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Marstons

September 2010

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.

Aided by the favourable weather Marstons has announced slightly improved trading in Q3 with managed pubs like-for-like sales rising 2.7% in the 11 weeks to 31 July while for the first 43 weeks they are up 1.7%. The 0.6% increase in operating margins seen earlier has also been maintained. Meanwhile, in its tenanted / leased pubs division, underlying profit trends have improved slightly with like-for-like profits down 4% compared with 4.5% as at the interim results in May. Within Marstons beer company, own-brewed ale volumes were in line with last year. A spokesperson for the company also noted that Marstons has substantial long-term contracts covering wheat and barley and is largely protected from the recent price spike. ...

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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 2010

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