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 5.5% to £719.7 million (2011: £682.2 million)
· Underlying profit before tax of £87.8 million up 9.2% (2011: £80.4 million)
· Managed like-for-like (lfl) sales up 2.2% with underlying operating margins up 0.2%
· Tenanted and Franchised operating profit up 3.2%
· Brewing revenue up 6.8% and operating profit up 0.6% with Group ale volumes up 2%
· Estate valuation in line with 2011 carrying value, as previously reported
· Cash return on capital employed up 0.9% to 10.7%
· Underlying earnings per share up 9.8% to 12.3 pence per share
· Final dividend of 3.9 pence per share, up 5%

STRATEGY HIGHLIGHTS

· Managed pub development - 25 new-build pubs completed with performance ahead of target; on track to build another 20-25 in 2013
· The 'F-Plan', value and service - food lfl sales up 2.4% now representing 44% (2011: 42%) of sales; over 28 million meals sold
· Managed pub formats - lfl sales growth in destination food pubs, traditional community pubs and premium pubs and bars
· Tenanted and franchised pub development - franchise agreements implemented in around 500 pubs, achieving strong profit growth
· 'Localness' and premium ale strategy - retained market leading shares in premium cask ale and bottled ale segments, with 1% market share growth in 2012

CURRENT TRADING - 8 WEEKS TO 24 NOVEMBER 2012

· Managed lfl sales up 2.0% including lfl food sales up 3.4% and lfl wet sales up 0.9%
· Tenanted and Franchised profits estimated to be up 3%
· Own-brewed volumes are in line with our expectations

Commenting, Ralph Findlay, Chief Executive Officer, said:
"These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.

The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."

I don't know what was expected, but they look all right to me especially in the current climate.

Stan, I think the CEO'S comment sums it up rather well.

Panmure Gordon Buy 124.45 124.30 130.00 135.00 Reiterates

Numis Add 124.45 124.30 145.00 145.00 Retains

Jefferies Buy 124.60p 135.00p 135.00p Reiteration

Love OXFORD GOLD.

Only finished up under 1% but won't be surprised to see more from these over the coming weeks.

I.C. Final results from brewer Marston’s (MARS) show continued solid progress with group revenues up by 5.5 per cent to £719.7m and underlying profits up by 9.2 per cent to £87.8m. We keep our buy rating.

Numis Add 121.10 125.00 145.00 145.00 Retains

Oriel Securities Buy 121.10 125.00 - - Reiterates

Ex. divi drop today so great time to add which I've done.

Even cheaper now 118.80p.

The Capital Group Companies >3%

Joined you today skinny @ 121.2

AGM on the 22nd January.

3+ year high @130p ealier.

Finished up 130.8p. now out with the divi and SP. covered. Good luck all.

Up to 134p+ What a cracker!

Good to see you well Stan, sorry Frank. '' Its a cracker'' :-))

That's me out the spreads for now @ 134.2 + 13.

AGM and Interim Management Statement

Trading
We were encouraged by our trading performance during the Christmas and New Year period. Profitability is in line with our expectations and we continue to make good progress in each of our trading segments despite the broader economic challenges.

In our managed pubs, despite the significant impact of snow in the week ended 19 January, like-for-like sales for the 16 week period to 19 January were 1.2% ahead of last year. Like-for-like sales for the 15 week period to 12 January were 2.1% ahead of last year, including like-for-like food sales growth of 3.5% and like-for-like wet sales growth of 1.0%. Like-for-like sales in the 7 weeks to 12 January were up 2.2%, against growth of 8.0% in the same period last year. Trading over the festive period was strong including growth of 5.8% in the key three week trading period to 5 January and 10.0% on Christmas Day. Operating margins are slightly ahead of last year and our plans for building new pub-restaurants in the current financial year remain on track.

In our tenanted and franchised pubs, profits continue to grow. Profits for the 16 week period are estimated to be around 2% above last year reflecting the continuing success of our franchise model, now operating in around 550 pubs, and stability in the traditional tenanted estate.

In brewing, profits are in line with our expectations. Our brand performance has been very strong and ahead of the market, with own-brewed beer volumes 5% above last year driven by significant growth in the off-trade.

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

We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.

Peel Hunt Limited Buy 133.20p 145.00p 145.00p Reiteration

Liberum Capital Hold 133.20p 137.00p 137.00p Reiteration

Jefferies Buy 133.20p 150.00p 150.00p Reiteration

Stick in skinny, I was expecting the usual knee jerk profit taking to get back in on the spreads. Not happened so far :O( so good call.