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.


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Marston's Fundamentals (MARS)

Bought in today at 141p. Surely this has to be bottom of the trading range and tomorrow's ex-div will be recovered quickly. I reckon we are in for a good Christmas trading period and a positive update in January will soon get these back on track.

Seems to have nice range there LK.

Suppose it's all gains in the end, but from the point of view of capital gains, entry would be preferred after tomorrow in my case.

AGM AND TRADING STATEMENT

Marston's issues the following Trading Statement for the 16 week period to 24 January 2015 in advance of the Company's Annual General Meeting to be held at noon today.

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 2.0% ahead of last year with both food and drink like-for-like sales growth of 2.0%. In the key two week Christmas trading period to 4 January trading was particularly strong with growth of 4.8%, including 12.5% growth on Christmas Day. Operating margins are ahead of last year and our plans to open at least 25 new-pub restaurants in the current financial year are on track, with eight openings expected in the first half.

In Taverns, managed and franchise pub like-for-like sales were 2.0% ahead of last year, with 2.7% growth over the Christmas fortnight and 5.8% growth on Christmas Day. Our franchise model continues to prove successful, providing motivated licensees with local flexibility and reduced risk while improving the quality, consistency and value of the consumer offer.

In Leased, profits were around 1% ahead of last year.

In Brewing, performance has been strong with Group Ale volumes up 4% in the year to date, underpinned by a very strong performance in the off-trade, with volumes up 8%. Hobgoblin, our biggest brand, continues to perform well, with volumes up 10% in the year to date.

We will announce our Interim Results for the 26 weeks to 4 April 2015 on 14th May 2015.

Commenting, Ralph Findlay, Chief Executive, said:
"We have again traded well over the Christmas period, with good sales growth over the key Christmas fortnight for the third year in succession, including serving a record 60,000 meals on Christmas Day. This performance demonstrates that our customers remain attracted to the consistency and value for money we offer, underpinned by excellent service in a high quality environment. In addition, our Beer business continues to perform well, with a particularly strong performance in the off-trade. We remain confident of achieving our expectations for the full year."

Canaccord Genuity Hold 146.95 150.00 150.00 Reiterates

Numis Buy 146.95 180.00 180.00 Reiterates

JP Morgan Cazenove Neutral 146.95 155.00 155.00 Reiterates

Panmure Gordon Hold 146.95 150.00 150.00 Retains

N+1 Singer Buy 146.95 170.00 170.00 Reiterates

Deutsche Bank Hold 146.95 170.00 170.00 Reiterates

Directorate Change

Marston's PLC (the "Company") today announces that Ralph Findlay, Chief Executive Officer of the Company, will be appointed a Non-executive Director of Bovis Homes Group PLC with effect from 7 April 2015. Ralph will also be a member of the Nomination Committee, Remuneration Committee and Audit Committee and will chair the Audit Committee from the conclusion of the 2015 AGM.

OK Ralphy, but don't lose focus here please.

ACQUISITION

Marston's PLC ("Marston's") is pleased to announce that it has reached agreement with Daniel Thwaites plc ("Thwaites") to acquire the trading operations of Thwaites' beer division. The acquisition includes two leading, premium brands: Wainwright and Lancaster Bomber ales. The total cash consideration is £25.1 million excluding working capital.

Marston's has been brewing Thwaites' beers since early 2014. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to Thwaites' pub estate.

Thwaites' beer division is a high quality sales business of scale concentrated in the North West of England, including a 150-strong team of regional sales, marketing and distribution staff operating in the Independent Free Trade, National On Trade and National Off Trade channels. The business has shown good growth in recent years, including the acquisition of Hydes Brewery's free trade business in 2012 which increased Thwaites' business in Manchester.

Thwaites' two principal beer brands are Wainwright, one of the most popular golden cask ales in the UK and Lancaster Bomber, a premium ale. Both brands have won numerous awards in recent years and are highly complementary to Marston's market-leading portfolio of premium craft and bottled ales.

This acquisition is consistent with Marston's brewing strategy to focus on popular premium ales with local and regional appeal, and provides an opportunity to capitalise on the developing free trade market and wider consumer interest in the beer category.

The transaction is expected to complete on 17 April 2015. In the 12 months to December 2014 EBITDA is estimated to have been around £7 million before overheads of approximately £2 million. The acquisition is expected to be earnings-enhancing in the first full year of ownership; in the current financial year it is estimated that the contribution to profit before taxation will be around £1.5 million.

Canaccord Genuity Hold 156.20 158.30 150.00 160.00 Reiterates

MIDAS SHARE TIPS UPDATE: City toasts Marston's move upmarket

Well that's Canaccord's target hit, Skinny. Is there a bit more left in the tank?

I may be tempted to sell a third around 165p - but still undecided!

I see Jefferies have reiterated their 180p TP this morning.

Tempted to sell some on this 20 month high spike.

Numis Add 165.30 180.00 180.00 Retains

Another strong finish on reasonable volume.

UBS Investment Bank go below a "notable interest".

Sold out today - decided to bank a good profit after that spike. Hopefully just a trading sell and that I will have a chance to buy back lower down.

Interim Results

Interim Results

INTERIM RESULTS FOR THE 26 WEEKS ENDED 4 APRIL 2015

REVENUE AND EARNINGS GROWTH SUPPORT INCREASE IN DIVIDEND


FINANCIAL HIGHLIGHTS
· Underlying Group revenue up 3% to £384.5 million
· Underlying profit before tax up 2% to £29.6 million, despite disposals and anticipated pension costs
· Underlying earnings per share up 2% to 4.2 pence per share
· Interim dividend up 4% to 2.5 pence per share
· Estate valuation reveals £54 million increase - 40% increase on build cost for new-builds

OPERATING HIGHLIGHTS
· Destination and Premium: Like-for-like (lfl) sales up 1.5%, underlying operating profit up 10%, operating margin up 0.5%
· Taverns managed and franchised: Lfl sales up 1.4%, profit per pub up 19%
· Leased: Profit per pub up 4%
· Brewing: Underlying revenue up 9%, ale volume up 4%, underlying operating profit up 10%, operating margin up 0.1%

STRATEGY HIGHLIGHTS
· New-build development: Completed 8 new-builds in the half year
· Franchise expansion:37 pubs converted to franchise; now 520 pubs
· Disposal of smaller wet-led pubs: Disposal proceeds of £26 million, including sale of 65 pubs, improving average estate quality and returns
· Brewing: Acquisition of Thwaites' brewing operations completed in April 2015

CURRENT TRADING - 5 WEEKS TO 9 MAY
· Managed lfl sales up 2.0% including lfl food sales up 1.8% and lfl wet sales up 1.7%
· Taverns lfl sales up 2.8%
· Leased profits and own-brewed volumes in line with expectations


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Brewin Dolphin Limited > 5%

A mention here.

Numis seem to still be reasonably positive on the sector after the budget.

Numis Add 158.25 157.90 180.00 180.00 Retains

Trading Update

We have continued to make profitable progress in line with our expectations.

In Destination and Premium, like-for-like sales for the 41 week period were 1.7% ahead of last year, including like-for-like food sales growth of 1.6% and like-for-like wet sales growth of 1.6%. In the last 10 weeks of the period, like-for-like sales are up 2.0%. Operating margin is slightly above last year and we remain on track to complete 25 new-build pub restaurants in the current financial year.

In Taverns, like-for-like sales for the 41 week period were 1.7% ahead of last year and in the last 10 weeks of the period, like-for-like sales were up 2.0%. Our franchise business continues to perform strongly and now operates in around 550 pubs.

In Leased, profits for the 41 week period are estimated to be in line with last year. Average profit per pub was up 4%, reflecting our higher quality leased estate.

In Brewing, own-brewed beer volumes, excluding Thwaites, were up around 4% compared to last year. Including Thwaites, own-brewed beer volumes are up 10%.

Net debt and cash flow are in line with expectations.

The recently announced Government plans to introduce a mandatory Living Wage by 2020 are consistent with our expectation that the gap between the National Minimum Wage and the Living Wage would be closed over time. The additional cost of meeting the higher target of £9 per hour by 2020 will mean that wage costs will be modestly greater than we had expected, but the impact compared to our plans is mitigated by the fact that we had anticipated increases above the rate of inflation, and the lower rate of corporation tax from 2017. Our view remains that Government should prioritise taxation and business rate reductions to reduce the cost of doing business and increase consumer confidence.


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