites planned ...

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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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