Updates

Marstons

September 2009

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.

With the distraction of its Â£166m rights issue now firmly put to bed, pubs operator Marstons has been able to focus on its day job and this is already paying dividends, with its trading update showing managed pub like-for-like sales rising 2.3% in the last six weeks, albeit minus 1.1% for the 43 weeks to 4 April. Food like-for-like sales continue to be strong, up by 6.0% in the past six weeks and 2.2% in the past 43 weeks. Meanwhile Marstons' pub company has seen like-for-like profit in line with last year across the 80% of its estate on long-term agreements. In the remaining 20% that are struggling it is â€œcommitted to developing long-term solutions.â€ Latest forecasts remain unchanged, with Numis expecting eps of 14p in the ye ...

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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

September 2009

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