I bought into these in December last year, primarily for the yield, but also for the potential growth of one of the better companies in their sector.


Company Website

Financial Calendar

Recent Broker notes

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Recent Market news

Marston's Fundamentals (MARS)

Final Results

FINANCIAL HIGHLIGHTS

· Group revenue - up 9% to £782.9 million (2012: £719.7 million).

· Underlying operating profit - up 7% to £168.3 million (2012: £157.9 million).

· Underlying PBT - up 1% to £88.4 million, despite higher interest costs.

· Return on capital - 0.5% improvement versus 2012.

· Final dividend - up 5% to 4.1 pence per share.

· Bank facility extension to November 2018 - extends maturity of Group debt.

· Current trading - encouraging start to year.


OPERATING HIGHLIGHTS AND STRATEGY

· Destination and Premium - strong sales and profit growth driven by new-build investment, including 22 openings in the year, performing ahead of target

· Taverns - H2 profit growth in managed pubs and 600 pubs converted to franchise

· Brewing - revenue and profit up with increased market share

· Acceleration of new-builds - increased planned rate of expansion of new-builds to 25-30 sites per annum

· Disposals of lower turnover wet-led pubs

- 130 pubs and other assets sold or exchanged during the year for c.£50 million

- Agreement to dispose of 202 sites for £90 million at 7.6x EBITDA multiple

- Target £60-70 million disposals per annum in 2014 and 2015 from Taverns estate


CURRENT TRADING - 7 WEEKS TO 23 NOVEMBER

· Destination and Premium -like-for-like sales up 3.1%; like-for-like food sales up 4.6%; like- for-like wet
sales up 1.0%

· Taverns- managed and franchised like-for-like sales up 2.1%; tenanted profits in line with
expectations

· Leased - like-for-like profits in line with last year

· Brewing - in line with expectations

Disposal of 202 pubs

NewRiver to acquire portfolio of 202 public houses from Marston's Plc

Well on the surface of it that pub sell-off looks very good for Marstons.

Looks like it Stan, this sentence sums it up.

" This disposal is consistent with Marston's strategy to target growth through investment in higher turnover pub-restaurants, improve the quality of its estate and reduce its exposure to smaller wet-led pubs. "

Yes, sounds very positive and consistent.

N+1 Singer Buy 156.90 155.10 157.00 157.00 Reiterates

Numis Buy 156.95 155.10 185.00 185.00 Retains

Down nearly 7%, presumably becuase of this

British pub and brewing company Marston's (>> Marston's PLC) said rising sales, strong Christmas bookings and plans to concentrate more on food-focused outlets will boost its prospects after posting full-year pretax profit slightly below analysts' forecasts.

I've bought back some of the portion that I sold in September - something I wasn't expecting this morning!

Hope you got them before that dive this morning.

I bought them late on @143p

Oh good, I was very surprised to see them down so much not only because they do seem to be doing things right but with the festive season coming up as well.

I sold some of my long term holding in September @164.28 - so reasonably happy - time will tell.

JP Morgan Cazenove Neutral 143.70 143.70 140.00 160.00 Reiterates

N+1 Singer Buy 0.00 150.30 157.00 163.00 Reiterates

Jefferies International Buy 144.95 145.20 155.00 180.00 Upgrades

WH Ireland Securities Buy 154.00 154.00 - - Upgrades

Numis Buy 155.45 153.50 185.00 185.00 Retains

AGM & Interim management Statement

Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period. Profitability is in line with our expectations.

In Destination and Premium, like-for-like sales were 4.1% ahead of last year including like-for-like food sales growth of 5.6% and wet like-for-like sales growth of 2.2%. In the key three week Christmas trading period to 4 January trading was strong with growth of 3.3%, following 5.8% growth in the corresponding period last year. Operating margins are slightly ahead of last year and our accelerated plans for 25-30 of our new-pub restaurants in the current financial year are on track, with eleven openings expected in the first half.

In Taverns, managed and franchise pub like-for-like sales were 3.0% ahead of last year, with strong Christmas and New Year trading. Our franchise model continues to prove successful, providing motivated licensees with local flexibility while improving the quality, consistency and value of the consumer offer, and reducing risk for the licensee.

In Leased, profits are estimated to be around 1% ahead of last year.

In Brewing, although volumes are just below last year continued growth in premium ales has benefited operating margins, resulting in profits being slightly ahead.

Net debt and cash flow are in line with our expectations.

We will announce our Interim Results for the 26 weeks to 5 April 2014 on 15th May 2014.

Commenting, Ralph Findlay, Chief Executive, said:
"We traded well over the Christmas period as customers responded to our excellent value festive offers, with 55,000 meals served on Christmas Day - a record. Our performance in the first quarter has been good and, encouragingly, we have achieved growth in each of our key trading divisions. We continue to strive to ensure that our pubs and beers meet the high standards our customers expect and provide outstanding value for money."

Beer: The women taking over the world of brewing

The number of professional women brewers is on the rise in the UK and they are becoming increasingly influential, according to leading industry figures. Why?

Jane Austen brewed beer when she wasn't busy writing novels.

Men dominate brewing now and the industry has had something of a beard-and-cardigan image, but in Austen's day it was part of her household duties and had been women's work for thousands of years.

But female brewers, or brewsters as they are traditionally known, are said to be on the rise again and are being credited with helping reinvigorate the beer industry.

There is no official figure for how many women currently brew professionally but you don't have to look hard to find them.

A woman is the most influential brewer in the country, according to industry figures. Emma Gilleland is head of supply chain at Marston's, the UK's leading independent brewer. It produces over 60 ales from five breweries and she is responsible for the quality of every single pint.

JP Morgan Cazenove Neutral 0.00 149.70 160.00 180.00 Reiterates