Good morning!

ShareSoc Brighton

Firstly a date for your diaries - 13 Sep 2016 - ShareSoc are re-starting investor evenings in Brighton, just down the road from me. The idea is to make this a monthly event, on the 2nd Tue of each month.

Palace Capital (LON:PCA) are coming along to give a presentation. Also, I'll be giving a 30 minute talk about the most interesting small cap share ideas that I've come across in the last month. Then there's an optional meal afterwards. Plus of course I shall be propping up the bar & chatting shares with everyone, so am really looking forward to this.

We're keen to get the numbers this time, so please book as early as you can, here is the booking link. Note that it's a new venue - very near Brighton station, called the Caxton Arms.

Enterprise Inns (LON:ETI)

Share price: 93.75p (up 0.5% today)
No. shares: 497.4m
Market cap: £466.3m

Trading update - pubs seem to be doing quite well at the moment, with a number of quite positive statements recently from pub/brewery groups, e.g.;

Young & Co's Brewery (LON:YNGA) - reported on 5 Jul 2016 that LFL sales were up 4.1% FY to date.

J D Wetherspoon (LON:JDW) - reported on 13 Jul 2016 that LFL sales in the last 11 weeks were up 4.0%, although its operating margin for the full year had fallen to 6.8% (prior year 7.4%). This is the statement where its Chairman blasted the "unprecedented & irresponsible doom-mongering" of many august bodies and individuals over Brexit.

Fuller Smith & Turner (LON:FSTA) - reported on 21 Jul 2016 that LFL sales were up 2.1% in managed sites, but down 2% in tenanted ones, and referred to "a more challenging environment".

Marston's (LON:MARS) - reported on 27 Jul 2016 that LFL sales were up 1.8% in the most recent 16 weeks, down a bit from the higher growth of 2.5% for a longer 42 week period."Not seen any discernible impact" from Brexit.

Mitchells & Butlers (LON:MAB)

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