Updates

Marstons

December 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.

n its pre-close update covering the 12 months to 3 October Marstons noted that it expects earnings before tax and exceptional items to be in line with expectations while a final dividend of 3.7p will be declared. In its managed pubs, like-for-like sales were 0.6% below last year but this disguises a stronger period in the final nine weeks in which like-for-like sales improved 2.7%, with food up 5.7%. Elsewhere, in Marstons' tenanted pubs side like-for-like profits were down 7% on the previous year. While 80% of its pubs are let on substantive agreements Marstons has introduced innovative agreements to attract new tenants for the remainder. Based on broker Orielâ€™s forecast for pretax profit of Â£74m, the shares trad ...

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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 2009

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