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Marstons

July 2019

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.

The shares moved higher after interim results were slightly ahead of expectations with revenues up 5% to £553m and pretax profit increasing 2% to £37m. But the bigger news was further cost savings and acceleration of debt reduction, a key requirement for a re-rating.Within managed pubs (Destination & Premium), profit rose 1.2% £35.2m, helped by good cost control in a competitive environment and three new pub openings. The “wet” or drinks led estate (tenanted pubs) grew profit 2% to £39.3m while Brewing increased profit 8% to £14.5mLike-for-like sales for the first 10 weeks in H2 (including Easter) showed a useful improvement with managed and tenanted divisions growing sales ...

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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

July 2019

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