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Marston's - Newbuilds ahead of target

February 2012

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.

Finals were slightly ahead of expectations with pretax profits for the year to 1 October up 9.4% to Â£80.4m (consensus: Â£79.7m) on turnover that rose 4.8% to Â£682m. Eps was up 12% to 11.2p, whilst the final dividend was held at 3.7p. Net debt was similar at Â£1.1bn. but interest cover improved from 2 to 2.1 times. The combination of its Â£1bn securitisation and newly installed Â£257.5m bank facility (expiring May 2016) means head-room remains a comfortable Â£157m. Within managed pubs, which comprises 250 destination food pub-restaurants, 210 taverns and 25 high street bars, profits rose 9.1% to Â£71m, with average annual profit per pub rising 10% to Â£145,000. This came thanks to a 2.9% jump in like-for-like sales and a 0. ...

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Marston's - Newbuilds ahead of target

February 2012

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